# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0001193125-26-095743
**Filing Date:** 2026-3
**Character Count:** 1840726
**Document Hash:** 2c68016c585bfc8543d10706526c2a91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-095743.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-095743

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05017
- **FILM NUMBER:** 26729545

**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 Asset Strategy Series (Series ID: S000006224)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017158 | Service      |  |
| C000190645 | Standard     |  |

### Nomura VIP International Core Equity Series (Series ID: S000006225)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017159 | Service      |  |
| C000246484 | Standard     |  |

### Nomura VIP Mid Cap Growth Series (Series ID: S000006228)

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

### Nomura VIP Science and Technology Series (Series ID: S000006232)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017166 | Service      |  |
| C000190648 | Standard     |  |

### Nomura VIP Small Cap Growth Series (Series ID: S000006233)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017167 | Service      |  |
| C000203521 | Standard     |  |

### Nomura VIP Smid Cap Core Series (Series ID: S000006234)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017168 | Service      |  |

### Nomura VIP Balanced Series (Series ID: S000006235)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017169 | Service      |  |

### Nomura VIP Value Series (Series ID: S000006236)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017170 | Service      |  |

### Nomura VIP Corporate Bond Series (Series ID: S000006237)

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

### Nomura VIP Core Equity Series (Series ID: S000006238)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017172 | Service      |  |

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

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

### Nomura VIP Growth Series (Series ID: S000006241)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017175 | Service      |  |

### Nomura VIP High Income Series (Series ID: S000006242)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017176 | Service      |  |
| C000190649 | Standard     |  |

### Nomura VIP Global Growth Series (Series ID: S000006243)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017177 | Service      |  |

### Nomura VIP Energy Series (Series ID: S000011749)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032174 | Service      |  |
| C000190650 | Standard     |  |

### Nomura VIP Pathfinder Aggressive Series (Series ID: S000020588)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057543 | Service      |  |

### Nomura VIP Pathfinder Moderately Aggressive Series (Series ID: S000020589)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057544 | Service      |  |

### Nomura VIP Pathfinder Moderate Series (Series ID: S000020590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057545 | Service      |  |

### Nomura VIP Pathfinder Moderately Conservative Series (Series ID: S000020591)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057546 | Service      |  |

### Nomura VIP Pathfinder Conservative Series (Series ID: S000020592)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057547 | Service      |  |

### Nomura VIP Limited-Term Bond Series (Series ID: S000029766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000091476 | Service      |  |

### Nomura VIP Pathfinder Moderate - Managed Volatility Series (Series ID: S000041732)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129560 | Service      |  |

### Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series (Series ID: S000041733)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129561 | Service      |  |

### Nomura VIP Pathfinder Moderately Conservative - Managed Volatility Series (Series ID: S000041734)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129562 | Service      |  |

?xml version='1.0' encoding='ASCII'? Ivy Variable Insurance Portfolios

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-05017

#### Ivy Variable Insurance Portfolios
(Exact name of registrant as specified in charter)

------

610 Market Street

Philadelphia, PA 19106

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 523-1918

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025

#### Item 1. Report to Stockholders.
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Asset Strategy Series

*(formerly, Macquarie VIP Asset Strategy Series)*

**Standard Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Asset Strategy Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$65 | &nbsp;&nbsp;0.60% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Asset Strategy Series (Standard Class) returned 16.87% for the 12 months ended December 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Series' broad-based securities market index, returned 22.34% and 22.87%, respectively.

#### Top contributors to performance:
The largest contributor to relative performance was gold. Healthcare industrials and an underweight allocation to real estate also contributed to performance.

Within equities, Spanish bank Banco Bilbao Vizcaya SA, US-based aerospace company Howmet Aerospace Inc., and US semiconductor company KLA Corp., contributed the most to performance.

#### Top detractors from performance:
The Series' portfolio consists of a significant allocation to fixed income securities. These securities are utilized to provide stability and mitigate volatility. However, they often will detract from relative performance when the Series' all equity index is up considerably. This was the case in 2025.

Communication services, consumer discretionary, and materials also detracted from performance due to stock selection and allocations to the sectors.

At an individual stock level, Salesforce Inc., private credit firm Blue Owl Capital Inc., and US-based HVAC company, Carrier Global Corp., detracted the most from performance.

#### How has the Series changed?
Within the equities, the Series changed very little at a sector level. New positions included Broadcom Inc., ING Groep NV, Hilton Worldwide Holdings Inc., Amer Sports Inc., and Alimentation Couche-Tard Inc. We exited holdings including AstraZeneca PLC, Deutsche Telekom AG, Epiroc AB, Midea Group, and Diageo PLC.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period April 28, 2017 (Standard Class's inception), through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219545.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **Since inception<br>(4/28/17)** |
| Nomura VIP Asset Strategy Series (Standard Class) | 16.87% | 7.33% | 8.88% |
| MSCI ACWI Index (net) | 22.34% | 11.19% | 11.57% |
| MSCI ACWI Index (gross) | 22.87% | 11.70% | 12.11% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $581728404 |
| Total number of portfolio holdings\* | 398 |
| Total advisory fees paid (during reporting period) | $2934408 |
| Portfolio turnover rate | 76% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 58.65% |
| Corporate Bonds | 9.61% |
| Agency Mortgage-Backed Securities | 8.21% |
| Bullion | 7.91% |
| Exchange-Traded Funds | 5.01% |
| US Treasury Obligations | 3.61% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.48% |
| Non-Agency Asset-Backed Securities | 1.31% |
| Non-Agency Collateralized Mortgage Obligations | 0.93% |
| Collateralized Loan Obligations | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 3.29% |
| Microsoft | 3.14% |
| Taiwan Semiconductor Manufacturing | 2.69% |
| Apple | 2.03% |
| Banco Bilbao Vizcaya Argentaria | 1.50% |
| Alphabet Class A | 1.45% |
| Eli Lilly & Co. | 1.42% |
| Amazon.com | 1.38% |
| Mastercard Class A | 1.33% |
| Morgan Stanley | 1.27% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Asset Strategy Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Series and Macquarie Investment Management Global Limited is added as an unaffiliated sub-advisor to the Series.

During the fiscal year, the Series changed its principal investment risks to add subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H646-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Asset Strategy Series

*(formerly, Macquarie VIP Asset Strategy Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Asset Strategy Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$92 | &nbsp;&nbsp;0.85% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Asset Strategy Series (Service Class) returned 16.66% for the 12 months ended December 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Series' broad-based securities market index, returned 22.34% and 22.87%, respectively.

#### Top contributors to performance:
The largest contributor to relative performance was gold. Healthcare industrials and an underweight allocation to real estate also contributed to performance.

Within equities, Spanish bank Banco Bilbao Vizcaya SA, US-based aerospace company Howmet Aerospace Inc., and US semiconductor company KLA Corp., contributed the most to performance.

#### Top detractors from performance:
The Series' portfolio consists of a significant allocation to fixed income securities. These securities are utilized to provide stability and mitigate volatility. However, they often will detract from relative performance when the Series' all equity index is up considerably. This was the case in 2025.

Communication services, consumer discretionary, and materials also detracted from performance due to stock selection and allocations to the sectors.

At an individual stock level, Salesforce Inc., private credit firm Blue Owl Capital Inc., and US-based HVAC company, Carrier Global Corp., detracted the most from performance.

#### How has the Series changed?
Within the equities, the Series changed very little at a sector level. New positions included Broadcom Inc., ING Groep NV, Hilton Worldwide Holdings Inc., Amer Sports Inc., and Alimentation Couche-Tard Inc. We exited holdings including AstraZeneca PLC, Deutsche Telekom AG, Epiroc AB, Midea Group, and Diageo PLC.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219505.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Asset Strategy Series (Service Class) | 16.66% | 7.07% | 7.84% |
| MSCI ACWI Index (net) | 22.34% | 11.19% | 11.72% |
| MSCI ACWI Index (gross) | 22.87% | 11.70% | 12.28% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $581728404 |
| Total number of portfolio holdings\* | 398 |
| Total advisory fees paid (during reporting period) | $2934408 |
| Portfolio turnover rate | 76% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 58.65% |
| Corporate Bonds | 9.61% |
| Agency Mortgage-Backed Securities | 8.21% |
| Bullion | 7.91% |
| Exchange-Traded Funds | 5.01% |
| US Treasury Obligations | 3.61% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.48% |
| Non-Agency Asset-Backed Securities | 1.31% |
| Non-Agency Collateralized Mortgage Obligations | 0.93% |
| Collateralized Loan Obligations | 0.59% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 3.29% |
| Microsoft | 3.14% |
| Taiwan Semiconductor Manufacturing | 2.69% |
| Apple | 2.03% |
| Banco Bilbao Vizcaya Argentaria | 1.50% |
| Alphabet Class A | 1.45% |
| Eli Lilly & Co. | 1.42% |
| Amazon.com | 1.38% |
| Mastercard Class A | 1.33% |
| Morgan Stanley | 1.27% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Asset Strategy Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Series and Macquarie Investment Management Global Limited is added as an unaffiliated sub-advisor to the Series.

During the fiscal year, the Series changed its principal investment risks to add subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H109-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Balanced Series

*(formerly, Macquarie VIP Balanced Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Balanced Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$108 | &nbsp;&nbsp;1.02% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Balanced Series (Service Class) returned 11.79% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Series' broad-based securities market index, returned 17.88% and 7.30%, respectively.

#### Top contributors to performance:
The Series' equities and credit-sensitive fixed income securities generally rallied over the fiscal year against a backdrop of moderating inflation and continued interest rate cuts by the US Federal Reserve (Fed) and other central banks globally.

US equities generally drove performance relative to fixed income, as the continued momentum from artificial intelligence helped propel risk assets forward.

The Series' fixed income sleeve performed in line with its benchmark, the Bloomberg US Aggregate Index.

#### Top detractors from performance:
The Series' allocation to equities underperformed its benchmark, the S&P 500 Index, driven by allocation and security selection.

Opportunistic exposure to US Treasurys throughout the reporting period, which underperformed both the Bloomberg US Aggregate Index and the S&P 500 Index, detracted from performance.

Allocation effects detracted from the Series' fixed income sleeve total contribution.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219585.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Balanced Series (Service Class) | 11.79% | 7.85% | 8.38% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $222702490 |
| Total number of portfolio holdings\* | 379 |
| Total advisory fees paid (during reporting period) | $1435465 |
| Portfolio turnover rate | 69% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 60.55% |
| Corporate Bonds | 10.61% |
| Agency Mortgage-Backed Securities | 8.98% |
| Exchange-Traded Funds | 7.62% |
| US Treasury Obligations | 4.64% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.12% |
| Non-Agency Asset-Backed Securities | 1.19% |
| Non-Agency Collateralized Mortgage Obligations | 0.90% |
| Agency Collateralized Mortgage Obligations | 0.28% |
| Agency Commercial Mortgage-Backed Securities | 0.24% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 4.00% |
| Microsoft | 3.80% |
| Apple | 3.06% |
| Amazon.com | 2.30% |
| Taiwan Semiconductor Manufacturing ADR | 2.28% |
| Howmet Aerospace | 2.10% |
| Alphabet Class A | 2.09% |
| Alphabet Class C | 1.91% |
| Broadcom | 1.63% |
| Airbus ADR | 1.38% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Balanced Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) and Macquarie Investment Management Europe Limited no longer serve as sub-advisors to the Series and Macquarie Investment Management Global Limited is added as an unaffiliated sub-advisor to the Series.

During the fiscal year, the Series changed its principal investment risks to add subsidiary risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H208-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Core Equity Series

*(formerly, Macquarie Ivy VIP Core Equity)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Core Equity Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$102 | &nbsp;&nbsp;0.95% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Core Equity Series (Service Class) returned 15.30% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.88%.

#### Top contributors to performance:
Stock selection in the industrials sector, primarily by way of an overweight to Howmet Aerospace Inc., was the leading contributor to relative performance in the 12-month reporting period.

A meaningful underweight allocation to the consumer staples sector was the leading allocation contributor to performance relative to the Series' broad-based index, though negative stock selection largely offset the contribution to relative outperformance.

Top overall contributors to relative performance were Howmet, Taiwan Semiconductor Manufacturing Co. Inc., and Seagate Technology Holdings PLC.

#### Top detractors from performance:
An underweight allocation to the outperforming information technology sector was the largest allocation detractor for the year.

The financials sector was the leading detractor from relative performance based on stock selection.

Top overall detractors from relative performance were Fiserv Inc., Zebra Technologies Corp., and Salesforce Inc.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219625.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Core Equity Series (Service Class) | 15.30% | 13.79% | 13.78% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $696112530 |
| Total number of portfolio holdings\* | 50 |
| Total advisory fees paid (during reporting period) | $4363874 |
| Portfolio turnover rate | 39% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 33.41% |
| Financials | 17.66% |
| Industrials | 12.05% |
| Communication Services | 11.88% |
| Consumer Discretionary | 8.51% |
| Healthcare | 8.43% |
| Utilities | 2.30% |
| Consumer Staples | 2.19% |
| Materials | 2.12% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Alphabet Class A | 6.60% |
| NVIDIA | 6.53% |
| Microsoft | 6.16% |
| Apple | 5.01% |
| Amazon.com | 3.76% |
| Taiwan Semiconductor Manufacturing ADR | 3.72% |
| Howmet Aerospace | 3.44% |
| Broadcom | 2.64% |
| Cummins | 2.22% |
| CME Group | 2.20% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Core Equity Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

During the fiscal year, the Series updated its principal investment risks to add redemption risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5162738) TSAR-46600H406-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Corporate Bond Series

*(formerly, Macquarie VIP Corporate Bond Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Corporate Bond Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$81 | &nbsp;&nbsp;0.78% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Corporate Bond Series (Service Class) returned 6.48% for the 12 months ended December 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Series' broad-based securities market index, returned 7.30%, while the Bloomberg US Corporate Bond Index, the Series' narrowly based securities market index (benchmark), returned 7.77%.

#### Top contributors to performance:
An overweight allocation compared to the benchmark to lower-quality corporate debt, such as BBB-rated (investment grade) and BB-rated (high yield) bonds, which outperformed higher-quality investments over the fiscal year due to the rebound in risk sentiment after the mid-year Liberation Day selloff.

Investments in communications and banking

#### Top detractors from performance:
Long-duration investments, which lagged as long-end Treasury rates climbed over the fiscal year

Investments in energy and insurance

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219665.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Corporate Bond Series (Service Class) | 6.48% | -0.48% | 2.58% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| Bloomberg US Corporate Bond Index | 7.77% | -0.09% | 3.27% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $402269895 |
| Total number of portfolio holdings\* | 225 |
| Total advisory fees paid (during reporting period) | $2173955 |
| Portfolio turnover rate | 190% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 22.24% |
| Communications | 9.64% |
| Consumer Non-Cyclical | 9.64% |
| Electric | 8.59% |
| Technology | 6.69% |
| Consumer Cyclical | 6.62% |
| Energy | 6.12% |
| Insurance | 6.10% |
| Finance Companies | 5.16% |
| Brokerage | 4.81% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Corporate Bond Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Series.

During the fiscal year, the Series updated its principal investment risks to remove fixed income risk and add redemption risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5162738) TSAR-46600H307-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Energy Series

*(formerly, Macquarie VIP Energy Series)*

**Standard Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Energy Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$93 | &nbsp;&nbsp;0.88% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Energy Series (Standard Class) returned 12.41% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.88%, while the S&P 1500<sup>®</sup> Energy Sector Index, the Series' narrowly based securities market index (benchmark), returned 7.69%.

#### Top contributors to performance:
Refining equities outperformed versus the benchmark as global capacity curtailments and closures met stable demand. Refining crack spreads remained elevated and refiner profitability and shareholder returns remained strong.

Coal and consumable fuels outperformed as coal prices and contracting increased due to the pushout of coal retirements and cost competitiveness within natural gas.

#### Top detractors from performance:
Oil and gas exploration and production (E&P) equities detracted from performance. Lower oil and natural gas prices also negatively affected profitability and cash flows while growth remained subdued.

Renewable energy companies detracted from performance. Following the election of Donald Trump as President, residential solar providers came under considerable pressure as investors questioned the outlook for government incentives.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period April 28, 2017 (Standard Class's inception), through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219745.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **Since inception<br>(4/28/17)** |
| Nomura VIP Energy Series (Standard Class) | 12.41% | 18.94% | 0.55% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 1500 Energy Sector Index | 7.69% | 23.58% | 7.32% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $74057454 |
| Total number of portfolio holdings\* | 31 |
| Total advisory fees paid (during reporting period) | $493243 |
| Portfolio turnover rate | 59% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 48.11% |
| Integrated Oil & Gas | 21.21% |
| Oil & Gas Refining & Marketing | 6.23% |
| Coal & Consumable Fuels | 5.98% |
| Oil & Gas Drilling | 4.92% |
| Oil & Gas Equipment & Services | 4.68% |
| Oil & Gas Storage & Transportation | 1.51% |
| Semiconductors | 1.02% |
| Electrical Components & Equipment | 0.89% |
| Heavy Electrical Equipment | 0.50% |
| Independent Power Producers & Energy Traders | 0.39% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| ConocoPhillips | 6.82% |
| Exxon Mobil | 6.49% |
| Canadian Natural Resources | 6.27% |
| Shell | 6.22% |
| Diamondback Energy | 5.32% |
| Helmerich & Payne | 4.92% |
| ARC Resources | 4.59% |
| Permian Resources | 4.47% |
| EOG Resources | 4.22% |
| TotalEnergies | 4.07% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective May 1, 2025, the Series introduced a revised fee waiver for Standard Class shares of 0.86% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Standard Class from 0.96% to 0.88%.

Effective December 1, 2025, the Series was renamed Nomura VIP Energy Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H638-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Energy Series

*(formerly, Macquarie VIP Energy Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Energy Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$120 | &nbsp;&nbsp;1.13% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Energy Series (Service Class) returned 11.89% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.88%, while the S&P 1500<sup>®</sup> Energy Sector Index, the Series' narrowly based securities market index (benchmark), returned 7.69%.

#### Top contributors to performance:
Refining equities outperformed versus the benchmark as global capacity curtailments and closures met stable demand. Refining crack spreads remained elevated and refiner profitability and shareholder returns remained strong.

Coal and consumable fuels outperformed as coal prices and contracting increased due to the pushout of coal retirements and cost competitiveness within natural gas.

#### Top detractors from performance:
Oil and gas exploration and production (E&P) equities detracted from performance. Lower oil and natural gas prices also negatively affected profitability and cash flows while growth remained subdued.

Renewable energy companies detracted from performance. Following the election of Donald Trump as President, residential solar providers came under considerable pressure as investors questioned the outlook for government incentives.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219705.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Energy Series (Service Class) | 11.89% | 18.61% | 1.74% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 1500 Energy Sector Index | 7.69% | 23.58% | 7.77% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $74057454 |
| Total number of portfolio holdings\* | 31 |
| Total advisory fees paid (during reporting period) | $493243 |
| Portfolio turnover rate | 59% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 48.11% |
| Integrated Oil & Gas | 21.21% |
| Oil & Gas Refining & Marketing | 6.23% |
| Coal & Consumable Fuels | 5.98% |
| Oil & Gas Drilling | 4.92% |
| Oil & Gas Equipment & Services | 4.68% |
| Oil & Gas Storage & Transportation | 1.51% |
| Semiconductors | 1.02% |
| Electrical Components & Equipment | 0.89% |
| Heavy Electrical Equipment | 0.50% |
| Independent Power Producers & Energy Traders | 0.39% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| ConocoPhillips | 6.82% |
| Exxon Mobil | 6.49% |
| Canadian Natural Resources | 6.27% |
| Shell | 6.22% |
| Diamondback Energy | 5.32% |
| Helmerich & Payne | 4.92% |
| ARC Resources | 4.59% |
| Permian Resources | 4.47% |
| EOG Resources | 4.22% |
| TotalEnergies | 4.07% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective May 1, 2025, the Series introduced a revised fee waiver for Service Class shares of 0.86% (excluding certain items, such as distribution and service (12b-1) fees), which resulted in a decrease in the net annual operating expenses for Service Class from 1.21% to 1.13%.

Effective December 1, 2025, the Series was renamed Nomura VIP Energy Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H604-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Global Growth Series

*(formerly, Macquarie VIP Global Growth Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Global Growth Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$113 | &nbsp;&nbsp;1.04% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Global Growth Series (Service Class) returned 17.93% for the 12 months ended December 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net) and MSCI ACWI Index (gross), the Series' broad-based securities market index, returned 22.34% and 22.87%, respectively.

#### Top contributors to performance:
Stock selection in the healthcare sector contributed to performance. This was driven by the strong performance of Fresenius SE & Co. KGaA and Eli Lilly and Co., while being underweight to Novo Nordisk A/S.

Holdings in industrials also contributed to performance, driven by several positions including Howmet Aerospace Inc. and BAE Systems PLC.

#### Top detractors from performance:
Stock selection in communication services was hindered by several positions including AT&T Inc., Netflix Inc., and an underweight allocation to Alphabet Inc.

Stock selection in the consumer discretionary sector also detracted from performance due to the underperformance of positions like Ferrari NV and Home Depot Inc.

#### How has the Series changed?
During the reporting period, we eliminated names in the Series where fundamentals have changed, including LVMH Moet Hennessy Louis Vuitton SE, Procter & Gamble Co., and Diageo PLC amid a combination of cost, macroeconomic pressures, or simply what we perceived to be rich valuations for moderate growth.

In turn, we initiated several new positions in the Series, including Alimentation Couche-Tard Inc., Amer Sports Inc., and ING Groep NV

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219785.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Global Growth Series (Service Class) | 17.93% | 9.99% | 10.71% |
| MSCI ACWI Index (net) | 22.34% | 11.19% | 11.72% |
| MSCI ACWI Index (gross) | 22.87% | 11.70% | 12.28% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $162136327 |
| Total number of portfolio holdings\* | 55 |
| Total advisory fees paid (during reporting period) | $1053875 |
| Portfolio turnover rate | 37% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 60.74% |
| India | 4.70% |
| Taiwan | 4.55% |
| Germany | 4.31% |
| Japan | 2.92% |
| Canada | 2.81% |
| United Kingdom | 2.61% |
| Spain | 2.54% |
| Brazil | 2.36% |
| France | 2.00% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 27.87% |
| Financials | 17.64% |
| Industrials | 13.39% |
| Healthcare | 11.28% |
| Consumer Discretionary | 10.26% |
| Consumer Staples | 7.52% |
| Communication Services | 6.84% |
| Energy | 1.52% |
| Utilities | 1.42% |
| Materials | 1.38% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 5.55% |
| Microsoft | 5.29% |
| Taiwan Semiconductor Manufacturing | 4.55% |
| Apple | 3.43% |
| Banco Bilbao Vizcaya Argentaria | 2.54% |
| Alphabet Class A | 2.46% |
| Eli Lilly & Co. | 2.40% |
| Amazon.com | 2.33% |
| Mastercard Class A | 2.25% |
| Morgan Stanley | 2.15% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Global Growth Series.

For the fiscal year ended December 31, 2025, the Series' total annual operating expenses for Service Class decreased from 1.09% to 1.04%.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5162738) TSAR-46600H877-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Growth Series

*(formerly, Macquarie VIP Growth Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Growth Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$105 | &nbsp;&nbsp;1.01% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Growth Series (Service Class) returned 8.41% for the 12 months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.37%, while the Russell 1000<sup>®</sup> Growth Index, the Series' narrowly based securities market index, returned 18.56%.

#### Top contributors to performance:
The largest relative contributors to performance were stock selection within the consumer staples sector and an underweight allocation to consumer discretionary.

Contributing the most from a stock standpoint were leading global semiconductor manufacturer Taiwan Semiconductor Manufacturing Co. Ltd., an underweight to Apple Inc., and Verisign Inc., a leader in internet infrastructure and domain name registry services.

#### Top detractors from performance:
The largest relative detractors were stock selection within healthcare, industrials, and information technology. An overweight to financials and an underweight to communication services also detracted from performance.

US health insurer UnitedHealth Group Inc., leading customer relationship management (CRM) provider Salesforce Inc., and semiconductor and software solutions supplier Broadcom Inc. detracted the most at a stock level.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219825.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Growth Series (Service Class) | 8.41% | 11.89% | 15.40% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $510448857 |
| Total number of portfolio holdings\* | 36 |
| Total advisory fees paid (during reporting period) | $4175497 |
| Portfolio turnover rate | 26% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 50.13% |
| Financials | 13.93% |
| Healthcare | 9.06% |
| Consumer Discretionary | 8.51% |
| Communication Services | 7.58% |
| Industrials | 6.61% |
| Materials | 1.70% |
| Real Estate | 1.24% |
| Consumer Staples | 0.92% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 14.08% |
| Microsoft | 13.83% |
| Apple | 8.55% |
| Amazon.com | 6.16% |
| Alphabet Class A | 5.65% |
| Visa Class A | 4.74% |
| Intercontinental Exchange | 3.11% |
| Danaher | 2.82% |
| Intuit | 2.80% |
| Broadcom | 2.67% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective May 1, 2025, the Series introduced a new fee waiver for Service Class shares of 0.76% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, the Series was renamed Nomura VIP Growth Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H802-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP High Income Series

*(formerly, Macquarie VIP High Income Series)*

**Standard Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP High Income Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$72 | &nbsp;&nbsp;0.69% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP High Income Series (Standard Class) returned 7.41% for the 12 months ended December 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Series' broad-based securities market index, returned 7.30%, while the ICE BofA US High Yield Constrained Index, the Series' narrowly based securities market index, returned 8.50%.

#### Top contributors to performance:
Security selection within the media sector

An overweight and security selection within the banking sector

An overweight and security selection within the automotive sector

#### Top detractors from performance:
Security selection within the leisure sector

An underweight and security selection within the real estate sector

Security selection within the consumer goods sector

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period April 28, 2017 (Standard Class's inception), through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219905.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **Since inception<br>(4/28/17)** |
| Nomura VIP High Income Series (Standard Class) | 7.41% | 3.98% | 4.47% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 1.82% |
| ICE BofA US High Yield Constrained Index | 8.50% | 4.50% | 5.02% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $780951749 |
| Total number of portfolio holdings\* | 307 |
| Total advisory fees paid (during reporting period) | $4802429 |
| Portfolio turnover rate | 42% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 9.53% |
| Capital Goods | 8.11% |
| Media | 8.10% |
| Healthcare | 7.31% |
| Basic Industry | 6.82% |
| Financial Services | 5.79% |
| Technology & Electronics | 5.77% |
| Telecommunications | 5.68% |
| Retail | 5.26% |
| Automotive | 4.93% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP High Income Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Series.

During the fiscal year, the Series changed its principal investment risks to remove fixed income risk and add subsidary risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5159203) ![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP High Income Series

*(formerly, Macquarie VIP High Income Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP High Income Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$97 | &nbsp;&nbsp;0.94% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP High Income Series (Service Class) returned 7.17% for the 12 months ended December 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Series' broad-based securities market index, returned 7.30%, while the ICE BofA US High Yield Constrained Index, the Series' narrowly based securities market index, returned 8.50%.

#### Top contributors to performance:
Security selection within the media sector

An overweight and security selection within the banking sector

An overweight and security selection within the automotive sector

#### Top detractors from performance:
Security selection within the leisure sector

An underweight and security selection within the real estate sector

Security selection within the consumer goods sector

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219865.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP High Income Series (Service Class) | 7.17% | 3.73% | 5.56% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| ICE BofA US High Yield Constrained Index | 8.50% | 4.50% | 6.44% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $780951749 |
| Total number of portfolio holdings\* | 307 |
| Total advisory fees paid (during reporting period) | $4802429 |
| Portfolio turnover rate | 42% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 9.53% |
| Capital Goods | 8.11% |
| Media | 8.10% |
| Healthcare | 7.31% |
| Basic Industry | 6.82% |
| Financial Services | 5.79% |
| Technology & Electronics | 5.77% |
| Telecommunications | 5.68% |
| Retail | 5.26% |
| Automotive | 4.93% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP High Income Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Series.

During the fiscal year, the Series changed its principal investment risks to remove fixed income risk and add subsidary risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H620-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP International Core Equity Series

*(formerly, Macquarie VIP International Core Equity Series)*

**Standard Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP International Core Equity Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$97 | &nbsp;&nbsp;0.86% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP International Core Equity Series (Standard Class) returned 24.56% for the 12 months ended December 31, 2025. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Series' broad-based securities market index, returned 32.39% and 33.11%, respectively.

#### Top contributors to performance:
Stock selection in the industrials sector contributed to performance. Kion Group AG and Thales SA were the main drivers of outperformance.

Holdings in financials also contributed to performance, including Banco Bilbao Vizcaya Argentaria SA and ING Groep NV.

#### Top detractors from performance:
Stock selection in the healthcare sector was hindered by several positions, including Alcon AG and ICON PLC, which were hit by industry-wide macroeconomic pressures.

Stock selection in consumer discretionary also detracted from performance, due to the underperformance of positions like Lululemon Athletica Inc. and Flutter Entertainment PLC on the back of regulatory uncertainty and competitive pressures.

#### How has the Series changed?
During the period, we eliminated names in the Series in which fundamentals have changed, including Diageo PLC, Haleon PLC, Heidelberg Materials AG, Lululemon Athletica Inc., Nintendo Co. Ltd., Siemens AG, and Mondi PLC amid a combination of cost, macroeconomic pressures, or what we perceived to be rich valuations for moderate growth.

We initiated several new positions in the Series during the period, including argenx SE, Barclays PLC, Embraer SA, Olympus Corp., and Samsung Electronics Co. Ltd.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period March 28, 2024 (Standard Class's inception), through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220665.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **1 year** | **Since inception<br>(3/28/24)** | **Since inception<br>(3/28/24)** |
| Nomura VIP International Core Equity Series (Standard Class) | 24.56 | %\* | 12.04 | %\* |
| MSCI ACWI ex USA Index (net) | 32.39 | % | 17.90 | % |
| MSCI ACWI ex USA Index (gross) | 33.11 | % | 18.54 | % |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the total return in other performance information.

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $749565324 |
| Total number of portfolio holdings\* | 54 |
| Total advisory fees paid (during reporting period) | $6012597 |
| Portfolio turnover rate | 90% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 10.21% |
| United Kingdom | 9.78% |
| Germany | 8.93% |
| China | 8.61% |
| Brazil | 7.28% |
| Netherlands | 7.15% |
| India | 6.58% |
| Taiwan | 6.21% |
| South Korea | 5.49% |
| Singapore | 4.24% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Financials | 24.05% |
| Industrials | 19.85% |
| Information Technology | 16.88% |
| Consumer Discretionary | 15.36% |
| Healthcare | 9.92% |
| Communication Services | 5.82% |
| Consumer Staples | 2.62% |
| Energy | 2.23% |
| Real Estate | 1.52% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 6.21% |
| ING Groep | 3.13% |
| China Merchants Bank Class H | 2.84% |
| SK Hynix | 2.69% |
| MercadoLibre | 2.65% |
| Bharti Airtel | 2.62% |
| Mitsubishi UFJ Financial Group | 2.54% |
| SMC | 2.54% |
| Banco Bilbao Vizcaya Argentaria | 2.45% |
| Barclays | 2.40% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP International Core Equity Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

During the fiscal year, the Series changed its principal investment risks to add redemption risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H885-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP International Core Equity Series

*(formerly, Macquarie VIP International Core Equity Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP International Core Equity Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$124 | &nbsp;&nbsp;1.11% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP International Core Equity Series (Service Class) returned 24.24% for the 12 months ended December 31, 2025. During the same period, the MSCI ACWI (All Country World Index) ex USA Index (net) and MSCI ACWI ex USA Index (gross), the Series' broad-based securities market index, returned 32.39% and 33.11%, respectively.

#### Top contributors to performance:
Stock selection in the industrials sector contributed to performance. Kion Group AG and Thales SA were the main drivers of outperformance.

Holdings in financials also contributed to performance, including Banco Bilbao Vizcaya Argentaria SA and ING Groep NV.

#### Top detractors from performance:
Stock selection in the healthcare sector was hindered by several positions, including Alcon AG and ICON PLC, which were hit by industry-wide macroeconomic pressures.

Stock selection in consumer discretionary also detracted from performance, due to the underperformance of positions like Lululemon Athletica Inc. and Flutter Entertainment PLC on the back of regulatory uncertainty and competitive pressures.

#### How has the Series changed?
During the period, we eliminated names in the Series in which fundamentals have changed, including Diageo PLC, Haleon PLC, Heidelberg Materials AG, Lululemon Athletica Inc., Nintendo Co. Ltd., Siemens AG, and Mondi PLC amid a combination of cost, macroeconomic pressures, or what we perceived to be rich valuations for moderate growth.

We initiated several new positions in the Series during the period, including argenx SE, Barclays PLC, Embraer SA, Olympus Corp., and Samsung Electronics Co. Ltd.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219945.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **1 year** | **5 year** | **10 year** |
| Nomura VIP International Core Equity Series (Service Class) | 24.24 | %\* | 7.83% | 6.62% |
| MSCI ACWI ex USA Index (net) | 32.39 | % | 7.91% | 8.41% |
| MSCI ACWI ex USA Index (gross) | 33.11 | % | 8.46% | 8.95% |

---

\* The total return has been adjusted to reflect performance in conformity with US GAAP principles and may differ from the total return in other performance information.

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $749565324 |
| Total number of portfolio holdings\* | 54 |
| Total advisory fees paid (during reporting period) | $6012597 |
| Portfolio turnover rate | 90% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 10.21% |
| United Kingdom | 9.78% |
| Germany | 8.93% |
| China | 8.61% |
| Brazil | 7.28% |
| Netherlands | 7.15% |
| India | 6.58% |
| Taiwan | 6.21% |
| South Korea | 5.49% |
| Singapore | 4.24% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Financials | 24.05% |
| Industrials | 19.85% |
| Information Technology | 16.88% |
| Consumer Discretionary | 15.36% |
| Healthcare | 9.92% |
| Communication Services | 5.82% |
| Consumer Staples | 2.62% |
| Energy | 2.23% |
| Real Estate | 1.52% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 6.21% |
| ING Groep | 3.13% |
| China Merchants Bank Class H | 2.84% |
| SK Hynix | 2.69% |
| MercadoLibre | 2.65% |
| Bharti Airtel | 2.62% |
| Mitsubishi UFJ Financial Group | 2.54% |
| SMC | 2.54% |
| Banco Bilbao Vizcaya Argentaria | 2.45% |
| Barclays | 2.40% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP International Core Equity Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

During the fiscal year, the Series changed its principal investment risks to add redemption risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H562-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Limited-Term Bond Series

*(formerly, Macquarie VIP Limited-Term Bond Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Limited-Term Bond Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$81 | &nbsp;&nbsp;0.79% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Limited-Term Bond Series (Service Class) returned 4.70% for the 12 months ended December 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Series' broad-based securities market index, returned 7.30%, while the Bloomberg 1-3 Year US Government/Credit Index, the Series' narrowly based securities market index (benchmark), returned 5.35%.

#### Top contributors to performance:
Allocations to the structured finance sector, especially residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized loan obligations (CLO), and asset backed securities (ABS) contributed to the Series' performance as a resilient economy, bolstered by continued artificial intelligence capital expenditures and US Federal Reserve (Fed) easing, provided a tailwind for risk markets.

Allocations to both high yield and investment grade corporate bonds contributed to the Series' performance.

The Series' duration and yield curve positioning over the period also contributed to performance.

#### Top detractors from performance:
An underweight allocation to the government-related sector relative to the Series' benchmark detracted from performance.

Security selection within investment grade corporate bonds was a detractor.

Positioning in Treasury Inflation-Protected Securities, or TIPS, initiated as a hedge against a possible reawakening of inflation due to tariffs or potential missteps by the Fed, detracted from performance.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11219985.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Limited-Term Bond Series (Service Class) | 4.70% | 1.75% | 2.12% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.09% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $134600542 |
| Total number of portfolio holdings\* | 151 |
| Total advisory fees paid (during reporting period) | $661130 |
| Portfolio turnover rate | 262% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 53.29% |
| Corporate Bonds | 16.55% |
| Non-Agency Asset-Backed Securities | 10.63% |
| Agency Mortgage-Backed Securities | 7.36% |
| Collateralized Loan Obligations | 5.53% |
| Non-Agency Collateralized Mortgage Obligations | 3.32% |
| Agency Commercial Mortgage-Backed Securities | 1.10% |
| Agency Collateralized Mortgage Obligations | 0.71% |
| Government Agency Obligations | 0.43% |
| Sovereign Bond | 0.25% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Limited-Term Bond Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Series.

During the fiscal year, the Series updated its principal investment risks to remove fixed income risk and add redemption risk and portfolio turnover risk as new principal investment risks.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5162738) TSAR-46600H869-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Mid Cap Growth Series

*(formerly, Macquarie VIP Mid Cap Growth Series)*

**Standard Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Mid Cap Growth Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$86 | &nbsp;&nbsp;0.85% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Mid Cap Growth Series (Standard Class) returned 1.38% for the 12 months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.15%, while the Russell Midcap<sup>®</sup> Growth Index, the Series' narrowly based securities market index (benchmark), returned 8.66%.

#### Top contributors to performance:
Stock selection in the consumer staples sector, primarily by way of an overweight to Casey's General Stores Inc., was the leading contributor to performance relative to the benchmark for the reporting period.

A meaningful overweight to the healthcare sector was the leading allocation contributor to performance relative to the benchmark; however, negative stock selection more than offset the contribution to relative outperformance.

Top overall contributors to relative performance were Coherent Corp., Howmet Aerospace Inc., and IDEXX Laboratories Inc.

#### Top detractors from performance:
The information technology sector was the leading detractor from relative performance based on stock selection.

A lack of exposure to the outperforming utilities sector was the largest allocation detractor.

Top overall detractors from relative performance were a lack of exposure to benchmark holdings Palantir Technologies Inc., Floor & Decor Holdings Inc., and Trex Company Inc., which performed well during the reporting period.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period April 28, 2017 (Standard Class's inception), through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **Since inception<br>(4/28/17)** |
| Nomura VIP Mid Cap Growth Series (Standard Class) | 1.38% | 0.16% | 10.77% |
| Russell 3000 Index | 17.15% | 13.15% | 14.15% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.53% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $371443763 |
| Total number of portfolio holdings\* | 61 |
| Total advisory fees paid (during reporting period) | $3024559 |
| Portfolio turnover rate | 52% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 22.39% |
| Information Technology | 22.25% |
| Healthcare | 19.34% |
| Consumer Discretionary | 18.25% |
| Financials | 8.47% |
| Real Estate | 2.68% |
| Materials | 1.96% |
| Consumer Staples | 1.36% |
| Communication Services | 0.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.92% |
| Royal Caribbean Cruises | 3.88% |
| Monolithic Power Systems | 2.89% |
| Cloudflare Class A | 2.82% |
| CoStar Group | 2.68% |
| Datadog Class A | 2.44% |
| LPL Financial Holdings | 2.41% |
| Fastenal | 2.34% |
| Insulet | 2.27% |
| Howmet Aerospace | 2.24% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Mid Cap Growth Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H687-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Mid Cap Growth Series

*(formerly, Macquarie VIP Mid Cap Growth Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Mid Cap Growth Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$111 | &nbsp;&nbsp;1.10% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Mid Cap Growth Series (Service Class) returned 1.18% for the 12 months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.15%, while the Russell Midcap<sup>®</sup> Growth Index, the Series' narrowly based securities market index (benchmark), returned 8.66%.

#### Top contributors to performance:
Stock selection in the consumer staples sector, primarily by way of an overweight to Casey's General Stores Inc., was the leading contributor to performance relative to the benchmark for the reporting period.

A meaningful overweight to the healthcare sector was the leading allocation contributor to performance relative to the benchmark; however, negative stock selection more than offset the contribution to relative outperformance.

Top overall contributors to relative performance were Coherent Corp., Howmet Aerospace Inc., and IDEXX Laboratories Inc.

#### Top detractors from performance:
The information technology sector was the leading detractor from relative performance based on stock selection.

A lack of exposure to the outperforming utilities sector was the largest allocation detractor.

Top overall detractors from relative performance were a lack of exposure to benchmark holdings Palantir Technologies Inc., Floor & Decor Holdings Inc., and Trex Company Inc., which performed well during the reporting period.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220065.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Mid Cap Growth Series (Service Class) | 1.18% | -0.08% | 10.66% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $371443763 |
| Total number of portfolio holdings\* | 61 |
| Total advisory fees paid (during reporting period) | $3024559 |
| Portfolio turnover rate | 52% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 22.39% |
| Information Technology | 22.25% |
| Healthcare | 19.34% |
| Consumer Discretionary | 18.25% |
| Financials | 8.47% |
| Real Estate | 2.68% |
| Materials | 1.96% |
| Consumer Staples | 1.36% |
| Communication Services | 0.89% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.92% |
| Royal Caribbean Cruises | 3.88% |
| Monolithic Power Systems | 2.89% |
| Cloudflare Class A | 2.82% |
| CoStar Group | 2.68% |
| Datadog Class A | 2.44% |
| LPL Financial Holdings | 2.41% |
| Fastenal | 2.34% |
| Insulet | 2.27% |
| Howmet Aerospace | 2.24% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Mid Cap Growth Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H596-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Natural Resources Series

*(formerly, Macquarie VIP Natural Resources Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Natural Resources Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$149 | &nbsp;&nbsp;1.25% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Natural Resources Series (Service Class) returned 37.75% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.88%, while the S&P Global Natural Resources Index, the Series' narrowly based securities market index (benchmark), returned 28.86%.

#### Top contributors to performance:
Copper mining equities contributed to performance as copper supplies tightened due to disruptions. Moreover, investors anticipated growing demand from onshoring and the buildout of data centers.

Gold equities outperformed versus the benchmark as central banks rapidly increased their purchases of gold and the US Federal Reserve (Fed) began cutting interest rates. Furthermore, geopolitical uncertainty led investors to seek safe-haven assets such as gold.

#### Top detractors from performance:
Paper and forest product equities detracted from performance. Excess lumber capacity combined with the Canadian and US tariff spat to keep lumber pricing under pressure. Lumber demand remained lackluster due to elevated interest rates impacting new-construction housing. Paper demand also remained under pressure as a result of excess capacity and poor demand.

Oil and gas exploration and production (E&P) equities detracted from performance. Lower oil and natural gas prices also negatively affected profitability and cash flows while growth remained subdued.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220105.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Natural Resources Series (Service Class) | 37.75% | 15.73% | 6.94% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P Global Natural Resources Index | 28.86% | 10.60% | 10.38% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $87848841 |
| Total number of portfolio holdings\* | 43 |
| Total advisory fees paid (during reporting period) | $632867 |
| Portfolio turnover rate | 47% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 15.25% |
| Gold | 14.10% |
| Diversified Metals & Mining | 8.31% |
| Integrated Oil & Gas | 8.19% |
| Fertilizers & Agricultural Chemicals | 7.08% |
| Steel | 5.93% |
| Construction Materials | 4.75% |
| Coal & Consumable Fuels | 4.70% |
| Forest Products | 4.13% |
| Precious Metals & Minerals | 3.43% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 4.88% |
| Newmont | 4.75% |
| Steel Dynamics | 4.41% |
| Nutrien | 4.39% |
| Hudbay Minerals | 3.77% |
| CRH | 3.46% |
| Valterra Platinum | 3.43% |
| Anglo American | 3.27% |
| Coeur Mining | 3.17% |
| Wheaton Precious Metals | 3.12% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective May 1, 2025, the Series introduced a new fee waiver for Service Class shares of 0.98% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, the Series was renamed Nomura VIP Natural Resources Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

Effective October 1, 2025, Van Eck Associates Corporation began serving as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H851-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Pathfinder Aggressive Series

*(formerly, Macquarie VIP Pathfinder Aggressive Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Pathfinder Aggressive Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$16 | &nbsp;&nbsp;0.15% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Pathfinder Aggressive Series (Service Class) returned 15.86% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Series' broad-based securities market indices, returned 17.88% and 7.30%, respectively, while the current blended benchmark\*, the Series' narrowly based securities market index, returned 19.90%.

#### Top contributors to performance:
Global equities and credit-sensitive US fixed income generally rallied over the fiscal year against a backdrop of moderating inflation and the continuation of rate cuts by the US Federal Reserve (Fed) and other central banks globally.

Performance reflected the mix of allocation weightings and returns in the underlying funds.

Performance of underlying strategies was generally positive in absolute terms.

Relative to the Fund's respective broad-based index, the Fund benefitted from positive asset allocation effects.

Allocation to Nomura VIP Growth and Income Series outperformed its benchmark and contributed significantly due to manager selection effects.

#### Top detractors from performance:
Negative manager selection effects for most funds detracted from performance.

Underperformance of both the Nomura VIP Core Equity Series and the Nomura VIP International Core Series relative to their respective benchmarks.

Relative to the Fund's broad-based fixed income market index (the Bloomberg US Aggregate Index), the Nomura VIP Corporate Bond Series underperformed.

Allocations to small- and mid-cap growth in the beginning of the period detracted from performance.

\*The blended benchmark is computed using a combination of 55% Russell 3000<sup>®</sup> Index / 30% MSCI EAFE Index / 15% Bloomberg US Credit Index.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices and multiple narrowly based securities market indices for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220145.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Pathfinder Aggressive Series (Service Class) | 15.86% | 8.40% | 9.88% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| 55% Russell 3000 Index / 30% MSCI EAFE Index / 15% Bloomberg US Credit Index | 19.90% | 9.97% | 10.89% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| MSCI EAFE Index (net) | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) | 31.89% | 9.47% | 8.72% |
| Bloomberg US Credit Index | 7.83% | -0.05% | 3.15% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $50003425 |
| Total number of portfolio holdings\* | 11 |
| Total advisory fees paid (during reporting period) | $0 |
| Portfolio turnover rate | 46% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 89.02% |
| &nbsp;&nbsp;Alternative / Specialty Fund | 6.43% |
| &nbsp;&nbsp;Fixed Income Funds | 9.68% |
| &nbsp;&nbsp;Global / International Equity Fund | 27.52% |
| &nbsp;&nbsp;US Equity Funds | 45.39% |
| Affiliated Exchange-Traded Funds | 10.79% |

---

Top 10 underlying funds

---

| | |
|:---|:---|
| Nomura VIP International Core Equity Series – Standard Class | 27.52% |
| Nomura VIP Core Equity Series – Service Class | 23.74% |
| Nomura VIP Growth and Income Series – Standard Class | 14.29% |
| Nomura VIP Corporate Bond Series – Service Class | 8.43% |
| Nomura Focused Large Growth ETF | 8.04% |
| Nomura VIP Science and Technology Series – Standard Class | 6.43% |
| Nomura VIP Smid Cap Core Series – Service Class | 3.95% |
| Nomura VIP Value Series – Service Class | 3.41% |
| Nomura Focused International Core ETF | 2.75% |
| Nomura VIP Limited-Term Bond Series – Service Class | 1.00% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Pathfinder Aggressive Series.

For the fiscal year ended December 31, 2025, the Series total annual operating expenses for Service Class increased from 0.12% to 0.15%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5168242) TSAR-46600H703-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Pathfinder Conservative Series

*(formerly, Macquarie VIP Pathfinder Conservative Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Pathfinder Conservative Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$15 | &nbsp;&nbsp;0.14% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Pathfinder Conservative Series (Service Class) returned 10.44% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Series' broad-based securities market indices, returned 17.88% and 7.30%, respectively, while the current blended benchmark\*, the Series' narrowly based securities market index, returned 12.86%.

#### Top contributors to performance:
Global equities and credit-sensitive US fixed income generally rallied over the fiscal year against a backdrop of moderating inflation and the continuation of rate cuts by the US Federal Reserve (Fed) and other central banks globally.

Performance reflected the mix of allocation weightings and returns in the underlying funds.

Performance of underlying strategies was generally positive in absolute terms.

Allocation to Nomura VIP Growth and Income Series outperformed its benchmark and contributed significantly due to manager selection effects.

#### Top detractors from performance:
Negative manager selection effects for most funds detracted from performance.

Underperformance of both the Nomura VIP Core Equity Series and the Nomura VIP International Core Series relative to their respective benchmarks.

Allocations to small- and mid-cap growth in the beginning of the period detracted from performance.

\*The blended benchmark is computed using a combination of 35% Russell 3000<sup>®</sup> Index / 35% Bloomberg US Credit Index / 20% Bloomberg 1-3 Year US Government/Credit Index / 10% MSCI EAFE Index.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices and multiple narrowly based securities market indices for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220185.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Pathfinder Conservative Series (Service Class) | 10.44% | 4.91% | 6.23% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| 35% Russell 3000 Index / 35% Bloomberg US Credit Index / 20% Bloomberg 1-3 Year US Government/Credit Index / 10% MSCI EAFE Index | 12.86% | 5.95% | 7.49% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index | 7.83% | -0.05% | 3.15% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.09% |
| MSCI EAFE Index (net) | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) | 31.89% | 9.47% | 8.72% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $62062969 |
| Total number of portfolio holdings\* | 11 |
| Total advisory fees paid (during reporting period) | $0 |
| Portfolio turnover rate | 35% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 93.41% |
| &nbsp;&nbsp;Alternative / Specialty Fund | 4.31% |
| &nbsp;&nbsp;Fixed Income Funds | 49.59% |
| &nbsp;&nbsp;Global / International Equity Fund | 9.21% |
| &nbsp;&nbsp;US Equity Funds | 30.30% |
| Affiliated Exchange-Traded Funds | 6.40% |

---

Top 10 underlying funds

---

| | |
|:---|:---|
| Nomura VIP Corporate Bond Series – Service Class | 30.47% |
| Nomura VIP Limited-Term Bond Series – Service Class | 17.86% |
| Nomura VIP Core Equity Series – Service Class | 15.88% |
| Nomura VIP Growth and Income Series – Standard Class | 9.62% |
| Nomura VIP International Core Equity Series – Standard Class | 9.21% |
| Nomura Focused Large Growth ETF | 5.47% |
| Nomura VIP Science and Technology Series – Standard Class | 4.31% |
| Nomura VIP Smid Cap Core Series – Service Class | 2.58% |
| Nomura VIP Value Series – Service Class | 2.22% |
| Nomura VIP High Income Series – Standard Class | 1.26% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Pathfinder Conservative Series.

For the fiscal year ended December 31, 2025, the Series total annual operating expenses for Service Class increased from 0.11% to 0.14%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5168242) TSAR-46600H752-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Pathfinder Moderate Series

*(formerly, Macquarie VIP Pathfinder Moderate Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Pathfinder Moderate Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$5 | &nbsp;&nbsp;0.05% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Pathfinder Moderate Series (Service Class) returned 13.50% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Series' broad-based securities market indices, returned 17.88% and 7.30%, respectively, while the current blended benchmark\*, the Series' narrowly based securities market index, returned 16.35%.

#### Top contributors to performance:
Global equities and credit-sensitive US fixed income generally rallied over the fiscal year against a backdrop of moderating inflation and the continuation of rate cuts by the US Federal Reserve (Fed) and other central banks globally.

Performance reflected the mix of allocation weightings and returns in the underlying funds.

Performance of underlying strategies was generally positive in absolute terms.

Relative to the Fund's respective broad-based index, the Fund benefitted from positive asset allocation effects.

Allocation to Nomura VIP Growth and Income Series outperformed its benchmark and contributed significantly due to manager selection effects.

#### Top detractors from performance:
Negative manager selection effects for most funds detracted from performance.

Underperformance of both the Nomura VIP Core Equity Series and the Nomura VIP International Core Series relative to their respective benchmarks.

Relative to the Fund's broad-based fixed income market index (the Bloomberg US Aggregate Index), the Nomura VIP Corporate Bond Series underperformed.

Allocations to small- and mid-cap growth in the beginning of the period detracted from performance.

\*The blended benchmark is computed using a combination of 45% Russell 3000<sup>®</sup> Index / 25% Bloomberg US Credit Index / 20% MSCI EAFE Index / 10% Bloomberg 1-3 Year US Government/Credit Index.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices and multiple narrowly based securities market indices for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220345.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Pathfinder Moderate Series (Service Class) | 13.50% | 6.81% | 8.01% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| 45% Russell 3000 Index / 25% Bloomberg US Credit Index / 20% MSCI EAFE Index / 10% Bloomberg 1-3 Year US Government/Credit Index | 16.35% | 7.97% | 9.21% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index | 7.83% | -0.05% | 3.15% |
| MSCI EAFE Index (net) | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) | 31.89% | 9.47% | 8.72% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.09% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $351680594 |
| Total number of portfolio holdings\* | 11 |
| Total advisory fees paid (during reporting period) | $0 |
| Portfolio turnover rate | 39% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 91.13% |
| &nbsp;&nbsp;Alternative / Specialty Fund | 5.37% |
| &nbsp;&nbsp;Fixed Income Funds | 29.58% |
| &nbsp;&nbsp;Global / International Equity Fund | 18.36% |
| &nbsp;&nbsp;US Equity Funds | 37.82% |
| Affiliated Exchange-Traded Funds | 8.64% |

---

Top 10 underlying funds

---

| | |
|:---|:---|
| Nomura VIP Corporate Bond Series – Service Class | 20.57% |
| Nomura VIP Core Equity Series – Service Class | 19.80% |
| Nomura VIP International Core Equity Series – Standard Class | 18.36% |
| Nomura VIP Growth and Income Series – Standard Class | 11.95% |
| Nomura VIP Limited-Term Bond Series – Service Class | 8.26% |
| Nomura Focused Large Growth ETF | 6.78% |
| Nomura VIP Science and Technology Series – Standard Class | 5.37% |
| Nomura VIP Smid Cap Core Series – Service Class | 3.26% |
| Nomura VIP Value Series – Service Class | 2.81% |
| Nomura Focused International Core ETF | 1.86% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Pathfinder Moderate Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5168242) TSAR-46600H711-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Pathfinder Moderately Aggressive Series

*(formerly, Macquarie VIP Pathfinder Moderately Aggressive Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Pathfinder Moderately Aggressive Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$5 | &nbsp;&nbsp;0.05% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Pathfinder Moderately Aggressive Series (Service Class) returned 14.59% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Series' broad-based securities market indices, returned 17.88% and 7.30%, respectively, while the current blended benchmark\*, the Series' narrowly based securities market index, returned 18.11%.

#### Top contributors to performance:
Global equities and credit-sensitive US fixed income generally rallied over the fiscal year against a backdrop of moderating inflation and the continuation of rate cuts by the US Federal Reserve (Fed) and other central banks globally.

Performance reflected the mix of allocation weightings and returns in the underlying funds.

Performance of underlying strategies was generally positive in absolute terms.

Relative to the Fund's respective broad-based index, the Fund benefitted from positive asset allocation effects.

Allocation to Nomura VIP Growth and Income Series outperformed its benchmark and contributed significantly due to manager selection effects.

#### Top detractors from performance:
Negative manager selection effects for most funds detracted from performance.

Underperformance of both the Nomura VIP Core Equity Series and the Nomura VIP International Core Series relative to their respective benchmarks.

Relative to the Fund's broad-based fixed income market index (the Bloomberg US Aggregate Index), the Nomura VIP Corporate Bond Series underperformed.

Allocations to small- and mid-cap growth in the beginning of the period detracted from performance.

\*The blended benchmark is computed using a combination of 50% Russell 3000<sup>®</sup> Index / 25% MSCI EAFE Index / 20% Bloomberg US Credit Index / 5% Bloomberg 1-3 Year US Government/Credit Index.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices and multiple narrowly based securities market indices for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220385.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Pathfinder Moderately Aggressive Series (Service Class) | 14.59% | 7.67% | 8.92% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| 50% Russell 3000 Index / 25% MSCI EAFE Index / 20% Bloomberg US Credit Index / 5% Bloomberg 1-3 Year US Government/Credit Index | 18.11% | 8.97% | 10.05% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| MSCI EAFE Index (net) | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) | 31.89% | 9.47% | 8.72% |
| Bloomberg US Credit Index | 7.83% | -0.05% | 3.15% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.09% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $430749953 |
| Total number of portfolio holdings\* | 11 |
| Total advisory fees paid (during reporting period) | $0 |
| Portfolio turnover rate | 41% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 89.99% |
| &nbsp;&nbsp;Alternative / Specialty Fund | 5.85% |
| &nbsp;&nbsp;Fixed Income Funds | 19.62% |
| &nbsp;&nbsp;Global / International Equity Fund | 22.92% |
| &nbsp;&nbsp;US Equity Funds | 41.60% |
| Affiliated Exchange-Traded Funds | 9.79% |

---

Top 10 underlying funds

---

| | |
|:---|:---|
| Nomura VIP International Core Equity Series – Standard Class | 22.92% |
| Nomura VIP Core Equity Series – Service Class | 21.76% |
| Nomura VIP Corporate Bond Series – Service Class | 15.39% |
| Nomura VIP Growth and Income Series – Standard Class | 13.17% |
| Nomura Focused Large Growth ETF | 7.48% |
| Nomura VIP Science and Technology Series – Standard Class | 5.85% |
| Nomura VIP Limited-Term Bond Series – Service Class | 3.73% |
| Nomura VIP Smid Cap Core Series – Service Class | 3.55% |
| Nomura VIP Value Series – Service Class | 3.12% |
| Nomura Focused International Core ETF | 2.31% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Pathfinder Moderately Aggressive Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5168242) TSAR-46600H737-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Pathfinder Moderately Conservative Series

*(formerly, Macquarie VIP Pathfinder Moderately Conservative Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Pathfinder Moderately Conservative Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$8 | &nbsp;&nbsp;0.08% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Pathfinder Moderately Conservative Series (Service Class) returned 12.08% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Series' broad-based securities market indices, returned 17.88% and 7.30%, respectively, while the current blended benchmark\*, the Series' narrowly based securities market index, returned 14.60%.

#### Top contributors to performance:
Global equities and credit-sensitive US fixed income generally rallied over the fiscal year against a backdrop of moderating inflation and the continuation of rate cuts by the US Federal Reserve (Fed) and other central banks globally.

Performance reflected the mix of allocation weightings and returns in the underlying funds.

Performance of underlying strategies was generally positive in absolute terms.

Relative to the Fund's respective broad-based index, the Fund benefitted from slightly positive asset allocation effects.

Allocation to Nomura VIP Growth and Income Series outperformed its benchmark and contributed significantly due to manager selection effects.

#### Top detractors from performance:
Negative manager selection effects for most funds detracted from performance.

Underperformance of both the Nomura VIP Core Equity Series and the Nomura VIP International Core Series relative to their respective benchmarks.

Relative to the Fund's broad-based fixed income market index (the Bloomberg US Aggregate Index), the Nomura VIP Corporate Bond Series underperformed.

Allocations to small- and mid-cap growth in the beginning of the period detracted from performance.

\*The blended benchmark is computed using a combination of 40% Russell 3000<sup>®</sup> Index / 30% Bloomberg US Credit Index / 15% MSCI EAFE Index / 15% Bloomberg 1-3 Year US Government/Credit Index.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices and multiple narrowly based securities market indices for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220425.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Pathfinder Moderately Conservative Series (Service Class) | 12.08% | 5.87% | 7.16% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| 40% Russell 3000 Index / 30% Bloomberg US Credit Index / 15% MSCI EAFE Index / 15% Bloomberg 1-3 Year US Government/Credit Index | 14.60% | 6.96% | 8.35% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index | 7.83% | -0.05% | 3.15% |
| MSCI EAFE Index (net) | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) | 31.89% | 9.47% | 8.72% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.09% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $111874387 |
| Total number of portfolio holdings\* | 11 |
| Total advisory fees paid (during reporting period) | $0 |
| Portfolio turnover rate | 37% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 92.26% |
| &nbsp;&nbsp;Alternative / Specialty Fund | 4.88% |
| &nbsp;&nbsp;Fixed Income Funds | 39.55% |
| &nbsp;&nbsp;Global / International Equity Fund | 13.78% |
| &nbsp;&nbsp;US Equity Funds | 34.05% |
| Affiliated Exchange-Traded Funds | 7.53% |

---

Top 10 underlying funds

---

| | |
|:---|:---|
| Nomura VIP Corporate Bond Series – Service Class | 25.60% |
| Nomura VIP Core Equity Series – Service Class | 17.83% |
| Nomura VIP International Core Equity Series – Standard Class | 13.78% |
| Nomura VIP Limited-Term Bond Series – Service Class | 12.95% |
| Nomura VIP Growth and Income Series – Standard Class | 10.73% |
| Nomura Focused Large Growth ETF | 6.13% |
| Nomura VIP Science and Technology Series – Standard Class | 4.88% |
| Nomura VIP Smid Cap Core Series – Service Class | 2.97% |
| Nomura VIP Value Series – Service Class | 2.52% |
| Nomura Focused International Core ETF | 1.40% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Pathfinder Moderately Conservative Series.

For the fiscal year ended December 31, 2025, the Series total annual operating expenses for Service Class decreased from 0.09% to 0.08%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5168242) TSAR-46600H745-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Pathfinder Moderate – Managed Volatility Series

*(formerly, Macquarie VIP Pathfinder Moderate – Managed Volatility Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Pathfinder Moderate – Managed Volatility Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$25 | &nbsp;&nbsp;0.24% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Pathfinder Moderate – Managed Volatility Series (Service Class) returned 10.72% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Series' broad-based securities market indices, returned 17.88% and 7.30%, respectively, while the current blended benchmark\*, the Series' narrowly based securities market index, returned 16.35%.

#### Top contributors to performance:
Global equities and credit-sensitive US fixed income generally rallied over the fiscal year against a backdrop of moderating inflation and the continuation of rate cuts by the US Federal Reserve (Fed) and other central banks globally.

Performance reflected the mix of allocation weightings and returns in the underlying funds.

Performance of underlying strategies was generally positive in absolute terms.

Relative to the Fund's respective broad-based index, the Fund benefitted from positive asset allocation effects.

Allocation to Nomura VIP Growth and Income Series outperformed its benchmark and contributed significantly due to manager selection effects.

#### Top detractors from performance:
Negative manager selection effects for most funds detracted from performance.

Underperformance of both the Nomura VIP Core Equity Series and the Nomura VIP International Core Series relative to their respective benchmarks.

Relative to the Fund's broad-based fixed income market index (the Bloomberg US Aggregate Index), the Nomura VIP Corporate Bond Series underperformed.

Allocations to small- and mid-cap growth in the beginning of the period detracted from performance.

\*The blended benchmark is computed using a combination of 45% Russell 3000<sup>®</sup> Index / 25% Bloomberg US Credit Index / 20% MSCI EAFE Index / 10% Bloomberg 1-3 Year US Government/Credit Index.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices and multiple narrowly based securities market indices for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220305.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series (Service Class) | 10.72% | 5.98% | 6.64% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| 45% Russell 3000 Index / 25% Bloomberg US Credit Index / 20% MSCI EAFE Index / 10% Bloomberg 1-3 Year US Government/Credit Index | 16.35% | 7.97% | 9.21% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index | 7.83% | -0.05% | 3.15% |
| MSCI EAFE Index (net) | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) | 31.89% | 9.47% | 8.72% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.09% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $335709963 |
| Total number of portfolio holdings\* | 11 |
| Total advisory fees paid (during reporting period) | $658815 |
| Portfolio turnover rate | 42% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 89.51% |
| &nbsp;&nbsp;Alternative / Specialty Fund | 5.27% |
| &nbsp;&nbsp;Fixed Income Funds | 29.07% |
| &nbsp;&nbsp;Global / International Equity Fund | 18.03% |
| &nbsp;&nbsp;US Equity Funds | 37.14% |
| Affiliated Exchange-Traded Funds | 8.52% |

---

Top 10 underlying funds

---

| | |
|:---|:---|
| Nomura VIP Corporate Bond Series – Service Class | 20.21% |
| Nomura VIP Core Equity Series – Service Class | 19.45% |
| Nomura VIP International Core Equity Series – Standard Class | 18.03% |
| Nomura VIP Growth and Income Series – Standard Class | 11.73% |
| Nomura VIP Limited-Term Bond Series – Service Class | 8.12% |
| Nomura Focused Large Growth ETF | 6.69% |
| Nomura VIP Science and Technology Series – Standard Class | 5.27% |
| Nomura VIP Smid Cap Core Series – Service Class | 3.20% |
| Nomura VIP Value Series – Service Class | 2.76% |
| Nomura Focused International Core ETF | 1.83% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Pathfinder Moderate – Managed Volatility Series.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5168242) TSAR-46600H729-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series

*(formerly, Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$25 | &nbsp;&nbsp;0.24% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series (Service Class) returned 12.08% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Series' broad-based securities market indices, returned 17.88% and 7.30%, respectively, while the current blended benchmark\*, the Series' narrowly based securities market index, returned 18.11%.

#### Top contributors to performance:
Global equities and credit-sensitive US fixed income generally rallied over the fiscal year against a backdrop of moderating inflation and the continuation of rate cuts by the US Federal Reserve (Fed) and other central banks globally.

Performance reflected the mix of allocation weightings and returns in the underlying funds.

Performance of underlying strategies was generally positive in absolute terms.

Relative to the Fund's respective broad-based index, the Fund benefitted from positive asset allocation effects.

Allocation to Nomura VIP Growth and Income Series outperformed its benchmark and contributed significantly due to manager selection effects.

#### Top detractors from performance:
Negative manager selection effects for most funds detracted from performance.

Underperformance of both the Nomura VIP Core Equity Series and the Nomura VIP International Core Series relative to their respective benchmarks.

Relative to the Fund's broad-based fixed income market index (the Bloomberg US Aggregate Index), the Nomura VIP Corporate Bond Series underperformed.

Allocations to small- and mid-cap growth in the beginning of the period detracted from performance.

\*The blended benchmark is computed using a combination of 50% Russell 3000<sup>®</sup> Index / 25% MSCI EAFE Index / 20% Bloomberg US Credit Index / 5% Bloomberg 1-3 Year US Government/Credit Index.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices and multiple narrowly based securities market indices for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220225.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series (Service Class) | 12.08% | 6.87% | 7.48% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| 50% Russell 3000 Index / 25% MSCI EAFE Index / 20% Bloomberg US Credit Index / 5% Bloomberg 1-3 Year US Government/Credit Index | 18.11% | 8.97% | 10.05% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| MSCI EAFE Index (net) | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) | 31.89% | 9.47% | 8.72% |
| Bloomberg US Credit Index | 7.83% | -0.05% | 3.15% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.09% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $48098690 |
| Total number of portfolio holdings\* | 11 |
| Total advisory fees paid (during reporting period) | $42809 |
| Portfolio turnover rate | 45% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 88.39% |
| &nbsp;&nbsp;Alternative / Specialty Fund | 5.74% |
| &nbsp;&nbsp;Fixed Income Funds | 19.28% |
| &nbsp;&nbsp;Global / International Equity Fund | 22.52% |
| &nbsp;&nbsp;US Equity Funds | 40.85% |
| Affiliated Exchange-Traded Funds | 9.69% |

---

Top 10 underlying funds

---

| | |
|:---|:---|
| Nomura VIP International Core Equity Series – Standard Class | 22.52% |
| Nomura VIP Core Equity Series – Service Class | 21.37% |
| Nomura VIP Corporate Bond Series – Service Class | 15.11% |
| Nomura VIP Growth and Income Series – Standard Class | 12.93% |
| Nomura Focused Large Growth ETF | 7.41% |
| Nomura VIP Science and Technology Series – Standard Class | 5.74% |
| Nomura VIP Limited-Term Bond Series – Service Class | 3.67% |
| Nomura VIP Smid Cap Core Series – Service Class | 3.49% |
| Nomura VIP Value Series – Service Class | 3.06% |
| Nomura Focused International Core ETF | 2.28% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series.

For the fiscal year ended December 31, 2025, the Series total annual operating expenses for Service Class decreased from 0.28% to 0.24%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5168242) TSAR-46600H679-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series

*(formerly, Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$25 | &nbsp;&nbsp;0.24% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series (Service Class) returned 9.26% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Index, the Series' broad-based securities market indices, returned 17.88% and 7.30%, respectively, while the current blended benchmark\*, the Series' narrowly based securities market index, returned 14.60%.

#### Top contributors to performance:
Global equities and credit-sensitive US fixed income generally rallied over the fiscal year against a backdrop of moderating inflation and the continuation of rate cuts by the US Federal Reserve (Fed) and other central banks globally.

Performance reflected the mix of allocation weightings and returns in the underlying funds.

Performance of underlying strategies was generally positive in absolute terms.

Relative to the Fund's respective broad-based index, the Fund benefitted from slightly positive asset allocation effects.

Allocation to Nomura VIP Growth and Income Series outperformed its benchmark and contributed significantly due to manager selection effects.

#### Top detractors from performance:
Negative manager selection effects for most funds detracted from performance.

Underperformance of both the Nomura VIP Core Equity Series and the Nomura VIP International Core Series relative to their respective benchmarks.

Relative to the Fund's broad-based fixed income market index (the Bloomberg US Aggregate Index), the Nomura VIP Corporate Bond Series underperformed.

Allocations to small- and mid-cap growth in the beginning of the period detracted from performance.

\*The blended benchmark is computed using a combination of 40% Russell 3000<sup>®</sup> Index / 30% Bloomberg US Credit Index / 15% MSCI EAFE Index / 15% Bloomberg 1-3 Year US Government/Credit Index.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in multiple broad-based securities market indices and multiple narrowly based securities market indices for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220265.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series (Service Class) | 9.26% | 4.95% | 5.83% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Bloomberg US Aggregate Index | 7.30% | -0.36% | 2.01% |
| 40% Russell 3000 Index / 30% Bloomberg US Credit Index / 15% MSCI EAFE Index / 15% Bloomberg 1-3 Year US Government/Credit Index | 14.60% | 6.96% | 8.35% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Bloomberg US Credit Index | 7.83% | -0.05% | 3.15% |
| MSCI EAFE Index (net) | 31.22% | 8.92% | 8.18% |
| MSCI EAFE Index (gross) | 31.89% | 9.47% | 8.72% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35% | 1.97% | 2.09% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $20782057 |
| Total number of portfolio holdings\* | 11 |
| Total advisory fees paid (during reporting period) | $0 |
| Portfolio turnover rate | 46% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 90.78% |
| &nbsp;&nbsp;Alternative / Specialty Fund | 4.80% |
| &nbsp;&nbsp;Fixed Income Funds | 38.91% |
| &nbsp;&nbsp;Global / International Equity Fund | 13.56% |
| &nbsp;&nbsp;US Equity Funds | 33.51% |
| Affiliated Exchange-Traded Funds | 7.38% |

---

Top 10 underlying funds

---

| | |
|:---|:---|
| Nomura VIP Corporate Bond Series – Service Class | 25.19% |
| Nomura VIP Core Equity Series – Service Class | 17.54% |
| Nomura VIP International Core Equity Series – Standard Class | 13.56% |
| Nomura VIP Limited-Term Bond Series – Service Class | 12.74% |
| Nomura VIP Growth and Income Series – Standard Class | 10.57% |
| Nomura Focused Large Growth ETF | 5.98% |
| Nomura VIP Science and Technology Series – Standard Class | 4.80% |
| Nomura VIP Smid Cap Core Series – Service Class | 2.92% |
| Nomura VIP Value Series – Service Class | 2.48% |
| Nomura Focused International Core ETF | 1.40% |

---

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series.

For the fiscal year ended December 31, 2025, the Series total annual operating expenses for Service Class decreased from 0.34% to 0.24%.

Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025) no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5168242) TSAR-46600H661-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Science and Technology Series

*(formerly, Macquarie VIP Science and Technology Series)*

**Standard Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Science and Technology Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$105 | &nbsp;&nbsp;0.90% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Science and Technology Series (Standard Class) returned 33.69% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.88%, while the S&P North American Technology Sector Index, the Series' narrowly based securities market index (benchmark), returned 27.82%.

#### Top contributors to performance:
Stock selection in the technology sector contributed the most to performance. This was driven by the strong performance of several holdings in hardware, semiconductor, and semiconductor capital equipment, including Seagate Technology Holdings PLC, Micron Technology Inc., and Lam Research Corp., which benefited from positive supply-demand dynamics.

The Series also benefited from an underweight relative to the benchmark to software and services companies including Salesforce Inc. and Accenture, which underperformed.

#### Top detractors from performance:
Stock selection in communication services was hindered by several positions, including ZoomInfo Technologies Inc., Spotify Technology SA, and an underweight relative to the benchmark to Alphabet Inc.

A number of positions in consumer discretionary also detracted from performance including Amazon.com Inc. and DraftKings Inc. amid competitive pressures.

#### How has the Series changed?
During the period, we eliminated positions in the Series where we saw competitive pressure, macroeconomic headwinds, or simply what we perceived to be rich valuations for moderate growth (for example, Zebra Technologies Corp., SAP SE, and Apple Inc.).

In contrast, we added positions to the Series including Alphabet Inc., Texas Instruments Inc., and Samsung Electronics Co. Ltd.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period April 28, 2017 (Standard Class's inception), through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220505.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **Since inception<br>(4/28/17)** |
| Nomura VIP Science and Technology Series (Standard Class) | 33.69% | 13.99% | 18.49% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P North American Technology Sector Index | 27.82% | 18.02% | 22.54% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $850356633 |
| Total number of portfolio holdings\* | 38 |
| Total advisory fees paid (during reporting period) | $6008717 |
| Portfolio turnover rate | 77% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 66.25% |
| Communication Services | 12.88% |
| Consumer Discretionary | 10.11% |
| Healthcare | 4.73% |
| Industrials | 3.43% |
| Financials | 0.84% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.00% |
| Seagate Technology Holdings | 6.26% |
| Taiwan Semiconductor Manufacturing ADR | 4.99% |
| Microsoft | 4.80% |
| Alphabet Class A | 4.44% |
| Broadcom | 4.36% |
| Amazon.com | 4.36% |
| Lam Research | 4.29% |
| Advanced Micro Devices | 3.79% |
| Texas Instruments | 2.95% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Science and Technology Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H653-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Science and Technology Series

*(formerly, Macquarie VIP Science and Technology Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Science and Technology Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$134 | &nbsp;&nbsp;1.15% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Science and Technology Series (Service Class) returned 33.36% for the 12 months ended December 31, 2025. During the same period, the S&P 500<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.88%, while the S&P North American Technology Sector Index, the Series' narrowly based securities market index (benchmark), returned 27.82%.

#### Top contributors to performance:
Stock selection in the technology sector contributed the most to performance. This was driven by the strong performance of several holdings in hardware, semiconductor, and semiconductor capital equipment, including Seagate Technology Holdings PLC, Micron Technology Inc., and Lam Research Corp., which benefited from positive supply-demand dynamics.

The Series also benefited from an underweight relative to the benchmark to software and services companies including Salesforce Inc. and Accenture, which underperformed.

#### Top detractors from performance:
Stock selection in communication services was hindered by several positions, including ZoomInfo Technologies Inc., Spotify Technology SA, and an underweight relative to the benchmark to Alphabet Inc.

A number of positions in consumer discretionary also detracted from performance including Amazon.com Inc. and DraftKings Inc. amid competitive pressures.

#### How has the Series changed?
During the period, we eliminated positions in the Series where we saw competitive pressure, macroeconomic headwinds, or simply what we perceived to be rich valuations for moderate growth (for example, Zebra Technologies Corp., SAP SE, and Apple Inc.).

In contrast, we added positions to the Series including Alphabet Inc., Texas Instruments Inc., and Samsung Electronics Co. Ltd.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220465.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Science and Technology Series (Service Class) | 33.36% | 13.71% | 17.20% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P North American Technology Sector Index | 27.82% | 18.02% | 22.54% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $850356633 |
| Total number of portfolio holdings\* | 38 |
| Total advisory fees paid (during reporting period) | $6008717 |
| Portfolio turnover rate | 77% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 66.25% |
| Communication Services | 12.88% |
| Consumer Discretionary | 10.11% |
| Healthcare | 4.73% |
| Industrials | 3.43% |
| Financials | 0.84% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 8.00% |
| Seagate Technology Holdings | 6.26% |
| Taiwan Semiconductor Manufacturing ADR | 4.99% |
| Microsoft | 4.80% |
| Alphabet Class A | 4.44% |
| Broadcom | 4.36% |
| Amazon.com | 4.36% |
| Lam Research | 4.29% |
| Advanced Micro Devices | 3.79% |
| Texas Instruments | 2.95% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Science and Technology Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H588-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Small Cap Growth Series

*(formerly, Macquarie VIP Small Cap Growth Series)*

**Standard Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Small Cap Growth Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$95 | &nbsp;&nbsp;0.89% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Small Cap Growth Series (Standard Class) returned 13.73% for the 12 months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.15%, while the Russell 2000<sup>®</sup> Growth Index, the Series' narrowly based securities market index (benchmark), returned 13.01%.

#### Top contributors to performance:
Stock selection in information technology, including particularly strong performance within communications equipment. Artificial intelligence (AI) remained the dominant theme propelling many stocks within semiconductors, semiconductor capital equipment, power generation, optical components, storage and construction, and engineering groups.

Strong stock selection in the communication services sector.

Favorable investments in financials, especially insurance holdings.

#### Top detractors from performance:
Underperformance in industrials from diverse holdings that were not all exposed to outperforming AI.

Underexposure to some derivative beneficiaries of the AI build, including metals and mining within the materials sector.

A sector overweight versus the benchmark to consumer discretionary.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period November 2, 2018 (Standard Class's inception), through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220705.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **Since inception<br>(11/2/18)** |
| Nomura VIP Small Cap Growth Series (Standard Class) | 13.73% | 2.47% | 7.62% |
| Russell 3000 Index | 17.15% | 13.15% | 14.86% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 8.23% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $194241144 |
| Total number of portfolio holdings\* | 85 |
| Total advisory fees paid (during reporting period) | $1532919 |
| Portfolio turnover rate | 74% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 26.31% |
| Information Technology | 23.60% |
| Industrials | 22.83% |
| Consumer Discretionary | 9.56% |
| Financials | 8.25% |
| Consumer Staples | 3.17% |
| Communication Services | 2.74% |
| Energy | 1.87% |
| Materials | 0.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 3.02% |
| IMAX | 2.74% |
| Tarsus Pharmaceuticals | 2.49% |
| Lumentum Holdings | 2.17% |
| Mirum Pharmaceuticals | 2.09% |
| Advanced Energy Industries | 2.06% |
| Travere Therapeutics | 1.99% |
| Encompass Health | 1.91% |
| Axsome Therapeutics | 1.85% |
| Everus Construction Group | 1.81% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Small Cap Growth Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H794-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Small Cap Growth Series

*(formerly, Macquarie VIP Small Cap Growth Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Small Cap Growth Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$122 | &nbsp;&nbsp;1.14% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Small Cap Growth Series (Service Class) returned 13.39% for the 12 months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.15%, while the Russell 2000<sup>®</sup> Growth Index, the Series' narrowly based securities market index (benchmark), returned 13.01%.

#### Top contributors to performance:
Stock selection in information technology, including particularly strong performance within communications equipment. Artificial intelligence (AI) remained the dominant theme propelling many stocks within semiconductors, semiconductor capital equipment, power generation, optical components, storage and construction, and engineering groups.

Strong stock selection in the communication services sector.

Favorable investments in financials, especially insurance holdings.

#### Top detractors from performance:
Underperformance in industrials from diverse holdings that were not all exposed to outperforming AI.

Underexposure to some derivative beneficiaries of the AI build, including metals and mining within the materials sector.

A sector overweight versus the benchmark to consumer discretionary.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220585.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Small Cap Growth Series (Service Class) | 13.39% | 2.20% | 8.69% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $194241144 |
| Total number of portfolio holdings\* | 85 |
| Total advisory fees paid (during reporting period) | $1532919 |
| Portfolio turnover rate | 74% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 26.31% |
| Information Technology | 23.60% |
| Industrials | 22.83% |
| Consumer Discretionary | 9.56% |
| Financials | 8.25% |
| Consumer Staples | 3.17% |
| Communication Services | 2.74% |
| Energy | 1.87% |
| Materials | 0.87% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 3.02% |
| IMAX | 2.74% |
| Tarsus Pharmaceuticals | 2.49% |
| Lumentum Holdings | 2.17% |
| Mirum Pharmaceuticals | 2.09% |
| Advanced Energy Industries | 2.06% |
| Travere Therapeutics | 1.99% |
| Encompass Health | 1.91% |
| Axsome Therapeutics | 1.85% |
| Everus Construction Group | 1.81% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Small Cap Growth Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H570-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Smid Cap Core Series

*(formerly, Macquarie VIP Smid Cap Core Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Smid Cap Core Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$124 | &nbsp;&nbsp;1.19% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Smid Cap Core Series (Service Class) returned 8.39% for the 12 months ended December 31, 2025. During the same period, the Russell 3000<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.15%, while the Russell 2500™ Index, the Series' narrowly based securities market index (benchmark), returned 11.91%.

#### Top contributors to performance:
Stock selection was strongest within the healthcare sector. Insmed Inc., a commercial stage biotechnology company focused on rare pulmonary diseases, was a standout performer. Exact Sciences Corp. and Ligand Pharmaceuticals Inc. were also leading contributors.

Holdings in the consumer staples sector outperformed relative to the benchmark. Convenience store and gas station operator, Casey's General Stores Inc., contributed the most to performance.

Holdings in the media sector outperformed relative to the benchmark over the reporting period with IMAX Corp. contributing the most.

#### Top detractors from performance:
The Series underperformance was largely due to a lack of exposure to lower-quality stocks, which led the market rally starting in April 2025.

The capital goods sector detracted the most from performance. KBR Inc. was the weakest-performing stock within the sector.

Holdings in the finance sector underperformed relative to the benchmark. A lack of exposure to Robinhood Markets Inc. detracted the most from performance.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220545.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Smid Cap Core Series (Service Class) | 8.39% | 8.07% | 9.91% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2500 Index | 11.91% | 7.26% | 10.40% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $181120244 |
| Total number of portfolio holdings\* | 117 |
| Total advisory fees paid (during reporting period) | $1538334 |
| Portfolio turnover rate | 15% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 23.01% |
| Financials | 16.48% |
| Healthcare | 13.99% |
| Information Technology | 13.84% |
| Consumer Discretionary | 9.00% |
| Real Estate | 6.46% |
| Energy | 4.00% |
| Materials | 3.35% |
| Consumer Staples | 3.27% |
| Communication Services | 2.66% |
| Utilities | 2.05% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Coherent | 2.28% |
| East West Bancorp | 2.26% |
| Semtech | 1.92% |
| Webster Financial | 1.85% |
| Axis Capital Holdings | 1.80% |
| Casey's General Stores | 1.76% |
| Insmed | 1.64% |
| Guidewire Software | 1.49% |
| Stifel Financial | 1.41% |
| MACOM Technology Solutions Holdings | 1.39% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective May 1, 2025, the Series introduced a new fee waiver for Service Class shares of 0.94% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, the Series was renamed Nomura VIP Smid Cap Core Series.

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

During the fiscal year, the Series changed its principal investment risks to add redemption risk as a new principal investment risk.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5159203) TSAR-46600H786-0226

![Macquarie Logo](g92812images_27763.jpg)

Nomura VIP Value Series

*(formerly, Macquarie VIP Value Series)*

**Service Class**

#### Annual shareholder report \| December 31, 2025
This annual shareholder report contains important information about Nomura VIP Value Series (Series) for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Series 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.

#### This report describes changes to the Series that occurred during the reporting period.

#### What were the Series' costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$104 | &nbsp;&nbsp;0.99% |

---

Management's discussion of Series performance

#### Performance highlights
Nomura VIP Value Series (Service Class) returned 9.41% for the 12 months ended December 31, 2025. During the same period, the Russell 1000<sup>®</sup> Index, the Series' broad-based securities market index, returned 17.37%, while the Russell 1000<sup>®</sup> Value Index, the Series' narrowly based securities market index (benchmark), returned 15.91%.

#### Top contributors to performance:
As a group, the Series' holdings in the communication services sector outperformed compared to the benchmark, specifically in interactive media and services.

Positive stock selection in the energy sector contributed to relative performance over the reporting period.

In the healthcare sector, the Series' holdings outperformed the sector more broadly, helped by certain stocks in the pharmaceutical and life sciences tools and services industries.

The Series' overweight allocation in the communication services sector and underweight allocation in the consumer staples sector compared to the benchmark also contributed to relative returns.

#### Top detractors from performance:
Stock selection was the lead detractor from the Series' performance over the reporting period.

In the consumer staples sector, the Series' holdings underperformed those in the benchmark in the food products and personal care products industries.

Holdings in the information technology (IT) sector underperformed the sector more broadly. Laggards included the Series' holdings in IT solutions and electronic materials stocks.

Stock selection in the industrials sector was relatively weak as holdings in multi-industrial and construction and engineering companies lagged the stronger returns of those in the benchmark.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

#### Series performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](g92812chartimages_11220625.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** (**as of December 31, 2025**) | **1 year** | **5 year** | **10 year** |
| Nomura VIP Value Series (Service Class) | 9.41% | 9.49% | 8.92% |
| Russell 1000 Index | 17.37% | 13.59% | 14.59% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

**Keep in mind that the Series' past performance is not a good predictor of how the Series will perform in the future.**

Visit nomuraassetmanagement.com/vip-performance for the most recent performance information. The graph and table do not reflect any fees or sales charge imposed by variable insurance contracts. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

**Series statistics** (as of December 31, 2025)

---

| | |
|:---|:---|
| Series net assets | $154397791 |
| Total number of portfolio holdings\* | 34 |
| Total advisory fees paid (during reporting period) | $1179339 |
| Portfolio turnover rate | 36% |

---

 *<sup>\*</sup>* *<sup>Excludes cash and cash equivalents.</sup>* 

**Series holdings** (as of December 31, 2025)

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 | 21.33% |
| Healthcare | 15.24% |
| Information Technology | 13.26% |
| Industrials | 12.14% |
| Consumer Discretionary | 8.53% |
| Real Estate | 6.09% |
| Communication Services | 6.06% |
| Energy | 5.75% |
| Materials | 4.96% |
| Utilities | 3.06% |
| Consumer Staples | 2.84% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Zoetis | 3.24% |
| Truist Financial | 3.17% |
| Alphabet Class A | 3.16% |
| Wells Fargo & Co. | 3.16% |
| Cigna Group | 3.14% |
| Northrop Grumman | 3.09% |
| PPG Industries | 3.09% |
| Dover | 3.09% |
| Marsh & McLennan | 3.07% |
| Duke Energy | 3.06% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

Material Series changes

Effective December 1, 2025, the Series was renamed Nomura VIP Value Series.

Effective May 1, 2025, the Series introduced a revised fee waiver for Service Class shares of 0.73% (excluding certain items, such as distribution and service (12b-1) fees).

Effective December 1, 2025, Macquarie Investment Management Global Limited no longer serves as a sub-advisor to the Series.

During the fiscal year, the Series updated its principal investment risks to remove financial sectors risk and add redemption risk and government and regulatory risk as new principal investment risks.

This is a summary of certain changes to the Series that occurred during the reporting period. For more complete information, you may review the Series' next prospectus, which we expect to be available by May 1, 2026, at nomuraassetmanagement.com/vip-literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### 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.

![TSR - QR Code - VIP Funds](g92812images_30147.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at nomuraassetmanagement.com/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5162738) TSAR-46600H778-0226

------

(b) Not applicable

#### Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant's Code of Business Ethics has been posted on the Nomura Funds Internet Web site at <u>https://global.nomuraassetmanagement.com/about/business-ethics</u>. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that certain members of the registrant's Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an "audit committee financial expert" is a person who has the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An understanding of generally accepted accounting principles and financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. An understanding of internal controls and procedures for financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. An understanding of audit committee functions.

An "audit committee financial expert" shall have acquired such attributes through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Other relevant experience.

The registrant's Board of Trustees has also determined that each member of the registrant's Audit Committee is independent. In order to be "independent" for purposes of this item, the Audit Committee member may not, other than in his or her capacity as a member of the Board of Trustees or any committee thereof, (i) accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an "interested person" of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant's Audit Committee are set forth below:

Joseph W. Chow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Jeffrey Dobbs

Frances Sevilla-Sacasa, Chair

Christianna Wood

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $890,995 for 2025 and $685,100 for 2024.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this are $1,686,500 for 2025 and $1,374,878 for 2024. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $149,297 for 2025 and $124,502 for 2024. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

---

| | |
|:---|:---|
| (e)(1) | The registrant's Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the "Pre-Approval Policy") with respect to services provided by the registrant's independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Nomura Funds.  |

---

------

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
| **Audit Services** |  |
| Statutory audits or financial audits for new Funds | up to $50,000 per Fund |
| Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | up to $10,000 per Fund |
| Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit-related services" rather than "audit services") | up to $25,000 in the aggregate |
| **Audit-Related Services** |  |
| Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit services" rather than "audit-related services") | up to $25,000 in the aggregate |
| **Tax Services** |  |
| U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds' tax compliance function, etc.) | up to $25,000 in the aggregate |
| U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | up to $5,000 per Fund |
| Review of federal, state, local and international income, franchise and other tax returns | up to $5,000 per Fund |

---

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant's investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the "Control Affiliates") up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
| **Non-Audit Services** |  |
| Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | up to $10,000 in the aggregate |

---

The Pre-Approval Policy requires the registrant's independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

------

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $2,194,368 for 2025 and $9,688,403 for 2024.

(h) The audit committee of the registrant's board of trustees **has** considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The annual financial statements are attached herewith.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

------

![](g92812img765161a61.gif)

#### Ivy Variable Insurance Portfolios
Nomura VIP Asset Strategy Series

(formerly, Macquarie VIP Asset Strategy Series)

Nomura VIP Balanced Series

(formerly, Macquarie VIP Balanced Series)

Nomura VIP Energy Series

(formerly, Macquarie VIP Energy Series)

Nomura VIP Growth Series

(formerly, Macquarie VIP Growth Series)

Nomura VIP High Income Series

(formerly, Macquarie VIP High Income Series)

Nomura VIP International Core Equity Series

(formerly, Macquarie VIP International Core Equity Series)

Nomura VIP Mid Cap Growth Series

(formerly, Macquarie VIP Mid Cap Growth Series)

Nomura VIP Natural Resources Series

(formerly, Macquarie VIP Natural Resources Series)

Nomura VIP Science and Technology Series

(formerly, Macquarie VIP Science and Technology Series)

Nomura VIP Small Cap Growth Series

(formerly, Macquarie VIP Small Cap Growth Series)

Nomura VIP Smid Cap Core Series

(formerly, Macquarie VIP Smid Cap Core Series)

Financial statements and other information

For the year ended December 31, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated schedule of investments](#xx_27619a77-1f72-43d4-9eaa-71191c7bb76a_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_27619a77-1f72-43d4-9eaa-71191c7bb76a_12)<br>| &nbsp;&nbsp;&nbsp;**12** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated schedule of investments](#xx_27619a77-1f72-43d4-9eaa-71191c7bb76a_26)<br>| &nbsp;&nbsp;&nbsp;**26** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_27619a77-1f72-43d4-9eaa-71191c7bb76a_35)<br>| &nbsp;&nbsp;&nbsp;**35** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_f77b023a-28b4-4ded-b974-8066516ed5db_1)<br>| &nbsp;&nbsp;&nbsp;**46** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_f77b023a-28b4-4ded-b974-8066516ed5db_5)<br>| &nbsp;&nbsp;&nbsp;**50** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_f77b023a-28b4-4ded-b974-8066516ed5db_9)<br>| &nbsp;&nbsp;&nbsp;**54** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_0ecb885f-8de3-4d2b-b71d-1d9db24a0cfa_1)<br>| &nbsp;&nbsp;&nbsp;**60** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_b4d27680-5614-40ae-97ec-5e238f1ec7ef_1)<br>| &nbsp;&nbsp;&nbsp;**78** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_1094fe34-0e74-4a91-a320-b79a8d6f68f5_1)<br>| &nbsp;&nbsp;&nbsp;**110** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Series information](#xx_a689a1b8-8ffa-46bc-a8cc-ae0bc8883f08_1)<br>| &nbsp;&nbsp;&nbsp;**111** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
Each Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Series' Form N-PORT, as well as a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Series' most recent Form N-PORT are available without charge on the Series' website at nomuraassetmanagement.com/vip-literature.

Information (if any) regarding how each Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series' website at nomuraassetmanagement.com/proxy; and (ii) on the SEC's website at sec.gov.

Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT.

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

## Consolidated schedule of investments
Nomura VIP Asset Strategy Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.10%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.10%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-18 NS 2.131% (6.01% minus SOFR, Cap 6.12%) 4/25/45 Σ, =, • | &nbsp;&nbsp;&nbsp;&nbsp;735197 | &nbsp;&nbsp;$71867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-37 SB 1.631% (5.51% minus SOFR, Cap 5.62%) 6/25/45 Σ, =, • | 1478059 | &nbsp;&nbsp;&nbsp; 126482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-48 US 2.111% (5.99% minus SOFR, Cap 6.10%) 8/25/46 Σ, =, • | 1443045 | &nbsp;&nbsp;&nbsp; 103871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-33 AI 4.50% 5/25/47 Σ, = | &nbsp;&nbsp;&nbsp;&nbsp;639576 | &nbsp;&nbsp;&nbsp; 72978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-13 IP 5.00% 3/25/49 Σ, = | &nbsp;&nbsp;&nbsp;&nbsp;488118 | &nbsp;&nbsp;&nbsp; 98059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4740 SB 2.052% (6.04% minus SOFR, Cap 6.15%) 11/15/47 Σ, =, • | &nbsp;&nbsp;&nbsp;&nbsp;771145 | &nbsp;&nbsp;&nbsp; 81963 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $1,104,616)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $1,104,616)** | &nbsp;&nbsp;&nbsp; **555220** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.17%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.17%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Series 2017-M2 A2 2.861% 2/25/27 • | &nbsp;&nbsp;&nbsp;&nbsp;874668 | &nbsp;&nbsp;&nbsp; 865294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily<br> Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K103 X1 0.634% 11/25/29 =, ♦, • | 1962470 | &nbsp;&nbsp;&nbsp; 40626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K115 X1 1.312% 6/25/30 =, ♦, • | 1761566 | &nbsp;&nbsp;&nbsp; 84233 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $974,060)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $974,060)** | &nbsp;&nbsp;&nbsp; **990153** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.21%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.21%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;692498 | &nbsp;&nbsp;&nbsp; 658587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;194777 | &nbsp;&nbsp;&nbsp; 190171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;351187 | &nbsp;&nbsp;&nbsp; 338347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/1/50 | 2322580 | &nbsp;&nbsp;&nbsp; 1898577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 2/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;403855 | &nbsp;&nbsp;&nbsp; 326866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | 2248833 | &nbsp;&nbsp;&nbsp; 1832681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 4/1/51 | 5299748 | &nbsp;&nbsp;&nbsp; 4317373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;413933 | &nbsp;&nbsp;&nbsp; 357957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;603816 | &nbsp;&nbsp;&nbsp; 515100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;737811 | &nbsp;&nbsp;&nbsp; 626031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;320433 | &nbsp;&nbsp;&nbsp; 271633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;773590 | &nbsp;&nbsp;&nbsp; 691772 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 2/1/52 | 1686705 | &nbsp;&nbsp;$1510106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 | 2394454 | &nbsp;&nbsp;&nbsp; 2219101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 3/1/47 | 1416831 | &nbsp;&nbsp;&nbsp; 1370338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;322644 | &nbsp;&nbsp;&nbsp; 316126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;894249 | &nbsp;&nbsp;&nbsp; 906951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;465537 | &nbsp;&nbsp;&nbsp; 473008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;911887 | &nbsp;&nbsp;&nbsp; 942045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62186 | &nbsp;&nbsp;&nbsp; 64080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;324451 | &nbsp;&nbsp;&nbsp; 336816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;382954 | &nbsp;&nbsp;&nbsp; 393979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/54 | 1646719 | &nbsp;&nbsp;&nbsp; 1692066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 3/1/55 | 1474400 | &nbsp;&nbsp;&nbsp; 1531554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 15 yr<br> 2.00% 8/1/36 | 1875173 | &nbsp;&nbsp;&nbsp; 1736771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | 2901914 | &nbsp;&nbsp;&nbsp; 2507047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 1235488 | &nbsp;&nbsp;&nbsp; 1058481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;191013 | &nbsp;&nbsp;&nbsp; 162340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;893278 | &nbsp;&nbsp;&nbsp; 790662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;539267 | &nbsp;&nbsp;&nbsp; 514735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;382537 | &nbsp;&nbsp;&nbsp; 374929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;751252 | &nbsp;&nbsp;&nbsp; 736233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;876069 | &nbsp;&nbsp;&nbsp; 884463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | 1008212 | &nbsp;&nbsp;&nbsp; 1009192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;311878 | &nbsp;&nbsp;&nbsp; 321318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;318613 | &nbsp;&nbsp;&nbsp; 326867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;649709 | &nbsp;&nbsp;&nbsp; 666028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 10/20/50 | 2482782 | &nbsp;&nbsp;&nbsp; 2057631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/20/51 | 2397104 | &nbsp;&nbsp;&nbsp; 2068790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/20/52 | 1922364 | &nbsp;&nbsp;&nbsp; 1729549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/20/55 | 1148065 | &nbsp;&nbsp;&nbsp; 1045307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;927150 | &nbsp;&nbsp;&nbsp; 876204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 8/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;898558 | &nbsp;&nbsp;&nbsp; 875609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;537800 | &nbsp;&nbsp;&nbsp; 539269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;688282 | &nbsp;&nbsp;&nbsp; 687459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;331915 | &nbsp;&nbsp;&nbsp; 338141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/55 | 1303717 | &nbsp;&nbsp;&nbsp; 1318037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;851053 | &nbsp;&nbsp;&nbsp; 867875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;452386 | &nbsp;&nbsp;&nbsp; 467950 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $47,903,418)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $47,903,418)** | &nbsp;&nbsp;&nbsp; **47742152** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 0.59%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.59%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.59%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 17<br> Series 2022-17A AR 144A 4.82% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 349303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimco CLO 15<br> Series 2021-15A D1R 144A 6.632% (TSFR03M + 2.75%, Floor 2.75%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;$124359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18<br> Series 2021-18A C1R 144A 6.755% (TSFR03M + 2.85%, Floor 2.85%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO<br> Series 2019-2A AR2 144A 4.915% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 199672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO<br> Series 2020-2A AR2 144A 4.935% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 249313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding<br> Series 2025-1A D1 144A 6.36% (TSFR03M + 2.50%, Floor 2.50%) 4/23/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 148933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 109 CLO Series 2022-109A DR 144A 6.605% (TSFR03M + 2.70%, Floor 2.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 149531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 22<br> Series 2023-1A D1R 144A 6.682% (TSFR03M + 2.80%, Floor 2.80%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXVII Series 2018-27A D1R 144A 6.734% (TSFR03M + 2.85%, Floor 2.85%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 149731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite LI<br> Series 2025-51A A1 144A 5.092% (TSFR03M + 1.20%, Floor 1.20%) 10/25/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp; 950000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XlV Series 2025-45A D1 144A 6.785% (TSFR03M + 2.50%, Floor 2.50%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO<br> Series 2020-1A D1RR 144A 6.505% (TSFR03M + 2.60%, Floor 2.60%) 1/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 148359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO<br> Series 2019-2A D1R2 144A 6.884% (TSFR03M + 3.00%, Floor 3.00%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 145628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16<br> Series 2020-16A A1R2 144A 5.014% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 499533 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $3,425,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $3,425,000)** | &nbsp;&nbsp;&nbsp; **3413492** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds — 9.61%** | &nbsp;&nbsp;**Corporate Bonds — 9.61%** | &nbsp;&nbsp;**Corporate Bonds — 9.61%** |
| &nbsp;&nbsp;Banking — 3.03% | &nbsp;&nbsp;Banking — 3.03% | &nbsp;&nbsp;Banking — 3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 4.551% 11/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$200262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.734% 7/22/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 286340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 1/27/27 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 44548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.162% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 263305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 256175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp; 394970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp; 457356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 135557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE 144A 5.936% 5/30/35 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 260804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.438% 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 250970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.488% 12/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 324279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.503% 9/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp; 265893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 178127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 2/15/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 116918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp; 135487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 121353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole 144A 4.818% 9/25/33 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 294724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.552% 1/7/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp; 398402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 8/4/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 378877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 174220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp; 186806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 152316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.542% 9/10/27 μ | 1170000 | &nbsp;&nbsp;&nbsp; 1149815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 269414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.049% 7/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp; 814747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 268593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp; 249309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.25% 10/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 160758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% 9/22/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp; 908313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81% 10/22/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 253304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp; 227239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 155068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 193832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572% 4/22/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp; 72419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.576% 7/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 175921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp; 96773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp 6.401% 3/6/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 141251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.133% 10/18/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 25782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.664% 4/17/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;754000 | &nbsp;&nbsp;&nbsp; 791923 |

---

2&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;$232789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 164317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group 5.115% 5/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp; 236292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank 144A 6.75% 11/10/33 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 205890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 112613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp; 140837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.676% 1/22/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 152933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp; 277396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 263644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 199301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale 144A 5.439% 10/3/36 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 40102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.543% 4/24/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 363118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.784% 10/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 129374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.834% 4/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 123602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank 6.35% 10/31/85 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 203566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial 4.964% 10/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp; 489915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.844% 11/6/33 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 240300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.01% 3/23/37 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 237977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp; 482490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 205215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.491% 11/3/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp; 462878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 205502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.678% 1/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 153189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 97103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 15487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 160589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 4/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 681544 |
|  |  | &nbsp;&nbsp;&nbsp; 17610094 |
| &nbsp;&nbsp;Basic Industry — 0.35% | &nbsp;&nbsp;Basic Industry — 0.35% | &nbsp;&nbsp;Basic Industry — 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 20116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 169262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 374581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury 144A 5.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 385972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 186714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 207840 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano Austria 2.50% 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;$569789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake 6.375% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 88650 |
|  |  | &nbsp;&nbsp;&nbsp; 2002924 |
| &nbsp;&nbsp;Brokerage — 0.31% | &nbsp;&nbsp;Brokerage — 0.31% | &nbsp;&nbsp;Brokerage — 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 130780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 8/12/35 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 100232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management 4.653% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 252110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 195376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group 2.625% 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp; 559285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. 5.10% 8/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp; 545281 |
|  |  | &nbsp;&nbsp;&nbsp; 1783064 |
| &nbsp;&nbsp;Capital Goods — 0.61% | &nbsp;&nbsp;Capital Goods — 0.61% | &nbsp;&nbsp;Capital Goods — 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 104483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 148469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 119501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.259% 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 333600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 70568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp; 724902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier 144A 7.25% 7/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 384083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 78977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 58354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding 144A 7.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 258189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp; 89889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp; 379170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Industries 144A 4.375% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;483000 | &nbsp;&nbsp;&nbsp; 466281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.375% 5/31/33 # | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp; 349114 |
|  |  | &nbsp;&nbsp;&nbsp; 3565580 |
| &nbsp;&nbsp;Communications — 1.11% | &nbsp;&nbsp;Communications — 1.11% | &nbsp;&nbsp;Communications — 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 134944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 182367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 8/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp; 85819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 43473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 6.375% 9/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp; 348902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle 1.05% 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;$408243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp; 262763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 131083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 364652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp; 612123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 384328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 368540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.00% 7/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp; 83200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.125% 7/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp; 404488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 311255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp; 371105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 273737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable 6.55% 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp; 725397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 77214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 225727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp; 229888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp; 243015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/30/55 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 192795 |
|  |  | &nbsp;&nbsp;&nbsp; 6465058 |
| &nbsp;&nbsp;Consumer Cyclical — 0.62% | &nbsp;&nbsp;Consumer Cyclical — 0.62% | &nbsp;&nbsp;Consumer Cyclical — 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding 2.125% 2/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 454587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% 11/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 160223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/20/65 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 135908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment 144A 7.00% 2/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp; 610279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 4.00% 8/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 280940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit 6.532% 3/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 319095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp; 509791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 6/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 67827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 83342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A 4.70% 10/7/30 # | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp; 442955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 169335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 288496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 97059 |
|  |  | &nbsp;&nbsp;&nbsp; 3619837 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.83% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.83% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide 5.55% 1/23/49 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;$184813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 330735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.125% 10/23/30 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 144422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 10/23/55 # | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 182989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 112316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 189437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 167645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita 144A 6.75% 7/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;216000 | &nbsp;&nbsp;&nbsp; 224137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 265552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA 5.45% 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 278049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux 144A 6.25% 3/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 64775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 109980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 294157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% 12/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 155262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 12/4/35 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 139531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 154513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 12/4/55 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp; 217235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 12/4/65 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 148520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle Holdings 144A 1.875% 9/14/31 # | 1000000 | &nbsp;&nbsp;&nbsp; 887666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 100488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 155523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holdings 144A 4.374% 12/2/32 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 199308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 129122 |
|  |  | &nbsp;&nbsp;&nbsp; 4836175 |
| &nbsp;&nbsp;Electric — 0.30% | &nbsp;&nbsp;Electric — 0.30% | &nbsp;&nbsp;Electric — 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 5.80% 3/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 109252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 140093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 120162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp; 57737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 2/1/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 187203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Florida 4.20% 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 145280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.734% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp; 220422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.407% 10/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp; 174909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 11/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp; 236430 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 7.00% 12/15/26 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;$367633 |
|  |  | &nbsp;&nbsp;&nbsp; 1759121 |
| &nbsp;&nbsp;Energy — 0.89% | &nbsp;&nbsp;Energy — 0.89% | &nbsp;&nbsp;Energy — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 98042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy 5.55% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp; 352688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 112492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 175962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp; 461056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 115351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer 6.50% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 309112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 174358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 187329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | &nbsp;&nbsp;&nbsp;&nbsp;349595 | &nbsp;&nbsp;&nbsp; 316938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I 144A 6.25% 4/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 354331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 150252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK 5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 41967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRIO Luxembourg Holding 144A 6.75% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp; 428560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 11/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 75018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/6/36 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 189794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 110333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 7/30/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 60093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 770221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp; 262002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass 144A 3.875% 11/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp; 446192 |
|  |  | &nbsp;&nbsp;&nbsp; 5192091 |
| &nbsp;&nbsp;Finance Companies — 0.77% | &nbsp;&nbsp;Finance Companies — 0.77% | &nbsp;&nbsp;Finance Companies — 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% 10/29/26 | 1160000 | &nbsp;&nbsp;&nbsp; 1144552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 148636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.125% 12/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;639000 | &nbsp;&nbsp;&nbsp; 628294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 348409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp; 311253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 5.375% 5/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp; 53447 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;$133005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 121307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp; 302002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 164800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 7.125% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 364060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.875% 5/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 377080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC 144A 5.25% 11/26/35 # | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 255199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.25% 3/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp; 122863 |
|  |  | &nbsp;&nbsp;&nbsp; 4474907 |
| &nbsp;&nbsp;Insurance — 0.04% | &nbsp;&nbsp;Insurance — 0.04% | &nbsp;&nbsp;Insurance — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding 6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 164960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 67984 |
|  |  | &nbsp;&nbsp;&nbsp; 232944 |
| &nbsp;&nbsp;Natural Gas — 0.03% | &nbsp;&nbsp;Natural Gas — 0.03% | &nbsp;&nbsp;Natural Gas — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource 5.75% 7/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 181256 |
|  |  | &nbsp;&nbsp;&nbsp; 181256 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.10% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.10% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 318893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group 2.65% 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 270146 |
|  |  | &nbsp;&nbsp;&nbsp; 589039 |
| &nbsp;&nbsp;Technology — 0.57% | &nbsp;&nbsp;Technology — 0.57% | &nbsp;&nbsp;Technology — 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Capital 4.25% 10/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp; 715849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom 4.20% 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 184912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp; 539392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.10% 1/25/36 # | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp; 219785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.15% 1/25/32 # | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 291630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 187289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 363907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 306126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/26/45 | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp; 528622 |
|  |  | &nbsp;&nbsp;&nbsp; 3337512 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Transportation — 0.05% | &nbsp;&nbsp;Transportation — 0.05% | &nbsp;&nbsp;Transportation — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific 5.60% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;$279427 |
|  |  | &nbsp;&nbsp;&nbsp; 279427 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $55,390,248)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $55,390,248)** | &nbsp;&nbsp;&nbsp; **55929029** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.17%** | &nbsp;&nbsp;**Government Agency Obligations — 0.17%** | &nbsp;&nbsp;**Government Agency Obligations — 0.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeropuerto Internacional de Tocumen 144A 4.00% 8/11/41 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 419660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comision Federal de Electricidad 144A 3.875% 7/26/33 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 443353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/3/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 40598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 11/14/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 79626 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $1,120,077)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $1,120,077)** | &nbsp;&nbsp;&nbsp; **983237** |
| &nbsp;&nbsp;**Municipal Bonds — 0.12%** | &nbsp;&nbsp;**Municipal Bonds — 0.12%** | &nbsp;&nbsp;**Municipal Bonds — 0.12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Master Trust) 4.75% 10/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp; 391888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance<br> Authority Senior Lien Toll Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Georgia SR 400 Express Lanes Project) 6.50% 12/31/65 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 328536 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $697,878)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $697,878)** | &nbsp;&nbsp;&nbsp; **720424** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.31%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.31%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 354502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Issuer<br> Series 2024-1 A2 144A 6.19% 6/20/54 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 206205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | 1000000 | &nbsp;&nbsp;&nbsp; 1014966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust Series 2024-C A3 144A 4.62% 4/17/28 # | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 352191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 1000000 | &nbsp;&nbsp;&nbsp; 1011941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porsche Innovative Lease Owner Trust Series 2024-1A A3 144A 4.67% 11/22/27 # | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 527096 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto<br> Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 D 5.43% 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$203118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 D 4.95% 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 200731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;571556 | &nbsp;&nbsp;&nbsp; 577511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30 | 1000000 | &nbsp;&nbsp;&nbsp; 1019497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | 1000000 | &nbsp;&nbsp;&nbsp; 1005313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Series 2023-C A3 5.15% 11/15/28 | 1137799 | &nbsp;&nbsp;&nbsp; 1144464 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $7,538,364)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $7,538,364)** | &nbsp;&nbsp;&nbsp; **7617535** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.93%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.93%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.93%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.374% (SOFR + 1.50%) 10/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;595269 | &nbsp;&nbsp;&nbsp; 596272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01 1M2 144A 5.374% (SOFR + 1.50%) 1/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02 1M2 144A 5.474% (SOFR + 1.60%) 2/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp; 560174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03 2M1 144A 5.474% (SOFR + 1.60%) 3/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;126090 | &nbsp;&nbsp;&nbsp; 126246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 1M2 144A 5.374% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 365010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R05 2M2 144A 5.474% (SOFR + 1.60%) 7/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 160550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 5.724% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;347893 | &nbsp;&nbsp;&nbsp; 351045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-DNA3 M2 144A 5.324% (SOFR + 1.45%) 10/25/44 #, • | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 769522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M2 144A 5.374% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 129972 |

---

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 M2 144A 5.374% (SOFR + 1.50%) 9/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;$160427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA4 M2 144A 5.424% (SOFR + 1.55%) 10/25/45 #, • | 1100000 | &nbsp;&nbsp;&nbsp; 1104880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, φ | &nbsp;&nbsp;&nbsp;&nbsp;971692 | &nbsp;&nbsp;&nbsp; 961405 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $5,343,723)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $5,343,723)** | &nbsp;&nbsp;&nbsp; **5385412** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.48%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.48%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 Trust<br> Series 2025-1301 A 144A 5.059% 8/11/42 #, • | 1700000 | &nbsp;&nbsp;&nbsp; 1720959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN25 A5 2.649% 1/15/63 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 465164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BNK47 A5 5.716% 6/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 795616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | 1000000 | &nbsp;&nbsp;&nbsp; 901799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18 A5 1.925% 7/15/53 | 2000000 | &nbsp;&nbsp;&nbsp; 1776287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B19 A5 1.85% 9/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp; 399012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24 A5 2.584% 3/15/54 | 2000000 | &nbsp;&nbsp;&nbsp; 1792344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 A5 2.577% 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 719306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B35 A5 4.443% 5/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 97988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B36 A5 4.47% 7/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 146951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BFLD Commercial Mortgage Trust Series 2025-660F A 144A 5.25% (TSFR01M + 1.50%, Floor 1.50%) 11/15/42 #, • | 1465000 | &nbsp;&nbsp;&nbsp; 1469119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K60 B 144A 3.542% 12/25/49 #, • | 2751000 | &nbsp;&nbsp;&nbsp; 2722498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K73 B 144A 3.85% 2/25/51 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 592469 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust Series 2025-11MD A 144A 4.754% 10/15/42 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;$853222 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $14,487,169)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $14,487,169)** | &nbsp;&nbsp;&nbsp; **14452734** |
| &nbsp;&nbsp;**US Treasury Obligations — 3.61%** | &nbsp;&nbsp;**US Treasury Obligations — 3.61%** | &nbsp;&nbsp;**US Treasury Obligations — 3.61%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds<br> 4.75% 5/15/55 | 2915000 | &nbsp;&nbsp;&nbsp; 2865126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 9/30/30 | 1485000 | &nbsp;&nbsp;&nbsp; 1479489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 6/30/30 | 1345000 | &nbsp;&nbsp;&nbsp; 1355272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 11/15/35 | 15520000 | &nbsp;&nbsp;&nbsp; 15298112 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $21,084,542)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $21,084,542)** | &nbsp;&nbsp;&nbsp; **20997999** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 58.65%♣** | &nbsp;&nbsp;**Common Stocks — 58.65%♣** | &nbsp;&nbsp;**Common Stocks — 58.65%♣** |
| &nbsp;&nbsp;Communication Services — 4.05% | &nbsp;&nbsp;Communication Services — 4.05% | &nbsp;&nbsp;Communication Services — 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27020 | &nbsp;&nbsp; 8457260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;217487 | &nbsp;&nbsp; 5104742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8059 | &nbsp;&nbsp; 5319666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49862 | &nbsp;&nbsp; 4675061 |
|  |  | &nbsp;&nbsp; 23556729 |
| &nbsp;&nbsp;Consumer Discretionary — 6.07% | &nbsp;&nbsp;Consumer Discretionary — 6.07% | &nbsp;&nbsp;Consumer Discretionary — 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34801 | &nbsp;&nbsp; 8032767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;180650 | &nbsp;&nbsp; 6747277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12473 | &nbsp;&nbsp; 4635145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19730 | &nbsp;&nbsp; 5667442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549 | &nbsp;&nbsp; 5350411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38094 | &nbsp;&nbsp; 4859652 |
|  |  | &nbsp;&nbsp; 35292694 |
| &nbsp;&nbsp;Consumer Staples — 4.44% | &nbsp;&nbsp;Consumer Staples — 4.44% | &nbsp;&nbsp;Consumer Staples — 4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;125848 | &nbsp;&nbsp; 6873022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45144 | &nbsp;&nbsp; 4064314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11045 | &nbsp;&nbsp; 6104682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51749 | &nbsp;&nbsp; 3617773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | &nbsp;&nbsp;&nbsp;&nbsp;466766 | &nbsp;&nbsp; 5197785 |
|  |  | &nbsp;&nbsp; 25857576 |
| &nbsp;&nbsp;Energy — 0.90% | &nbsp;&nbsp;Energy — 0.90% | &nbsp;&nbsp;Energy — 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82441 | &nbsp;&nbsp; 2790628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26287 | &nbsp;&nbsp; 2460726 |
|  |  | &nbsp;&nbsp; 5251354 |
| &nbsp;&nbsp;Financials — 10.43% | &nbsp;&nbsp;Financials — 10.43% | &nbsp;&nbsp;Financials — 10.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16732 | &nbsp;&nbsp; 5904388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;&nbsp;372140 | &nbsp;&nbsp; 8729370 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **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;Financials (continued) | &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;&nbsp;239506 | &nbsp;&nbsp;$3578219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22525 | &nbsp;&nbsp;&nbsp; 5459159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | &nbsp;&nbsp;&nbsp;&nbsp;556585 | &nbsp;&nbsp;&nbsp; 6148536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;245503 | &nbsp;&nbsp;&nbsp; 6900656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33908 | &nbsp;&nbsp;&nbsp; 5491740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13543 | &nbsp;&nbsp;&nbsp; 7731428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp; 18240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41653 | &nbsp;&nbsp;&nbsp; 7394657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP Class A | &nbsp;&nbsp;&nbsp;&nbsp;201503 | &nbsp;&nbsp;&nbsp; 3298604 |
|  |  | &nbsp;&nbsp;&nbsp; 60654997 |
| &nbsp;&nbsp;Healthcare — 6.67% | &nbsp;&nbsp;Healthcare — 6.67% | &nbsp;&nbsp;Healthcare — 6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20613 | &nbsp;&nbsp;&nbsp; 4709864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21628 | &nbsp;&nbsp;&nbsp; 4611955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7666 | &nbsp;&nbsp;&nbsp; 8238497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78484 | &nbsp;&nbsp;&nbsp; 4496490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp; 6157786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz 144A # | &nbsp;&nbsp;&nbsp;&nbsp;651147 | &nbsp;&nbsp;&nbsp; 4825599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979 | &nbsp;&nbsp;&nbsp; 5782331 |
|  |  | &nbsp;&nbsp;&nbsp; 38822522 |
| &nbsp;&nbsp;Industrials — 7.91% | &nbsp;&nbsp;Industrials — 7.91% | &nbsp;&nbsp;Industrials — 7.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29675 | &nbsp;&nbsp;&nbsp; 6891247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51603 | &nbsp;&nbsp;&nbsp; 3518251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;238204 | &nbsp;&nbsp;&nbsp; 5482278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80344 | &nbsp;&nbsp;&nbsp; 4245377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | &nbsp;&nbsp;&nbsp;&nbsp;169214 | &nbsp;&nbsp;&nbsp; 6134007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33755 | &nbsp;&nbsp;&nbsp; 6920450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51866 | &nbsp;&nbsp;&nbsp; 4108825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17425 | &nbsp;&nbsp;&nbsp; 4880335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp; 3840610 |
|  |  | &nbsp;&nbsp;&nbsp; 46021380 |
| &nbsp;&nbsp;Information Technology — 16.52% | &nbsp;&nbsp;Information Technology — 16.52% | &nbsp;&nbsp;Information Technology — 16.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43379 | &nbsp;&nbsp;&nbsp; 11793015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17445 | &nbsp;&nbsp;&nbsp; 6037715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6011 | &nbsp;&nbsp;&nbsp; 7303846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37791 | &nbsp;&nbsp;&nbsp; 18276442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;102571 | &nbsp;&nbsp;&nbsp; 19129491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21371 | &nbsp;&nbsp;&nbsp; 5661392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22604 | &nbsp;&nbsp;&nbsp; 5492061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13024 | &nbsp;&nbsp;&nbsp; 3586679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;318450 | &nbsp;&nbsp;&nbsp; 15654137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unity Software † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71380 | &nbsp;&nbsp;&nbsp; 3152855 |
|  |  | &nbsp;&nbsp;&nbsp; 96087633 |
| &nbsp;&nbsp;Materials — 0.82% | &nbsp;&nbsp;Materials — 0.82% | &nbsp;&nbsp;Materials — 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14664 | &nbsp;&nbsp;&nbsp; 4751576 |
|  |  | &nbsp;&nbsp;&nbsp; 4751576 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Utilities — 0.84% | &nbsp;&nbsp;Utilities — 0.84% | &nbsp;&nbsp;Utilities — 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 1336105 | &nbsp;&nbsp;$4904494 |
|  |  | &nbsp;&nbsp;&nbsp; 4904494 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $242,453,817)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $242,453,817)** | &nbsp;&nbsp;&nbsp;**341200955** |
| &nbsp;&nbsp;**Preferred Stock — 0.03%♣** | &nbsp;&nbsp;**Preferred Stock — 0.03%♣** | &nbsp;&nbsp;**Preferred Stock — 0.03%♣** |
| &nbsp;&nbsp;Financials — 0.03% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp; 185835 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $177,441)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $177,441)** | &nbsp;&nbsp;&nbsp; **185835** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 5.01%** | &nbsp;&nbsp;**Exchange-Traded Funds — 5.01%** | &nbsp;&nbsp;**Exchange-Traded Funds — 5.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25138 | &nbsp;&nbsp;&nbsp; 2248845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55408 | &nbsp;&nbsp;&nbsp; 3724526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Emerging Markets Equity ETF << | &nbsp;&nbsp;&nbsp;&nbsp;151051 | &nbsp;&nbsp;&nbsp; 6072220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27308 | &nbsp;&nbsp;&nbsp; 17125666 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $28,853,121)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $28,853,121)** | &nbsp;&nbsp;&nbsp; **29171257** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** |  |
| &nbsp;&nbsp;**Limited Liability Corporation — 0.01%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.01%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series H = | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31963 | &nbsp;&nbsp; 37700 |
| &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $22,105,553)** | &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $22,105,553)** | &nbsp;&nbsp; **37700** |

---

---

| | | |
|:---|:---|:---|
|  | **Troy<br> Ounces** |  |
| &nbsp;&nbsp;**Bullion — 7.91%** | &nbsp;&nbsp;**Bullion — 7.91%** | &nbsp;&nbsp;**Bullion — 7.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10663 | &nbsp;&nbsp; 45998986 |
| &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $12,870,226)** | &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $12,870,226)** | &nbsp;&nbsp; **45998986** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 0.65%** | &nbsp;&nbsp;**Short-Term Investments — 0.65%** | &nbsp;&nbsp;**Short-Term Investments — 0.65%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.65% | &nbsp;&nbsp;Money Market Mutual Funds — 0.65% | &nbsp;&nbsp;Money Market Mutual Funds — 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp; 950000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp; 950000 |

---

8&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;$950000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,800,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,800,000)** | &nbsp;&nbsp;&nbsp;&nbsp; **3800000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.56%<br> (cost $469,329,253)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**579182120** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.44%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2546284** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 58,186,983 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$581728404** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |

---

---

| |
|:---|
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $40,057,611, which represents 6.89% of the Series' net assets. See Note 12 in "Notes to financial statements." |
| Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| Perpetual security. Maturity date represents next call date. |
| Step coupon bond. Stated rate in effect at December 31, 2025 through maturity date. |
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Affiliated company. See Note 2 in "Notes to financial statements." |

---

&nbsp;&nbsp;&nbsp;&nbsp;9

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Nomura VIP Asset Strategy Series

The following futures contracts and swap contracts were outstanding at December 31, 2025:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |  |
| US Treasury 2 yr Notes | US Treasury 2 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;$20252539 | $20265652 | 3/31/26 | $— | $(13113) | $(6820) |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084552 | 3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2227) |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19535344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19747032 | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36969) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42097236 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46016) |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| US Treasury 10 yr Notes | US Treasury 10 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(566511) | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016 |
| US Treasury 10 yr Ultra Notes | US Treasury 10 yr Ultra Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12421688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12456494) | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13023005) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17475 |
| Total Futures Contracts | Total Futures Contracts | $29074231 |  | $39129 | $(232564) | $(28541) |

---

#### Swap Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> |
| Counterparty/<br> Reference Obligation/<br> Termination Date/<br> Payment Frequency | Notional<br> Amount<sup>3</sup> | Annual Protection<br> Payments | Value | Amortized<br> Upfront<br> Payments<br> Paid<br> (Received) | Unrealized<br> Appreciation | Variation Margin<br> Due from<br> (Due to) Brokers |
| **Centrally Cleared:** |  |  |  |  |  |  |
| **Protection Sold/Moody's Ratings:** |  |  |  |  |  |  |
| CDX.NA.HY.45.V1<sup>4</sup> 12/20/30-Quarterly | 2800000 | 5.000% | $214929 | $202411 | $12518 | $(1777) |

---

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the consolidated financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 10 in "Notes to financial statements." <br>

10&nbsp;&nbsp;&nbsp;&nbsp;

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<sup>2</sup> A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.

<sup>3</sup> Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

<sup>4</sup> Markit's North America High Yield Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| AMT – Subject to Alternative Minimum Tax |
| CDS – Credit Default Swap |
| CDX.NA.HY – Credit Default Swap Index North America High Yield |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| EAFE – Europe, Australasia, and Far East |
| ETF – Exchange-Traded Fund |
| FREMF – Freddie Mac Multifamily |
| GNMA – Government National Mortgage Association |
| MSCI – Morgan Stanley Capital International |
| REMIC – Real Estate Mortgage Investment Conduit |
| S&P – Standard & Poor's Financial Services LLC |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR01M – 1 Month Term Secured Overnight Financing Rate |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |
| yr – Year |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;11

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

## Schedules of investments
Nomura VIP Balanced Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.28%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.28%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-36 VB 3.50% 6/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;165048 | &nbsp;&nbsp;$164630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-71 NB 3.00% 10/25/46 | &nbsp;&nbsp;&nbsp;&nbsp;312049 | &nbsp;&nbsp;&nbsp; 293633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4616 HW 3.00% 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;162167 | &nbsp;&nbsp;&nbsp; 156839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendee Mortgage Trust Series 1997-1 3A 8.293% 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586 | &nbsp;&nbsp;&nbsp; 1589 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $657,935)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $657,935)** | &nbsp;&nbsp;&nbsp; **616691** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.24%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.24%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.24%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily<br> Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K144 A2 2.45% 4/25/32 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 293306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K150 A2 3.71% 9/25/32 ♦, • | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 135309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K753 A2 4.40% 10/25/30 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 101285 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $525,525)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $525,525)** | &nbsp;&nbsp;&nbsp; **529900** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.98%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.98%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;299158 | &nbsp;&nbsp;&nbsp; 277103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;248806 | &nbsp;&nbsp;&nbsp; 235719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;59441 | &nbsp;&nbsp;&nbsp; 56229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;74370 | &nbsp;&nbsp;&nbsp; 72611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;141282 | &nbsp;&nbsp;&nbsp; 136117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;926320 | &nbsp;&nbsp;&nbsp; 757214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;222200 | &nbsp;&nbsp;&nbsp; 181082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 4/1/51 | 2867890 | &nbsp;&nbsp;&nbsp; 2336291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;169869 | &nbsp;&nbsp;&nbsp; 138470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;152665 | &nbsp;&nbsp;&nbsp; 132020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;80311 | &nbsp;&nbsp;&nbsp; 69144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;92777 | &nbsp;&nbsp;&nbsp; 78908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;301794 | &nbsp;&nbsp;&nbsp; 258161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;136223 | &nbsp;&nbsp;&nbsp; 115477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;290990 | &nbsp;&nbsp;&nbsp; 249261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;474751 | &nbsp;&nbsp;&nbsp; 424540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;321779 | &nbsp;&nbsp;&nbsp; 299683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;782765 | &nbsp;&nbsp;&nbsp; 733187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;141553 | &nbsp;&nbsp;&nbsp; 142431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;589724 | &nbsp;&nbsp;&nbsp; 598102 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;265338 | &nbsp;&nbsp;$274114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;105559 | &nbsp;&nbsp;&nbsp; 108653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;98188 | &nbsp;&nbsp;&nbsp; 101179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;124730 | &nbsp;&nbsp;&nbsp; 129483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;810092 | &nbsp;&nbsp;&nbsp; 833416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;583396 | &nbsp;&nbsp;&nbsp; 606010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 15 yr<br> 2.00% 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;520056 | &nbsp;&nbsp;&nbsp; 481672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;162061 | &nbsp;&nbsp;&nbsp; 131412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;47435 | &nbsp;&nbsp;&nbsp; 40927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;143385 | &nbsp;&nbsp;&nbsp; 123771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 1172989 | &nbsp;&nbsp;&nbsp; 1006710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;290177 | &nbsp;&nbsp;&nbsp; 246619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;910313 | &nbsp;&nbsp;&nbsp; 805741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;212991 | &nbsp;&nbsp;&nbsp; 206127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;590339 | &nbsp;&nbsp;&nbsp; 563485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;296118 | &nbsp;&nbsp;&nbsp; 291629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;310614 | &nbsp;&nbsp;&nbsp; 304436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;70139 | &nbsp;&nbsp;&nbsp; 70232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;639334 | &nbsp;&nbsp;&nbsp; 639955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;119081 | &nbsp;&nbsp;&nbsp; 122685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;263650 | &nbsp;&nbsp;&nbsp; 270480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;248731 | &nbsp;&nbsp;&nbsp; 254978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;986462 | &nbsp;&nbsp;&nbsp; 817541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;948448 | &nbsp;&nbsp;&nbsp; 818545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;760859 | &nbsp;&nbsp;&nbsp; 684544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;452268 | &nbsp;&nbsp;&nbsp; 411788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;364942 | &nbsp;&nbsp;&nbsp; 344889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 8/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;352473 | &nbsp;&nbsp;&nbsp; 343471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;171685 | &nbsp;&nbsp;&nbsp; 172154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;273427 | &nbsp;&nbsp;&nbsp; 273100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;387525 | &nbsp;&nbsp;&nbsp; 394068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;147997 | &nbsp;&nbsp;&nbsp; 150773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;131646 | &nbsp;&nbsp;&nbsp; 133092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;343474 | &nbsp;&nbsp;&nbsp; 350264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;183515 | &nbsp;&nbsp;&nbsp; 189829 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $20,146,969)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $20,146,969)** | &nbsp;&nbsp;&nbsp; **19989522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;12

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds — 10.61%** | &nbsp;&nbsp;**Corporate Bonds — 10.61%** | &nbsp;&nbsp;**Corporate Bonds — 10.61%** |
| &nbsp;&nbsp;Banking — 3.09% | &nbsp;&nbsp;Banking — 3.09% | &nbsp;&nbsp;Banking — 3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.734% 7/22/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$246845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp; 308434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp; 111702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 311818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 182942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 57351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon 4.942% 2/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 82290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank 5.57% 4/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 264526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.503% 9/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 105354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp; 73346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 2/15/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 45751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp; 49916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 47486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.552% 1/7/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 147556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp; 261528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp 6.361% 10/27/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 36425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.542% 9/10/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp; 456978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 109761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.016% 10/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 115656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.049% 7/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 327948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 108470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 312963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.25% 10/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 65308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% 9/22/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 304408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 92961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 62027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp; 86714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572% 4/22/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp; 31487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.576% 7/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 67264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp; 147359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.133% 10/18/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 39992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.892% 10/22/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 59492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.664% 4/17/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp; 201657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp; 91453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 95410 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;$46069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 57378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.676% 1/22/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 63283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 186818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp; 104403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.543% 4/24/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 115996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.784% 10/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 49759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.834% 4/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 51501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial 4.964% 10/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 192997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group 144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 205315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% 2/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp; 68862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 82201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.678% 1/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 68671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 132878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 5162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 62164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 4/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 272618 |
|  |  | &nbsp;&nbsp;&nbsp; 6886966 |
| &nbsp;&nbsp;Basic Industry — 0.32% | &nbsp;&nbsp;Basic Industry — 0.32% | &nbsp;&nbsp;Basic Industry — 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp; 8047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp; 66709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 148806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury 144A 5.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 154389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 73703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 87002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp; 139047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 39400 |
|  |  | &nbsp;&nbsp;&nbsp; 717103 |
| &nbsp;&nbsp;Brokerage — 0.31% | &nbsp;&nbsp;Brokerage — 0.31% | &nbsp;&nbsp;Brokerage — 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 50300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 8/12/35 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 40093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 105968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management 4.653% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 100844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 170328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;13

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Balanced Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. 5.10% 8/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;$220113 |
|  |  | &nbsp;&nbsp;&nbsp; 687646 |
| &nbsp;&nbsp;Capital Goods — 0.71% | &nbsp;&nbsp;Capital Goods — 0.71% | &nbsp;&nbsp;Capital Goods — 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America 5.50% 3/17/35 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 56845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 39803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 59387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 73508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 47800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.259% 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 112911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 27142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 292208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier 144A 7.25% 7/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 149366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp; 31591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 21219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding 144A 7.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp; 102283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 18439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 93694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 36583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 148593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Industries 144A 4.375% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp; 134189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.375% 5/31/33 # | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp; 138619 |
|  |  | &nbsp;&nbsp;&nbsp; 1584180 |
| &nbsp;&nbsp;Communications — 1.37% | &nbsp;&nbsp;Communications — 1.37% | &nbsp;&nbsp;Communications — 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 53014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 71987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 8/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 35337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 48907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.25% 1/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 191526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 9/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;136000 | &nbsp;&nbsp;&nbsp; 137938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 50416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 144862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 247764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 153731 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;$267570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 161795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 200810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 200597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 118082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable 6.55% 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 291181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 285235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp; 30885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 90291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 89956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 94230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/30/55 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 74152 |
|  |  | &nbsp;&nbsp;&nbsp; 3040266 |
| &nbsp;&nbsp;Consumer Cyclical — 0.66% | &nbsp;&nbsp;Consumer Cyclical — 0.66% | &nbsp;&nbsp;Consumer Cyclical — 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% 11/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 65090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/20/65 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 58246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment 144A 7.00% 2/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp; 241418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 4.00% 8/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 78860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.532% 3/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 209243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 201777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors 5.40% 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 68171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial 2.35% 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 166663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A 4.70% 10/7/30 # | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp; 174196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp; 69726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 106288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 40867 |
|  |  | &nbsp;&nbsp;&nbsp; 1480545 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.78% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.78% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 95212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.125% 10/23/30 # | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 59761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 10/23/55 # | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 72232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 45947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 76799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 66042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita 144A 6.75% 7/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp; 91315 |

---

14&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. 5.10% 2/12/35 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;$82734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp; 106221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA 5.45% 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 118428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux 144A 6.25% 3/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 34879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.20% 3/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 97678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 5/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 65559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.70% 5/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 74763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 44992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 119657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% 12/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 65110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 12/4/35 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 59799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 64796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 12/4/55 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 88869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 12/4/65 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 59408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 40195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 60202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 51649 |
|  |  | &nbsp;&nbsp;&nbsp; 1742247 |
| &nbsp;&nbsp;Electric — 0.54% | &nbsp;&nbsp;Electric — 0.54% | &nbsp;&nbsp;Electric — 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 5.80% 3/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 44694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 55036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison 2.20% 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 324529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 50067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp; 23713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 2/1/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp; 72801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy 5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 82004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Florida 4.20% 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 60116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Power & Light 3.15% 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 110008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings 6.50% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 36894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.734% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 90173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.407% 10/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp; 69964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power 4.50% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 7.00% 12/15/26 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 142969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations 144A 6.00% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 36911 |
|  |  | &nbsp;&nbsp;&nbsp; 1204080 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy — 1.20% | &nbsp;&nbsp;Energy — 1.20% | &nbsp;&nbsp;Energy — 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets 4.875% 3/22/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;$134407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips 5.00% 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 187648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp; 141898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 4/18/54 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp; 66222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 46019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 81142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp; 72455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/8/33 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 131724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 91198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 157618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 4/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 138762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 124642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 120523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I 144A 6.25% 4/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 141732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 62173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK 5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 102585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 11/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp; 30007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/6/36 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 74919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 45136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 7/30/36 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 25039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp; 410118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 103558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass 144A 3.875% 11/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp; 180193 |
|  |  | &nbsp;&nbsp;&nbsp; 2669718 |
| &nbsp;&nbsp;Finance Companies — 0.64% | &nbsp;&nbsp;Finance Companies — 0.64% | &nbsp;&nbsp;Finance Companies — 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp; 39647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 116136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 123513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group 144A 5.375% 7/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 76884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.95% 1/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 55695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 5/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 20556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 54187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 151633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;15

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Balanced Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;121000 | &nbsp;&nbsp;$121001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 66950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund 5.95% 4/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp; 43642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 7.125% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 145624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.875% 5/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 151880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC 144A 5.25% 11/26/35 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 200156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.25% 3/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp; 47947 |
|  |  | &nbsp;&nbsp;&nbsp; 1415451 |
| &nbsp;&nbsp;Insurance — 0.15% | &nbsp;&nbsp;Insurance — 0.15% | &nbsp;&nbsp;Insurance — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America 5.30% 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 62593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding 6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 64984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb INA Holdings 4.90% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 65310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 135968 |
|  |  | &nbsp;&nbsp;&nbsp; 328855 |
| &nbsp;&nbsp;Natural Gas — 0.03% | &nbsp;&nbsp;Natural Gas — 0.03% | &nbsp;&nbsp;Natural Gas — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource 5.75% 7/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp; 70488 |
|  |  | &nbsp;&nbsp;&nbsp; 70488 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.05% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.05% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group 2.65% 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 108058 |
|  |  | &nbsp;&nbsp;&nbsp; 108058 |
| &nbsp;&nbsp;Technology — 0.62% | &nbsp;&nbsp;Technology — 0.62% | &nbsp;&nbsp;Technology — 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 74964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 45966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 118432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 34016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos 5.50% 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 150762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 120595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/26/45 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 271088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Global 144A 1.75% 4/23/28 # | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 572309 |
|  |  | &nbsp;&nbsp;&nbsp; 1388132 |
| &nbsp;&nbsp;Transportation — 0.14% | &nbsp;&nbsp;Transportation — 0.14% | &nbsp;&nbsp;Transportation — 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERAC USA Finance 144A 4.60% 5/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 187612 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific 5.60% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;$114765 |
|  |  | &nbsp;&nbsp;&nbsp; 302377 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $23,499,396)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $23,499,396)** | &nbsp;&nbsp;&nbsp; **23626112** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.02%** | &nbsp;&nbsp;**Government Agency Obligations — 0.02%** | &nbsp;&nbsp;**Government Agency Obligations — 0.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/3/30 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 15224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 11/14/35 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp; 29860 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $45,029)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $45,029)** | &nbsp;&nbsp;&nbsp; **45084** |
| &nbsp;&nbsp;**Municipal Bonds — 0.13%** | &nbsp;&nbsp;**Municipal Bonds — 0.13%** | &nbsp;&nbsp;**Municipal Bonds — 0.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board Revenue (Master Trust)<br> 4.75% 10/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 150726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Senior Lien Toll Revenue (Georgia SR 400 Express Lanes Project)<br> 6.50% 12/31/65 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 131414 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $273,151)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $273,151)** | &nbsp;&nbsp;&nbsp; **282140** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.19%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.19%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 126608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Issuer<br> Series 2024-1 A2 144A 6.19% 6/20/54 # | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 103103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 507483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 1000000 | &nbsp;&nbsp;&nbsp; 1011941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto<br> Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 D 5.43% 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 101559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 D 4.95% 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 100365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;198802 | &nbsp;&nbsp;&nbsp; 200873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 502657 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $2,623,670)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $2,623,670)** | &nbsp;&nbsp;&nbsp; **2654589** |

---

16&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.90%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.90%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01 1M2 144A 5.774% (SOFR + 1.90%) 12/25/41 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$251229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.374% (SOFR + 1.50%) 10/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;245111 | &nbsp;&nbsp;&nbsp; 245524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 1M2 144A 5.374% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 150004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R05 2M2 144A 5.474% (SOFR + 1.60%) 7/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 60206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R06 1B1 144A 5.724% (SOFR + 1.85%) 9/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;240973 | &nbsp;&nbsp;&nbsp; 241927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA2 M2 144A 5.924% (SOFR + 2.05%) 12/25/33 #, • | &nbsp;&nbsp;&nbsp;&nbsp;372637 | &nbsp;&nbsp;&nbsp; 385372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 5.724% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;130460 | &nbsp;&nbsp;&nbsp; 131642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M2 144A 5.374% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 54988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 M2 144A 5.374% (SOFR + 1.50%) 9/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp; 70187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA4 M2 144A 5.424% (SOFR + 1.55%) 10/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 401775 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $1,959,835)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $1,959,835)** | &nbsp;&nbsp;&nbsp; **1992854** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.12%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.12%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 Trust<br> Series 2025-1301 A 144A 5.059% 8/11/42 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 354315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN32 A5 2.643% 4/15/54 • | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp; 667538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN36 A5 2.47% 9/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp; 679841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 B 3.237% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 88695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 C 3.268% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 38878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 A4 3.39% 3/15/64 • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp; 795411 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 B 3.39% 3/15/64 • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;$88419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp; 309317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24 A5 2.584% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 672129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 A5 2.577% 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 449566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 A5 3.002% 1/15/55 • | 1000000 | &nbsp;&nbsp;&nbsp; 895388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 B 3.202% 1/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 84356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 C 3.453% 1/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 97555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 A5 3.458% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp; 838185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 B 3.614% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 43772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 C 3.614% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 39976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 464360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust Series 2025-11MD A 144A 4.754% 10/15/42 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 351327 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $7,489,945)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $7,489,945)** | &nbsp;&nbsp;&nbsp; **6959028** |
| &nbsp;&nbsp;**US Treasury Obligations — 4.64%** | &nbsp;&nbsp;**US Treasury Obligations — 4.64%** | &nbsp;&nbsp;**US Treasury Obligations — 4.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp; 452902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 2/15/43 | 1320000 | &nbsp;&nbsp;&nbsp; 1187923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 231047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 9/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp; 836883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 6/30/30 | 2220000 | &nbsp;&nbsp;&nbsp; 2236953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 8/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp; 503767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 11/15/35 | 4965000 | &nbsp;&nbsp;&nbsp; 4894016 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $10,601,521)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $10,601,521)** | &nbsp;&nbsp;&nbsp; **10343491** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 60.55%♣** | &nbsp;&nbsp;**Common Stocks — 60.55%♣** | &nbsp;&nbsp;**Common Stocks — 60.55%♣** |
| &nbsp;&nbsp;Communication Services — 7.24% | &nbsp;&nbsp;Communication Services — 7.24% | &nbsp;&nbsp;Communication Services — 7.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;14901 | &nbsp;&nbsp; 4664013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Balanced Series

---

| | | |
|:---|:---|:---|
|  | **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;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) | &nbsp;&nbsp;Communication Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class C | &nbsp;&nbsp;&nbsp;&nbsp;13567 | &nbsp;&nbsp;$4257325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;104343 | &nbsp;&nbsp;&nbsp; 2591880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7113 | &nbsp;&nbsp;&nbsp; 1013602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp; 2207341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;14729 | &nbsp;&nbsp;&nbsp; 1380991 |
|  |  | &nbsp;&nbsp;&nbsp; 16115152 |
| &nbsp;&nbsp;Consumer Discretionary — 5.21% | &nbsp;&nbsp;Consumer Discretionary — 5.21% | &nbsp;&nbsp;Consumer Discretionary — 5.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;22163 | &nbsp;&nbsp;&nbsp; 5115664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp; 2591106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp; 1831523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6016 | &nbsp;&nbsp;&nbsp; 2070105 |
|  |  | &nbsp;&nbsp;&nbsp; 11608398 |
| &nbsp;&nbsp;Consumer Staples — 1.34% | &nbsp;&nbsp;Consumer Staples — 1.34% | &nbsp;&nbsp;Consumer Staples — 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462 | &nbsp;&nbsp;&nbsp; 2985421 |
|  |  | &nbsp;&nbsp;&nbsp; 2985421 |
| &nbsp;&nbsp;Financials — 10.93% | &nbsp;&nbsp;Financials — 10.93% | &nbsp;&nbsp;Financials — 10.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;42367 | &nbsp;&nbsp;&nbsp; 1918802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7497 | &nbsp;&nbsp;&nbsp; 2773515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4383 | &nbsp;&nbsp;&nbsp; 1546673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;12874 | &nbsp;&nbsp;&nbsp; 1984398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8403 | &nbsp;&nbsp;&nbsp; 2036551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;10973 | &nbsp;&nbsp;&nbsp; 2996507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8695 | &nbsp;&nbsp;&nbsp; 2801703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. | &nbsp;&nbsp;&nbsp;&nbsp;15513 | &nbsp;&nbsp;&nbsp; 1977597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760 | &nbsp;&nbsp;&nbsp; 2717389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp; 8587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;13968 | &nbsp;&nbsp;&nbsp; 2479739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp; 1090551 |
|  |  | &nbsp;&nbsp;&nbsp; 24332012 |
| &nbsp;&nbsp;Healthcare — 5.14% | &nbsp;&nbsp;Healthcare — 5.14% | &nbsp;&nbsp;Healthcare — 5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;18629 | &nbsp;&nbsp;&nbsp; 2334027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476 | &nbsp;&nbsp;&nbsp; 1022721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;12713 | &nbsp;&nbsp;&nbsp; 2910260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;14216 | &nbsp;&nbsp;&nbsp; 1744872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp; 682082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp; 1732556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp; 1018247 |
|  |  | &nbsp;&nbsp;&nbsp; 11444765 |
| &nbsp;&nbsp;Industrials — 7.45% | &nbsp;&nbsp;Industrials — 7.45% | &nbsp;&nbsp;Industrials — 7.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | &nbsp;&nbsp;&nbsp;&nbsp;53001 | &nbsp;&nbsp;&nbsp; 3069818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;22218 | &nbsp;&nbsp;&nbsp; 2063608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp; 3021864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8817 | &nbsp;&nbsp;&nbsp; 2808302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp; 955528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;22851 | &nbsp;&nbsp;&nbsp; 4684912 |
|  |  | &nbsp;&nbsp;&nbsp; 16604032 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Information Technology — 20.55% | &nbsp;&nbsp;Information Technology — 20.55% | &nbsp;&nbsp;Information Technology — 20.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985 | &nbsp;&nbsp;$1337476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6472 | &nbsp;&nbsp;&nbsp; 1386044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp; 6823686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;11294 | &nbsp;&nbsp;&nbsp; 2902445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;10461 | &nbsp;&nbsp;&nbsp; 3620552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;17502 | &nbsp;&nbsp;&nbsp; 8464317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;47713 | &nbsp;&nbsp;&nbsp; 8898474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530 | &nbsp;&nbsp;&nbsp; 2259682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6551 | &nbsp;&nbsp;&nbsp; 1591303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8102 | &nbsp;&nbsp;&nbsp; 2231210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;16685 | &nbsp;&nbsp;&nbsp; 5070405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216 | &nbsp;&nbsp;&nbsp; 1186692 |
|  |  | &nbsp;&nbsp;&nbsp; 45772286 |
| &nbsp;&nbsp;Materials — 1.29% | &nbsp;&nbsp;Materials — 1.29% | &nbsp;&nbsp;Materials — 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;15369 | &nbsp;&nbsp;&nbsp; 1582546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp; 1285772 |
|  |  | &nbsp;&nbsp;&nbsp; 2868318 |
| &nbsp;&nbsp;Utilities — 1.40% | &nbsp;&nbsp;Utilities — 1.40% | &nbsp;&nbsp;Utilities — 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy | &nbsp;&nbsp;&nbsp;&nbsp;15252 | &nbsp;&nbsp;&nbsp; 1409742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;21331 | &nbsp;&nbsp;&nbsp; 1712453 |
|  |  | &nbsp;&nbsp;&nbsp; 3122195 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $93,211,653)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $93,211,653)** | &nbsp;&nbsp;&nbsp;**134852579** |
| &nbsp;&nbsp;**Preferred Stock — 0.04%♣** | &nbsp;&nbsp;**Preferred Stock — 0.04%♣** | &nbsp;&nbsp;**Preferred Stock — 0.04%♣** |
| &nbsp;&nbsp;Financials — 0.04% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp; 87676 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $83,523)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $83,523)** | &nbsp;&nbsp;&nbsp; **87676** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 7.62%** | &nbsp;&nbsp;**Exchange-Traded Funds — 7.62%** | &nbsp;&nbsp;**Exchange-Traded Funds — 7.62%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares US Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;246062 | &nbsp;&nbsp;&nbsp; 5665577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;18030 | &nbsp;&nbsp;&nbsp; 11307154 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $16,836,891)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $16,836,891)** | &nbsp;&nbsp;&nbsp; **16972731** |
| &nbsp;&nbsp;**Short-Term Investments — 1.21%** | &nbsp;&nbsp;**Short-Term Investments — 1.21%** | &nbsp;&nbsp;**Short-Term Investments — 1.21%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.21% | &nbsp;&nbsp;Money Market Mutual Funds — 1.21% | &nbsp;&nbsp;Money Market Mutual Funds — 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp; 675000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp; 675000 |

---

18&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;$675000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp; 675000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,700,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,700,000)** | &nbsp;&nbsp;&nbsp; **2700000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.53%<br> (cost $180,655,043)** |  | &nbsp;&nbsp;&nbsp;**221652397** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.47%** |  | &nbsp;&nbsp;&nbsp; **1050093** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 34,081,394 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$222702490** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $10,172,640, which represents 4.57% of the Series' net assets. See Note 12 in "Notes to financial statements." |

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;19

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Nomura VIP Balanced Series

The following futures contracts and swap contracts were outstanding at December 31, 2025:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |  |
| US Treasury 2 yr Notes | US Treasury 2 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;$15241602 | $15251470 | 3/31/26 | $— | $(9868) | $(5133) |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790700 | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8969) |
| US Treasury Ultra Bonds | US Treasury Ultra Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086493 | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3375) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21128663 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17477) |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5246625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5265707) | 3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 |
| US Treasury 10 yr Ultra Notes | US Treasury 10 yr Ultra Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2990406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2990528) | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8256235) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8968 |
| Total Futures Contracts | Total Futures Contracts | $12872428 |  | $19204 | $(85717) | $(8509) |

---

#### Swap Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> |
| Counterparty/<br> Reference Obligation/<br> Termination Date/<br> Payment Frequency | Notional<br> Amount<sup>3</sup> | Annual Protection<br> Payments | Value | Amortized<br> Upfront<br> Payments<br> Paid<br> (Received) | Unrealized<br> Appreciation | Variation Margin<br> Due from<br> (Due to) Brokers |
| **Centrally Cleared:** |  |  |  |  |  |  |
| **Protection Sold/Moody's Ratings:** |  |  |  |  |  |  |
| CDX.NA.HY.45.V1<sup>4</sup> 12/20/30-Quarterly | 1100000 | 5.000% | $84436 | $79518 | $4918 | $(698) |

---

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 10 in "Notes to financial statements."

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<sup>2</sup> A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.

<sup>3</sup> Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

<sup>4</sup> Markit's North America High Yield Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| AMT – Subject to Alternative Minimum Tax |
| CDS – Credit Default Swap |
| CDX.NA.HY – Credit Default Swap Index North America High Yield |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| GNMA – Government National Mortgage Association |
| REMIC – Real Estate Mortgage Investment Conduit |
| S&P – Standard & Poor's Financial Services LLC |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| USD – US Dollar |
| yr – Year |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;21

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## Schedules of investments
Nomura VIP Energy Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 95.44%♣** | &nbsp;&nbsp;**Common Stocks — 95.44%♣** | &nbsp;&nbsp;**Common Stocks — 95.44%♣** |
| &nbsp;&nbsp;Coal & Consumable Fuels — 5.98% | &nbsp;&nbsp;Coal & Consumable Fuels — 5.98% | &nbsp;&nbsp;Coal & Consumable Fuels — 5.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources | 32430 | &nbsp;&nbsp;$2870379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy | 52581 | &nbsp;&nbsp;&nbsp; 1561656 |
|  |  | &nbsp;&nbsp;&nbsp; 4432035 |
| &nbsp;&nbsp;Electrical Components & Equipment — 0.89% | &nbsp;&nbsp;Electrical Components & Equipment — 0.89% | &nbsp;&nbsp;Electrical Components & Equipment — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;4828 | &nbsp;&nbsp;&nbsp; 658394 |
|  |  | &nbsp;&nbsp;&nbsp; 658394 |
| &nbsp;&nbsp;Heavy Electrical Equipment — 0.50% | &nbsp;&nbsp;Heavy Electrical Equipment — 0.50% | &nbsp;&nbsp;Heavy Electrical Equipment — 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp; 373188 |
|  |  | &nbsp;&nbsp;&nbsp; 373188 |
| &nbsp;&nbsp;Independent Power Producers & Energy Traders — 0.39% | &nbsp;&nbsp;Independent Power Producers & Energy Traders — 0.39% | &nbsp;&nbsp;Independent Power Producers & Energy Traders — 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra | &nbsp;&nbsp;&nbsp;&nbsp;1778 | &nbsp;&nbsp;&nbsp; 286845 |
|  |  | &nbsp;&nbsp;&nbsp; 286845 |
| &nbsp;&nbsp;Integrated Oil & Gas — 21.21% | &nbsp;&nbsp;Integrated Oil & Gas — 21.21% | &nbsp;&nbsp;Integrated Oil & Gas — 21.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP ADR | 43700 | &nbsp;&nbsp;&nbsp; 1517701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil | 39970 | &nbsp;&nbsp;&nbsp; 4809990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | 125012 | &nbsp;&nbsp;&nbsp; 4606973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies | 46223 | &nbsp;&nbsp;&nbsp; 3013648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | 56933 | &nbsp;&nbsp;&nbsp; 1756383 |
|  |  | &nbsp;&nbsp;&nbsp;15704695 |
| &nbsp;&nbsp;Oil & Gas Drilling — 4.92% | &nbsp;&nbsp;Oil & Gas Drilling — 4.92% | &nbsp;&nbsp;Oil & Gas Drilling — 4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | 127155 | &nbsp;&nbsp;&nbsp; 3646805 |
|  |  | &nbsp;&nbsp;&nbsp; 3646805 |
| &nbsp;&nbsp;Oil & Gas Equipment & Services — 4.68% | &nbsp;&nbsp;Oil & Gas Equipment & Services — 4.68% | &nbsp;&nbsp;Oil & Gas Equipment & Services — 4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | 39300 | &nbsp;&nbsp;&nbsp; 1508334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC | 27200 | &nbsp;&nbsp;&nbsp; 1212032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International | &nbsp;&nbsp;&nbsp;&nbsp;9510 | &nbsp;&nbsp;&nbsp; 744253 |
|  |  | &nbsp;&nbsp;&nbsp; 3464619 |
| &nbsp;&nbsp;Oil & Gas Exploration & Production — 48.11% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 48.11% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 48.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | 181326 | &nbsp;&nbsp;&nbsp; 3401803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | 137091 | &nbsp;&nbsp;&nbsp; 4643445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | 30082 | &nbsp;&nbsp;&nbsp; 2788601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 53954 | &nbsp;&nbsp;&nbsp; 5050634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | 26212 | &nbsp;&nbsp;&nbsp; 3940450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources | 29728 | &nbsp;&nbsp;&nbsp; 3121737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT | 27425 | &nbsp;&nbsp;&nbsp; 1469980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | 20413 | &nbsp;&nbsp;&nbsp; 2252779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | 225638 | &nbsp;&nbsp;&nbsp; 2653503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources | 222697 | &nbsp;&nbsp;&nbsp; 2993523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | 235895 | &nbsp;&nbsp;&nbsp; 3309607 |
|  |  | &nbsp;&nbsp;&nbsp;35626062 |
| &nbsp;&nbsp;Oil & Gas Refining & Marketing — 6.23% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 6.23% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair | 46108 | &nbsp;&nbsp;&nbsp; 2124657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | 15303 | &nbsp;&nbsp;&nbsp; 2491175 |
|  |  | &nbsp;&nbsp;&nbsp; 4615832 |

---

---

| | | |
|:---|:---|:---|
|  | **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 Storage & Transportation — 1.51% | &nbsp;&nbsp;Oil & Gas Storage & Transportation — 1.51% | &nbsp;&nbsp;Oil & Gas Storage & Transportation — 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings | 91518 | &nbsp;&nbsp;$1117435 |
|  |  | &nbsp;&nbsp;&nbsp; 1117435 |
| &nbsp;&nbsp;Semiconductors — 1.02% | &nbsp;&nbsp;Semiconductors — 1.02% | &nbsp;&nbsp;Semiconductors — 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | &nbsp;&nbsp;&nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp; 755738 |
|  |  | &nbsp;&nbsp;&nbsp; 755738 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $70,449,160)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $70,449,160)** | &nbsp;&nbsp;&nbsp;**70681648** |
| &nbsp;&nbsp;**Master Limited Partnerships — 3.25%** | &nbsp;&nbsp;**Master Limited Partnerships — 3.25%** | &nbsp;&nbsp;**Master Limited Partnerships — 3.25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer | 55552 | &nbsp;&nbsp;&nbsp; 916052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners | 46410 | &nbsp;&nbsp;&nbsp; 1487905 |
| &nbsp;&nbsp;&nbsp;**Total Master Limited Partnerships<br> (cost $2,129,640)** | &nbsp;&nbsp;&nbsp;**Total Master Limited Partnerships<br> (cost $2,129,640)** | &nbsp;&nbsp;&nbsp; **2403957** |
| &nbsp;&nbsp;**Short-Term Investments — 1.27%** | &nbsp;&nbsp;**Short-Term Investments — 1.27%** | &nbsp;&nbsp;**Short-Term Investments — 1.27%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.27% | &nbsp;&nbsp;Money Market Mutual Funds — 1.27% | &nbsp;&nbsp;Money Market Mutual Funds — 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 235072 | &nbsp;&nbsp;&nbsp; 235072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 235072 | &nbsp;&nbsp;&nbsp; 235072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 235073 | &nbsp;&nbsp;&nbsp; 235073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 235073 | &nbsp;&nbsp;&nbsp; 235073 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $940,290)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $940,290)** | &nbsp;&nbsp;&nbsp; **940290** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.96%<br> (cost $73,519,090)** |  | &nbsp;&nbsp;&nbsp;**74025895** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.04%** |  | &nbsp;&nbsp;&nbsp; **31559** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 14,283,995 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$74057454** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;22

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

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

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;23

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Growth Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.68%♣** | &nbsp;&nbsp;**Common Stocks — 99.68%♣** | &nbsp;&nbsp;**Common Stocks — 99.68%♣** |
| &nbsp;&nbsp;Communication Services — 7.58% | &nbsp;&nbsp;Communication Services — 7.58% | &nbsp;&nbsp;Communication Services — 7.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 92153 | &nbsp;&nbsp;$28843889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;7179 | &nbsp;&nbsp;&nbsp; 4738786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | 54275 | &nbsp;&nbsp;&nbsp; 5088824 |
|  |  | &nbsp;&nbsp;&nbsp; 38671499 |
| &nbsp;&nbsp;Consumer Discretionary — 8.51% | &nbsp;&nbsp;Consumer Discretionary — 8.51% | &nbsp;&nbsp;Consumer Discretionary — 8.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 136297 | &nbsp;&nbsp;&nbsp; 31460073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp; 8889848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;8377 | &nbsp;&nbsp;&nbsp; 3095804 |
|  |  | &nbsp;&nbsp;&nbsp; 43445725 |
| &nbsp;&nbsp;Consumer Staples — 0.92% | &nbsp;&nbsp;Consumer Staples — 0.92% | &nbsp;&nbsp;Consumer Staples — 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | 67022 | &nbsp;&nbsp;&nbsp; 4685508 |
|  |  | &nbsp;&nbsp;&nbsp; 4685508 |
| &nbsp;&nbsp;Financials — 13.93% | &nbsp;&nbsp;Financials — 13.93% | &nbsp;&nbsp;Financials — 13.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 97942 | &nbsp;&nbsp;&nbsp; 15862686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | 23840 | &nbsp;&nbsp;&nbsp; 13609779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI | &nbsp;&nbsp;&nbsp;&nbsp;8658 | &nbsp;&nbsp;&nbsp; 4967355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global | 23923 | &nbsp;&nbsp;&nbsp; 12501921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Class A | 68972 | &nbsp;&nbsp;&nbsp; 24189170 |
|  |  | &nbsp;&nbsp;&nbsp; 71130911 |
| &nbsp;&nbsp;Healthcare — 9.06% | &nbsp;&nbsp;Healthcare — 9.06% | &nbsp;&nbsp;Healthcare — 9.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | 62929 | &nbsp;&nbsp;&nbsp; 14405707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | 43136 | &nbsp;&nbsp;&nbsp; 5294513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;7126 | &nbsp;&nbsp;&nbsp; 4820953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | 16142 | &nbsp;&nbsp;&nbsp; 9142183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | 15687 | &nbsp;&nbsp;&nbsp; 5178435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | 33250 | &nbsp;&nbsp;&nbsp; 7422397 |
|  |  | &nbsp;&nbsp;&nbsp; 46264188 |
| &nbsp;&nbsp;Industrials — 6.61% | &nbsp;&nbsp;Industrials — 6.61% | &nbsp;&nbsp;Industrials — 6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 28114 | &nbsp;&nbsp;&nbsp; 6274201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax | 38793 | &nbsp;&nbsp;&nbsp; 8417305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;&nbsp;3953 | &nbsp;&nbsp;&nbsp; 619830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics | 39097 | &nbsp;&nbsp;&nbsp; 8745608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections | 55240 | &nbsp;&nbsp;&nbsp; 9686887 |
|  |  | &nbsp;&nbsp;&nbsp; 33743831 |
| &nbsp;&nbsp;Information Technology — 50.13% | &nbsp;&nbsp;Information Technology — 50.13% | &nbsp;&nbsp;Information Technology — 50.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | 28240 | &nbsp;&nbsp;&nbsp; 6047879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 160588 | &nbsp;&nbsp;&nbsp; 43657454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk † | 16678 | &nbsp;&nbsp;&nbsp; 4936855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | 39432 | &nbsp;&nbsp;&nbsp; 13647415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | 21579 | &nbsp;&nbsp;&nbsp; 14294361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 145974 | &nbsp;&nbsp;&nbsp; 70595946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions | &nbsp;&nbsp;&nbsp;&nbsp;6829 | &nbsp;&nbsp;&nbsp; 2617692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 385446 | &nbsp;&nbsp;&nbsp; 71885679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | 34241 | &nbsp;&nbsp;&nbsp; 9070783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys † | 16914 | &nbsp;&nbsp;&nbsp; 7944844 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 36866 | &nbsp;&nbsp;$11203209 |
|  |  | &nbsp;&nbsp;&nbsp;255902117 |
| &nbsp;&nbsp;Materials — 1.70% | &nbsp;&nbsp;Materials — 1.70% | &nbsp;&nbsp;Materials — 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | 30392 | &nbsp;&nbsp;&nbsp; 8668406 |
|  |  | &nbsp;&nbsp;&nbsp; 8668406 |
| &nbsp;&nbsp;Real Estate — 1.24% | &nbsp;&nbsp;Real Estate — 1.24% | &nbsp;&nbsp;Real Estate — 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | 93886 | &nbsp;&nbsp;&nbsp; 6312895 |
|  |  | &nbsp;&nbsp;&nbsp; 6312895 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $310,230,162)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $310,230,162)** | &nbsp;&nbsp;&nbsp;**508825080** |
| &nbsp;&nbsp;**Short-Term Investments — 0.40%** | &nbsp;&nbsp;**Short-Term Investments — 0.40%** | &nbsp;&nbsp;**Short-Term Investments — 0.40%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.40% | &nbsp;&nbsp;Money Market Mutual Funds — 0.40% | &nbsp;&nbsp;Money Market Mutual Funds — 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 502922 | &nbsp;&nbsp;&nbsp; 502922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 502923 | &nbsp;&nbsp;&nbsp; 502923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 502923 | &nbsp;&nbsp;&nbsp; 502923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 502923 | &nbsp;&nbsp;&nbsp; 502923 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,011,691)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,011,691)** | &nbsp;&nbsp;&nbsp; **2011691** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.08%<br> (cost $312,241,853)** |  | &nbsp;&nbsp;&nbsp;**510836771** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.08%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(387914)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 53,489,776 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$510448857** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;24

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| MSCI – Morgan Stanley Capital International |
| S&P – Standard & Poor's Financial Services LLC |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;25

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

## Consolidated schedules of investments
Nomura VIP High Income Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 5.62%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.62%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.62%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 East CLO<br> Series 2022-1A ER 144A 9.784% (TSFR03M + 5.90%, Floor 5.90%) 1/20/38 #, • | 1000000 | &nbsp;&nbsp;$1007341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO<br> II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A DRR 144A 8.034% (TSFR03M + 4.15%, Floor 4.15%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 249656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A ERR 144A 11.384% (TSFR03M + 7.50%, Floor 7.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 604760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 3<br> Series 2020-3A ER 144A 9.155% (TSFR03M + 5.25%, Floor 5.25%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 933848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 32<br> Series 2024-32A E 144A 9.62% (TSFR03M + 5.75%, Floor 5.75%) 7/21/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 546279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 15<br> Series 2021-15A ER 144A 8.482% (TSFR03M + 4.60%, Floor 4.60%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 640010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 18<br> Series 2022-18A ER 144A 9.384% (TSFR03M + 5.50%, Floor 5.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 298848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 19<br> Series 2024-19A E 144A 8.884% (TSFR03M + 5.00%, Floor 5.00%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 600031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES Loan Funding III<br> Series 2022-ALF3A ER 144A 9.958% (TSFR03M + 6.10%, Floor 6.10%) 7/25/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 494930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XX<br> Series 2022-20A D1R 144A 7.734% (TSFR03M + 3.85%, Floor 3.85%) 10/19/37 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 1002080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO<br> Series 2017-2A ER3 144A 11.198% (TSFR03M + 7.34%, Floor 7.34%) 7/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 542983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18<br> Series 2021-18A DR 144A 9.655% (TSFR03M + 5.75%, Floor 5.75%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 969588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 25<br> Series 2023-25A DR 144A 8.658% (TSFR03M + 4.80%, Floor 4.80%) 1/25/38 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 986728 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A ER 144A 10.805% (TSFR03M + 6.90%, Floor 6.90%) 7/15/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;$546960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 9.805% (TSFR03M + 5.90%, Floor 5.90%) 7/15/39 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 598931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A D2 144A 8.005% (TSFR03M + 4.10%, Floor 4.10%) 7/15/38 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 1001775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBAM US CLO III Series 2023-3A DR 144A 9.142% (TSFR03M + 5.20%, Floor 5.20%) 10/15/38 #, • | 1200000 | &nbsp;&nbsp;&nbsp; 1182150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Mountain Park CLO<br> Series 2022-1A ER 144A 9.855% (TSFR03M + 5.95%, Floor 5.95%) 7/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp; 444892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO Series 2015-6BR ER 144A 8.634% (TSFR03M + 4.75%, Floor 4.75%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp; 846471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XII-B Series 2017-12BRA E 144A 10.155% (TSFR03M + 6.25%, Floor 6.25%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 750619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookhaven Park CLO Series 2024-1A E 144A 10.384% (TSFR03M + 6.50%, Floor 6.50%) 4/19/37 #, • | 1250000 | &nbsp;&nbsp;&nbsp; 1241684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11A ER 144A 10.358% (TSFR03M + 6.50%, Floor 6.50%) 7/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 542583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A E 144A 10.825% (TSFR03M + 6.92%, Floor 6.92%) 4/15/37 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 1001464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A E 144A 9.508% (TSFR03M + 5.65%, Floor 5.65%) 10/25/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 551562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAMR<br> Series 2021-15A ER 144A 9.384% (TSFR03M + 5.50%, Floor 5.50%) 1/20/38 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 978199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding IX CLO Series 2018-9A ER 144A 11.414% (TSFR03M + 7.53%, Floor 7.53%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 1004982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover CLO<br> Series 2021-3A ER 144A 8.758% (TSFR03M + 4.90%, Floor 4.90%) 1/25/35 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 990947 |

---

&nbsp;&nbsp;&nbsp;&nbsp;26

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden CLO 109<br> Series 2022-109A ER 144A 9.255% (TSFR03M + 5.35%, Floor 5.35%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp;$986859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 17<br> Series 2022-4A ER 144A 9.582% (TSFR03M + 5.70%, Floor 5.70%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 543698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO IX Series 2021-2A ER 144A 8.534% (TSFR03M + 4.65%, Floor 4.65%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 681811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower CLO<br> Series 2022-1A ER 144A 9.784% (TSFR03M + 5.90%, Floor 5.90%) 10/20/37 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 980260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 62B<br> Series 2022-62A ER 144A 10.305% (TSFR03M + 6.40%, Floor 6.40%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 346635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 76 B<br> Series 2024-76A E 144A 9.608% (TSFR03M + 5.75%, Floor 5.75%) 10/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 351297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco US CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A E 144A 11.894% (TSFR03M + 8.01%, Floor 8.01%) 1/18/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 398994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 10.384% (TSFR03M + 6.50%, Floor 6.50%) 7/20/37 #, • | 1250000 | &nbsp;&nbsp;&nbsp; 1249632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 27<br> Series 27A ER2 144A 10.155% (TSFR03M + 6.25%, Floor 6.25%) 1/15/35 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 956085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXX Series 2018-30A ER 144A 10.294% (TSFR03M + 6.40%, Floor 6.40%) 7/16/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 589849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XLV<br> Series 2025-45A E 144A 8.405% (TSFR03M + 4.50%, Floor 4.50%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 991068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO<br> Series 2025-21A E 144A 8.605% (TSFR03M + 4.70%, Floor 4.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp; 430558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman CLO XX Series 2015-20A ER3 144A 8.655% (TSFR03M + 4.75%, Floor 4.75%) 4/15/39 #, • | 1250000 | &nbsp;&nbsp;&nbsp; 1230899 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3A ER2 144A 10.634% (TSFR03M + 6.75%, Floor 6.75%) 1/20/38 #, • | 1000000 | &nbsp;&nbsp;$983973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A ERR 144A 8.905% (TSFR03M + 5.00%, Floor 5.00%) 1/15/38 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 975297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO<br> Series 2019-17A ER2 144A 10.134% (TSFR03M + 6.25%, Floor 6.25%) 7/20/37 #, • | 1050000 | &nbsp;&nbsp;&nbsp; 1048992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFSI BSL XIV CLO Series 2024-14A E 144A 11.624% (TSFR03M + 7.74%, Floor 7.74%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 590864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9A ER 144A 9.384% (TSFR03M + 5.50%, Floor 5.50%) 10/19/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp; 777256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-11A ER 144A 9.284% (TSFR03M + 5.40%, Floor 5.40%) 7/19/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 649434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO Series 2024-2A D2 144A 8.234% (TSFR03M + 4.35%, Floor 4.35%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 1000870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO<br> Series 2022-1A ER 144A 10.974% (TSFR03M + 7.09%, Floor 7.09%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 647682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR Series 2024-28RA DR 144A 10.905% (TSFR03M + 7.00%, Floor 7.00%) 4/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 600301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Point CLO 5<br> Series 2024-5A E 144A 10.284% (TSFR03M + 6.40%, Floor 6.40%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp; 901878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO<br> Series 2025-1RA E 144A 11.469% (TSFR03M + 7.58%, Floor 7.58%) 2/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 493769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm King Park CLO Series 2022-1A ER 144A 10.055% (TSFR03M + 6.15%, Floor 6.15%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp; 840284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO 39 Series 2023-39A ER 144A 9.358% (TSFR03M + 5.50%, Floor 5.50%) 1/25/38 #, • | 1250000 | &nbsp;&nbsp;&nbsp; 1233834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A ER 144A 10.384% (TSFR03M + 6.50%, Floor 6.50%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 742697 |

---

&nbsp;&nbsp;&nbsp;&nbsp;27

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 11.132% (TSFR03M + 7.25%, Floor 7.25%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;$693423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 10.484% (TSFR03M + 6.60%, Floor 6.60%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 698104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO<br> Series 2022-1A ER 144A 11.655% (TSFR03M + 7.75%, Floor 7.75%) 7/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 668696 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $44,507,365)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $44,507,365)** | &nbsp;&nbsp;&nbsp; **43845300** |
| &nbsp;&nbsp;**Convertible Bond — 0.52%** | &nbsp;&nbsp;**Convertible Bond — 0.52%** | &nbsp;&nbsp;**Convertible Bond — 0.52%** |
| &nbsp;&nbsp;Leisure — 0.52% | &nbsp;&nbsp;Leisure — 0.52% | &nbsp;&nbsp;Leisure — 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 =, >>, π | 4000544 | &nbsp;&nbsp;&nbsp; 4080265 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $3,968,010)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $3,968,010)** | &nbsp;&nbsp;&nbsp; **4080265** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 80.50%** | &nbsp;&nbsp;**Corporate Bonds — 80.50%** | &nbsp;&nbsp;**Corporate Bonds — 80.50%** |
| &nbsp;&nbsp;Automotive — 4.48% | &nbsp;&nbsp;Automotive — 4.48% | &nbsp;&nbsp;Automotive — 4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission 144A 3.75% 1/30/31 # | 6885000 | &nbsp;&nbsp; 6487783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing 144A 7.75% 10/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp; 873402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 2/15/30 # | 2984000 | &nbsp;&nbsp; 3122935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 9/15/32 # | 1965000 | &nbsp;&nbsp; 2038859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings 144A 7.75% 5/31/32 # | 5970000 | &nbsp;&nbsp; 6349506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber 6.625% 7/15/30 | 2695000 | &nbsp;&nbsp; 2761782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor 144A 8.125% 7/17/35 # | 3110000 | &nbsp;&nbsp; 3307555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phinia 144A 6.625% 10/15/32 # | 1948000 | &nbsp;&nbsp; 2024381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wand NewCo 3 144A 7.625% 1/30/32 # | 3798000 | &nbsp;&nbsp; 4021436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital 144A 7.50% 3/24/31 # | 3930000 | &nbsp;&nbsp; 3975046 |
|  |  | &nbsp;&nbsp; 34962685 |
| &nbsp;&nbsp;Banking — 2.50% | &nbsp;&nbsp;Banking — 2.50% | &nbsp;&nbsp;Banking — 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 5800000 | &nbsp;&nbsp; 6420287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | 2850000 | &nbsp;&nbsp; 3027993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 5415000 | &nbsp;&nbsp; 6156915 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | 3930000 | &nbsp;&nbsp;$3916257 |
|  |  | &nbsp;&nbsp;&nbsp; 19521452 |
| &nbsp;&nbsp;Basic Industry — 5.99% | &nbsp;&nbsp;Basic Industry — 5.99% | &nbsp;&nbsp;Basic Industry — 5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate 144A 7.625% 8/15/33 # | 3865000 | &nbsp;&nbsp;&nbsp; 4080586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 6010000 | &nbsp;&nbsp;&nbsp; 6385089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings 7.375% 2/15/34 | 3905000 | &nbsp;&nbsp;&nbsp; 3969922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 3/15/32 # | 3285000 | &nbsp;&nbsp;&nbsp; 3371233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.625% 1/15/34 # | 2420000 | &nbsp;&nbsp;&nbsp; 2530802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium 144A 6.375% 8/15/32 # | 1660000 | &nbsp;&nbsp;&nbsp; 1721198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury 144A 5.875% 4/15/30 # | 3340000 | &nbsp;&nbsp;&nbsp; 3437722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K Hovnanian Enterprises 144A 8.375% 10/1/33 # | 2740000 | &nbsp;&nbsp;&nbsp; 2786743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources 144A 9.25% 10/1/28 # | 1105000 | &nbsp;&nbsp;&nbsp; 1160692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals 144A 9.00% 2/15/30 # | 3950000 | &nbsp;&nbsp;&nbsp; 4222609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 770485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/33 # | 4000000 | &nbsp;&nbsp;&nbsp; 4023407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A 6.75% 3/1/33 # | 3985000 | &nbsp;&nbsp;&nbsp; 4164250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Building Solutions 144A 6.50% 8/15/32 # | 4030000 | &nbsp;&nbsp;&nbsp; 4151891 |
|  |  | &nbsp;&nbsp;&nbsp; 46776629 |
| &nbsp;&nbsp;Capital Goods — 7.51% | &nbsp;&nbsp;Capital Goods — 7.51% | &nbsp;&nbsp;Capital Goods — 7.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | 3275000 | &nbsp;&nbsp;&nbsp; 3454074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa 144A 6.875% 8/15/32 # | 2025000 | &nbsp;&nbsp;&nbsp; 2142439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 195710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/31 # | 1905000 | &nbsp;&nbsp;&nbsp; 2032441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 11/15/30 # | 5115000 | &nbsp;&nbsp;&nbsp; 5532681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 3938000 | &nbsp;&nbsp;&nbsp; 4006537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esab 144A 6.25% 4/15/29 # | 4000000 | &nbsp;&nbsp;&nbsp; 4117868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | 1915000 | &nbsp;&nbsp;&nbsp; 1968352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc 144A 9.25% 10/1/31 # | 2035000 | &nbsp;&nbsp;&nbsp; 2188337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions<br> Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/30 # | 2725000 | &nbsp;&nbsp;&nbsp; 2706021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/30 # | 7261000 | &nbsp;&nbsp;&nbsp; 7006865 |

---

28&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 7/15/32 # | 1445000 | &nbsp;&nbsp;$1502602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp; 1016527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex 144A 6.25% 10/15/32 # | 3885000 | &nbsp;&nbsp;&nbsp; 3988753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toucan FinCo 144A 9.50% 5/15/30 # | 1264000 | &nbsp;&nbsp;&nbsp; 1263414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 3/1/32 # | 3260000 | &nbsp;&nbsp;&nbsp; 3395841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 12/15/30 # | 6450000 | &nbsp;&nbsp;&nbsp; 6753322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.25% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp; 819582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 12.25% 1/15/31 # | 3497000 | &nbsp;&nbsp;&nbsp; 3797379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VoltaGrid 144A 7.375% 11/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;784000 | &nbsp;&nbsp;&nbsp; 777125 |
|  |  | &nbsp;&nbsp;&nbsp; 58665870 |
| &nbsp;&nbsp;Consumer Goods — 1.19% | &nbsp;&nbsp;Consumer Goods — 1.19% | &nbsp;&nbsp;Consumer Goods — 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 9.375% 10/3/31 # | 4105000 | &nbsp;&nbsp;&nbsp; 4264068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 3/1/31 # | 1919000 | &nbsp;&nbsp;&nbsp; 2010099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.625% 9/15/32 # | 2860000 | &nbsp;&nbsp;&nbsp; 3004476 |
|  |  | &nbsp;&nbsp;&nbsp; 9278643 |
| &nbsp;&nbsp;Electric — 3.19% | &nbsp;&nbsp;Electric — 3.19% | &nbsp;&nbsp;Electric — 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer 144A 6.375% 2/15/32 # | 2768000 | &nbsp;&nbsp;&nbsp; 2778557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power 144A 7.25% 8/15/32 # | 4895000 | &nbsp;&nbsp;&nbsp; 5207869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 6.25% 11/1/34 # | 4090000 | &nbsp;&nbsp;&nbsp; 4204336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 12/15/26 #, μ, ψ | 8025000 | &nbsp;&nbsp;&nbsp; 8195160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 10/15/26 #, μ, ψ | 3650000 | &nbsp;&nbsp;&nbsp; 3755894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners 144A 8.375% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp; 767548 |
|  |  | &nbsp;&nbsp;&nbsp; 24909364 |
| &nbsp;&nbsp;Energy — 9.53% | &nbsp;&nbsp;Energy — 9.53% | &nbsp;&nbsp;Energy — 9.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | 2070000 | &nbsp;&nbsp;&nbsp; 2136292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources 144A 9.625% 6/15/33 # | 3645000 | &nbsp;&nbsp;&nbsp; 3937851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Energy Finance 144A 8.375% 1/15/34 # | 1749000 | &nbsp;&nbsp;&nbsp; 1738419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% 2/1/28 | 1975000 | &nbsp;&nbsp;&nbsp; 1984364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp; 980547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875% 4/15/30 | 1850000 | &nbsp;&nbsp;&nbsp; 1955174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Operating 144A 6.75% 9/1/29 # | 4050000 | &nbsp;&nbsp;&nbsp; 4187421 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 2248000 | &nbsp;&nbsp;$2145742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 2665000 | &nbsp;&nbsp;&nbsp; 2518110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/35 # | 4015000 | &nbsp;&nbsp;&nbsp; 3818173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources 144A 6.25% 4/15/33 # | 2870000 | &nbsp;&nbsp;&nbsp; 2884780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.875% 8/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp; 755265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.125% 1/31/30 # | 1475000 | &nbsp;&nbsp;&nbsp; 1547644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | 3860000 | &nbsp;&nbsp;&nbsp; 3999809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II 144A 8.00% 4/15/30 # | 3040000 | &nbsp;&nbsp;&nbsp; 3160274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuStar Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/26 | 4126000 | &nbsp;&nbsp;&nbsp; 4149155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 10/1/30 | 3742000 | &nbsp;&nbsp;&nbsp; 3940898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 1/15/32 # | 1490000 | &nbsp;&nbsp;&nbsp; 1558542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.875% 7/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp; 744030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SESI 144A 7.875% 9/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp; 773308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy 144A 7.00% 8/1/32 # | 1771000 | &nbsp;&nbsp;&nbsp; 1742130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco 144A 7.25% 5/1/32 # | 2210000 | &nbsp;&nbsp;&nbsp; 2338171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 10/15/32 # | 3628000 | &nbsp;&nbsp;&nbsp; 3806265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 5/15/31 # | 1845000 | &nbsp;&nbsp;&nbsp; 1828747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | 3435000 | &nbsp;&nbsp;&nbsp; 3557222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 9.875% 2/1/32 # | 5420000 | &nbsp;&nbsp;&nbsp; 5602640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG 144A 7.75% 5/1/35 # | 2630000 | &nbsp;&nbsp;&nbsp; 2881135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Energy 144A 7.875% 4/15/32 # | 3855000 | &nbsp;&nbsp;&nbsp; 3800891 |
|  |  | &nbsp;&nbsp;&nbsp; 74472999 |
| &nbsp;&nbsp;Financial Services — 5.79% | &nbsp;&nbsp;Financial Services — 5.79% | &nbsp;&nbsp;Financial Services — 5.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.65% 6/15/26 μ, ψ | 3715000 | &nbsp;&nbsp;&nbsp; 3690613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 4195000 | &nbsp;&nbsp;&nbsp; 4445794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 6.50% 5/15/32 | 2955000 | &nbsp;&nbsp;&nbsp; 3074722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo 144A 6.50% 10/1/30 # | 3927000 | &nbsp;&nbsp;&nbsp; 4010433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners 144A 6.75% 9/15/31 # | 3930000 | &nbsp;&nbsp;&nbsp; 4042786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Investors 144A 7.00% 6/15/32 # | 3990000 | &nbsp;&nbsp;&nbsp; 4197572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 6.625% 10/15/31 # | 4000000 | &nbsp;&nbsp;&nbsp; 3939480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/29 | 2811000 | &nbsp;&nbsp;&nbsp; 2914990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;947000 | &nbsp;&nbsp;&nbsp; 985041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;29

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 5/15/32 # | 1915000 | &nbsp;&nbsp;$2005857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 2/15/33 # | 2800000 | &nbsp;&nbsp;&nbsp; 2925028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket 144A 6.375% 8/1/33 # | 3860000 | &nbsp;&nbsp;&nbsp; 4029334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp; 846924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 8/10/34 #, μ, ψ | 2900000 | &nbsp;&nbsp;&nbsp; 2973514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.625% 2/1/30 # | 1129000 | &nbsp;&nbsp;&nbsp; 1143958 |
|  |  | &nbsp;&nbsp;&nbsp; 45226046 |
| &nbsp;&nbsp;Healthcare — 5.59% | &nbsp;&nbsp;Healthcare — 5.59% | &nbsp;&nbsp;Healthcare — 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC 144A 10.00% 4/15/32 # | 1705000 | &nbsp;&nbsp;&nbsp; 1774508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group 144A 6.50% 2/15/30 # | 2060000 | &nbsp;&nbsp;&nbsp; 2055551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding 144A 3.875% 11/1/29 # | 4315000 | &nbsp;&nbsp;&nbsp; 4145465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 1996000 | &nbsp;&nbsp;&nbsp; 1976496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/15/30 # | 1600000 | &nbsp;&nbsp;&nbsp; 1505588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;978000 | &nbsp;&nbsp;&nbsp; 784496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp; 873131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 1/15/34 # | 2840000 | &nbsp;&nbsp;&nbsp; 2986483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.75% 2/15/31 # | 2425000 | &nbsp;&nbsp;&nbsp; 2245267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 6/1/30 # | 1475000 | &nbsp;&nbsp;&nbsp; 1435271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENMAB 144A 7.25% 12/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp; 798952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | 2238000 | &nbsp;&nbsp;&nbsp; 2330606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA 144A 6.25% 6/1/32 # | 2000000 | &nbsp;&nbsp;&nbsp; 2092336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health 144A 11.00% 10/15/30 # | 1730000 | &nbsp;&nbsp;&nbsp; 1899341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower 144A 5.25% 10/1/29 # | 2925000 | &nbsp;&nbsp;&nbsp; 2942538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Mentor Holdings 144A 10.50% 12/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp; 555438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. 144A 5.125% 4/30/31 # | 4595000 | &nbsp;&nbsp;&nbsp; 3808956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Parent and Paradigm Parent CO-Issuer 144A 8.75% 4/17/32 # | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp; 752694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners 144A 8.50% 7/15/32 # | 1265000 | &nbsp;&nbsp;&nbsp; 1323048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings 144A 6.875% 11/15/31 # | 3180000 | &nbsp;&nbsp;&nbsp; 3279792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings 144A 7.25% 4/15/32 # | 4010000 | &nbsp;&nbsp;&nbsp; 4061000 |
|  |  | &nbsp;&nbsp;&nbsp; 43626957 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance — 3.69% | &nbsp;&nbsp;Insurance — 3.69% | &nbsp;&nbsp;Insurance — 3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco 144A 7.75% 2/15/31 # | 4595000 | &nbsp;&nbsp;$4820499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | 2540000 | &nbsp;&nbsp;&nbsp; 2617328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 2/15/32 # | 2325000 | &nbsp;&nbsp;&nbsp; 2401985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/30 # | 1880000 | &nbsp;&nbsp;&nbsp; 1974903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 1/31/32 # | 3810000 | &nbsp;&nbsp;&nbsp; 4001182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 5715000 | &nbsp;&nbsp;&nbsp; 5993909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panther Escrow Issuer 144A 7.125% 6/1/31 # | 3905000 | &nbsp;&nbsp;&nbsp; 4049008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USI 144A 7.50% 1/15/32 # | 2845000 | &nbsp;&nbsp;&nbsp; 2985341 |
|  |  | &nbsp;&nbsp;&nbsp; 28844155 |
| &nbsp;&nbsp;Leisure — 3.57% | &nbsp;&nbsp;Leisure — 3.57% | &nbsp;&nbsp;Leisure — 3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 2/15/32 # | 1900000 | &nbsp;&nbsp;&nbsp; 1947423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/15/30 # | 2675000 | &nbsp;&nbsp;&nbsp; 2771640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 6/15/31 # | 1235000 | &nbsp;&nbsp;&nbsp; 1276575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 2/15/33 # | 2919000 | &nbsp;&nbsp;&nbsp; 3015662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time 144A 6.00% 11/15/31 # | 4075000 | &nbsp;&nbsp;&nbsp; 4177429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 1880000 | &nbsp;&nbsp;&nbsp; 1931871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions 144A 7.00% 9/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp;&nbsp; 806745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority 144A 8.25% 4/15/30 # | 1041000 | &nbsp;&nbsp;&nbsp; 1087899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 4964000 | &nbsp;&nbsp;&nbsp; 5055554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment 144A 6.625% 5/1/32 # | 2945000 | &nbsp;&nbsp;&nbsp; 2971517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent 144A 9.25% 7/1/32 # | 2650000 | &nbsp;&nbsp;&nbsp; 2813587 |
|  |  | &nbsp;&nbsp;&nbsp; 27855902 |
| &nbsp;&nbsp;Media — 7.92% | &nbsp;&nbsp;Media — 7.92% | &nbsp;&nbsp;Media — 7.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 1950000 | &nbsp;&nbsp;&nbsp; 1595646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks 144A 10.25% 1/15/29 # | 1835000 | &nbsp;&nbsp;&nbsp; 1925451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # | 2374000 | &nbsp;&nbsp;&nbsp; 2317679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 8/15/30 # | 2924000 | &nbsp;&nbsp;&nbsp; 2754911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/1/32 # | 3290000 | &nbsp;&nbsp;&nbsp; 3009304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 9/1/29 # | 6850000 | &nbsp;&nbsp;&nbsp; 6947618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress 144A 7.375% 9/15/32 # | 2850000 | &nbsp;&nbsp;&nbsp; 2910573 |

---

30&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings 144A 7.50% 3/15/33 # | 2120000 | &nbsp;&nbsp;$2241097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 6/18/29 # | 4406000 | &nbsp;&nbsp;&nbsp; 3788984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 11/15/31 # | 3015000 | &nbsp;&nbsp;&nbsp; 1846205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 11/15/31 # | 2381000 | &nbsp;&nbsp;&nbsp; 852445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 8.00% 7/1/29 # | 3871000 | &nbsp;&nbsp;&nbsp; 1064525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv Financing 144A 8.875% 2/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp; 816432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 11/15/31 # | 5230000 | &nbsp;&nbsp;&nbsp; 3926449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 8/15/33 # | 1695000 | &nbsp;&nbsp;&nbsp; 1733017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education 144A 7.375% 9/1/31 # | 4808000 | &nbsp;&nbsp;&nbsp; 5076392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 3855000 | &nbsp;&nbsp;&nbsp; 3950893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap 144A 6.875% 3/1/33 # | 3965000 | &nbsp;&nbsp;&nbsp; 4111844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # | 4180000 | &nbsp;&nbsp;&nbsp; 4079316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 6/30/30 # | 4225000 | &nbsp;&nbsp;&nbsp; 4309483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.375% 8/1/32 # | 1947000 | &nbsp;&nbsp;&nbsp; 2094053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group 144A 7.25% 1/30/31 # | &nbsp;&nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp; 515095 |
|  |  | &nbsp;&nbsp;&nbsp; 61867412 |
| &nbsp;&nbsp;Non-Electric Utilities — 0.16% | &nbsp;&nbsp;Non-Electric Utilities — 0.16% | &nbsp;&nbsp;Non-Electric Utilities — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners 144A 9.50% 6/1/30 # | 1155000 | &nbsp;&nbsp;&nbsp; 1231208 |
|  |  | &nbsp;&nbsp;&nbsp; 1231208 |
| &nbsp;&nbsp;Real Estate — 0.57% | &nbsp;&nbsp;Real Estate — 0.57% | &nbsp;&nbsp;Real Estate — 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandywine Operating Partnership 8.875% 4/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp; 776558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital 144A 7.375% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp; 789011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHP Hotel Properties 144A 7.25% 7/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp; 784214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust 8.875% 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp; 784906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust 144A 6.50% 7/1/30 # | 1251000 | &nbsp;&nbsp;&nbsp; 1309325 |
|  |  | &nbsp;&nbsp;&nbsp; 4444014 |
| &nbsp;&nbsp;Retail — 4.98% | &nbsp;&nbsp;Retail — 4.98% | &nbsp;&nbsp;Retail — 4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group 4.75% 3/1/30 | 4450930 | &nbsp;&nbsp;&nbsp; 4403606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works 6.875% 11/1/35 | 6070000 | &nbsp;&nbsp;&nbsp; 6147138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beach Acquisition Bidco PIK 144A 10.00% 7/15/33 #, « | 2660000 | &nbsp;&nbsp;&nbsp; 2938324 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK 144A 9.00% 6/1/30 #, > | 1501650 | &nbsp;&nbsp;$1575824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK 144A 9.00% 6/1/31 #, >> | 1604806 | &nbsp;&nbsp;&nbsp; 1812001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance 144A 12.00% 11/30/28 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp; 750721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.875% 6/1/29 # | 1666000 | &nbsp;&nbsp;&nbsp; 1612066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 1/15/31 # | 1271000 | &nbsp;&nbsp;&nbsp; 1222413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | 6923000 | &nbsp;&nbsp;&nbsp; 6803267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil USA 4.75% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp; 982726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 9/15/32 # | 1150000 | &nbsp;&nbsp;&nbsp; 1171723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 10.00% 9/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 793937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group 144A 11.25% 2/15/27 # | 1440000 | &nbsp;&nbsp;&nbsp; 1540945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 4890000 | &nbsp;&nbsp;&nbsp; 5183292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William Carter 144A 7.375% 2/15/31 # | 1900000 | &nbsp;&nbsp;&nbsp; 1966789 |
|  |  | &nbsp;&nbsp;&nbsp; 38904772 |
| &nbsp;&nbsp;Services — 3.59% | &nbsp;&nbsp;Services — 3.59% | &nbsp;&nbsp;Services — 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 144A 7.00% 5/21/30 # | 1895000 | &nbsp;&nbsp;&nbsp; 1985497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | 1260000 | &nbsp;&nbsp;&nbsp; 1326809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp; 917743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;959000 | &nbsp;&nbsp;&nbsp; 1002365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 3412000 | &nbsp;&nbsp;&nbsp; 3496560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings 144A 8.375% 10/1/31 # | 2040000 | &nbsp;&nbsp;&nbsp; 1956557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 144A 10.75% 9/1/29 # | 3825000 | &nbsp;&nbsp;&nbsp; 3807561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synergy Infrastructure Holdings 144A 7.875% 12/1/30 # | 1553000 | &nbsp;&nbsp;&nbsp; 1613913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Pro USA 144A 7.00% 2/1/33 # | 1950000 | &nbsp;&nbsp;&nbsp; 2012040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Supply Holdings 144A 7.375% 11/15/30 # | 6806000 | &nbsp;&nbsp;&nbsp; 7066421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Scotsman 144A 6.625% 4/15/30 # | 2725000 | &nbsp;&nbsp;&nbsp; 2826108 |
|  |  | &nbsp;&nbsp;&nbsp; 28011574 |
| &nbsp;&nbsp;Technology & Electronics — 4.04% | &nbsp;&nbsp;Technology & Electronics — 4.04% | &nbsp;&nbsp;Technology & Electronics — 4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Borrower 144A 8.00% 6/15/30 # | 3492000 | &nbsp;&nbsp;&nbsp; 3599811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cipher Compute 144A 7.125% 11/15/30 # | 1166000 | &nbsp;&nbsp;&nbsp; 1189009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 3/31/29 # | 1950000 | &nbsp;&nbsp;&nbsp; 1976808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 9/30/29 # | 3730000 | &nbsp;&nbsp;&nbsp; 3887408 |

---

&nbsp;&nbsp;&nbsp;&nbsp;31

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope 144A 8.25% 3/1/27 # | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;$857200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Technologies 144A 5.00% 3/15/27 # | 1275000 | &nbsp;&nbsp;&nbsp; 1273008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave 144A 9.00% 2/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 706683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 4/15/29 # | 2121000 | &nbsp;&nbsp;&nbsp; 2127739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.95% 6/15/30 # | 1860000 | &nbsp;&nbsp;&nbsp; 1898605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US 144A 7.875% 9/30/32 # | 4000000 | &nbsp;&nbsp;&nbsp; 3800429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Data Storage Technology 144A 5.75% 12/1/34 # | 2155000 | &nbsp;&nbsp;&nbsp; 2213993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG 144A 6.875% 2/1/31 # | 5160000 | &nbsp;&nbsp;&nbsp; 5308572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WULF Compute 144A 7.75% 10/15/30 # | 1504000 | &nbsp;&nbsp;&nbsp; 1550637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies 144A 6.50% 6/1/32 # | 1120000 | &nbsp;&nbsp;&nbsp; 1160873 |
|  |  | &nbsp;&nbsp;&nbsp; 31550775 |
| &nbsp;&nbsp;Telecommunications — 5.68% | &nbsp;&nbsp;Telecommunications — 5.68% | &nbsp;&nbsp;Telecommunications — 5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 4480000 | &nbsp;&nbsp;&nbsp; 4757712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance 144A 8.625% 8/1/32 # | 1965000 | &nbsp;&nbsp;&nbsp; 2040205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/1/29 | 1011498 | &nbsp;&nbsp;&nbsp; 1024609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 1/15/30 # | 8965000 | &nbsp;&nbsp;&nbsp; 9125257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 5/1/29 # | 3287000 | &nbsp;&nbsp;&nbsp; 3314011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | 5850000 | &nbsp;&nbsp;&nbsp; 6299859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 7.125% 4/15/55 μ | 3405000 | &nbsp;&nbsp;&nbsp; 3587316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 4100000 | &nbsp;&nbsp;&nbsp; 4158679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 7.75% 4/15/32 # | 3770000 | &nbsp;&nbsp;&nbsp; 3933429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 7.50% 1/15/33 # | 1965000 | &nbsp;&nbsp;&nbsp; 1992624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services 144A 7.50% 10/15/33 # | 4035000 | &nbsp;&nbsp;&nbsp; 4139740 |
|  |  | &nbsp;&nbsp;&nbsp; 44373441 |
| &nbsp;&nbsp;Transportation — 0.53% | &nbsp;&nbsp;Transportation — 0.53% | &nbsp;&nbsp;Transportation — 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee & Wyoming 144A 6.25% 4/15/32 # | 4005000 | &nbsp;&nbsp;&nbsp; 4135175 |
|  |  | &nbsp;&nbsp;&nbsp; 4135175 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $615,878,959)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $615,878,959)** | &nbsp;&nbsp;&nbsp;**628659073** |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements — 6.04%** | &nbsp;&nbsp;**Loan Agreements — 6.04%** | &nbsp;&nbsp;**Loan Agreements — 6.04%** |
| &nbsp;&nbsp;Automotive — 0.45% | &nbsp;&nbsp;Automotive — 0.45% | &nbsp;&nbsp;Automotive — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 6.466% (SOFR01M + 2.75%) 1/28/32 • | 1506225 | &nbsp;&nbsp;$1511873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco Tranche B 8.772% - 8.989% (SOFR03M + 5.10%) 11/17/28 • | 2010000 | &nbsp;&nbsp;&nbsp; 1979621 |
|  |  | &nbsp;&nbsp;&nbsp; 3491494 |
| &nbsp;&nbsp;Basic Industry — 0.83% | &nbsp;&nbsp;Basic Industry — 0.83% | &nbsp;&nbsp;Basic Industry — 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies 9.62% (SOFR03M + 5.75%) 7/19/30 • | 1763140 | &nbsp;&nbsp;&nbsp; 1595642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Holding Tranche B-1 6.672% (SOFR03M + 3.00%) 1/17/32 • | 1828933 | &nbsp;&nbsp;&nbsp; 1842078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Tranche B 7.966% (SOFR01M + 4.25%) 10/7/31 • | 1935375 | &nbsp;&nbsp;&nbsp; 1316055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usalco 7.216% (SOFR01M + 3.50%) 9/30/31 • | 1687394 | &nbsp;&nbsp;&nbsp; 1696358 |
|  |  | &nbsp;&nbsp;&nbsp; 6450133 |
| &nbsp;&nbsp;Capital Goods — 0.60% | &nbsp;&nbsp;Capital Goods — 0.60% | &nbsp;&nbsp;Capital Goods — 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings Tranche B 6.966% (SOFR01M + 3.25%) 4/1/32 • | &nbsp;&nbsp;&nbsp;&nbsp;548122 | &nbsp;&nbsp;&nbsp; 548323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lsf12 Crown US Commercial Bidco 7.373% (SOFR01M + 3.50%) 12/2/31 • | 2162617 | &nbsp;&nbsp;&nbsp; 2180188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunSource Borrower 7.816% (SOFR01M + 4.10%) 3/25/31 • | 1940625 | &nbsp;&nbsp;&nbsp; 1942445 |
|  |  | &nbsp;&nbsp;&nbsp; 4670956 |
| &nbsp;&nbsp;Healthcare — 1.72% | &nbsp;&nbsp;Healthcare — 1.72% | &nbsp;&nbsp;Healthcare — 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb 7.966% (SOFR01M + 4.25%) 1/15/31 • | 3659339 | &nbsp;&nbsp;&nbsp; 3681068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti 7.625% 5/1/31 | 3918000 | &nbsp;&nbsp;&nbsp; 3807806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 7.466% (SOFR01M + 3.75%) 8/25/32 • | 5890462 | &nbsp;&nbsp;&nbsp; 5921752 |
|  |  | &nbsp;&nbsp;&nbsp; 13410626 |
| &nbsp;&nbsp;Leisure — 0.25% | &nbsp;&nbsp;Leisure — 0.25% | &nbsp;&nbsp;Leisure — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings 6.934% (SOFR03M + 3.00%) 4/4/29 • | 1974676 | &nbsp;&nbsp;&nbsp; 1942835 |
|  |  | &nbsp;&nbsp;&nbsp; 1942835 |
| &nbsp;&nbsp;Media — 0.18% | &nbsp;&nbsp;Media — 0.18% | &nbsp;&nbsp;Media — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DirectV Financing Tranche B 9.34% (SOFR03M + 5.50%) 2/17/31 • | 1073600 | &nbsp;&nbsp;&nbsp; 1075193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 1st Lien 7.922% (SOFR03M + 4.25%) 6/24/29 • | &nbsp;&nbsp;&nbsp;&nbsp;338376 | &nbsp;&nbsp;&nbsp; 339504 |
|  |  | &nbsp;&nbsp;&nbsp; 1414697 |

---

32&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Retail — 0.28% | &nbsp;&nbsp;Retail — 0.28% | &nbsp;&nbsp;Retail — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group 7.466% (SOFR01M + 3.75%) 1/28/32 • | 2199380 | &nbsp;&nbsp;$2211408 |
|  |  | &nbsp;&nbsp;&nbsp; 2211408 |
| &nbsp;&nbsp;Technology & Electronics — 1.73% | &nbsp;&nbsp;Technology & Electronics — 1.73% | &nbsp;&nbsp;Technology & Electronics — 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 8.172% (SOFR03M + 4.50%) 2/23/32 • | 3716000 | &nbsp;&nbsp;&nbsp; 3786604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover Holdings 2 7.75% 12/9/31 | 4457600 | &nbsp;&nbsp;&nbsp; 4446456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commscope 8.466% (SOFR01M + 4.75%) 12/17/29 • | 3855000 | &nbsp;&nbsp;&nbsp; 3868011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I 8.841% (SOFR03M + 5.00%) 11/12/32 • | 1442000 | &nbsp;&nbsp;&nbsp; 1449210 |
|  |  | &nbsp;&nbsp;&nbsp; 13550281 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $47,674,632)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $47,674,632)** | &nbsp;&nbsp;&nbsp; **47142430** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 0.55%♣** | &nbsp;&nbsp;**Common Stocks — 0.55%♣** | &nbsp;&nbsp;**Common Stocks — 0.55%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 0.39% | &nbsp;&nbsp;Consumer Discretionary — 0.39% | &nbsp;&nbsp;Consumer Discretionary — 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG Warrant =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;853087 | &nbsp;&nbsp; 3028459 |
|  |  | &nbsp;&nbsp; 3028459 |
| &nbsp;&nbsp;Energy — 0.00% | &nbsp;&nbsp;Energy — 0.00% | &nbsp;&nbsp;Energy — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIS Industries Holdings =, †, π | 1604602 | &nbsp;&nbsp; 24457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Oil & Gas Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp; 429 |
|  |  | &nbsp;&nbsp; 25212 |
| &nbsp;&nbsp;Financials — 0.16% | &nbsp;&nbsp;Financials — 0.16% | &nbsp;&nbsp;Financials — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, †, π | 3072567 | &nbsp;&nbsp; 1253518 |
|  |  | &nbsp;&nbsp; 1253518 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $35,674,074)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $35,674,074)** | &nbsp;&nbsp; **4307189** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 2.13%** | &nbsp;&nbsp;**Exchange-Traded Funds — 2.13%** | &nbsp;&nbsp;**Exchange-Traded Funds — 2.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp;&nbsp;424157 | &nbsp;&nbsp; 8907297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp; 7740480 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $16,497,772)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $16,497,772)** | &nbsp;&nbsp; **16647777** |
| &nbsp;&nbsp;**Short-Term Investments — 2.42%** | &nbsp;&nbsp;**Short-Term Investments — 2.42%** | &nbsp;&nbsp;**Short-Term Investments — 2.42%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.42% | &nbsp;&nbsp;Money Market Mutual Funds — 2.42% | &nbsp;&nbsp;Money Market Mutual Funds — 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 4724845 | &nbsp;&nbsp; 4724845 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 4724844 | &nbsp;&nbsp;$4724844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 4724845 | &nbsp;&nbsp;&nbsp; 4724845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 4724845 | &nbsp;&nbsp;&nbsp; 4724845 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $18,899,379)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $18,899,379)** | &nbsp;&nbsp;&nbsp; **18899379** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—97.78%<br> (cost $783,100,191)** |  | &nbsp;&nbsp;&nbsp;**763581413** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—2.22%** |  | &nbsp;&nbsp;&nbsp; **17370336** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 266,837,015 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$780951749** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $604,868,854, which represents 77.45% of the Series' net assets. See Note 12 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| >> | PIK. 100% of the income received was in the form of principal. |

---

&nbsp;&nbsp;&nbsp;&nbsp;33

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP High Income Series

---

| | |
|:---|:---|
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| « | PIK. The first payment of cash and/or principal will be made after December 31, 2025. |
| > | PIK. 100% of the income received was in the form of cash. |
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| † | Non-income producing security. |
| X | This loan will settle after December 31, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |
| π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At December 31, 2025, the aggregate value of restricted securities was $5,358,669, which represented 0.69% of the Series' net assets. See Note 12 in "Notes to financial statements" and the table to the right for additional details on restricted securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| ASG Warrant | &nbsp;&nbsp;&nbsp;5/30/18 | $72000 | $0 |
| BIS Industries Holdings | 12/22/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24457 |
| New Cotai | &nbsp;&nbsp;&nbsp;9/29/20 | &nbsp;&nbsp;&nbsp;28520069 | &nbsp;&nbsp;&nbsp;1253518 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;3968010 | &nbsp;&nbsp;&nbsp;4080265 |
| Westmoreland Coal | &nbsp;&nbsp;&nbsp;3/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
| Total |  | $32711528 | $5358669 |

---

#### Unfunded Loan Commitments
The Series may invest in floating rate loans. In connection with these investments, the Series may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Series to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Series earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal<br> Amount | Value | Commitment | Unrealized<br> Appreciation<br> (Depreciation) |
| Usalco TBD 9/30/31 X | $175604 | $176537 | $175604 | $933 |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| CLO – Collateralized Loan Obligation |
| ETF – Exchange-Traded Fund |
| LNG – Liquefied Natural Gas |
| PIK – Payment-in-kind |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TBD – To be determined |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

34&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP International Core Equity Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.25%Δ** | &nbsp;&nbsp;**Common Stocks — 98.25%Δ** | &nbsp;&nbsp;**Common Stocks — 98.25%Δ** |
| &nbsp;&nbsp;Brazil — 7.28% | &nbsp;&nbsp;Brazil — 7.28% | &nbsp;&nbsp;Brazil — 7.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 2507559 | &nbsp;&nbsp;$10030694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer ADR | &nbsp;&nbsp;&nbsp;&nbsp;208193 | &nbsp;&nbsp;&nbsp; 13401384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851 | &nbsp;&nbsp;&nbsp; 19842475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP Class A | &nbsp;&nbsp;&nbsp;&nbsp;691647 | &nbsp;&nbsp;&nbsp; 11322261 |
|  |  | &nbsp;&nbsp;&nbsp; 54596814 |
| &nbsp;&nbsp;Canada — 4.14% | &nbsp;&nbsp;Canada — 4.14% | &nbsp;&nbsp;Canada — 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;224100 | &nbsp;&nbsp;&nbsp; 12238924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;111857 | &nbsp;&nbsp;&nbsp; 9812904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollarama | &nbsp;&nbsp;&nbsp;&nbsp;59964 | &nbsp;&nbsp;&nbsp; 8962162 |
|  |  | &nbsp;&nbsp;&nbsp; 31013990 |
| &nbsp;&nbsp;China — 8.61% | &nbsp;&nbsp;China — 8.61% | &nbsp;&nbsp;China — 8.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Class H | 3125500 | &nbsp;&nbsp;&nbsp; 21262456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastroc Beverage Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;195100 | &nbsp;&nbsp;&nbsp; 7467975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | 5868000 | &nbsp;&nbsp;&nbsp; 6978199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 1420590 | &nbsp;&nbsp;&nbsp; 15883802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;168800 | &nbsp;&nbsp;&nbsp; 12954310 |
|  |  | &nbsp;&nbsp;&nbsp; 64546742 |
| &nbsp;&nbsp;Denmark — 1.30% | &nbsp;&nbsp;Denmark — 1.30% | &nbsp;&nbsp;Denmark — 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;45691 | &nbsp;&nbsp;&nbsp; 9743149 |
|  |  | &nbsp;&nbsp;&nbsp; 9743149 |
| &nbsp;&nbsp;Finland — 1.21% | &nbsp;&nbsp;Finland — 1.21% | &nbsp;&nbsp;Finland — 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;242724 | &nbsp;&nbsp;&nbsp; 9065741 |
|  |  | &nbsp;&nbsp;&nbsp; 9065741 |
| &nbsp;&nbsp;France — 1.42% | &nbsp;&nbsp;France — 1.42% | &nbsp;&nbsp;France — 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;45962 | &nbsp;&nbsp;&nbsp; 10673479 |
|  |  | &nbsp;&nbsp;&nbsp; 10673479 |
| &nbsp;&nbsp;Germany — 8.93% | &nbsp;&nbsp;Germany — 8.93% | &nbsp;&nbsp;Germany — 8.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech ADR † | &nbsp;&nbsp;&nbsp;&nbsp;58672 | &nbsp;&nbsp;&nbsp; 5585574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;338833 | &nbsp;&nbsp;&nbsp; 11029372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KION Group | &nbsp;&nbsp;&nbsp;&nbsp;226068 | &nbsp;&nbsp;&nbsp; 17863263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;71053 | &nbsp;&nbsp;&nbsp; 17263643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy † | &nbsp;&nbsp;&nbsp;&nbsp;52056 | &nbsp;&nbsp;&nbsp; 7302862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Healthineers 144A # | &nbsp;&nbsp;&nbsp;&nbsp;150415 | &nbsp;&nbsp;&nbsp; 7884399 |
|  |  | &nbsp;&nbsp;&nbsp; 66929113 |
| &nbsp;&nbsp;Hong Kong — 3.52% | &nbsp;&nbsp;Hong Kong — 3.52% | &nbsp;&nbsp;Hong Kong — 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson Land Development | 3140000 | &nbsp;&nbsp;&nbsp; 11370836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential | &nbsp;&nbsp;&nbsp;&nbsp;974248 | &nbsp;&nbsp;&nbsp; 14986933 |
|  |  | &nbsp;&nbsp;&nbsp; 26357769 |
| &nbsp;&nbsp;India — 6.58% | &nbsp;&nbsp;India — 6.58% | &nbsp;&nbsp;India — 6.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 1058781 | &nbsp;&nbsp;&nbsp; 14971679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;837253 | &nbsp;&nbsp;&nbsp; 19651569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 1328398 | &nbsp;&nbsp;&nbsp; 14674674 |
|  |  | &nbsp;&nbsp;&nbsp; 49297922 |
| &nbsp;&nbsp;Ireland — 3.77% | &nbsp;&nbsp;Ireland — 3.77% | &nbsp;&nbsp;Ireland — 3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | &nbsp;&nbsp;&nbsp;&nbsp;298592 | &nbsp;&nbsp;&nbsp; 13462493 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Ireland (continued) | &nbsp;&nbsp;Ireland (continued) | &nbsp;&nbsp;Ireland (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON † | &nbsp;&nbsp;&nbsp;&nbsp;81425 | &nbsp;&nbsp;$14837263 |
|  |  | &nbsp;&nbsp;&nbsp; 28299756 |
| &nbsp;&nbsp;Japan — 10.21% | &nbsp;&nbsp;Japan — 10.21% | &nbsp;&nbsp;Japan — 10.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daikin Industries | &nbsp;&nbsp;&nbsp;&nbsp;59800 | &nbsp;&nbsp;&nbsp; 7647931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marubeni | &nbsp;&nbsp;&nbsp;&nbsp;376100 | &nbsp;&nbsp;&nbsp; 10474384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 1201300 | &nbsp;&nbsp;&nbsp; 19065921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEC | &nbsp;&nbsp;&nbsp;&nbsp;244900 | &nbsp;&nbsp;&nbsp; 8286316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus | &nbsp;&nbsp;&nbsp;&nbsp;949000 | &nbsp;&nbsp;&nbsp; 12032613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 19030049 |
|  |  | &nbsp;&nbsp;&nbsp; 76537214 |
| &nbsp;&nbsp;Luxembourg — 1.51% | &nbsp;&nbsp;Luxembourg — 1.51% | &nbsp;&nbsp;Luxembourg — 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific | &nbsp;&nbsp;&nbsp;&nbsp;154960 | &nbsp;&nbsp;&nbsp; 11331982 |
|  |  | &nbsp;&nbsp;&nbsp; 11331982 |
| &nbsp;&nbsp;Netherlands — 7.15% | &nbsp;&nbsp;Netherlands — 7.15% | &nbsp;&nbsp;Netherlands — 7.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6570 | &nbsp;&nbsp;&nbsp; 10594616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx ADR † | &nbsp;&nbsp;&nbsp;&nbsp;15403 | &nbsp;&nbsp;&nbsp; 12953153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMCD | &nbsp;&nbsp;&nbsp;&nbsp;72257 | &nbsp;&nbsp;&nbsp; 6558220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;834614 | &nbsp;&nbsp;&nbsp; 23459525 |
|  |  | &nbsp;&nbsp;&nbsp; 53565514 |
| &nbsp;&nbsp;Singapore — 4.24% | &nbsp;&nbsp;Singapore — 4.24% | &nbsp;&nbsp;Singapore — 4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Class A † | 3402210 | &nbsp;&nbsp;&nbsp; 16977028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;116082 | &nbsp;&nbsp;&nbsp; 14808581 |
|  |  | &nbsp;&nbsp;&nbsp; 31785609 |
| &nbsp;&nbsp;South Korea — 5.49% | &nbsp;&nbsp;South Korea — 5.49% | &nbsp;&nbsp;South Korea — 5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;40754 | &nbsp;&nbsp;&nbsp; 3508295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;208609 | &nbsp;&nbsp;&nbsp; 17484542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;44584 | &nbsp;&nbsp;&nbsp; 20191121 |
|  |  | &nbsp;&nbsp;&nbsp; 41183958 |
| &nbsp;&nbsp;Spain — 2.45% | &nbsp;&nbsp;Spain — 2.45% | &nbsp;&nbsp;Spain — 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;&nbsp;783084 | &nbsp;&nbsp;&nbsp; 18368974 |
|  |  | &nbsp;&nbsp;&nbsp; 18368974 |
| &nbsp;&nbsp;Switzerland — 1.18% | &nbsp;&nbsp;Switzerland — 1.18% | &nbsp;&nbsp;Switzerland — 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont Class A | &nbsp;&nbsp;&nbsp;&nbsp;40881 | &nbsp;&nbsp;&nbsp; 8816030 |
|  |  | &nbsp;&nbsp;&nbsp; 8816030 |
| &nbsp;&nbsp;Taiwan — 6.21% | &nbsp;&nbsp;Taiwan — 6.21% | &nbsp;&nbsp;Taiwan — 6.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;947000 | &nbsp;&nbsp;&nbsp; 46551949 |
|  |  | &nbsp;&nbsp;&nbsp; 46551949 |
| &nbsp;&nbsp;United Kingdom — 9.78% | &nbsp;&nbsp;United Kingdom — 9.78% | &nbsp;&nbsp;United Kingdom — 9.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;683150 | &nbsp;&nbsp;&nbsp; 15722736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | 2814542 | &nbsp;&nbsp;&nbsp; 18016246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group | &nbsp;&nbsp;&nbsp;&nbsp;526552 | &nbsp;&nbsp;&nbsp; 16683827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;61562 | &nbsp;&nbsp;&nbsp; 13238292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;35

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

## Schedules of investments
Nomura VIP International Core Equity Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries | 1222957 | &nbsp;&nbsp;$9645394 |
|  |  | &nbsp;&nbsp;&nbsp; 73306495 |
| &nbsp;&nbsp;United States — 3.27% | &nbsp;&nbsp;United States — 3.27% | &nbsp;&nbsp;United States — 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp; 7775939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;436272 | &nbsp;&nbsp;&nbsp; 16744120 |
|  |  | &nbsp;&nbsp;&nbsp; 24520059 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $626,243,886)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $626,243,886)** | &nbsp;&nbsp;&nbsp;**736492259** |
| &nbsp;&nbsp;**Short-Term Investments — 1.83%** | &nbsp;&nbsp;**Short-Term Investments — 1.83%** | &nbsp;&nbsp;**Short-Term Investments — 1.83%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.83% | &nbsp;&nbsp;Money Market Mutual Funds — 1.83% | &nbsp;&nbsp;Money Market Mutual Funds — 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 3426025 | &nbsp;&nbsp;&nbsp; 3426025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 3426026 | &nbsp;&nbsp;&nbsp; 3426026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 3426026 | &nbsp;&nbsp;&nbsp; 3426026 |

---

---

| | | |
|:---|:---|:---|
|  | **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 3.69%) | 3426026 | &nbsp;&nbsp;$3426026 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $13,704,103)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $13,704,103)** | &nbsp;&nbsp;&nbsp; **13704103** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.08%<br> (cost $639,947,989)** |  | &nbsp;&nbsp;&nbsp;**750196362** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets — (0.08%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(631038)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 38,675,407 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$749565324** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| Non-income producing security. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $18,479,015, which represents 2.47% of the Series' net assets. See Note 12 in "Notes to financial statements." |

---

---

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

---

See accompanying notes, which are an integral part of the financial statements.

36&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Mid Cap Growth Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.59%♣** | &nbsp;&nbsp;**Common Stocks — 97.59%♣** | &nbsp;&nbsp;**Common Stocks — 97.59%♣** |
| &nbsp;&nbsp;Communication Services — 0.89% | &nbsp;&nbsp;Communication Services — 0.89% | &nbsp;&nbsp;Communication Services — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stubhub Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;244234 | &nbsp;&nbsp;$3304486 |
|  |  | &nbsp;&nbsp;&nbsp; 3304486 |
| &nbsp;&nbsp;Consumer Discretionary — 18.25% | &nbsp;&nbsp;Consumer Discretionary — 18.25% | &nbsp;&nbsp;Consumer Discretionary — 18.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;94536 | &nbsp;&nbsp;&nbsp; 3530920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;21307 | &nbsp;&nbsp;&nbsp; 3760046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros Class A † | &nbsp;&nbsp;&nbsp;&nbsp;73186 | &nbsp;&nbsp;&nbsp; 4480447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;101904 | &nbsp;&nbsp;&nbsp; 6204935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;16249 | &nbsp;&nbsp;&nbsp; 4667525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Holding Class A † | &nbsp;&nbsp;&nbsp;&nbsp;133089 | &nbsp;&nbsp;&nbsp; 6185977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness Class A † | &nbsp;&nbsp;&nbsp;&nbsp;33276 | &nbsp;&nbsp;&nbsp; 3609448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool | &nbsp;&nbsp;&nbsp;&nbsp;17850 | &nbsp;&nbsp;&nbsp; 4083187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | &nbsp;&nbsp;&nbsp;&nbsp;51637 | &nbsp;&nbsp;&nbsp; 14402592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | &nbsp;&nbsp;&nbsp;&nbsp;47574 | &nbsp;&nbsp;&nbsp; 5323531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry | &nbsp;&nbsp;&nbsp;&nbsp;44763 | &nbsp;&nbsp;&nbsp; 5719368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | &nbsp;&nbsp;&nbsp;&nbsp;116250 | &nbsp;&nbsp;&nbsp; 5813662 |
|  |  | &nbsp;&nbsp;&nbsp; 67781638 |
| &nbsp;&nbsp;Consumer Staples — 1.36% | &nbsp;&nbsp;Consumer Staples — 1.36% | &nbsp;&nbsp;Consumer Staples — 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9121 | &nbsp;&nbsp;&nbsp; 5041268 |
|  |  | &nbsp;&nbsp;&nbsp; 5041268 |
| &nbsp;&nbsp;Financials — 8.47% | &nbsp;&nbsp;Financials — 8.47% | &nbsp;&nbsp;Financials — 8.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;&nbsp;57905 | &nbsp;&nbsp;&nbsp; 4615029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay † | &nbsp;&nbsp;&nbsp;&nbsp;16766 | &nbsp;&nbsp;&nbsp; 5045392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;22284 | &nbsp;&nbsp;&nbsp; 3881650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group | &nbsp;&nbsp;&nbsp;&nbsp;11486 | &nbsp;&nbsp;&nbsp; 4492404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings | &nbsp;&nbsp;&nbsp;&nbsp;25038 | &nbsp;&nbsp;&nbsp; 8942822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast Class A † | &nbsp;&nbsp;&nbsp;&nbsp;126152 | &nbsp;&nbsp;&nbsp; 4479658 |
|  |  | &nbsp;&nbsp;&nbsp; 31456955 |
| &nbsp;&nbsp;Healthcare — 19.34% | &nbsp;&nbsp;Healthcare — 19.34% | &nbsp;&nbsp;Healthcare — 19.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology † | &nbsp;&nbsp;&nbsp;&nbsp;32980 | &nbsp;&nbsp;&nbsp; 5149827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;20215 | &nbsp;&nbsp;&nbsp; 8038495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;14354 | &nbsp;&nbsp;&nbsp; 3060847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | &nbsp;&nbsp;&nbsp;&nbsp;126187 | &nbsp;&nbsp;&nbsp; 7421057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences † | &nbsp;&nbsp;&nbsp;&nbsp;79687 | &nbsp;&nbsp;&nbsp; 6793317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;21543 | &nbsp;&nbsp;&nbsp; 14574486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;22980 | &nbsp;&nbsp;&nbsp; 3999439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet † | &nbsp;&nbsp;&nbsp;&nbsp;29704 | &nbsp;&nbsp;&nbsp; 8443065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;68620 | &nbsp;&nbsp;&nbsp; 5428528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;21109 | &nbsp;&nbsp;&nbsp; 4712162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Holding † | &nbsp;&nbsp;&nbsp;&nbsp;128609 | &nbsp;&nbsp;&nbsp; 4211945 |
|  |  | &nbsp;&nbsp;&nbsp; 71833168 |
| &nbsp;&nbsp;Industrials — 22.39% | &nbsp;&nbsp;Industrials — 22.39% | &nbsp;&nbsp;Industrials — 22.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies | &nbsp;&nbsp;&nbsp;&nbsp;29295 | &nbsp;&nbsp;&nbsp; 5063348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | &nbsp;&nbsp;&nbsp;&nbsp;13583 | &nbsp;&nbsp;&nbsp; 1474435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart † | &nbsp;&nbsp;&nbsp;&nbsp;102156 | &nbsp;&nbsp;&nbsp; 3999407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | &nbsp;&nbsp;&nbsp;&nbsp;216877 | &nbsp;&nbsp;&nbsp; 8703274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;25017 | &nbsp;&nbsp;&nbsp; 5569535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;39778 | &nbsp;&nbsp;&nbsp; 5424526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Class A | &nbsp;&nbsp;&nbsp;&nbsp;29264 | &nbsp;&nbsp;&nbsp; 7387111 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;40668 | &nbsp;&nbsp;$8337753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;48101 | &nbsp;&nbsp;&nbsp; 3651347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;31091 | &nbsp;&nbsp;&nbsp; 7450647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding † | &nbsp;&nbsp;&nbsp;&nbsp;33622 | &nbsp;&nbsp;&nbsp; 5127355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;17456 | &nbsp;&nbsp;&nbsp; 7367479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | &nbsp;&nbsp;&nbsp;&nbsp;105303 | &nbsp;&nbsp;&nbsp; 6320286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;36443 | &nbsp;&nbsp;&nbsp; 7290787 |
|  |  | &nbsp;&nbsp;&nbsp; 83167290 |
| &nbsp;&nbsp;Information Technology — 22.25% | &nbsp;&nbsp;Information Technology — 22.25% | &nbsp;&nbsp;Information Technology — 22.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems Class B | &nbsp;&nbsp;&nbsp;&nbsp;82330 | &nbsp;&nbsp;&nbsp; 3142124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;28614 | &nbsp;&nbsp;&nbsp; 3897227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Class A † | &nbsp;&nbsp;&nbsp;&nbsp;53130 | &nbsp;&nbsp;&nbsp; 10474580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | &nbsp;&nbsp;&nbsp;&nbsp;27662 | &nbsp;&nbsp;&nbsp; 5105575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Class A † | &nbsp;&nbsp;&nbsp;&nbsp;66662 | &nbsp;&nbsp;&nbsp; 9065365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot † | &nbsp;&nbsp;&nbsp;&nbsp;13152 | &nbsp;&nbsp;&nbsp; 5277898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | &nbsp;&nbsp;&nbsp;&nbsp;35529 | &nbsp;&nbsp;&nbsp; 3299223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;38078 | &nbsp;&nbsp;&nbsp; 6522000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates † | &nbsp;&nbsp;&nbsp;&nbsp;28787 | &nbsp;&nbsp;&nbsp; 4989075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems | &nbsp;&nbsp;&nbsp;&nbsp;11848 | &nbsp;&nbsp;&nbsp; 10738553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta † | &nbsp;&nbsp;&nbsp;&nbsp;47391 | &nbsp;&nbsp;&nbsp; 5639055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;30077 | &nbsp;&nbsp;&nbsp; 6597691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;10404 | &nbsp;&nbsp;&nbsp; 4722896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler † | &nbsp;&nbsp;&nbsp;&nbsp;14087 | &nbsp;&nbsp;&nbsp; 3168448 |
|  |  | &nbsp;&nbsp;&nbsp; 82639710 |
| &nbsp;&nbsp;Materials — 1.96% | &nbsp;&nbsp;Materials — 1.96% | &nbsp;&nbsp;Materials — 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;&nbsp;11712 | &nbsp;&nbsp;&nbsp; 7292594 |
|  |  | &nbsp;&nbsp;&nbsp; 7292594 |
| &nbsp;&nbsp;Real Estate — 2.68% | &nbsp;&nbsp;Real Estate — 2.68% | &nbsp;&nbsp;Real Estate — 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | &nbsp;&nbsp;&nbsp;&nbsp;148208 | &nbsp;&nbsp;&nbsp; 9965506 |
|  |  | &nbsp;&nbsp;&nbsp; 9965506 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $321,098,317)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $321,098,317)** | &nbsp;&nbsp;&nbsp;**362482615** |
| &nbsp;&nbsp;**Short-Term Investments — 2.50%** | &nbsp;&nbsp;**Short-Term Investments — 2.50%** | &nbsp;&nbsp;**Short-Term Investments — 2.50%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.50% | &nbsp;&nbsp;Money Market Mutual Funds — 2.50% | &nbsp;&nbsp;Money Market Mutual Funds — 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 2322829 | &nbsp;&nbsp;&nbsp; 2322829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 2322830 | &nbsp;&nbsp;&nbsp; 2322830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 2322830 | &nbsp;&nbsp;&nbsp; 2322830 |

---

&nbsp;&nbsp;&nbsp;&nbsp;37

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Mid Cap Growth 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 3.69%) | 2322829 | &nbsp;&nbsp;$2322829 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $9,291,318)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $9,291,318)** | &nbsp;&nbsp;&nbsp; **9291318** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.09%<br> (cost $330,389,635)** |  | &nbsp;&nbsp;&nbsp;**371773933** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.09%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(330170)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 48,104,467 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$371443763** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

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

---

See accompanying notes, which are an integral part of the financial statements.

38&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Natural Resources Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.14%♣** | &nbsp;&nbsp;**Common Stocks — 99.14%♣** | &nbsp;&nbsp;**Common Stocks — 99.14%♣** |
| &nbsp;&nbsp;Agricultural Products — 2.04% | &nbsp;&nbsp;Agricultural Products — 2.04% | &nbsp;&nbsp;Agricultural Products — 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global | &nbsp;&nbsp;&nbsp;&nbsp;20148 | &nbsp;&nbsp;$1794784 |
|  |  | &nbsp;&nbsp;&nbsp; 1794784 |
| &nbsp;&nbsp;Aluminum — 3.04% | &nbsp;&nbsp;Aluminum — 3.04% | &nbsp;&nbsp;Aluminum — 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | &nbsp;&nbsp;&nbsp;&nbsp;50314 | &nbsp;&nbsp;&nbsp; 2673686 |
|  |  | &nbsp;&nbsp;&nbsp; 2673686 |
| &nbsp;&nbsp;Coal & Consumable Fuels — 4.70% | &nbsp;&nbsp;Coal & Consumable Fuels — 4.70% | &nbsp;&nbsp;Coal & Consumable Fuels — 4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;26370 | &nbsp;&nbsp;&nbsp; 2334009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy | &nbsp;&nbsp;&nbsp;&nbsp;60375 | &nbsp;&nbsp;&nbsp; 1793137 |
|  |  | &nbsp;&nbsp;&nbsp; 4127146 |
| &nbsp;&nbsp;Commodity Chemicals — 1.84% | &nbsp;&nbsp;Commodity Chemicals — 1.84% | &nbsp;&nbsp;Commodity Chemicals — 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex | &nbsp;&nbsp;&nbsp;&nbsp;40614 | &nbsp;&nbsp;&nbsp; 1613188 |
|  |  | &nbsp;&nbsp;&nbsp; 1613188 |
| &nbsp;&nbsp;Construction & Engineering — 2.11% | &nbsp;&nbsp;Construction & Engineering — 2.11% | &nbsp;&nbsp;Construction & Engineering — 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;17474 | &nbsp;&nbsp;&nbsp; 1857836 |
|  |  | &nbsp;&nbsp;&nbsp; 1857836 |
| &nbsp;&nbsp;Construction Materials — 4.75% | &nbsp;&nbsp;Construction Materials — 4.75% | &nbsp;&nbsp;Construction Materials — 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH | &nbsp;&nbsp;&nbsp;&nbsp;24485 | &nbsp;&nbsp;&nbsp; 3042543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan | &nbsp;&nbsp;&nbsp;&nbsp;18390 | &nbsp;&nbsp;&nbsp; 1133045 |
|  |  | &nbsp;&nbsp;&nbsp; 4175588 |
| &nbsp;&nbsp;Diversified Metals & Mining — 8.31% | &nbsp;&nbsp;Diversified Metals & Mining — 8.31% | &nbsp;&nbsp;Diversified Metals & Mining — 8.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | &nbsp;&nbsp;&nbsp;&nbsp;69499 | &nbsp;&nbsp;&nbsp; 2874654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Metal Recycling<br> Holdings =, † | 1900000 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals | &nbsp;&nbsp;&nbsp;&nbsp;166925 | &nbsp;&nbsp;&nbsp; 3313461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teck Resources Class B | &nbsp;&nbsp;&nbsp;&nbsp;23213 | &nbsp;&nbsp;&nbsp; 1111308 |
|  |  | &nbsp;&nbsp;&nbsp; 7299423 |
| &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 7.08% | &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 7.08% | &nbsp;&nbsp;Fertilizers & Agricultural Chemicals — 7.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;30470 | &nbsp;&nbsp;&nbsp; 2356550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;&nbsp;62556 | &nbsp;&nbsp;&nbsp; 3860956 |
|  |  | &nbsp;&nbsp;&nbsp; 6217506 |
| &nbsp;&nbsp;Forest Products — 4.13% | &nbsp;&nbsp;Forest Products — 4.13% | &nbsp;&nbsp;Forest Products — 4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canfor † | &nbsp;&nbsp;&nbsp;&nbsp;98851 | &nbsp;&nbsp;&nbsp; 844794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | &nbsp;&nbsp;&nbsp;&nbsp;13251 | &nbsp;&nbsp;&nbsp; 1070151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | &nbsp;&nbsp;&nbsp;&nbsp;28007 | &nbsp;&nbsp;&nbsp; 1713415 |
|  |  | &nbsp;&nbsp;&nbsp; 3628360 |
| &nbsp;&nbsp;Gold — 14.10% | &nbsp;&nbsp;Gold — 14.10% | &nbsp;&nbsp;Gold — 14.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining | &nbsp;&nbsp;&nbsp;&nbsp;33740 | &nbsp;&nbsp;&nbsp; 1469377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining † | &nbsp;&nbsp;&nbsp;&nbsp;156314 | &nbsp;&nbsp;&nbsp; 2787079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont | &nbsp;&nbsp;&nbsp;&nbsp;41818 | &nbsp;&nbsp;&nbsp; 4175527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSR Mining † | &nbsp;&nbsp;&nbsp;&nbsp;55314 | &nbsp;&nbsp;&nbsp; 1212632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals | &nbsp;&nbsp;&nbsp;&nbsp;23332 | &nbsp;&nbsp;&nbsp; 2741977 |
|  |  | &nbsp;&nbsp;&nbsp;12386592 |
| &nbsp;&nbsp;Integrated Oil & Gas — 8.19% | &nbsp;&nbsp;Integrated Oil & Gas — 8.19% | &nbsp;&nbsp;Integrated Oil & Gas — 8.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP ADR | &nbsp;&nbsp;&nbsp;&nbsp;50010 | &nbsp;&nbsp;&nbsp; 1736847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;116380 | &nbsp;&nbsp;&nbsp; 4288865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | &nbsp;&nbsp;&nbsp;&nbsp;37975 | &nbsp;&nbsp;&nbsp; 1171529 |
|  |  | &nbsp;&nbsp;&nbsp; 7197241 |

---

---

| | | |
|:---|:---|:---|
|  | **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 Drilling — 2.37% | &nbsp;&nbsp;Oil & Gas Drilling — 2.37% | &nbsp;&nbsp;Oil & Gas Drilling — 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;&nbsp;72628 | &nbsp;&nbsp;$2082971 |
|  |  | &nbsp;&nbsp;&nbsp; 2082971 |
| &nbsp;&nbsp;Oil & Gas Exploration & Production — 15.25% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 15.25% | &nbsp;&nbsp;Oil & Gas Exploration & Production — 15.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | &nbsp;&nbsp;&nbsp;&nbsp;111289 | &nbsp;&nbsp;&nbsp; 2087860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | &nbsp;&nbsp;&nbsp;&nbsp;10774 | &nbsp;&nbsp;&nbsp; 998750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;23850 | &nbsp;&nbsp;&nbsp; 2232598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;&nbsp;17287 | &nbsp;&nbsp;&nbsp; 2598755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp; 1368464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | &nbsp;&nbsp;&nbsp;&nbsp;153650 | &nbsp;&nbsp;&nbsp; 1806924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources | &nbsp;&nbsp;&nbsp;&nbsp;82708 | &nbsp;&nbsp;&nbsp; 1111772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | &nbsp;&nbsp;&nbsp;&nbsp;85211 | &nbsp;&nbsp;&nbsp; 1195510 |
|  |  | &nbsp;&nbsp;&nbsp;13400633 |
| &nbsp;&nbsp;Oil & Gas Refining & Marketing — 3.19% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 3.19% | &nbsp;&nbsp;Oil & Gas Refining & Marketing — 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair | &nbsp;&nbsp;&nbsp;&nbsp;16240 | &nbsp;&nbsp;&nbsp; 748339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | &nbsp;&nbsp;&nbsp;&nbsp;12614 | &nbsp;&nbsp;&nbsp; 2053433 |
|  |  | &nbsp;&nbsp;&nbsp; 2801772 |
| &nbsp;&nbsp;Oil & Gas Storage & Transportation — 0.97% | &nbsp;&nbsp;Oil & Gas Storage & Transportation — 0.97% | &nbsp;&nbsp;Oil & Gas Storage & Transportation — 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings | &nbsp;&nbsp;&nbsp;&nbsp;69532 | &nbsp;&nbsp;&nbsp; 848986 |
|  |  | &nbsp;&nbsp;&nbsp; 848986 |
| &nbsp;&nbsp;Paper Packaging — 3.10% | &nbsp;&nbsp;Paper Packaging — 3.10% | &nbsp;&nbsp;Paper Packaging — 3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper | &nbsp;&nbsp;&nbsp;&nbsp;69022 | &nbsp;&nbsp;&nbsp; 2718776 |
|  |  | &nbsp;&nbsp;&nbsp; 2718776 |
| &nbsp;&nbsp;Precious Metals & Minerals — 3.43% | &nbsp;&nbsp;Precious Metals & Minerals — 3.43% | &nbsp;&nbsp;Precious Metals & Minerals — 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valterra Platinum | &nbsp;&nbsp;&nbsp;&nbsp;36107 | &nbsp;&nbsp;&nbsp; 3013401 |
|  |  | &nbsp;&nbsp;&nbsp; 3013401 |
| &nbsp;&nbsp;Semiconductors — 2.37% | &nbsp;&nbsp;Semiconductors — 2.37% | &nbsp;&nbsp;Semiconductors — 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7961 | &nbsp;&nbsp;&nbsp; 2079652 |
|  |  | &nbsp;&nbsp;&nbsp; 2079652 |
| &nbsp;&nbsp;Specialty Chemicals — 2.24% | &nbsp;&nbsp;Specialty Chemicals — 2.24% | &nbsp;&nbsp;Specialty Chemicals — 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva | &nbsp;&nbsp;&nbsp;&nbsp;29334 | &nbsp;&nbsp;&nbsp; 1966258 |
|  |  | &nbsp;&nbsp;&nbsp; 1966258 |
| &nbsp;&nbsp;Steel — 5.93% | &nbsp;&nbsp;Steel — 5.93% | &nbsp;&nbsp;Steel — 5.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallus † | &nbsp;&nbsp;&nbsp;&nbsp;77876 | &nbsp;&nbsp;&nbsp; 1336352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | &nbsp;&nbsp;&nbsp;&nbsp;22877 | &nbsp;&nbsp;&nbsp; 3876508 |
|  |  | &nbsp;&nbsp;&nbsp; 5212860 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $76,768,334)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $76,768,334)** | &nbsp;&nbsp;&nbsp;**87096659** |
| &nbsp;&nbsp;**Short-Term Investments — 0.97%** | &nbsp;&nbsp;**Short-Term Investments — 0.97%** | &nbsp;&nbsp;**Short-Term Investments — 0.97%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.97% | &nbsp;&nbsp;Money Market Mutual Funds — 0.97% | &nbsp;&nbsp;Money Market Mutual Funds — 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;212506 | &nbsp;&nbsp;&nbsp; 212506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;212506 | &nbsp;&nbsp;&nbsp; 212506 |

---

&nbsp;&nbsp;&nbsp;&nbsp;39

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;212506 | &nbsp;&nbsp;$212506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;212506 | &nbsp;&nbsp;&nbsp; 212506 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $850,024)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $850,024)** | &nbsp;&nbsp;&nbsp; **850024** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.11%<br> (cost $77,618,358)** |  | &nbsp;&nbsp;&nbsp;**87946683** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.11%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(97842)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 14,340,847 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$87848841** |

---

---

| |
|:---|
| 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 in the disclosure table located in Note 3 in "Notes to financial statements." |
| Non-income producing security. |

---

---

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

---

See accompanying notes, which are an integral part of the financial statements.

40&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Science and Technology Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.24%♣** | &nbsp;&nbsp;**Common Stocks — 98.24%♣** | &nbsp;&nbsp;**Common Stocks — 98.24%♣** |
| &nbsp;&nbsp;Communication Services — 12.88% | &nbsp;&nbsp;Communication Services — 12.88% | &nbsp;&nbsp;Communication Services — 12.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;120509 | &nbsp;&nbsp;$37719317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;33620 | &nbsp;&nbsp;&nbsp; 22192226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;183388 | &nbsp;&nbsp;&nbsp; 17194459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;26310 | &nbsp;&nbsp;&nbsp; 15278480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software † | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp; 17154010 |
|  |  | &nbsp;&nbsp;&nbsp;109538492 |
| &nbsp;&nbsp;Consumer Discretionary — 10.11% | &nbsp;&nbsp;Consumer Discretionary — 10.11% | &nbsp;&nbsp;Consumer Discretionary — 10.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;160640 | &nbsp;&nbsp;&nbsp; 37078924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash Class A † | &nbsp;&nbsp;&nbsp;&nbsp;102829 | &nbsp;&nbsp;&nbsp; 23288712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080 | &nbsp;&nbsp;&nbsp; 8218181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | &nbsp;&nbsp;&nbsp;&nbsp;155120 | &nbsp;&nbsp;&nbsp; 17357928 |
|  |  | &nbsp;&nbsp;&nbsp; 85943745 |
| &nbsp;&nbsp;Financials — 0.84% | &nbsp;&nbsp;Financials — 0.84% | &nbsp;&nbsp;Financials — 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global Class A † | &nbsp;&nbsp;&nbsp;&nbsp;31443 | &nbsp;&nbsp;&nbsp; 7110520 |
|  |  | &nbsp;&nbsp;&nbsp; 7110520 |
| &nbsp;&nbsp;Healthcare — 4.73% | &nbsp;&nbsp;Healthcare — 4.73% | &nbsp;&nbsp;Healthcare — 4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;109178 | &nbsp;&nbsp;&nbsp; 13400508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;45986 | &nbsp;&nbsp;&nbsp; 8003403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | &nbsp;&nbsp;&nbsp;&nbsp;32639 | &nbsp;&nbsp;&nbsp; 18485424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253 | &nbsp;&nbsp;&nbsp; 346626 |
|  |  | &nbsp;&nbsp;&nbsp; 40235961 |
| &nbsp;&nbsp;Industrials — 3.43% | &nbsp;&nbsp;Industrials — 3.43% | &nbsp;&nbsp;Industrials — 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;78329 | &nbsp;&nbsp;&nbsp; 16059012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;172754 | &nbsp;&nbsp;&nbsp; 13113756 |
|  |  | &nbsp;&nbsp;&nbsp; 29172768 |
| &nbsp;&nbsp;Information Technology — 66.25% | &nbsp;&nbsp;Information Technology — 66.25% | &nbsp;&nbsp;Information Technology — 66.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Class A | &nbsp;&nbsp;&nbsp;&nbsp;64384 | &nbsp;&nbsp;&nbsp; 17274227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;150498 | &nbsp;&nbsp;&nbsp; 32230652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Class A | &nbsp;&nbsp;&nbsp;&nbsp;93860 | &nbsp;&nbsp;&nbsp; 12684240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;20345 | &nbsp;&nbsp;&nbsp; 21766302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;107214 | &nbsp;&nbsp;&nbsp; 37106765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems † | &nbsp;&nbsp;&nbsp;&nbsp;48415 | &nbsp;&nbsp;&nbsp; 15133561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;117172 | &nbsp;&nbsp;&nbsp; 15958826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica † | &nbsp;&nbsp;&nbsp;&nbsp;41190 | &nbsp;&nbsp;&nbsp; 12176176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Class A † | &nbsp;&nbsp;&nbsp;&nbsp;80329 | &nbsp;&nbsp;&nbsp; 10923941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research | &nbsp;&nbsp;&nbsp;&nbsp;213090 | &nbsp;&nbsp;&nbsp; 36476746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology | &nbsp;&nbsp;&nbsp;&nbsp;74151 | &nbsp;&nbsp;&nbsp; 21163437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;84438 | &nbsp;&nbsp;&nbsp; 40835906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;364743 | &nbsp;&nbsp;&nbsp; 68024569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;66963 | &nbsp;&nbsp;&nbsp; 17739168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;226248 | &nbsp;&nbsp;&nbsp; 18962953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;193383 | &nbsp;&nbsp;&nbsp; 53255744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify Class A † | &nbsp;&nbsp;&nbsp;&nbsp;107241 | &nbsp;&nbsp;&nbsp; 17262584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;41471 | &nbsp;&nbsp;&nbsp; 9097079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;139666 | &nbsp;&nbsp;&nbsp; 42443101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments | &nbsp;&nbsp;&nbsp;&nbsp;144642 | &nbsp;&nbsp;&nbsp; 25093941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unity Software † | &nbsp;&nbsp;&nbsp;&nbsp;401682 | &nbsp;&nbsp;&nbsp; 17742294 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital | &nbsp;&nbsp;&nbsp;&nbsp;116089 | &nbsp;&nbsp;$19998652 |
|  |  | &nbsp;&nbsp;&nbsp;563350864 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $580,756,431)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $580,756,431)** | &nbsp;&nbsp;&nbsp;**835352350** |
| &nbsp;&nbsp;**Short-Term Investments — 1.85%** | &nbsp;&nbsp;**Short-Term Investments — 1.85%** | &nbsp;&nbsp;**Short-Term Investments — 1.85%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.85% | &nbsp;&nbsp;Money Market Mutual Funds — 1.85% | &nbsp;&nbsp;Money Market Mutual Funds — 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 3941126 | &nbsp;&nbsp;&nbsp; 3941126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 3941126 | &nbsp;&nbsp;&nbsp; 3941126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 3941125 | &nbsp;&nbsp;&nbsp; 3941125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 3941124 | &nbsp;&nbsp;&nbsp; 3941124 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $15,764,501)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $15,764,501)** | &nbsp;&nbsp;&nbsp; **15764501** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.09%<br> (cost $596,520,932)** |  | &nbsp;&nbsp;&nbsp;**851116851** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.09%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(760218)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 25,973,382 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$850356633** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

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

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;41

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Small Cap Growth Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.20%♣** | &nbsp;&nbsp;**Common Stocks — 99.20%♣** | &nbsp;&nbsp;**Common Stocks — 99.20%♣** |
| &nbsp;&nbsp;Communication Services — 2.74% | &nbsp;&nbsp;Communication Services — 2.74% | &nbsp;&nbsp;Communication Services — 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | 143850 | &nbsp;&nbsp;$5316696 |
|  |  | &nbsp;&nbsp;&nbsp; 5316696 |
| &nbsp;&nbsp;Consumer Discretionary — 9.56% | &nbsp;&nbsp;Consumer Discretionary — 9.56% | &nbsp;&nbsp;Consumer Discretionary — 9.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | 11685 | &nbsp;&nbsp;&nbsp; 2062052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products † | 24220 | &nbsp;&nbsp;&nbsp; 2983662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive | &nbsp;&nbsp;&nbsp;&nbsp;4821 | &nbsp;&nbsp;&nbsp; 1896099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing † | 13781 | &nbsp;&nbsp;&nbsp; 1839901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings † | 31056 | &nbsp;&nbsp;&nbsp; 3404048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 101823 | &nbsp;&nbsp;&nbsp; 2111809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shake Shack Class A † | 21722 | &nbsp;&nbsp;&nbsp; 1763175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group Class A † | 82121 | &nbsp;&nbsp;&nbsp; 1952016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute † | 21405 | &nbsp;&nbsp;&nbsp; 559313 |
|  |  | &nbsp;&nbsp;&nbsp; 18572075 |
| &nbsp;&nbsp;Consumer Staples — 3.17% | &nbsp;&nbsp;Consumer Staples — 3.17% | &nbsp;&nbsp;Consumer Staples — 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse † | 49566 | &nbsp;&nbsp;&nbsp; 3089449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart | 24977 | &nbsp;&nbsp;&nbsp; 3063928 |
|  |  | &nbsp;&nbsp;&nbsp; 6153377 |
| &nbsp;&nbsp;Energy — 1.87% | &nbsp;&nbsp;Energy — 1.87% | &nbsp;&nbsp;Energy — 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA | 91158 | &nbsp;&nbsp;&nbsp; 2229725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure | 30395 | &nbsp;&nbsp;&nbsp; 1397258 |
|  |  | &nbsp;&nbsp;&nbsp; 3626983 |
| &nbsp;&nbsp;Financials — 8.25% | &nbsp;&nbsp;Financials — 8.25% | &nbsp;&nbsp;Financials — 8.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group | &nbsp;&nbsp;&nbsp;&nbsp;4391 | &nbsp;&nbsp;&nbsp; 1265837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial † | 14286 | &nbsp;&nbsp;&nbsp; 1230882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings | 21468 | &nbsp;&nbsp;&nbsp; 3421570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;5711 | &nbsp;&nbsp;&nbsp; 767044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | 12811 | &nbsp;&nbsp;&nbsp; 2231548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings Class A † | 43345 | &nbsp;&nbsp;&nbsp; 1369269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking | 102804 | &nbsp;&nbsp;&nbsp; 3230102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree | 206482 | &nbsp;&nbsp;&nbsp; 2517016 |
|  |  | &nbsp;&nbsp;&nbsp; 16033268 |
| &nbsp;&nbsp;Healthcare — 26.31% | &nbsp;&nbsp;Healthcare — 26.31% | &nbsp;&nbsp;Healthcare — 26.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies † | 186619 | &nbsp;&nbsp;&nbsp; 3030692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics † | 172624 | &nbsp;&nbsp;&nbsp; 3148662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings † | 108269 | &nbsp;&nbsp;&nbsp; 2277980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals † | 36406 | &nbsp;&nbsp;&nbsp; 2873890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion † | 48323 | &nbsp;&nbsp;&nbsp; 2204012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | 19638 | &nbsp;&nbsp;&nbsp; 3586684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals † | 94704 | &nbsp;&nbsp;&nbsp; 2210391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | 35009 | &nbsp;&nbsp;&nbsp; 3715855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings † | 21097 | &nbsp;&nbsp;&nbsp; 2743876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health † | 25904 | &nbsp;&nbsp;&nbsp; 2645835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity † | 22172 | &nbsp;&nbsp;&nbsp; 2031177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LENZ Therapeutics † | 48480 | &nbsp;&nbsp;&nbsp; 775680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals † | 51315 | &nbsp;&nbsp;&nbsp; 4053372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia † | 98913 | &nbsp;&nbsp;&nbsp; 1673608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEPT BioRobotics † | 17401 | &nbsp;&nbsp;&nbsp; 547435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;6643 | &nbsp;&nbsp;&nbsp; 1088522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals † | 58960 | &nbsp;&nbsp;&nbsp; 4827645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;8577 | &nbsp;&nbsp;&nbsp; 1043392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics † | 101075 | &nbsp;&nbsp;&nbsp; 3862076 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel † | 76712 | &nbsp;&nbsp;$2762399 |
|  |  | &nbsp;&nbsp;&nbsp; 51103183 |
| &nbsp;&nbsp;Industrials — 22.83% | &nbsp;&nbsp;Industrials — 22.83% | &nbsp;&nbsp;Industrials — 22.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR † | 40399 | &nbsp;&nbsp;&nbsp; 3344633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment † | &nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp; 1099148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor † | 55928 | &nbsp;&nbsp;&nbsp; 1609608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | 29147 | &nbsp;&nbsp;&nbsp; 3344910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Class A † | &nbsp;&nbsp;&nbsp;&nbsp;6053 | &nbsp;&nbsp;&nbsp; 525945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ † | 27850 | &nbsp;&nbsp;&nbsp; 1405032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;3948 | &nbsp;&nbsp;&nbsp; 925727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | 26154 | &nbsp;&nbsp;&nbsp; 2839017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group † | 41083 | &nbsp;&nbsp;&nbsp; 3515061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | 53093 | &nbsp;&nbsp;&nbsp; 2253267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;6218 | &nbsp;&nbsp;&nbsp; 675213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | 42524 | &nbsp;&nbsp;&nbsp; 2950315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | 15995 | &nbsp;&nbsp;&nbsp; 3148616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group † | 17593 | &nbsp;&nbsp;&nbsp; 3042006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;9035 | &nbsp;&nbsp;&nbsp; 685847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legence Class A † | 41910 | &nbsp;&nbsp;&nbsp; 1803806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS | 58548 | &nbsp;&nbsp;&nbsp; 1995901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loar Holdings † | 11395 | &nbsp;&nbsp;&nbsp; 774860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems † | 16906 | &nbsp;&nbsp;&nbsp; 1234307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest † | 15005 | &nbsp;&nbsp;&nbsp; 1506652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | 13761 | &nbsp;&nbsp;&nbsp; 2753026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International | &nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;&nbsp; 1548120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willdan Group † | 13186 | &nbsp;&nbsp;&nbsp; 1366861 |
|  |  | &nbsp;&nbsp;&nbsp; 44347878 |
| &nbsp;&nbsp;Information Technology — 23.60% | &nbsp;&nbsp;Information Technology — 23.60% | &nbsp;&nbsp;Information Technology — 23.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | 19093 | &nbsp;&nbsp;&nbsp; 3997502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys † | 25589 | &nbsp;&nbsp;&nbsp; 3040997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint † | 200361 | &nbsp;&nbsp;&nbsp; 2783014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bel Fuse Class B | &nbsp;&nbsp;&nbsp;&nbsp;4482 | &nbsp;&nbsp;&nbsp; 760282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | 20298 | &nbsp;&nbsp;&nbsp; 1779323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet † | &nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp; 611896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings † | 11446 | &nbsp;&nbsp;&nbsp; 4218881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | 14283 | &nbsp;&nbsp;&nbsp; 2446392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies † | 73016 | &nbsp;&nbsp;&nbsp; 1710035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS | 12199 | &nbsp;&nbsp;&nbsp; 1949400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems † | 22986 | &nbsp;&nbsp;&nbsp; 5862809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | 26796 | &nbsp;&nbsp;&nbsp; 1933599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | 19276 | &nbsp;&nbsp;&nbsp; 1771272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | 15280 | &nbsp;&nbsp;&nbsp; 1168614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint † | 154599 | &nbsp;&nbsp;&nbsp; 3127538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceTitan Class A † | 17186 | &nbsp;&nbsp;&nbsp; 1830309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | 21678 | &nbsp;&nbsp;&nbsp; 2833315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology ADR | 12903 | &nbsp;&nbsp;&nbsp; 1196108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics † | 38062 | &nbsp;&nbsp;&nbsp; 2817349 |
|  |  | &nbsp;&nbsp;&nbsp; 45838635 |

---

&nbsp;&nbsp;&nbsp;&nbsp;42

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **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;Materials — 0.87% | &nbsp;&nbsp;Materials — 0.87% | &nbsp;&nbsp;Materials — 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River † | 24208 | &nbsp;&nbsp;$1703033 |
|  |  | &nbsp;&nbsp;&nbsp; 1703033 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $158,458,953)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $158,458,953)** | &nbsp;&nbsp;&nbsp;**192695128** |
| &nbsp;&nbsp;**Short-Term Investments — 1.07%** | &nbsp;&nbsp;**Short-Term Investments — 1.07%** | &nbsp;&nbsp;**Short-Term Investments — 1.07%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.07% | &nbsp;&nbsp;Money Market Mutual Funds — 1.07% | &nbsp;&nbsp;Money Market Mutual Funds — 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 519224 | &nbsp;&nbsp;&nbsp; 519224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 519225 | &nbsp;&nbsp;&nbsp; 519225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 519224 | &nbsp;&nbsp;&nbsp; 519224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 519225 | &nbsp;&nbsp;&nbsp; 519225 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,076,898)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,076,898)** | &nbsp;&nbsp;&nbsp; **2076898** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.27%<br> (cost $160,535,851)** |  | &nbsp;&nbsp;&nbsp;**194772026** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.27%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(530882)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 26,057,433 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$194241144** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

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

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;43

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Smid Cap Core Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.11%♣** | &nbsp;&nbsp;**Common Stocks — 98.11%♣** | &nbsp;&nbsp;**Common Stocks — 98.11%♣** |
| &nbsp;&nbsp;Communication Services — 2.66% | &nbsp;&nbsp;Communication Services — 2.66% | &nbsp;&nbsp;Communication Services — 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | 50853 | &nbsp;&nbsp;$1879527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group | &nbsp;&nbsp;&nbsp;&nbsp;4906 | &nbsp;&nbsp;&nbsp; 996163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group | 14866 | &nbsp;&nbsp;&nbsp; 1200430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp † | 24431 | &nbsp;&nbsp;&nbsp; 742458 |
|  |  | &nbsp;&nbsp;&nbsp; 4818578 |
| &nbsp;&nbsp;Consumer Discretionary — 9.00% | &nbsp;&nbsp;Consumer Discretionary — 9.00% | &nbsp;&nbsp;Consumer Discretionary — 9.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | 38533 | &nbsp;&nbsp;&nbsp; 1420326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner | 31574 | &nbsp;&nbsp;&nbsp; 1422724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;8435 | &nbsp;&nbsp;&nbsp; 1210591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 11586 | &nbsp;&nbsp;&nbsp; 2293680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home | 11551 | &nbsp;&nbsp;&nbsp; 651592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy | 21838 | &nbsp;&nbsp;&nbsp; 813902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings † | 49725 | &nbsp;&nbsp;&nbsp; 1321691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malibu Boats Class A † | 17427 | &nbsp;&nbsp;&nbsp; 491616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Madden | 29606 | &nbsp;&nbsp;&nbsp; 1232794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home † | 12658 | &nbsp;&nbsp;&nbsp; 745177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse | 10390 | &nbsp;&nbsp;&nbsp; 1724740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers | 10376 | &nbsp;&nbsp;&nbsp; 1403043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings † | 35631 | &nbsp;&nbsp;&nbsp; 1573821 |
|  |  | &nbsp;&nbsp;&nbsp; 16305697 |
| &nbsp;&nbsp;Consumer Staples — 3.27% | &nbsp;&nbsp;Consumer Staples — 3.27% | &nbsp;&nbsp;Consumer Staples — 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | 21758 | &nbsp;&nbsp;&nbsp; 1958873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp;&nbsp; 3192453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods | &nbsp;&nbsp;&nbsp;&nbsp;8525 | &nbsp;&nbsp;&nbsp; 770404 |
|  |  | &nbsp;&nbsp;&nbsp; 5921730 |
| &nbsp;&nbsp;Energy — 4.00% | &nbsp;&nbsp;Energy — 4.00% | &nbsp;&nbsp;Energy — 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | 20209 | &nbsp;&nbsp;&nbsp; 2230265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Seaways | 11027 | &nbsp;&nbsp;&nbsp; 535361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy | 116033 | &nbsp;&nbsp;&nbsp; 2141969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | 165880 | &nbsp;&nbsp;&nbsp; 2327297 |
|  |  | &nbsp;&nbsp;&nbsp; 7234892 |
| &nbsp;&nbsp;Financials — 16.48% | &nbsp;&nbsp;Financials — 16.48% | &nbsp;&nbsp;Financials — 16.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | 50230 | &nbsp;&nbsp;&nbsp; 2274917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings | 30463 | &nbsp;&nbsp;&nbsp; 3262283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp | 36366 | &nbsp;&nbsp;&nbsp; 4087175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group | 24273 | &nbsp;&nbsp;&nbsp; 1577988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | 16409 | &nbsp;&nbsp;&nbsp; 2203893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | 96529 | &nbsp;&nbsp;&nbsp; 2153562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America | 12049 | &nbsp;&nbsp;&nbsp; 2451489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank | 24343 | &nbsp;&nbsp;&nbsp; 2290920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial | 20388 | &nbsp;&nbsp;&nbsp; 2552985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial | 53342 | &nbsp;&nbsp;&nbsp; 3357345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial | 30044 | &nbsp;&nbsp;&nbsp; 1659630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp | 33698 | &nbsp;&nbsp;&nbsp; 1972681 |
|  |  | &nbsp;&nbsp;&nbsp; 29844868 |
| &nbsp;&nbsp;Healthcare — 13.99% | &nbsp;&nbsp;Healthcare — 13.99% | &nbsp;&nbsp;Healthcare — 13.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics † | 67052 | &nbsp;&nbsp;&nbsp; 954820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | 12218 | &nbsp;&nbsp;&nbsp; 2231495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | 19680 | &nbsp;&nbsp;&nbsp; 1157381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines =, † | 12068 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | 16182 | &nbsp;&nbsp;&nbsp; 1717557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences † | 14703 | &nbsp;&nbsp;&nbsp; 1493237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos † | 10568 | &nbsp;&nbsp;&nbsp; 1193233 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | 25358 | &nbsp;&nbsp;$1706593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | 17064 | &nbsp;&nbsp;&nbsp; 2969819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | &nbsp;&nbsp;&nbsp;&nbsp;7366 | &nbsp;&nbsp;&nbsp; 679366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings † | 13902 | &nbsp;&nbsp;&nbsp; 925178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals † | 11125 | &nbsp;&nbsp;&nbsp; 2103404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera † | &nbsp;&nbsp;&nbsp;&nbsp;7492 | &nbsp;&nbsp;&nbsp; 1716342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences † | 13726 | &nbsp;&nbsp;&nbsp; 1946759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 12.5 =, † | &nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 15 =, † | &nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;9167 | &nbsp;&nbsp;&nbsp; 1502105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals † | 29621 | &nbsp;&nbsp;&nbsp; 1472164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;9973 | &nbsp;&nbsp;&nbsp; 1213215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical † | 15674 | &nbsp;&nbsp;&nbsp; 360502 |
|  |  | &nbsp;&nbsp;&nbsp; 25343170 |
| &nbsp;&nbsp;Industrials — 23.01% | &nbsp;&nbsp;Industrials — 23.01% | &nbsp;&nbsp;Industrials — 23.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries | 25660 | &nbsp;&nbsp;&nbsp; 1085418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group † | 27071 | &nbsp;&nbsp;&nbsp; 1035736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies | &nbsp;&nbsp;&nbsp;&nbsp;5669 | &nbsp;&nbsp;&nbsp; 1455629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | 17971 | &nbsp;&nbsp;&nbsp; 1910677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore | &nbsp;&nbsp;&nbsp;&nbsp;4237 | &nbsp;&nbsp;&nbsp; 267990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Class A † | &nbsp;&nbsp;&nbsp;&nbsp;3073 | &nbsp;&nbsp;&nbsp; 267013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade | 14485 | &nbsp;&nbsp;&nbsp; 1066096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle | &nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp; 769583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology | &nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp; 1191984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Class A † | 13219 | &nbsp;&nbsp;&nbsp; 1294669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp;&nbsp; 1749924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | 52364 | &nbsp;&nbsp;&nbsp; 2222328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | 19119 | &nbsp;&nbsp;&nbsp; 2076132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;3313 | &nbsp;&nbsp;&nbsp; 652164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial † | 51239 | &nbsp;&nbsp;&nbsp; 1100101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco | 17221 | &nbsp;&nbsp;&nbsp; 1411605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant | &nbsp;&nbsp;&nbsp;&nbsp;3723 | &nbsp;&nbsp;&nbsp; 1061130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR | 27215 | &nbsp;&nbsp;&nbsp; 1094043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | 19505 | &nbsp;&nbsp;&nbsp; 2149061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings | 27810 | &nbsp;&nbsp;&nbsp; 1453907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 10175 | &nbsp;&nbsp;&nbsp; 2438337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | &nbsp;&nbsp;&nbsp;&nbsp;5207 | &nbsp;&nbsp;&nbsp; 530958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;2396 | &nbsp;&nbsp;&nbsp; 1011256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord | &nbsp;&nbsp;&nbsp;&nbsp;9632 | &nbsp;&nbsp;&nbsp; 1351562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp; 607327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;5668 | &nbsp;&nbsp;&nbsp; 1133940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass | 10535 | &nbsp;&nbsp;&nbsp; 530121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech | 44614 | &nbsp;&nbsp;&nbsp; 1496354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions Class A | 13046 | &nbsp;&nbsp;&nbsp; 1028808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International | &nbsp;&nbsp;&nbsp;&nbsp;9831 | &nbsp;&nbsp;&nbsp; 2405056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings | 53932 | &nbsp;&nbsp;&nbsp; 1015540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO † | &nbsp;&nbsp;&nbsp;&nbsp;6322 | &nbsp;&nbsp;&nbsp; 859223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | 42150 | &nbsp;&nbsp;&nbsp; 1959554 |
|  |  | &nbsp;&nbsp;&nbsp; 41683226 |
| &nbsp;&nbsp;Information Technology — 13.84% | &nbsp;&nbsp;Information Technology — 13.84% | &nbsp;&nbsp;Information Technology — 13.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN † | 15536 | &nbsp;&nbsp;&nbsp; 748369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs † | &nbsp;&nbsp;&nbsp;&nbsp;9726 | &nbsp;&nbsp;&nbsp; 1618018 |

---

&nbsp;&nbsp;&nbsp;&nbsp;44

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **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;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box Class A † | 26830 | &nbsp;&nbsp;$802485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | 22376 | &nbsp;&nbsp;&nbsp; 4129938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace † | 27138 | &nbsp;&nbsp;&nbsp; 1176161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software † | 13388 | &nbsp;&nbsp;&nbsp; 2691122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | 14733 | &nbsp;&nbsp;&nbsp; 2523468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies † | 16858 | &nbsp;&nbsp;&nbsp; 1226251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC † | &nbsp;&nbsp;&nbsp;&nbsp;5037 | &nbsp;&nbsp;&nbsp; 877496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | 20892 | &nbsp;&nbsp;&nbsp; 1507567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;8107 | &nbsp;&nbsp;&nbsp; 620023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech † | 47193 | &nbsp;&nbsp;&nbsp; 3477652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;9938 | &nbsp;&nbsp;&nbsp; 1298897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce † | &nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;&nbsp; 312846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems † | 37005 | &nbsp;&nbsp;&nbsp; 1213764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | &nbsp;&nbsp;&nbsp;&nbsp;9749 | &nbsp;&nbsp;&nbsp; 840851 |
|  |  | &nbsp;&nbsp;&nbsp; 25064908 |
| &nbsp;&nbsp;Materials — 3.35% | &nbsp;&nbsp;Materials — 3.35% | &nbsp;&nbsp;Materials — 3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum | 15002 | &nbsp;&nbsp;&nbsp; 1723130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies | 31898 | &nbsp;&nbsp;&nbsp; 1944183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance | &nbsp;&nbsp;&nbsp;&nbsp;8293 | &nbsp;&nbsp;&nbsp; 2395599 |
|  |  | &nbsp;&nbsp;&nbsp; 6062912 |
| &nbsp;&nbsp;Real Estate — 6.46% | &nbsp;&nbsp;Real Estate — 6.46% | &nbsp;&nbsp;Real Estate — 6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group | 66760 | &nbsp;&nbsp;&nbsp; 1750447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | 19498 | &nbsp;&nbsp;&nbsp; 2146340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | 35598 | &nbsp;&nbsp;&nbsp; 2038698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | 76830 | &nbsp;&nbsp;&nbsp; 1235426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle † | &nbsp;&nbsp;&nbsp;&nbsp;5396 | &nbsp;&nbsp;&nbsp; 1815592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 68192 | &nbsp;&nbsp;&nbsp; 1634562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty | 18482 | &nbsp;&nbsp;&nbsp; 1085078 |
|  |  | &nbsp;&nbsp;&nbsp; 11706143 |
| &nbsp;&nbsp;Utilities — 2.05% | &nbsp;&nbsp;Utilities — 2.05% | &nbsp;&nbsp;Utilities — 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills | 25185 | &nbsp;&nbsp;&nbsp; 1748343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire | 23728 | &nbsp;&nbsp;&nbsp; 1962305 |
|  |  | &nbsp;&nbsp;&nbsp; 3710648 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $145,399,252)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $145,399,252)** | &nbsp;&nbsp;&nbsp;**177696772** |
| &nbsp;&nbsp;**Short-Term Investments — 1.98%** | &nbsp;&nbsp;**Short-Term Investments — 1.98%** | &nbsp;&nbsp;**Short-Term Investments — 1.98%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.98% | &nbsp;&nbsp;Money Market Mutual Funds — 1.98% | &nbsp;&nbsp;Money Market Mutual Funds — 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 894447 | &nbsp;&nbsp;&nbsp; 894447 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 894451 | &nbsp;&nbsp;$894451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 894448 | &nbsp;&nbsp;&nbsp; 894448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 894451 | &nbsp;&nbsp;&nbsp; 894451 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,577,797)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,577,797)** | &nbsp;&nbsp;&nbsp; **3577797** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.09%<br> (cost $148,977,049)** |  | &nbsp;&nbsp;&nbsp;**181274569** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.09%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(154325)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 13,377,547 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$181120244** |

---

---

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

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;45

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Variable Insurance Portfolios

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Nomura VIP<br> Balanced Series | &nbsp;&nbsp;Nomura VIP<br> Energy Series | &nbsp;&nbsp;Nomura VIP<br> Growth Series |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$527110914 | &nbsp;&nbsp;$221652397 | &nbsp;&nbsp;$74025895 | &nbsp;&nbsp;$510836771 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Bullion, at value<sup>‡</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45998986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97884 |
| &nbsp;&nbsp;&nbsp;Litigation proceeds receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24055 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10295 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117551 |
| &nbsp;&nbsp;&nbsp;Due from brokers on centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583530158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223026280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74180853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511087198 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14722 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316613 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108780 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96610 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70040 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24303 |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473 |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on centrally cleared credit default swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638341 |
| **Total Net Assets** | &nbsp;&nbsp;$581728404 | &nbsp;&nbsp;$222702490 | &nbsp;&nbsp;$74057454 | &nbsp;&nbsp;$510448857 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$480044705 | &nbsp;&nbsp;$168177290 | &nbsp;&nbsp;$82113522 | &nbsp;&nbsp;$155874954 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101683699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54525200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8056068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354573903 |
| **Total Net Assets** | &nbsp;&nbsp;$581728404 | &nbsp;&nbsp;$222702490 | &nbsp;&nbsp;$74057454 | &nbsp;&nbsp;$510448857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;46

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Nomura VIP<br> Balanced Series | &nbsp;&nbsp;Nomura VIP<br> Energy Series | &nbsp;&nbsp;Nomura VIP<br> Growth Series |
| **Net Asset Value** |  |  |  |  |
| **Standard Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$565105 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$649854 | &nbsp;&nbsp;$— |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value per share | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5.16 | &nbsp;&nbsp;$— |
| **Service Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$581163299 | &nbsp;&nbsp;$222702490 | &nbsp;&nbsp;$73407600 | &nbsp;&nbsp;$510448857 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58130572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34081394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14157990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53489776 |
| Net asset value per share | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$6.53 | &nbsp;&nbsp;$5.18 | &nbsp;&nbsp;$9.54 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$450403619 | &nbsp;&nbsp;$180655043 | &nbsp;&nbsp;$73519090 | &nbsp;&nbsp;$312241853 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6055408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>‡</sup>Bullion, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12870226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>φ</sup>Consolidated statement of assets and liabilities.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;47

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP High<br> Income Series<sup>φ</sup> | &nbsp;&nbsp;Nomura VIP<br> International Core<br> Equity Series | &nbsp;&nbsp;Nomura VIP<br> Mid Cap<br> Growth Series | &nbsp;&nbsp;Nomura<br> VIP Natural<br> Resources Series |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$763581413 | &nbsp;&nbsp;$750196362 | &nbsp;&nbsp;$371773933 | &nbsp;&nbsp;$87946683 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20252 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12911569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60116 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30756 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on unfunded loan commitments\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782108399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752737768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371996048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88066503 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81451 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50687 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18707 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47911 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7033 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10521 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217662 |
| **Total Net Assets** | &nbsp;&nbsp;$780951749 | &nbsp;&nbsp;$749565324 | &nbsp;&nbsp;$371443763 | &nbsp;&nbsp;$87848841 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$965656890 | &nbsp;&nbsp;$566397427 | &nbsp;&nbsp;$340276803 | &nbsp;&nbsp;$107541677 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184705141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183167897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31166960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19692836) |
| **Total Net Assets** | &nbsp;&nbsp;$780951749 | &nbsp;&nbsp;$749565324 | &nbsp;&nbsp;$371443763 | &nbsp;&nbsp;$87848841 |
| **Net Asset Value** |  |  |  |  |
| **Standard Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$14862380 | &nbsp;&nbsp;$462215966 | &nbsp;&nbsp;$5573462 | &nbsp;&nbsp;$— |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5057983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23894257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value per share | &nbsp;&nbsp;$2.94 | &nbsp;&nbsp;$19.34 | &nbsp;&nbsp;$7.95 | &nbsp;&nbsp;$— |
| **Service Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$766089369 | &nbsp;&nbsp;$287349358 | &nbsp;&nbsp;$365870301 | &nbsp;&nbsp;$87848841 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261779032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14781150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47403390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14340847 |
| Net asset value per share | &nbsp;&nbsp;$2.93 | &nbsp;&nbsp;$19.44 | &nbsp;&nbsp;$7.72 | &nbsp;&nbsp;$6.13 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$783100191 | &nbsp;&nbsp;$639947989 | &nbsp;&nbsp;$330389635 | &nbsp;&nbsp;$77618358 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20197 |
| \*\*See Note 12 in "Notes to financial statements." |  |  |  |  |

---

<sup>φ</sup>Consolidated statement of assets and liabilities.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;48

------

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---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Science and<br> Technology Series | &nbsp;&nbsp;Nomura VIP<br> Small Cap<br> Growth Series | &nbsp;&nbsp;Nomura VIP<br> Smid Cap<br> Core Series |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$851116851 | &nbsp;&nbsp;$194772026 | &nbsp;&nbsp;$181274569 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135802 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851824650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194940204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181419078 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125043 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50761 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38855 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52230 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18287 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11160 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298834 |
| **Total Net Assets** | &nbsp;&nbsp;$850356633 | &nbsp;&nbsp;$194241144 | &nbsp;&nbsp;$181120244 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$442362877 | &nbsp;&nbsp;$145537486 | &nbsp;&nbsp;$138557213 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407993756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48703658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42563031 |
| **Total Net Assets** | &nbsp;&nbsp;$850356633 | &nbsp;&nbsp;$194241144 | &nbsp;&nbsp;$181120244 |
| **Net Asset Value** |  |  |  |
| **Standard Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;$80261539 | &nbsp;&nbsp;$1191465 | &nbsp;&nbsp;$— |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value per share | &nbsp;&nbsp;$33.56 | &nbsp;&nbsp;$7.62 | &nbsp;&nbsp;$— |
| **Service Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;$770095094 | &nbsp;&nbsp;$193049679 | &nbsp;&nbsp;$181120244 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23581990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25901072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13377547 |
| Net asset value per share | &nbsp;&nbsp;$32.66 | &nbsp;&nbsp;$7.45 | &nbsp;&nbsp;$13.54 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$596520932 | &nbsp;&nbsp;$160535851 | &nbsp;&nbsp;$148977049 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;49

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

## Statements of operations
Ivy Variable Insurance Portfolios

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Nomura VIP<br> Balanced Series | &nbsp;&nbsp;Nomura VIP<br> Energy Series | &nbsp;&nbsp;Nomura VIP<br> Growth Series |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$8289370 | &nbsp;&nbsp;$3365102 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;5454619 | &nbsp;&nbsp;&nbsp;2002984 | &nbsp;&nbsp;&nbsp;2764183 | &nbsp;&nbsp;&nbsp;&nbsp;3914955 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22250) | &nbsp;&nbsp;&nbsp;&nbsp;(115196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74730) |
|  | &nbsp;&nbsp;&nbsp;13576221 | &nbsp;&nbsp;&nbsp;5345836 | &nbsp;&nbsp;&nbsp;2648987 | &nbsp;&nbsp;&nbsp;&nbsp;3840225 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;4016895 | &nbsp;&nbsp;&nbsp;1547155 | &nbsp;&nbsp;&nbsp;&nbsp;612942 | &nbsp;&nbsp;&nbsp;&nbsp;4176590 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | &nbsp;&nbsp;&nbsp;&nbsp;1433516 | &nbsp;&nbsp;&nbsp;&nbsp;552555 | &nbsp;&nbsp;&nbsp;&nbsp;179026 | &nbsp;&nbsp;&nbsp;&nbsp;1491639 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36520 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124975 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59243 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8516 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48538 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31118 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7289 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5993931 | &nbsp;&nbsp;&nbsp;2373956 | &nbsp;&nbsp;&nbsp;&nbsp;932925 | &nbsp;&nbsp;&nbsp;&nbsp;6021157 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;(1082487) | &nbsp;&nbsp;&nbsp;&nbsp;(111690) | &nbsp;&nbsp;&nbsp;&nbsp;(119699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1093) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;4904792 | &nbsp;&nbsp;&nbsp;2254472 | &nbsp;&nbsp;&nbsp;&nbsp;813220 | &nbsp;&nbsp;&nbsp;&nbsp;6020057 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;8671429 | &nbsp;&nbsp;&nbsp;3091364 | &nbsp;&nbsp;&nbsp;1835767 | &nbsp;&nbsp;&nbsp;(2179832) |

---

&nbsp;&nbsp;&nbsp;&nbsp;50

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Nomura VIP<br> Balanced Series | &nbsp;&nbsp;Nomura VIP<br> Energy Series | &nbsp;&nbsp;Nomura VIP<br> Growth Series |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>\*, 1</sup> | &nbsp;&nbsp;$19019564 | &nbsp;&nbsp;$10776540 | &nbsp;&nbsp;$459427 | &nbsp;&nbsp;$156085648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;18707290 | &nbsp;&nbsp;&nbsp;10509410 | &nbsp;&nbsp;&nbsp;&nbsp;440691 | &nbsp;&nbsp;&nbsp;&nbsp;156085648 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;60585155 | &nbsp;&nbsp;&nbsp;10993802 | &nbsp;&nbsp;&nbsp;5889352 | &nbsp;&nbsp;&nbsp;(116993146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;60673011 | &nbsp;&nbsp;&nbsp;10983080 | &nbsp;&nbsp;&nbsp;5890119 | &nbsp;&nbsp;&nbsp;(116993146) |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;79380301 | &nbsp;&nbsp;&nbsp;21492490 | &nbsp;&nbsp;&nbsp;6330810 | &nbsp;&nbsp;&nbsp;&nbsp;39092502 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$88051730 | &nbsp;&nbsp;$24583854 | &nbsp;&nbsp;$8166577 | &nbsp;&nbsp;$36912670 |

---

<sup>\*</sup> Includes $427,980 in proceeds received from the settlement of class action litigation for Nomura VIP Asset Strategy Series.

<sup>1</sup> Includes $(44185) capital gains taxes paid for Nomura VIP Asset Strategy Series.

<sup>2</sup> Includes net change of $(239247) on capital gains taxes accrued for Nomura VIP Asset Strategy Series.

φ Consolidated statement of operations.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;51

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP High<br> Income Series<sup>φ</sup> | &nbsp;&nbsp;Nomura VIP<br> International Core<br> Equity Series | &nbsp;&nbsp;Nomura VIP<br> Mid Cap<br> Growth Series | &nbsp;&nbsp;Nomura<br> VIP Natural<br> Resources Series |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$52869914 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;2917004 | &nbsp;&nbsp;&nbsp;&nbsp;14605259 | &nbsp;&nbsp;&nbsp;&nbsp;1722750 | &nbsp;&nbsp;&nbsp;&nbsp;2214035 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1509155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63217) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;55786918 | &nbsp;&nbsp;&nbsp;&nbsp;13096104 | &nbsp;&nbsp;&nbsp;&nbsp;1722750 | &nbsp;&nbsp;&nbsp;&nbsp;2150818 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;4802429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501205 | &nbsp;&nbsp;&nbsp;&nbsp;3284885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660326 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194214 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7925 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67422 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41899 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162 |
| &nbsp;&nbsp;&nbsp;Tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Excise tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7306447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800557 | &nbsp;&nbsp;&nbsp;&nbsp;4487744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996784 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27459) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;7288703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7311878 | &nbsp;&nbsp;&nbsp;&nbsp;4227409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969320 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;48498215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5784226 | &nbsp;&nbsp;&nbsp;&nbsp;(2504659) | &nbsp;&nbsp;&nbsp;&nbsp;1181498 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;(22109053) | &nbsp;&nbsp;&nbsp;&nbsp;69575187 | &nbsp;&nbsp;&nbsp;(10151179) | &nbsp;&nbsp;&nbsp;&nbsp;6068069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;(22105665) | &nbsp;&nbsp;&nbsp;&nbsp;70075573 | &nbsp;&nbsp;&nbsp;(10151179) | &nbsp;&nbsp;&nbsp;&nbsp;6064463 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26213751 | &nbsp;&nbsp;&nbsp;&nbsp;89936403 | &nbsp;&nbsp;&nbsp;&nbsp;15694390 | &nbsp;&nbsp;&nbsp;18295883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;26213747 | &nbsp;&nbsp;&nbsp;&nbsp;90164067 | &nbsp;&nbsp;&nbsp;&nbsp;15694390 | &nbsp;&nbsp;&nbsp;18296198 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;4108082 | &nbsp;&nbsp;&nbsp;160239640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543211 | &nbsp;&nbsp;&nbsp;24360661 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$52606297 | &nbsp;&nbsp;$166023866 | &nbsp;&nbsp;$3038552 | &nbsp;&nbsp;$25542159 |

---

<sup>1</sup> Includes $(696080) capital gains taxes paid for Nomura VIP International Core Equity Series.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Includes net change of $(965573) on capital gains taxes accrued for Nomura VIP International Core Equity Series.

φ Consolidated statement of operations from July 7, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;52

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Science and<br> Technology Series | &nbsp;&nbsp;Nomura VIP<br> Small Cap<br> Growth Series | &nbsp;&nbsp;Nomura VIP<br> Smid Cap<br> Core Series |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$3756842 | &nbsp;&nbsp;$527666 | &nbsp;&nbsp;$2439488 |
| &nbsp;&nbsp;&nbsp;Reclaim income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527666 | &nbsp;&nbsp;&nbsp;&nbsp;2439488 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008717 | &nbsp;&nbsp;&nbsp;&nbsp;1640697 | &nbsp;&nbsp;&nbsp;&nbsp;1555115 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457387 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77233 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18107 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14767 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37396 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9386 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9029 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8122269 | &nbsp;&nbsp;&nbsp;&nbsp;2294181 | &nbsp;&nbsp;&nbsp;&nbsp;2193583 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16781) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8121944 | &nbsp;&nbsp;&nbsp;&nbsp;2186378 | &nbsp;&nbsp;&nbsp;&nbsp;2176796 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;(4282723) | &nbsp;&nbsp;&nbsp;&nbsp;(1658712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262692 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;156792262 | &nbsp;&nbsp;&nbsp;26434347 | &nbsp;&nbsp;&nbsp;10143702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;156751171 | &nbsp;&nbsp;&nbsp;26434347 | &nbsp;&nbsp;&nbsp;10143702 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;54213437 | &nbsp;&nbsp;&nbsp;&nbsp;(2467368) | &nbsp;&nbsp;&nbsp;&nbsp;1235395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;54218185 | &nbsp;&nbsp;&nbsp;&nbsp;(2467368) | &nbsp;&nbsp;&nbsp;&nbsp;1235395 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;210969356 | &nbsp;&nbsp;&nbsp;23966979 | &nbsp;&nbsp;&nbsp;11379097 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$206686633 | &nbsp;&nbsp;$22308267 | &nbsp;&nbsp;$11641789 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;53

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

## Statements of changes in net assets
Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Nomura<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Nomura VIP<br> Balanced Series | &nbsp;&nbsp;Nomura VIP<br> Balanced Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$8671429 | &nbsp;&nbsp;$9703443 | &nbsp;&nbsp;$3091364 | &nbsp;&nbsp;$3015979 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;18707290 | &nbsp;&nbsp;&nbsp;&nbsp;47076491 | &nbsp;&nbsp;&nbsp;&nbsp;10509410 | &nbsp;&nbsp;&nbsp;&nbsp;13123619 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60673011 | &nbsp;&nbsp;&nbsp;&nbsp;12155181 | &nbsp;&nbsp;&nbsp;&nbsp;10983080 | &nbsp;&nbsp;&nbsp;&nbsp;16291623 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;88051730 | &nbsp;&nbsp;&nbsp;&nbsp;68935115 | &nbsp;&nbsp;&nbsp;&nbsp;24583854 | &nbsp;&nbsp;&nbsp;&nbsp;32431221 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(45092531) | &nbsp;&nbsp;&nbsp;&nbsp;(32268875) | &nbsp;&nbsp;&nbsp;&nbsp;(11130766) | &nbsp;&nbsp;&nbsp;&nbsp;(2922492) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(45135332) | &nbsp;&nbsp;&nbsp;&nbsp;(32292794) | &nbsp;&nbsp;&nbsp;&nbsp;(11130766) | &nbsp;&nbsp;&nbsp;&nbsp;(2922492) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34878137 | &nbsp;&nbsp;&nbsp;&nbsp;33388572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5223829 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45092531 | &nbsp;&nbsp;&nbsp;&nbsp;32268875 | &nbsp;&nbsp;&nbsp;&nbsp;11130766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;80136719 | &nbsp;&nbsp;&nbsp;&nbsp;65821453 | &nbsp;&nbsp;&nbsp;&nbsp;15025205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8146321 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1062427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;(106570999) | &nbsp;&nbsp;&nbsp;(112794641) | &nbsp;&nbsp;&nbsp;&nbsp;(27755463) | &nbsp;&nbsp;&nbsp;&nbsp;(31485154) |
|  | &nbsp;&nbsp;&nbsp;(106603426) | &nbsp;&nbsp;&nbsp;(113857068) | &nbsp;&nbsp;&nbsp;&nbsp;(27755463) | &nbsp;&nbsp;&nbsp;&nbsp;(31485154) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(26466707) | &nbsp;&nbsp;&nbsp;&nbsp;(48035615) | &nbsp;&nbsp;&nbsp;&nbsp;(12730258) | &nbsp;&nbsp;&nbsp;&nbsp;(23338833) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;16449691 | &nbsp;&nbsp;&nbsp;&nbsp;(11393294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169896 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;565278713 | &nbsp;&nbsp;&nbsp;&nbsp;576672007 | &nbsp;&nbsp;&nbsp;221979660 | &nbsp;&nbsp;&nbsp;215809764 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$581728404 | &nbsp;&nbsp;$565278713 | &nbsp;&nbsp;$222702490 | &nbsp;&nbsp;$221979660 |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

<sup>φ</sup> Consolidated statements of changes in net assets.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;54

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Energy Series | &nbsp;&nbsp;Nomura VIP<br> Energy Series | &nbsp;&nbsp;Nomura VIP<br> Growth Series | &nbsp;&nbsp;Nomura VIP<br> Growth Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$1835767 | &nbsp;&nbsp;$1355256 | &nbsp;&nbsp;$(2179832) | &nbsp;&nbsp;$(2637608) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440691 | &nbsp;&nbsp;&nbsp;&nbsp;2563920 | &nbsp;&nbsp;&nbsp;&nbsp;156085648 | &nbsp;&nbsp;&nbsp;&nbsp;104466948 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890119 | &nbsp;&nbsp;&nbsp;&nbsp;(7861769) | &nbsp;&nbsp;&nbsp;(116993146) | &nbsp;&nbsp;&nbsp;&nbsp;52381990 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;8166577 | &nbsp;&nbsp;&nbsp;&nbsp;(3942593) | &nbsp;&nbsp;&nbsp;&nbsp;36912670 | &nbsp;&nbsp;&nbsp;&nbsp;154211330 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713937) | &nbsp;&nbsp;&nbsp;&nbsp;(2397691) | &nbsp;&nbsp;&nbsp;(103397773) | &nbsp;&nbsp;&nbsp;&nbsp;(94108766) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723623) | &nbsp;&nbsp;&nbsp;&nbsp;(2411968) | &nbsp;&nbsp;&nbsp;(103397773) | &nbsp;&nbsp;&nbsp;&nbsp;(94108766) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12450240 | &nbsp;&nbsp;&nbsp;&nbsp;16443294 | &nbsp;&nbsp;&nbsp;&nbsp;13286726 | &nbsp;&nbsp;&nbsp;&nbsp;20764193 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713937 | &nbsp;&nbsp;&nbsp;&nbsp;2397691 | &nbsp;&nbsp;&nbsp;&nbsp;103397773 | &nbsp;&nbsp;&nbsp;&nbsp;94108766 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;13651018 | &nbsp;&nbsp;&nbsp;&nbsp;19199432 | &nbsp;&nbsp;&nbsp;&nbsp;116684499 | &nbsp;&nbsp;&nbsp;&nbsp;114872959 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;(18247069) | &nbsp;&nbsp;&nbsp;(27104422) | &nbsp;&nbsp;&nbsp;(251532477) | &nbsp;&nbsp;&nbsp;(161731041) |
|  | &nbsp;&nbsp;&nbsp;(18543004) | &nbsp;&nbsp;&nbsp;(27505777) | &nbsp;&nbsp;&nbsp;(251532477) | &nbsp;&nbsp;&nbsp;(161731041) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(4891986) | &nbsp;&nbsp;&nbsp;&nbsp;(8306345) | &nbsp;&nbsp;&nbsp;(134847978) | &nbsp;&nbsp;&nbsp;&nbsp;(46858082) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;2550968 | &nbsp;&nbsp;&nbsp;(14660906) | &nbsp;&nbsp;&nbsp;(201333081) | &nbsp;&nbsp;&nbsp;&nbsp;13244482 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;71506486 | &nbsp;&nbsp;&nbsp;&nbsp;86167392 | &nbsp;&nbsp;&nbsp;&nbsp;711781938 | &nbsp;&nbsp;&nbsp;&nbsp;698537456 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$74057454 | &nbsp;&nbsp;$71506486 | &nbsp;&nbsp;$510448857 | &nbsp;&nbsp;$711781938 |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;55

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP High<br> Income Series | &nbsp;&nbsp;Nomura<br> VIP High<br> Income Series | &nbsp;&nbsp;Nomura VIP<br> International Core<br> Equity Series | &nbsp;&nbsp;Nomura VIP<br> International Core<br> Equity Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25<sup>φ</sup> | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$48498215 | &nbsp;&nbsp;$51735165 | &nbsp;&nbsp;$5784226 | &nbsp;&nbsp;$9938910 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22109053)<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(11156689) | &nbsp;&nbsp;&nbsp;&nbsp;70075573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47180711 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;26213747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378632 | &nbsp;&nbsp;&nbsp;&nbsp;90164067 | &nbsp;&nbsp;&nbsp;&nbsp;(30553347) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;52606297 | &nbsp;&nbsp;&nbsp;&nbsp;47957108 | &nbsp;&nbsp;&nbsp;&nbsp;166023866 | &nbsp;&nbsp;&nbsp;&nbsp;26566274 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1020280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1044830) | &nbsp;&nbsp;&nbsp;&nbsp;(30003800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7921066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(50298859) | &nbsp;&nbsp;&nbsp;&nbsp;(50765621) | &nbsp;&nbsp;&nbsp;&nbsp;(15010806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4187898) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(51319139) | &nbsp;&nbsp;&nbsp;&nbsp;(51810451) | &nbsp;&nbsp;&nbsp;&nbsp;(45014606) | &nbsp;&nbsp;&nbsp;&nbsp;(12108964) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437536 | &nbsp;&nbsp;&nbsp;&nbsp;22398396 | &nbsp;&nbsp;&nbsp;&nbsp;382166541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58651843 | &nbsp;&nbsp;&nbsp;&nbsp;91048499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11470508 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>5</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;173766356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193393 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044830 | &nbsp;&nbsp;&nbsp;&nbsp;30003800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50298859 | &nbsp;&nbsp;&nbsp;&nbsp;50765621 | &nbsp;&nbsp;&nbsp;&nbsp;15010806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187898 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;110804634 | &nbsp;&nbsp;&nbsp;&nbsp;145296486 | &nbsp;&nbsp;&nbsp;&nbsp;73065424 | &nbsp;&nbsp;&nbsp;&nbsp;580705762 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2795442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3065807) | &nbsp;&nbsp;&nbsp;(123190144) | &nbsp;&nbsp;&nbsp;(107504381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;(121676859) | &nbsp;&nbsp;&nbsp;(139288732) | &nbsp;&nbsp;&nbsp;&nbsp;(40308231) | &nbsp;&nbsp;&nbsp;(416237823) |
|  | &nbsp;&nbsp;&nbsp;(124472301) | &nbsp;&nbsp;&nbsp;(142354539) | &nbsp;&nbsp;&nbsp;(163498375) | &nbsp;&nbsp;&nbsp;(523742204) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(13667667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941947 | &nbsp;&nbsp;&nbsp;&nbsp;(90432951) | &nbsp;&nbsp;&nbsp;&nbsp;56963558 |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(12380509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(911396) | &nbsp;&nbsp;&nbsp;&nbsp;30576309 | &nbsp;&nbsp;&nbsp;&nbsp;71420868 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;793332258 | &nbsp;&nbsp;&nbsp;&nbsp;794243654 | &nbsp;&nbsp;&nbsp;&nbsp;718989015 | &nbsp;&nbsp;&nbsp;&nbsp;647568147 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$780951749 | &nbsp;&nbsp;$793332258 | &nbsp;&nbsp;$749565324 | &nbsp;&nbsp;$718989015 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares.

<sup>4</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

<sup>5</sup> See Note 7 in "Notes to financial statements."

<sup>φ</sup> Consolidated statements of changes in net assets from July 7, 2025.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;56

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Mid Cap<br> Growth Series | &nbsp;&nbsp;Nomura VIP<br> Mid Cap<br> Growth Series | &nbsp;&nbsp;Nomura<br> VIP Natural<br> Resources Series | &nbsp;&nbsp;Nomura<br> VIP Natural<br> Resources Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(2504659) | &nbsp;&nbsp;$(2782749) | &nbsp;&nbsp;$1181498 | &nbsp;&nbsp;$612888 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(10151179) | &nbsp;&nbsp;&nbsp;&nbsp;87961590 | &nbsp;&nbsp;&nbsp;&nbsp;6064463 | &nbsp;&nbsp;&nbsp;&nbsp; (172204) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;15694390 | &nbsp;&nbsp;&nbsp;&nbsp;(73761871) | &nbsp;&nbsp;&nbsp;&nbsp;18296198 | &nbsp;&nbsp;&nbsp;&nbsp;(1197794) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11416970 | &nbsp;&nbsp;&nbsp;&nbsp;25542159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757110) |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1089991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2599972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(85683795) | &nbsp;&nbsp;&nbsp;&nbsp;(11806161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4081399) |
| &nbsp;&nbsp;&nbsp;Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365645) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(86773786) | &nbsp;&nbsp;&nbsp;&nbsp;(14406133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4447044) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36735631 | &nbsp;&nbsp;&nbsp;&nbsp;29515922 | &nbsp;&nbsp;&nbsp;&nbsp;8058758 | &nbsp;&nbsp;&nbsp;&nbsp;7975706 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85683795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11806161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4447044 |
|  | &nbsp;&nbsp;&nbsp;124771361 | &nbsp;&nbsp;&nbsp;&nbsp;45134149 | &nbsp;&nbsp;&nbsp;&nbsp;8058758 | &nbsp;&nbsp;&nbsp;&nbsp;12422750 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(14197102) | &nbsp;&nbsp;&nbsp;&nbsp;(83997226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(58877033) | &nbsp;&nbsp;&nbsp;&nbsp;(69131098) | &nbsp;&nbsp;&nbsp;(18675475) | &nbsp;&nbsp;&nbsp;(26571914) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(73074135) | &nbsp;&nbsp;&nbsp;(153128324) | &nbsp;&nbsp;&nbsp;(18675475) | &nbsp;&nbsp;&nbsp;(26571914) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;51697226 | &nbsp;&nbsp;&nbsp;(107994175) | &nbsp;&nbsp;&nbsp;(10616717) | &nbsp;&nbsp;&nbsp;(14149164) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(32038008) | &nbsp;&nbsp;&nbsp;(110983338) | &nbsp;&nbsp;&nbsp;&nbsp;14925442 | &nbsp;&nbsp;&nbsp;(19353318) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;403481771 | &nbsp;&nbsp;&nbsp;&nbsp;514465109 | &nbsp;&nbsp;&nbsp;&nbsp;72923399 | &nbsp;&nbsp;&nbsp;&nbsp;92276717 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$371443763 | &nbsp;&nbsp;$403481771 | &nbsp;&nbsp;$87848841 | &nbsp;&nbsp;$72923399 |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;57

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Science and<br> Technology Series | &nbsp;&nbsp;Nomura VIP<br> Science and<br> Technology Series | &nbsp;&nbsp;Nomura VIP<br> Small Cap<br> Growth Series | &nbsp;&nbsp;Nomura VIP<br> Small Cap<br> Growth Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(4282723) | &nbsp;&nbsp;$(3430175) | &nbsp;&nbsp;$(1658712) | &nbsp;&nbsp;$(1724170) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;156751171 | &nbsp;&nbsp;&nbsp;&nbsp;106126724 | &nbsp;&nbsp;&nbsp;&nbsp;26434347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136349 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;54218185 | &nbsp;&nbsp;&nbsp;&nbsp;62364032 | &nbsp;&nbsp;&nbsp;&nbsp;(2467368) | &nbsp;&nbsp;&nbsp;&nbsp;26292603 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;206686633 | &nbsp;&nbsp;&nbsp;&nbsp;165060581 | &nbsp;&nbsp;&nbsp;&nbsp;22308267 | &nbsp;&nbsp;&nbsp;&nbsp;28704782 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;(102254563) | &nbsp;&nbsp;&nbsp;&nbsp;(18898066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;(102688443) | &nbsp;&nbsp;&nbsp;&nbsp;(18976607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76785463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49058293 | &nbsp;&nbsp;&nbsp;&nbsp;46736663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6157347 | &nbsp;&nbsp;&nbsp;&nbsp;10144656 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102254563 | &nbsp;&nbsp;&nbsp;&nbsp;18898066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;228532199 | &nbsp;&nbsp;&nbsp;&nbsp;65976604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396332 | &nbsp;&nbsp;&nbsp;&nbsp;11284181 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2937276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375316) | &nbsp;&nbsp;&nbsp;&nbsp;(14160821) | &nbsp;&nbsp;&nbsp;&nbsp;(7122921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;(128678634) | &nbsp;&nbsp;&nbsp;(130596116) | &nbsp;&nbsp;&nbsp;&nbsp;(27962958) | &nbsp;&nbsp;&nbsp;&nbsp;(34633528) |
|  | &nbsp;&nbsp;&nbsp;(131615910) | &nbsp;&nbsp;&nbsp;(130971432) | &nbsp;&nbsp;&nbsp;&nbsp;(42123779) | &nbsp;&nbsp;&nbsp;&nbsp;(41756449) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;96916289 | &nbsp;&nbsp;&nbsp;&nbsp;(64994828) | &nbsp;&nbsp;&nbsp;&nbsp;(35727447) | &nbsp;&nbsp;&nbsp;&nbsp;(30472268) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;200914479 | &nbsp;&nbsp;&nbsp;&nbsp;81089146 | &nbsp;&nbsp;&nbsp;&nbsp;(13419180) | &nbsp;&nbsp;&nbsp;&nbsp;(1767486) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;649442154 | &nbsp;&nbsp;&nbsp;&nbsp;568353008 | &nbsp;&nbsp;&nbsp;207660324 | &nbsp;&nbsp;&nbsp;209427810 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$850356633 | &nbsp;&nbsp;$649442154 | &nbsp;&nbsp;$194241144 | &nbsp;&nbsp;$207660324 |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;58

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Smid Cap<br> Core Series | &nbsp;&nbsp;Nomura VIP<br> Smid Cap<br> Core Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$262692 | &nbsp;&nbsp;$253930 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;10143702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7742015 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235395 | &nbsp;&nbsp;&nbsp;&nbsp;21168467 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;11641789 | &nbsp;&nbsp;&nbsp;&nbsp;29164412 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7847086) | &nbsp;&nbsp;&nbsp;&nbsp;(1035868) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(7847086) | &nbsp;&nbsp;&nbsp;&nbsp;(1035868) |
| **Capital Share Transactions (See Note 6):** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14758047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693046 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7847086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;22605133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728914 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(52644159) | &nbsp;&nbsp;&nbsp;&nbsp;(54010994) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(30039026) | &nbsp;&nbsp;&nbsp;&nbsp;(45282080) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(26244323) | &nbsp;&nbsp;&nbsp;&nbsp;(17153536) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;207364567 | &nbsp;&nbsp;&nbsp;224518103 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$181120244 | &nbsp;&nbsp;$207364567 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;59

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

## Financial highlights
Nomura VIP Asset Strategy Series Standard Class<sup>φ</sup>

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$8.76 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$10.20 | &nbsp;&nbsp;$10.45 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34) |
| **Net asset value, end of period** | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$8.76 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$10.20 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;16.87%<sup>2</sup> | &nbsp;&nbsp;&nbsp;12.75% | &nbsp;&nbsp;&nbsp;14.22% | &nbsp;&nbsp;&nbsp;&nbsp;(14.54%) | &nbsp;&nbsp;&nbsp;10.72% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$565 | &nbsp;&nbsp;$400 | &nbsp;&nbsp;$1179 | &nbsp;&nbsp;$1011 | &nbsp;&nbsp;$1<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.11%. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>4</sup> | Net assets reported in millions. |
| <sup>5</sup> | Expense ratios do not include expenses of any investment companies in which the Series invests. |

---

See accompanying notes, which are an integral part of the financial statements.

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Asset Strategy Series Service Class<sup>φ</sup>

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;$8.76 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$10.19 | &nbsp;&nbsp;$10.44 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) |
| **Net asset value, end of period** | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;$8.76 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$10.19 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;16.66%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12.44% | &nbsp;&nbsp;&nbsp;&nbsp;13.90% | &nbsp;&nbsp;&nbsp;&nbsp;(14.71%) | &nbsp;&nbsp;&nbsp;10.44% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$581163 | &nbsp;&nbsp;$564879 | &nbsp;&nbsp;$575493 | &nbsp;&nbsp;$565362 | &nbsp;&nbsp;$743<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.11%. |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>4</sup> | Net assets reported in millions. |
| <sup>5</sup> | Expense ratios do not include expenses of any investment companies in which the Series invests. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;61

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Balanced Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$5.40 | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$9.39 | &nbsp;&nbsp;$8.71 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| **Net asset value, end of period** | &nbsp;&nbsp;$6.53 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$5.40 | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$9.39 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;11.79%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15.60% | &nbsp;&nbsp;&nbsp;&nbsp;16.09%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(16.11%) | &nbsp;&nbsp;&nbsp;15.97% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$222702 | &nbsp;&nbsp;$221980 | &nbsp;&nbsp;$215810 | &nbsp;&nbsp;$208628 | &nbsp;&nbsp;$271<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.004 and total return by 0.09%.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

62&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Energy Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.67 | &nbsp;&nbsp;$5.09 | &nbsp;&nbsp;$5.07 | &nbsp;&nbsp;$3.48 | &nbsp;&nbsp;$2.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.16 | &nbsp;&nbsp;$4.67 | &nbsp;&nbsp;$5.09 | &nbsp;&nbsp;$5.07 | &nbsp;&nbsp;$3.48 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;12.41%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(5.38%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;4.24% | &nbsp;&nbsp;&nbsp;50.85% | &nbsp;&nbsp;&nbsp;42.33% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$650 | &nbsp;&nbsp;$394 | &nbsp;&nbsp;$472 | &nbsp;&nbsp;$447 | &nbsp;&nbsp;$—<sup>4, 5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Rounds to less than $500 thousands.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;63

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Energy Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$5.10 | &nbsp;&nbsp;$5.07 | &nbsp;&nbsp;$3.47 | &nbsp;&nbsp;$2.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| **Net asset value, end of period** | &nbsp;&nbsp;$5.18 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$5.10 | &nbsp;&nbsp;$5.07 | &nbsp;&nbsp;$3.47 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;11.89%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(5.60%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.06% | &nbsp;&nbsp;&nbsp;&nbsp;50.42% | &nbsp;&nbsp;&nbsp;42.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$73407 | &nbsp;&nbsp;$71112 | &nbsp;&nbsp;$85695 | &nbsp;&nbsp;$123594 | &nbsp;&nbsp;$74<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;4.68% | &nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;4.68% | &nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

64&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Growth Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$14.85 | &nbsp;&nbsp;$12.70 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.54 | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$14.85 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.41%<sup>3</sup> | &nbsp;&nbsp;&nbsp;23.89% | &nbsp;&nbsp;&nbsp;&nbsp;38.00% | &nbsp;&nbsp;&nbsp;&nbsp;(27.24%) | &nbsp;&nbsp;&nbsp;30.03% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$510449 | &nbsp;&nbsp;$711782 | &nbsp;&nbsp;$698537 | &nbsp;&nbsp;$628211 | &nbsp;&nbsp;$1023<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;65

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP High Income Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25<sup>φ</sup>** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$2.94 | &nbsp;&nbsp;$2.96 | &nbsp;&nbsp;$2.82 | &nbsp;&nbsp;$3.40 | &nbsp;&nbsp;$3.41 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| **Net asset value, end of period** | &nbsp;&nbsp;$2.94 | &nbsp;&nbsp;$2.94 | &nbsp;&nbsp;$2.96 | &nbsp;&nbsp;$2.82 | &nbsp;&nbsp;$3.40 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.41%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.44% | &nbsp;&nbsp;&nbsp;12.22% | &nbsp;&nbsp;&nbsp;&nbsp;(10.91%) | &nbsp;&nbsp;&nbsp;6.33% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$14863 | &nbsp;&nbsp;$15787 | &nbsp;&nbsp;$15460 | &nbsp;&nbsp;$15093 | &nbsp;&nbsp;$19<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.67% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.67% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.47% | &nbsp;&nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;7.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40% | &nbsp;&nbsp;&nbsp;6.11% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.47% | &nbsp;&nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;7.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40% | &nbsp;&nbsp;&nbsp;6.11% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>3</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |
| <sup>4</sup> | Net assets reported in millions. |
| <sup>5</sup> | Expense ratios do not include expenses of any investment companies in which the Series invests. |

---

See accompanying notes, which are an integral part of the financial statements.

66&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP High Income Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25<sup>φ</sup>** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$2.93 | &nbsp;&nbsp;$2.95 | &nbsp;&nbsp;$2.81 | &nbsp;&nbsp;$3.39 | &nbsp;&nbsp;$3.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| **Net asset value, end of period** | &nbsp;&nbsp;$2.93 | &nbsp;&nbsp;$2.93 | &nbsp;&nbsp;$2.95 | &nbsp;&nbsp;$2.81 | &nbsp;&nbsp;$3.39 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.20% | &nbsp;&nbsp;&nbsp;&nbsp;12.15% | &nbsp;&nbsp;&nbsp;&nbsp;(11.28%) | &nbsp;&nbsp;&nbsp;6.06% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$766089 | &nbsp;&nbsp;$777545 | &nbsp;&nbsp;$778784 | &nbsp;&nbsp;$736612 | &nbsp;&nbsp;$892<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;0.92% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;0.92% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.22% | &nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;7.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15% | &nbsp;&nbsp;&nbsp;5.85% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.22% | &nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;7.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15% | &nbsp;&nbsp;&nbsp;5.85% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights from July 7, 2025. |
| <sup>1</sup> | Calculated using average shares outstanding. |
| <sup>2</sup> | Amount is less than $0.005 per share. |
| <sup>3</sup> | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements." |
| <sup>4</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |
| <sup>5</sup> | Net assets reported in millions. |
| <sup>6</sup> | Expense ratios do not include expenses of any investment companies in which the Series invests. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;67

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP International Core Equity Series Standard Class

Selected data for each share of the Series outstanding throughout the period were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended<br> 12/31/25** | &nbsp;&nbsp;**3/28/24<sup>1</sup> to<br> 12/31/24** |
|  | &nbsp;&nbsp;**Year ended<br> 12/31/25** | &nbsp;&nbsp;**3/28/24<sup>1</sup> to<br> 12/31/24** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$16.54 | &nbsp;&nbsp;$17.14 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.34 | &nbsp;&nbsp;$16.54 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;24.56% | &nbsp;&nbsp;&nbsp;&nbsp;(1.92%) |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$462216 | &nbsp;&nbsp;$457619 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>5</sup> |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>5</sup> |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77%<sup>6</sup> |

---

<sup>1</sup> Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>5</sup> Includes non-recurring expenses of 0.02% for the year ended December 31, 2024.

<sup>6</sup> Portfolio turnover is representative of the Series for the period ended December 31, 2024.

See accompanying notes, which are an integral part of the financial statements.

68&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP International Core Equity Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$16.51 | &nbsp;&nbsp;$16.15 | &nbsp;&nbsp;$14.12 | &nbsp;&nbsp;$18.47 | &nbsp;&nbsp;$16.35 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$19.44 | &nbsp;&nbsp;$16.51 | &nbsp;&nbsp;$16.15 | &nbsp;&nbsp;$14.12 | &nbsp;&nbsp;$18.47 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;24.24%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.73%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.20% | &nbsp;&nbsp;&nbsp;(14.72%)<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;14.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$287349 | &nbsp;&nbsp;$261370 | &nbsp;&nbsp;$647568 | &nbsp;&nbsp;$484020 | &nbsp;&nbsp;$621<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.19%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount is less than $0.005 per share.

<sup>3</sup> During the year ended December 31, 2022, Delaware Management Company reimbursed the Series $20,014 for losses related to a reclaim payment error. Total return for the year ended December 31, 2022 includes the impact of the capital contribution, which was not material to the total return.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Total return for the year ended December 31, 2022 includes the impact of the refund of previously paid foreign taxes. Total return would have been lower by 0.38% excluding refund of previously paid foreign taxes.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>9</sup> Includes non-recurring expenses of 0.02% for the year ended December 31, 2024.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;69

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Mid Cap Growth Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$9.60 | &nbsp;&nbsp;$17.99 | &nbsp;&nbsp;$17.60 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) |
| **Net asset value, end of period** | &nbsp;&nbsp;$7.95 | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$9.60 | &nbsp;&nbsp;$17.99 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;19.90% | &nbsp;&nbsp;&nbsp;&nbsp;(30.62%) | &nbsp;&nbsp;&nbsp;16.65% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$5574 | &nbsp;&nbsp;$20435 | &nbsp;&nbsp;$101493 | &nbsp;&nbsp;$105164 | &nbsp;&nbsp;$212<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.47%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

70&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Mid Cap Growth Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$17.84 | &nbsp;&nbsp;$17.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) |
| **Net asset value, end of period** | &nbsp;&nbsp;$7.72 | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$17.84 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;19.59% | &nbsp;&nbsp;&nbsp;&nbsp;(30.78%) | &nbsp;&nbsp;&nbsp;16.36% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$365870 | &nbsp;&nbsp;$383047 | &nbsp;&nbsp;$412972 | &nbsp;&nbsp;$355030 | &nbsp;&nbsp;$519<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.72%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;71

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Natural Resources Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.45 | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.77 | &nbsp;&nbsp;$4.12 | &nbsp;&nbsp;$3.30 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Net asset value, end of period** | &nbsp;&nbsp;$6.13 | &nbsp;&nbsp;$4.45 | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.77 | &nbsp;&nbsp;$4.12 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;37.75%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;17.72% | &nbsp;&nbsp;&nbsp;26.68% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$87849 | &nbsp;&nbsp;$72923 | &nbsp;&nbsp;$92277 | &nbsp;&nbsp;$109522 | &nbsp;&nbsp;$91<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;121% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

72&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Science and Technology Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$29.70 | &nbsp;&nbsp;$23.38 | &nbsp;&nbsp;$17.71 | &nbsp;&nbsp;$29.81 | &nbsp;&nbsp;$36.13 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;(11.66) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;(11.66) |
| **Net asset value, end of period** | &nbsp;&nbsp;$33.56 | &nbsp;&nbsp;$29.70 | &nbsp;&nbsp;$23.38 | &nbsp;&nbsp;$17.71 | &nbsp;&nbsp;$29.81 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;33.69% | &nbsp;&nbsp;&nbsp;30.92%<sup>2</sup> | &nbsp;&nbsp;&nbsp;39.38%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(31.67%) | &nbsp;&nbsp;&nbsp;15.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$80262 | &nbsp;&nbsp;$2796 | &nbsp;&nbsp;$2231 | &nbsp;&nbsp;$1331 | &nbsp;&nbsp;$2<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.13%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.13%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 for the year ended December 31, 2024 and 2023, and total return by 0.09% and 0.11%, for the year ended December 31, 2024 and 2023, respectively.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Science and Technology Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$29.09 | &nbsp;&nbsp;$22.97 | &nbsp;&nbsp;$17.45 | &nbsp;&nbsp;$29.51 | &nbsp;&nbsp;$35.87 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;(11.57) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;(11.57) |
| **Net asset value, end of period** | &nbsp;&nbsp;$32.66 | &nbsp;&nbsp;$29.09 | &nbsp;&nbsp;$22.97 | &nbsp;&nbsp;$17.45 | &nbsp;&nbsp;$29.51 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;33.36% | &nbsp;&nbsp;&nbsp;&nbsp;30.59%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39.04%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(31.83%) | &nbsp;&nbsp;&nbsp;15.17% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$770095 | &nbsp;&nbsp;$646646 | &nbsp;&nbsp;$566122 | &nbsp;&nbsp;$450560 | &nbsp;&nbsp;$707<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 for the year ended December 31, 2024 and 2023, and total return by 0.09% and 0.11%, for the year ended December 31, 2024 and 2023, respectively.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

74&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Small Cap Growth Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$6.70 | &nbsp;&nbsp;$5.85 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$11.01 | &nbsp;&nbsp;$12.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) |
| **Net asset value, end of period** | &nbsp;&nbsp;$7.62 | &nbsp;&nbsp;$6.70 | &nbsp;&nbsp;$5.85 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$11.01 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;13.73% | &nbsp;&nbsp;&nbsp;14.53% | &nbsp;&nbsp;&nbsp;13.36%<sup>2</sup> | &nbsp;&nbsp;&nbsp;(26.61%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.25% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1191 | &nbsp;&nbsp;$16833 | &nbsp;&nbsp;$20157 | &nbsp;&nbsp;$17454 | &nbsp;&nbsp;$47<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.16%.

<sup>3</sup> During the year ended December 31, 2022, Delaware Management Company reimbursed the Series $5,772,824 for losses related to a trade error. Total return for the year ended December 31, 2022 includes the impact of the payment from affiliate. Total return would have been lower by 1.09% excluding payment from affiliate.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;75

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Small Cap Growth Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$6.57 | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$6.04 | &nbsp;&nbsp;$10.94 | &nbsp;&nbsp;$12.08 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) |
| **Net asset value, end of period** | &nbsp;&nbsp;$7.45 | &nbsp;&nbsp;$6.57 | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$6.04 | &nbsp;&nbsp;$10.94 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;13.39% | &nbsp;&nbsp;&nbsp;&nbsp;14.26% | &nbsp;&nbsp;&nbsp;&nbsp;13.11%<sup>2</sup> | &nbsp;&nbsp;&nbsp;(26.83%)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$193050 | &nbsp;&nbsp;$190827 | &nbsp;&nbsp;$189271 | &nbsp;&nbsp;$181456 | &nbsp;&nbsp;$391<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.87%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.87%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.81%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.17%.

<sup>3</sup> During the year ended December 31, 2022, Delaware Management Company reimbursed the Series $5,772,824 for losses related to a trade error. Total return for the year ended December 31, 2022 includes the impact of the payment from affiliate. Total return would have been lower by 1.28% excluding payment from affiliate.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

76&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Nomura VIP Smid Cap Core Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$13.10 | &nbsp;&nbsp;$11.52 | &nbsp;&nbsp;$11.14 | &nbsp;&nbsp;$16.73 | &nbsp;&nbsp;$13.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.54 | &nbsp;&nbsp;$13.10 | &nbsp;&nbsp;$11.52 | &nbsp;&nbsp;$11.14 | &nbsp;&nbsp;$16.73 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.39%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.26% | &nbsp;&nbsp;&nbsp;&nbsp;15.71% | &nbsp;&nbsp;&nbsp;&nbsp;(14.84%) | &nbsp;&nbsp;&nbsp;20.78% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$181120 | &nbsp;&nbsp;$207365 | &nbsp;&nbsp;$224518 | &nbsp;&nbsp;$158111 | &nbsp;&nbsp;$182<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

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## Notes to financial statements
Ivy Variable Insurance Portfolios

December 31, 2025

Ivy Variable Insurance Portfolios (Trust) is organized as a Delaware statutory trust and offers 24 series. These financial statements and the related notes pertain to 11 series: Nomura VIP Asset Strategy Series (formerly, Macquarie VIP Asset Strategy Series through November 30, 2025), Nomura VIP Balanced Series (formerly, Macquarie VIP Balanced Series through November 30, 2025), Nomura VIP Energy Series (formerly, Macquarie VIP Energy Series through November 30, 2025), Nomura VIP Growth Series (formerly, Macquarie VIP Growth Series through November 30, 2025), Nomura VIP High Income Series (formerly, Macquarie VIP High Income Series through November 30, 2025), Nomura VIP International Core Equity Series (formerly, Macquarie VIP International Core Equity Series through November 30, 2025), Nomura VIP Mid Cap Growth Series (formerly, Macquarie VIP Mid Cap Growth Series through November 30, 2025), Nomura VIP Natural Resources Series (formerly, Macquarie VIP Natural Resources Series through November 30, 2025), Nomura VIP Science and Technology Series (formerly, Macquarie VIP Science and Technology Series through November 30, 2025), Nomura VIP Small Cap Growth Series (formerly, Macquarie VIP Small Cap Growth Series through November 30, 2025), and Nomura VIP Smid Cap Core Series (formerly, Macquarie VIP Smid Cap Core Series through November 30, 2025), (each, a Series and collectively, the Series). The Trust is an open-end investment company. Each of the Series (other than Nomura VIP Energy Series, Nomura VIP Growth Series, and Nomura VIP Science and Technology Series) are diversified as defined in the Investment Company Act of 1940, as amended (1940 Act). Nomura VIP Energy Series, Nomura VIP Growth Series, and Nomura VIP Science and Technology Series are non-diversified as defined in the 1940 Act.

Each Series offers Service class (formerly, Class II) shares. Nomura VIP Asset Strategy Series, Nomura VIP Energy Series, Nomura VIP High Income Series, Nomura VIP International Core Equity Series, Nomura VIP Mid Cap Growth Series, Nomura VIP Science and Technology Series, and Nomura VIP Small Cap Growth Series also offer Standard class (formerly, Class I) shares. The Standard class shares do not carry a distribution and service (12b-1) fee and the Service class shares carry a 12b-1 fee. The shares of the Series are sold only to variable life insurance separate accounts and variable annuity separate accounts.

1. Significant Accounting Policies

Each Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Basis of Consolidation — Ivy VIP ASF II, Ltd. (referred to as the Subsidiary in this subsection), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Nomura VIP Asset Strategy Series (referred to as the Series in this subsection). Ivy VIP ASF III (SBP), LLC (the Company), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Series. The Subsidiary and the Company act as investment vehicles for the Series, in order to affect certain investments for the Series consistent with the Series' investment objectives and policies as specified in its prospectus and statement of additional information. The Series' investment portfolio has been consolidated and includes the portfolio holdings of the Series, its Subsidiary and the Company. The consolidated financial statements include the accounts of the Series, its Subsidiary and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Series and its Subsidiary and the Company comprising the entire issued share capital of the Subsidiary and the Company with the intent that the Series will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and the Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the Company. The date of incorporation of the Subsidiary and Company was January 31, 2013 and April 9, 2013, respectively. As of December 31, 2025, the total net assets held by the Subsidiary is $46,088,042, or approximately 7.92% of the Series' net assets and the total net assets held by the Company is $57,709, or approximately 0.01% of the Series' net assets.**

NC Macau II Ltd. (referred to as the Subsidiary in this subsection), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Nomura VIP High Income Series (referred to as the Series in this subsection). The Subsidiary acts as an investment vehicle for the Series, in order to affect certain investments for the Series consistent with the Series' investment objectives and policies as specified in its prospectus and statement of additional information. The Series' investment portfolio has been consolidated and includes the portfolio holdings of the Series and its Subsidiary. The consolidated financial statements include the accounts of the Series and its Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Series and its Subsidiary comprising the entire issued share capital of the Subsidiary with the intent that the Series will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary conferred upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and conferred upon the shareholder rights in a winding-up or

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repayment of capital and the right to participate in the profits or assets of the Subsidiary. The date of incorporation of the Subsidiary was July 7, 2025. As of December 31, 2025, the total net assets held by the Subsidiary is $1,262,638, or approximately 0.16%, of the Series' net assets.

**Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities and credit default swap (CDS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (Policy). Fixed income security and CDS contracts valuations are then reviewed by DMC as part of its duties as each Series' valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and certain US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Series may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.**

**Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Series evaluates tax positions taken or expected to be taken in the course of preparing each Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Series' tax positions taken or expected to be taken on each Series' federal income tax returns through the year ended December 31, 2025, and for all open tax years (years ended December 31, 2022–December 31, 2024), and has concluded that no provision for federal income tax is required in each Series' financial statements. In regard to foreign taxes only, each Series has open tax years in certain foreign countries in which it invests that may date back to the inception of each Series. If applicable, each Series recognizes interest and tax**

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the year ended December 31, 2025, the Series did not incur any interest or tax penalties.

As a result of several court cases, in certain countries across the European Union, certain Series filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU reclaims). Income recognized, if any, for EU reclaims is reflected as "Reclaim income" on the "Statements of operations." Any fees associated with these filings are included on the "Statements of operations" under "Other." For US income tax purposes, EU reclaims received by the Series, if any, reduce the amount of foreign taxes Series shareholders can use as tax deductions or credits on their income tax returns.

The Company is subject to US federal and state income taxes. This taxable entity is not consolidated for income tax purposes and may generate income tax assets or liabilities that reflect the net tax effect of temporary differences between the carrying amount of the assets and liabilities for financial reporting and tax purposes and tax loss carryforwards.

The Company's income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit) for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Tax expense/(benefit):** | &nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;Deferred | &nbsp;&nbsp;&nbsp;Total |
| Federal | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$815362 | &nbsp;&nbsp;&nbsp;$815362 |
| State | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1168943 | &nbsp;&nbsp;&nbsp;&nbsp;1168943 |
| Valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1984305) | &nbsp;&nbsp;&nbsp;&nbsp;(1984305) |
| Total tax expense/(benefit) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

Components of the Company's deferred tax assets and liabilities as of December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Deferred tax assets/(liabilities):** |  |
| Basis in partnerships | &nbsp;&nbsp;$731180 |
| Net operating loss | &nbsp;&nbsp;&nbsp;&nbsp;4157890 |
| Capital loss carryover | &nbsp;&nbsp;&nbsp;&nbsp;2439028 |
| Total net deferred tax asset/(liability) before valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;7328098 |
| Less: valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(7328098) |
| Net deferred tax asset/(liability) | &nbsp;&nbsp;$— |

---

Net operating loss carryforwards are available to offset future taxable income of the Company. The Company had cumulative net operating loss carryforwards as of its most recent tax year ending December 31, 2025, of $19,776,205. Net operating loss carryforwards from 2014 – 2017 expire within 20 years and net operating loss carryforwards originating in 2018 and forward do not expire. The Company had capital loss carryforward of $8,431,341 as of its most recent tax year ending December 31, 2025. This capital loss was generated in 2025 and would expire in 2030 if unused.

For the year ended December 31, 2025, the Company had determined that Kansas net operating loss represented by the deferred tax asset of $789,588 as of December 31, 2024 has no value because the Company no longer has a taxable presence in Kansas. As of December 31, 2024 the Kansas deferred tax asset had been offset by a valuation allowance. These financial statements reflect the elimination of the gross deferred tax asset and related valuation allowance. The net impact to equity is zero.

The recoverability of deferred tax assets is based upon the weight of available positive and negative evidence regarding sources of future taxable income. When assessing the recoverability of deferred tax assets, significant weight is given to the period over which the deferred tax assets can be realized and the recent history of pre-tax earnings. If the Company concludes that it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized as stated, a valuation allowance is recognized to reduce the value of the deferred tax assets.

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The difference between the statutory income tax rate, 21%, and the actual effective tax rate, as reported for the year ended December 31, 2025, are as follows:

---

| | |
|:---|:---|
| The Company's pre-tax income, all domestic | &nbsp;&nbsp;$(35683) |
| Pre-tax income/(loss) at the statutory rate | &nbsp;&nbsp;$(7493) |
| Adjustments to prior year deferred taxes | &nbsp;&nbsp;&nbsp;&nbsp;822855 |
| State income tax expenses, net of federal benefit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Less: valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(815362) |
| Total income tax expense/(benefit) | &nbsp;&nbsp;$— |

---

The Company recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Company's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on US tax returns filed since inception of the Company. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Tax years December 31, 2022 and later are open to examination by federal and state tax authorities under the applicable statute of limitations.

**Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of each Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.**

**Underlying Funds — Each Series may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Series may invest include ETFs. Each Series will indirectly bear the investment management fees and other expenses of the Underlying Funds.**

**To Be Announced Trades (TBA) — Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Series' ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Series to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Series on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery. No TBA were outstanding at December 31, 2025.**

**Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. Each Series generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of realized gains (losses), attributable to changes in foreign exchange rates, is included on the "Statements of operations" under "Net realized gain (loss) on foreign currencies." For foreign equity securities, the realized gains and losses are included on the "Statements of operations" under "Net realized gain (loss) on investments." Each Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.**

**Derivative Financial Instruments — Each Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, forward foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, each Series intends to either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.**

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

**Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, each Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of each Series under derivative contracts, if any, will be reported separately on the "Statements of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedules of investments."**

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to a Series are charged directly to that Series. Other expenses common to various funds within the Nomura Funds (formerly, Macquarie Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any Underlying Funds in which each Series invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. When a loan agreement is purchased, certain Series may pay an assignment fee. On an ongoing basis, certain Series may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that each Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with each Series' understanding of the applicable country's tax rules and rates. Certain Series file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Series may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The "Statements of operations" include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Each Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Series will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. Each Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. Each Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.**

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. Each Series' Chief Executive Officer and Chief Financial Officer act as each Series' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Series has a single operating segment since each Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Series' portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Series' financial statements. Adoption of the new standard impacted each Series' financial statements note disclosures only, and did not affect any Series' financial position or the results of its operations.

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Each Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2025, each Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Custody Credits |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;$6640 |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7788 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;17731 |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

Each Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2025, each Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;$12 |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;14 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |

---

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly based on each Series' average daily net assets as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |

---

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets over $1.5 billion. |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $10 billion. |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |

---

Prior to December 1, 2025 (Closing Date), NIMBT was named Macquarie Investment Management Business Trust (MIMBT).

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and

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nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding the following percentages of certain Series' average daily net assets from January 1, 2025 (except as noted) through April 30, 2026. These waivers and reimbursements may only be terminated by agreement of DMC and each Series. The waivers and reimbursements are accrued daily and received monthly.

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as<br> a percentage<br> of average<br> daily net assets |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;0.60% |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;0.77% |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;0.86%\* |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;0.76%\*\* |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;0.86% |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;0.85% |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;0.98%\*\* |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;0.89% |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;0.94%\*\* |

---

\* Effective May 1, 2025. Prior to May 1, 2025, the amount was 0.92%.

\*\* Effective May 1, 2025. Prior to May 1, 2025, the Series had no expense limitation.

After consideration of class specific expenses, including 12b-1 fees (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from January 1, 2025 (except as noted) through April 30, 2026, unless terminated by agreement of DMC and the Series, is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets |
| Series | &nbsp;&nbsp;&nbsp;Standard Class | &nbsp;&nbsp;&nbsp;Service Class |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;0.85% |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;1.02% |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;0.86%\* | &nbsp;&nbsp;&nbsp;1.11%\* |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;1.01%\*\* |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;1.11% |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;1.10% |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;1.23%\*\* |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;1.14% |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;1.19%\*\* |

---

\* Effective May 1, 2025. Prior to May 1, 2025, the amounts were as follows for Standard Class and Service Class, respectively: 0.92% and 1.17%.

\*\* Effective May 1, 2025. Prior to May 1, 2025, the Series had no expense limitation.

Nomura VIP High Income Series and Nomura VIP Science and Technology Series did not have any expense limitation.

With respect to Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, and Nomura VIP High Income Series:

Prior to the Closing Date, DMC had entered into sub-advisory agreements on behalf of the Series with Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). As of the Closing Date, MIMAK and MIMEL no longer served as sub-advisors to the Series and MIMGL no longer served as a sub-advisor to Nomura VIP High Income Series. As of the Closing Date, DMC entered into a new sub-advisory agreement with MIMGL serving as an unaffiliated sub-advisor on behalf of Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series.

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

Prior to the Closing Date, DMC and MIMAK were primarily responsible for the day-to-day management of the Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series. In addition, DMC also sought fixed income investment advice and recommendations from MIMAK and DMC also permitted MIMAK to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believed it would have been beneficial to utilize MIMAK's specialized market knowledge.

With respect to each Series, DMC has principal responsibility for the Series and DMC, prior to the Closing Date, sought investment advice and recommendations from MIMEL and permitted MIMEL to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believed it would have been beneficial to utilize MIMEL's specialized market knowledge.

With respect to each Series, DMC has principal responsibility for the Series and may seek investment advice and recommendations from MIMGL and may permit MIMGL to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL's specialized market knowledge. In addition, with respect to Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series, MIMGL is responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

With respect to Nomura VIP High Income Series, prior to the Closing Date, DMC sought investment advice and recommendations from MIMAK, MIMEL and MIMGL and permitted each to execute Series security trades on behalf of DMC and exercise investment discretion in certain markets where DMC believed it would have been beneficial to utilize the specialized market knowledge of each of MIMAK, MIMEL and/or MIMGL.

With respect to Nomura VIP Energy Series, Nomura VIP Growth Series, Nomura VIP International Core Equity Series, Nomura VIP Mid Cap Growth Series, Nomura VIP Natural Resources Series, Nomura VIP Science and Technology Series, Nomura VIP Small Cap Growth Series, and Nomura VIP Smid Cap Core Series:

DMC has principal responsibility for the Series and, prior to the Closing Date, sought quantitative support from MIMGL and utilized MIMGL to execute Series security trades on behalf of DMC. Also as of the Closing Date, MIMGL no longer served as a sub-advisor to the Series.

Effective October 1, 2025, Van Eck Associates Corporation (VanEck) serves as sub-advisor to Nomura VIP Energy Series and Nomura VIP Natural Resources Series. DMC seeks non-discretionary model portfolio and allocation recommendations from VanEck with respect to Nomura VIP Energy Series and Nomura VIP Natural Resources Series natural resources sleeve based upon which DMC will purchase and sell natural resources securities for Nomura VIP Energy Series and Nomura VIP Natural Resources Series.

Pursuant to the terms of the relevant sub-advisory agreement, an investment sub-advisory fee is paid by DMC to each sub-advisor.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Nomura Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Nomura Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the "Statements of operations" under "Accounting and administration expenses." For the year ended December 31, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Asset Strategy Series | $30098 |
| Nomura VIP Balanced Series | &nbsp;&nbsp;14051 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;7279 |
| Nomura VIP Growth Series | &nbsp;&nbsp;31131 |
| Nomura VIP High Income Series | &nbsp;&nbsp;39451 |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;38781 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;21575 |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;7533 |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;36152 |

---

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---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Small Cap Growth Series | $12778 |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;12320 |

---

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the year ended December 31, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Asset Strategy Series | $43041 |
| Nomura VIP Balanced Series | &nbsp;&nbsp;16577 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;5408 |
| Nomura VIP Growth Series | &nbsp;&nbsp;44749 |
| Nomura VIP High Income Series | &nbsp;&nbsp;58468 |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;57364 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;28984 |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;5826 |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;53018 |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;14477 |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;13722 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to each Series. Sub-transfer agency fees are paid by each Series and are also included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay a 12b-1 fee.

As provided in the investment management agreement, each Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Series. These amounts are included on the "Statements of operations" under "Legal fees." For the year ended December 31, 2025, each Series paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Asset Strategy Series | $15442 |
| Nomura VIP Balanced Series | &nbsp;&nbsp;27325 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;1991 |
| Nomura VIP Growth Series | &nbsp;&nbsp;13924 |
| Nomura VIP High Income Series | &nbsp;&nbsp;24044 |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;16912 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;8608 |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;2073 |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;14886 |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;4298 |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;4162 |

---

Trustees' fees include expenses accrued by each Series for each Trustee's retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

In addition to the management fees and other expenses of a Series, a Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

During the year ended December 31, 2025, DMC reimbursed Nomura Ivy VIP High Income Series $3,388 in connection with trade errors. This amount is included in "Net increase from payment by affiliates" in the "Consolidated statement of operations." Payment by affiliates had no impact on total return.

As of the Closing Date, Nomura Holding America Inc. completed the acquisition of Macquarie Asset Management's US and European public investments business. The closing of this transaction resulted in the automatic termination of each Series' investment advisory agreement with DMC and any sub-advisory agreement, as applicable. At a special shareholder meeting held on September 10, 2025, Series shareholders approved a new investment advisory agreement for each Series. On the Closing Date, the new investment advisory agreement, any applicable sub-advisory agreement, and each Series' name changes reflected below went effective.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series Name Prior to December 1, 2025** | &nbsp;&nbsp;**Series Name Effective December 1, 2025** |
| &nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;Nomura VIP Asset Strategy Series |
| &nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;Nomura VIP Balanced Series |
| &nbsp;&nbsp;Macquarie VIP Energy Series | &nbsp;&nbsp;Nomura VIP Energy Series |
| &nbsp;&nbsp;Macquarie VIP Growth Series | &nbsp;&nbsp;Nomura VIP Growth Series |
| &nbsp;&nbsp;Macquarie VIP High Income Series | &nbsp;&nbsp;Nomura VIP High Income Series |
| &nbsp;&nbsp;Macquarie VIP International Core Equity Series | &nbsp;&nbsp;Nomura VIP International Core Equity Series |
| &nbsp;&nbsp;Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;Nomura VIP Mid Cap Growth Series |
| &nbsp;&nbsp;Macquarie VIP Natural Resources Series | &nbsp;&nbsp;Nomura VIP Natural Resources Series |
| &nbsp;&nbsp;Macquarie VIP Science and Technology Series | &nbsp;&nbsp;Nomura VIP Science and Technology Series |
| &nbsp;&nbsp;Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;Nomura VIP Small Cap Growth Series |
| &nbsp;&nbsp;Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;Nomura VIP Smid Cap Core Series |

---

An affiliated issuer includes any company in which a Series held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment advisor or sub-advisor to a Series is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the transactions in affiliated companies during the year ended December 31, 2025 was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> investments | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated investments | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Dividends |
| **Nomura VIP Asset Strategy Series** | **Nomura VIP Asset Strategy Series** | **Nomura VIP Asset Strategy Series** | **Nomura VIP Asset Strategy Series** | **Nomura VIP Asset Strategy Series** | **Nomura VIP Asset Strategy Series** | **Nomura VIP Asset Strategy Series** |  |
| **Exchange-Traded Fund—1.04%** | **Exchange-Traded Fund—1.04%** |  |  |  |  |  |  |
| Nomura Focused Emerging Markets Equity ETF | Nomura Focused Emerging Markets Equity ETF | Nomura Focused Emerging Markets Equity ETF | Nomura Focused Emerging Markets Equity ETF |  |  |  |  |
| &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$6055408 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$16812 | &nbsp;&nbsp;&nbsp;$6072220 | &nbsp;&nbsp;&nbsp;151051 | &nbsp;&nbsp;&nbsp;$167504 |

---

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3. Investments

For the year ended December 31, 2025, each Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Purchases<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Purchases of<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales of<br> US government<br> securities |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;$269686837 | &nbsp;&nbsp;&nbsp;$157986444 | &nbsp;&nbsp;&nbsp;$303444167 | &nbsp;&nbsp;&nbsp;$180756144 |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;100597947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48299000 | &nbsp;&nbsp;&nbsp;&nbsp;112069838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55154544 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42019827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46585398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;154083445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;389760085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;317897867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;341456418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;673206604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;811121713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;197267624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;241410988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36020342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45209550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;536883396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;550255453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;140699772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;177974546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27178788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63584605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Series were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Cost of<br> investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments<br> and derivatives |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;$481766252 | &nbsp;&nbsp;&nbsp;$143305075 | &nbsp;&nbsp;&nbsp;$(46070124) | &nbsp;&nbsp;&nbsp;$97234951 |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;180937779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43076782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2423759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40653023 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73784931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6453113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6212149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240964 |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;312362388 | &nbsp;&nbsp;&nbsp;&nbsp;206753268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8278885) | &nbsp;&nbsp;&nbsp;&nbsp;198474383 |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;779257961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22307237 | &nbsp;&nbsp;&nbsp;&nbsp;(37983785) | &nbsp;&nbsp;&nbsp;&nbsp;(15676548) |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;640356077 | &nbsp;&nbsp;&nbsp;&nbsp;137746872 | &nbsp;&nbsp;&nbsp;&nbsp;(27906587) | &nbsp;&nbsp;&nbsp;&nbsp;109840285 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;330418922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68316946 | &nbsp;&nbsp;&nbsp;&nbsp;(26961935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41355011 |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77667525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16896729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6617571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10279158 |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;596530929 | &nbsp;&nbsp;&nbsp;&nbsp;267952324 | &nbsp;&nbsp;&nbsp;&nbsp;(13366402) | &nbsp;&nbsp;&nbsp;&nbsp;254585922 |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;160821872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39857952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5907798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33950154 |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;149100698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43476341 | &nbsp;&nbsp;&nbsp;&nbsp;(11302470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32173871 |

---

US GAAP defines fair value as the price that each Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the

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[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Ivy Variable Insurance Portfolios

3. Investments (continued)

asset or liability based on the best information available under the circumstances. Each Series' investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 - Significant unobservable inputs, including each Series' own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Series' investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$555220 | &nbsp;&nbsp;&nbsp;&nbsp;$555220 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990153 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47742152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47742152 |
| Bullion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45998986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45998986 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413492 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18451987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23556729 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30657549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35292694 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20659791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25857576 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251354 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38858195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21778562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60654997 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28168246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10654276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38822522 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21408659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24612721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46021380 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74941435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21146198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96087633 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751576 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904494 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55929029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55929029 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29171257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29171257 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$983237 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$983237 |
| Limited Liability Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720424 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7617535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7617535 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385412 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14452734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14452734 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185835 |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20997999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20997999 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$322119035 | &nbsp;&nbsp;&nbsp;&nbsp;$256327066 | &nbsp;&nbsp;&nbsp;&nbsp;$736019 | &nbsp;&nbsp;&nbsp;&nbsp;$579182120 |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12518 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12518 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39129 |
| Liabilities: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(232564) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(232564) |

---

<br> <sup>1</sup>Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$616691 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$616691 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529900 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19989522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19989522 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16115152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16115152 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11608398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11608398 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985421 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24323425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24332012 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11444765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11444765 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16604032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16604032 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45772286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45772286 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868318 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122195 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23626112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23626112 |

---

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Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Balanced Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;$16972731 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$16972731 |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45084 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282140 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654589 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992854 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959028 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87676 |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343491 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$154516723 | &nbsp;&nbsp;&nbsp;&nbsp;$67127087 | &nbsp;&nbsp;&nbsp;&nbsp;$8587 | &nbsp;&nbsp;&nbsp;&nbsp;$221652397 |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4918 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4918 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19204 |
| Liabilities: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(85717) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(85717) |

---

<br> <sup>1</sup>Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Energy Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Coal & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;$4432035 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4432035 |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658394 |
| &nbsp;&nbsp;&nbsp;Heavy Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373188 |
| &nbsp;&nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286845 |
| &nbsp;&nbsp;&nbsp;Integrated Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7620621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15704695 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Drilling | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646805 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464619 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Exploration & Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35626062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35626062 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Refining & Marketing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615832 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Storage & Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117435 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755738 |
| Master Limited Partnerships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403957 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940290 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$66405274 | &nbsp;&nbsp;&nbsp;&nbsp;$7620621 | &nbsp;&nbsp;&nbsp;&nbsp;$74025895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;92

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$508825080 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011691 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$510836771 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$43845300 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$43845300 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028459 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25212 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253518 |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080265 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628659073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628659073 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16647777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16647777 |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47142430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47142430 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18899379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18899379 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$38575615 | &nbsp;&nbsp;&nbsp;&nbsp;$719646803 | &nbsp;&nbsp;&nbsp;&nbsp;$5358995 | &nbsp;&nbsp;&nbsp;&nbsp;$763581413 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Consolidated Schedules of investments" is considered to be a Level 3 investment in this table.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;$54596814 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$54596814 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31013990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31013990 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64546742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64546742 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9743149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9743149 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9065741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9065741 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10673479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10673479 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5585574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61343539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66929113 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26357769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26357769 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49297922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49297922 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14837263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13462493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28299756 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76537214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76537214 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11331982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11331982 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12953153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40612361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53565514 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31785609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31785609 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41183958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41183958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;93

------

[**Table of Contents**](#JOB_Ivy_D_81ce3ed5-29f0-4fe7-8272-d46fc93ece84_TOC_AltSty1)

Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$18368974 | &nbsp;&nbsp;&nbsp;&nbsp;$18368974 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8816030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8816030 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46551949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46551949 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13238292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60068203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73306495 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24520059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24520059 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13704103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13704103 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$221043747 | &nbsp;&nbsp;&nbsp;&nbsp;$529152615 | &nbsp;&nbsp;&nbsp;&nbsp;$750196362 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Mid Cap Growth Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$362482615 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9291318 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$371773933 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Natural Resources Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Products | &nbsp;&nbsp;&nbsp;&nbsp;$1794784 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1794784 |
| &nbsp;&nbsp;&nbsp;Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673686 |
| &nbsp;&nbsp;&nbsp;Coal & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127146 |
| &nbsp;&nbsp;&nbsp;Commodity Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613188 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857836 |
| &nbsp;&nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175588 |
| &nbsp;&nbsp;&nbsp;Diversified Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4424769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7299423 |
| &nbsp;&nbsp;&nbsp;Fertilizers & Agricultural Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217506 |
| &nbsp;&nbsp;&nbsp;Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628360 |
| &nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12386592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12386592 |
| &nbsp;&nbsp;&nbsp;Integrated Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197241 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Drilling | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082971 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Exploration & Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400633 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Refining & Marketing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801772 |
| &nbsp;&nbsp;&nbsp;Oil & Gas Storage & Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848986 |
| &nbsp;&nbsp;&nbsp;Paper Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718776 |
| &nbsp;&nbsp;&nbsp;Precious Metals & Minerals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013401 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079652 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Natural Resources Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;Specialty Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;$1966258 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1966258 |
| &nbsp;&nbsp;&nbsp;Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5212860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5212860 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850024 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$73594175 | &nbsp;&nbsp;&nbsp;&nbsp;$14352508 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$87946683 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;$109538492 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$109538492 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85943745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85943745 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110520 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40235961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40235961 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29172768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29172768 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544387911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18962953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563350864 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15764501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15764501 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$832153898 | &nbsp;&nbsp;&nbsp;&nbsp;$18962953 | &nbsp;&nbsp;&nbsp;&nbsp;$851116851 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Growth Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$192695128 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076898 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$194772026 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;$4818578 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4818578 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16305697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16305697 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921730 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234892 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29844868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29844868 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25343170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25343170 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41683226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41683226 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25064908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25064908 |

---

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Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;$6062912 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6062912 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11706143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11706143 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710648 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577797 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$181274569 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$181274569 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table.

As a result of utilizing international fair value pricing at December 31, 2025, a portion of the common stock in the portfolio for Nomura VIP Asset Strategy Series, Nomura VIP Energy Series, Nomura VIP Natural Resources Series, and Nomura VIP Science and Technology Series were categorized as Level 2. As a result of utilizing international fair value pricing at December 31, 2025, a majority of the common stock in the portfolio for Nomura VIP International Core Equity Series were categorized as Level 2.

During the year ended December 31, 2025, Nomura VIP Energy Series, Nomura VIP Growth Series, Nomura VIP International Core Equity Series, Nomura VIP Mid Cap Growth Series, Nomura VIP Natural Resources Series, Nomura VIP Science and Technology Series, Nomura VIP Small Cap Growth Series, and Nomura VIP Smid Cap Core Series had no transfers into or out of Level 3 investments. During the year ended December 31, 2025, Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, and Nomura VIP High Income Series had transfers out of Level 3 investments. Each Series' policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting year.

A reconciliation of Level 3 investments is presented when a Series has a significant amount of Level 3 investments at the beginning or end of the year in relation to that Series' net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, Nomura VIP Natural Resources Series, and Nomura VIP Smid Cap Core Series' net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, Nomura VIP High Income Series, Nomura VIP Natural Resources Series, and Nomura VIP Smid Cap Core Series' net assets at the end of the year. As of December 31, 2025, Nomura VIP Energy Series, Nomura VIP Growth Series, Nomura VIP International Core Equity Series, Nomura VIP Mid Cap Growth Series, Nomura VIP Science and Technology Series, and Nomura VIP Small Cap Growth Series had no Level 3 investments.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for Nomura VIP High Income Series:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| Balance as of 12/31/24 | &nbsp;&nbsp;$4953267 | &nbsp;&nbsp;&nbsp;$7688302 | &nbsp;&nbsp;&nbsp;$12641569 |
| Amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28088 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95659 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452194) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3186576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3186576) |
| Transfer out | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124480) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3731784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3643071) |
| Balance as of 12/31/25 | &nbsp;&nbsp;$1278730 | &nbsp;&nbsp;&nbsp;$4080265 | &nbsp;&nbsp;&nbsp;$5358995 |
| Net change in unrealized appreciation (depreciation)<br> from Level 3 investments still held as of 12/31/25 | &nbsp;&nbsp;$(1205815) | &nbsp;&nbsp;&nbsp;$(3731784) | &nbsp;&nbsp;&nbsp;$(4937599) |

---

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4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;Ordinary<br> income | &nbsp;&nbsp;&nbsp;Long-term<br> capital<br> gains | &nbsp;&nbsp;&nbsp;Return of<br> capital | &nbsp;&nbsp;&nbsp;Total |
| Year ended December 31, 2025: |  |  |  |  |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;$8012424 | &nbsp;&nbsp;&nbsp;$37122908 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$45135332 |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8366790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11130766 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723623 |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;103397773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;103397773 |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;51319139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51319139 |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37469746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45014606 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86773786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86773786 |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;12970642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89717801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;102688443 |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7847086 |
| Year ended December 31, 2024: |  |  |  |  |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;11852407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20440387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32292794 |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922492 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411968 |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94108766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94108766 |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;51810451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51810451 |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;10253083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12108964 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14406133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14406133 |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4081399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;365645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447044 |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18976607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18976607 |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035868 |

---

5. Components of Net Assets on a Tax Basis

As of December 31, 2025, the components of net assets on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Asset<br> Strategy Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Balanced Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Energy Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Growth Series |
| Paid-in capital | &nbsp;&nbsp;$480044705 | &nbsp;&nbsp;&nbsp;$168177290 | &nbsp;&nbsp;&nbsp;$82113522 | &nbsp;&nbsp;&nbsp;$155874954 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10386113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;156196130 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9957070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96610) |
| Unrealized appreciation (depreciation) of investments,<br> foreign currencies, and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;96560277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40653023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241688 | &nbsp;&nbsp;&nbsp;&nbsp;198474383 |
| Net assets | &nbsp;&nbsp;$581728404 | &nbsp;&nbsp;&nbsp;$222702490 | &nbsp;&nbsp;&nbsp;$74057454 | &nbsp;&nbsp;&nbsp;$510448857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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Ivy Variable Insurance Portfolios

5. Components of Net Assets on a Tax Basis (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> High Income<br> Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> International Core<br> Equity Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Mid Cap<br> Growth Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Natural Resources<br> Series |
| Paid-in capital | $965656890 | &nbsp;&nbsp;&nbsp;$566397427 | &nbsp;&nbsp;&nbsp;$340276803 | &nbsp;&nbsp;&nbsp;$107541677 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;48521927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9896669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022946 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65284219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;(217518940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10171661) | &nbsp;&nbsp;&nbsp;&nbsp;(30984385) |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10521) |
| Unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;(15675619) | &nbsp;&nbsp;&nbsp;&nbsp;108035239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41355011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10279124 |
| Net assets | $780951749 | &nbsp;&nbsp;&nbsp;$749565324 | &nbsp;&nbsp;&nbsp;$371443763 | &nbsp;&nbsp;&nbsp;$87848841 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Science and<br> Technology Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Small Cap<br> Growth Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Smid Cap<br> Core Series |
| Paid-in capital | &nbsp;&nbsp;$442362877 | &nbsp;&nbsp;&nbsp;$145537486 | &nbsp;&nbsp;&nbsp;$138557213 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310246 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;153441372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10097201 |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18287) |
| Unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp;254587208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33950154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32173871 |
| Net assets | &nbsp;&nbsp;$850356633 | &nbsp;&nbsp;&nbsp;$194241144 | &nbsp;&nbsp;&nbsp;$181120244 |

---

Differences between components of net assets unrealized and tax cost unrealized may arise due to unrealized appreciation/depreciation on foreign currency and capital gains tax.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, partnership interest, tax recognition of unrealized gain on passive foreign investment companies, investments held within the wholly owned subsidiary, tax treatments of debt restructurings, tax treatments of swaps, mark-to-market on forward foreign currency exchange contracts, mark-to-market on futures, treatment of the transfer of one of the Series' investments to the wholly owned foreign subsidiary, and tax deferral on straddle losses.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to reorganization-related adjustments, write off of net operating loss, tax treatment of gain (loss) on foreign currency transactions, tax treatment of passive foreign investment companies, tax treatment of paydown securities, tax treatment of partnership securities, earnings and profits distributed to shareholders on the redemptions of shares, prior year update to the fund level return of capital, and nondeductible taxes paid. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2025, certain Series recorded the following reclassifications:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;Total distributable earnings (loss) |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;$(41419) | &nbsp;&nbsp;$41419 |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;(2170843) | &nbsp;&nbsp;&nbsp;&nbsp;2170843 |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42599 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;(2502980) | &nbsp;&nbsp;&nbsp;&nbsp;2502980 |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(960795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960795 |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;(1691548) | &nbsp;&nbsp;&nbsp;&nbsp;1691548 |

---

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For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2025, capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Loss carryforward character | &nbsp;&nbsp;Loss carryforward character |  |
|  | &nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;Total |
| Nomura VIP Energy Series | &nbsp;&nbsp;$121252 | &nbsp;&nbsp;&nbsp;$9835818 | &nbsp;&nbsp;&nbsp;$9957070 |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;16072325 | &nbsp;&nbsp;&nbsp;&nbsp;201446615 | &nbsp;&nbsp;&nbsp;&nbsp;217518940 |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10171661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10171661 |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30984385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30984385 |

---

6. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura VIP<br> Asset<br> Strategy Series | Nomura VIP<br> Asset<br> Strategy Series | Nomura VIP<br> Balanced Series | Nomura VIP<br> Balanced Series | Nomura VIP<br> Energy Series | Nomura VIP<br> Energy Series |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;101705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;3536735 | &nbsp;&nbsp;&nbsp;3528469 | &nbsp;&nbsp;&nbsp;&nbsp;619801 | &nbsp;&nbsp;&nbsp;&nbsp;884368 | &nbsp;&nbsp;2590492 | &nbsp;&nbsp;3289954 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;4604978 | &nbsp;&nbsp;&nbsp;3467956 | &nbsp;&nbsp;1883378 | &nbsp;&nbsp;&nbsp;&nbsp;507377 | &nbsp;&nbsp;&nbsp;&nbsp;161524 | &nbsp;&nbsp;&nbsp;&nbsp;450694 |
|  | &nbsp;&nbsp;&nbsp;8158453 | &nbsp;&nbsp;&nbsp;7013852 | &nbsp;&nbsp;2503179 | &nbsp;&nbsp;1391745 | &nbsp;&nbsp;2855927 | &nbsp;&nbsp;3810459 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3255) | &nbsp;&nbsp;&nbsp;&nbsp;(109119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(62269) | &nbsp;&nbsp;&nbsp;&nbsp;(78158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | (10810032) | (11867382) | (4428777) | (5374786) | (3786159) | (5365370) |
|  | (10813287) | (11976501) | (4428777) | (5374786) | (3848428) | (5443528) |
| Net decrease | &nbsp;&nbsp;&nbsp;(2654834) | &nbsp;&nbsp;(4962649) | (1925598) | (3983041) | &nbsp;&nbsp;&nbsp;(992501) | (1633069) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;99

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Ivy Variable Insurance Portfolios

6. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura VIP<br> Growth Series | Nomura VIP<br> Growth Series | Nomura VIP<br> High Income<br> Series | Nomura VIP<br> High Income<br> Series | Nomura VIP<br> International Core<br> Equity Series | Nomura VIP<br> International Core<br> Equity Series |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831517 | &nbsp;&nbsp;1221673 | &nbsp;&nbsp;23243803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;1352872 | &nbsp;&nbsp;&nbsp;2003582 | &nbsp;&nbsp;20206304 | &nbsp;&nbsp;31179133 | &nbsp;&nbsp;&nbsp;&nbsp;310757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689480 |
| Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10306427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70825 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369198 | &nbsp;&nbsp;1669661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;12009033 | &nbsp;&nbsp;&nbsp;9782616 | &nbsp;&nbsp;18284820 | &nbsp;&nbsp;17938382 | &nbsp;&nbsp;&nbsp;&nbsp;830243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244335 |
|  | &nbsp;&nbsp;13361905 | &nbsp;&nbsp;11786198 | &nbsp;&nbsp;39147156 | &nbsp;&nbsp;50318230 | &nbsp;&nbsp;4032334 | &nbsp;&nbsp;35016740 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(963762) | &nbsp;&nbsp;&nbsp;(1051348) | (6657866) | &nbsp;&nbsp;&nbsp;(6351311) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | (26450621) | (15599986) | (41986915) | (47530511) | (2191199) | (25270853) |
|  | (26450621) | (15599986) | (42950677) | (48581859) | (8849065) | (31622164) |
| Net increase (decrease) | (13088716) | &nbsp;&nbsp;&nbsp;(3813788) | &nbsp;&nbsp;&nbsp;(3803521) | &nbsp;&nbsp;&nbsp;1736371 | (4816731) | &nbsp;&nbsp;&nbsp;3394576 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura VIP<br> Mid Cap<br> Growth Series | Nomura VIP<br> Mid Cap<br> Growth Series | Nomura VIP<br> Natural Resources<br> Series | Nomura VIP<br> Natural Resources<br> Series | Nomura VIP<br> Science and<br> Technology Series | Nomura VIP<br> Science and<br> Technology Series |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;149211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;2371798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;4205797 | &nbsp;&nbsp;&nbsp;2955368 | &nbsp;&nbsp;1609771 | &nbsp;&nbsp;1710168 | &nbsp;&nbsp;1658548 | &nbsp;&nbsp;1759647 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;143231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | 11578890 | &nbsp;&nbsp;&nbsp;1148459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;909416 | &nbsp;&nbsp;4005270 | &nbsp;&nbsp;&nbsp;&nbsp;727969 |
|  | 16077129 | &nbsp;&nbsp;&nbsp;4468685 | &nbsp;&nbsp;1609771 | &nbsp;&nbsp;2619584 | &nbsp;&nbsp;8052183 | &nbsp;&nbsp;2499888 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;(1606910) | &nbsp;&nbsp;&nbsp;(8323861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(91110) | &nbsp;&nbsp;&nbsp;&nbsp;(13539) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;(6951596) | &nbsp;&nbsp;&nbsp;(6845225) | (3659839) | (5784063) | (4313201) | (4902486) |
|  | &nbsp;&nbsp;(8558506) | (15169086) | (3659839) | (5784063) | (4404311) | (4916025) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;7518623 | (10700401) | (2050068) | (3164479) | &nbsp;&nbsp;3647872 | (2416137) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;100

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Nomura VIP<br> Small Cap<br> Growth Series | Nomura VIP<br> Small Cap<br> Growth Series | Nomura VIP<br> Smid Cap<br> Core Series | Nomura VIP<br> Smid Cap<br> Core Series |
|  | Year ended | Year ended | Year ended | Year ended |
|  | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37276 | &nbsp;&nbsp;&nbsp;&nbsp;180252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;930531 | &nbsp;&nbsp;1626074 | &nbsp;&nbsp;1162931 | &nbsp;&nbsp;&nbsp;&nbsp;616807 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;663882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;967807 | &nbsp;&nbsp;1806326 | &nbsp;&nbsp;1826813 | &nbsp;&nbsp;&nbsp;&nbsp;702843 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | (2394307) | (1112701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | (4096491) | (5485029) | (4282089) | (4356961) |
|  | (6490798) | (6597730) | (4282089) | (4356961) |
| Net decrease | (5522991) | (4791404) | (2455276) | (3654118) |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares. <br> <sup>3</sup> See Note 7.

7. Reorganization

The following reorganization occurred in a prior reporting period, as noted within the "Statements of changes in net assets." On January 16, 2024, the Board approved a proposal to reorganize Delaware VIP International Series (the "Acquired Series"), a series of Delaware VIP Trust, with and into Macquarie VIP International Core Equity Series (now known as Nomura VIP International Core Equity Series) (the "Acquiring Series"), a series of the Trust (the "Reorganization"). On April 26, 2024, the Acquired Series shareholders approved the Reorganization. Pursuant to an Agreement and Plan of Reorganization (the "Plan"): (i) all of the property and assets of the Acquired Series were acquired by the Acquiring Series and (ii) the Trust, on behalf of the Acquiring Series, assumed the liabilities of the Acquired Series in exchange for shares of the Acquiring Series. In accordance with the Plan, the Acquired Series liquidated and dissolved following the Reorganization. In approving the Reorganization, the Board considered various factors, including that the Acquiring Series and the Acquired Series share similar investment objectives, principal investment strategies and principal risks, and similar fundamental investment restrictions and that the Acquiring Series' overall total expense ratio is expected to be equal to the corresponding Acquired Series' total expense ratio following the Reorganization taking into account applicable expense limitation arrangements. The Reorganization was accomplished by a tax-free exchange of shares on April 26, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Series were recorded at fair value; however, the cost basis of the investments received from the Acquired Series was carried forward to align ongoing reporting of the Acquiring Series' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transaction information associated with the Acquired Series and the Acquiring Series on the Reorganization date were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Series<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Series Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Series | &nbsp;&nbsp;&nbsp;Acquiring<br> Series<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class I/Standard Class | &nbsp;&nbsp;$173766356 | &nbsp;&nbsp;&nbsp;10306427 | &nbsp;&nbsp;&nbsp;10306427 | &nbsp;&nbsp;&nbsp;$365889293 | &nbsp;&nbsp;&nbsp;1.0000 |
| Class II/Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70825 | &nbsp;&nbsp;&nbsp;&nbsp;282084657 | &nbsp;&nbsp;&nbsp;0.9964 |

---

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Ivy Variable Insurance Portfolios

7. Reorganization (continued)

The net assets of the Acquired Series before the Reorganization were $174,959,749. The net assets of the Acquiring Series immediately following the Reorganization were $822,933,699.

Assuming the Reorganization had been completed on January 1, 2024, the Acquiring Series' pro forma results of operations for the year ended December 31, 2024, would have been as follows:

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;$11410868 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;44412460 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(24337105) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$31486223 |

---

8. Line of Credit

Each Series, along with certain other funds in the Nomura Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 27, 2025. This Agreement was extended to October 26, 2026.

Each Series had no amounts outstanding as of December 31, 2025, or at any time during the year then ended.

9. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 9) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the year ended December 31, 2025.

10. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At December 31, 2025, Nomura VIP Asset Strategy**

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Series posted $638,381 and Nomura VIP Balanced Series posted $223,911 in cash as collateral for open futures contracts, which is included in "Cash collateral due from brokers" on the "Statements of assets and liabilities", respectively. Open futures contracts, if any, are disclosed on the "Schedules of investments."

During the year ended December 31, 2025, Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series used futures contracts to hedge each Series' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

**Swap Contracts — Each Series may enter into CDS contracts in the normal course of pursuing its investment objective. Each Series may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Swap contracts are bilaterally negotiated agreements between a Series and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).**

*Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Series in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.*

During the year ended December 31, 2025, Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series entered into CDS contracts as a seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the year ended December 31, 2025, each Series did not enter into any CDS contracts as a purchaser of protection.

As disclosed in the footnotes to the "Consolidated Schedule of investments" and "Schedules of investments," at December 31, 2025, the notional value of the protection sold was $2,800,000 and $1,100,000, which reflects the maximum potential amount Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series, respectively, would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/ sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At December 31, 2025, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Series and other third parties which the Series can obtain in the occurrence of a credit event. At December 31, 2025, net unrealized appreciation of the protection sold was $12,518 and $4,918 for Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series, respectively.

CDS contracts may involve greater risks than if the Series had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Series' maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series' exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty. Open swap contracts, if any, are disclosed on the "Consolidated schedule of investments" and "Schedules of investments."

During the year ended December 31, 2025, Nomura VIP Asset Strategy Series and Nomura VIP Balanced Series entered into CDS contracts to gain exposure to certain securities or markets.

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Ivy Variable Insurance Portfolios

10. Derivatives (continued)

At December 31, 2025, Nomura VIP Asset Strategy Series posted $200,004 and Nomura VIP Balanced Series posted $78,573 in cash as collateral for certain centrally cleared derivatives, which is included in "Cash collateral due from brokers" on the "Consolidated Statement of assets and liabilities." and "Statements of assets and liabilities", respectively.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Asset Strategy Series | &nbsp;&nbsp;Nomura VIP Asset Strategy Series | &nbsp;&nbsp;Nomura VIP Asset Strategy Series |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Consolidated statement<br> of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Credit<br> Contracts | &nbsp;&nbsp;Total |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$39129 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$39129 |
| Variation margin due to broker on centrally cleared credit default swap contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12518 | &nbsp;&nbsp;&nbsp;&nbsp;12518 |
| Total | &nbsp;&nbsp;$39129 | &nbsp;&nbsp;$12518 | &nbsp;&nbsp;$51647 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Asset Strategy Series |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Consolidated statement<br> of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$(232564) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Balanced Series | &nbsp;&nbsp;Nomura VIP Balanced Series | &nbsp;&nbsp;Nomura VIP Balanced Series |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Credit<br> Contracts | &nbsp;&nbsp;Total |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$19204 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$19204 |
| Variation margin due to broker on centrally cleared credit default swap contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp;4918 |
| Total | &nbsp;&nbsp;$19204 | &nbsp;&nbsp;$4918 | &nbsp;&nbsp;$24122 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Balanced Series |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$(85717) |

---

\*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared CDS contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Series' "Statements of assets and liabilities."

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The effect of derivative instruments on the "Consolidated statement of operations" for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Asset Strategy Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Nomura VIP Asset Strategy Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Nomura VIP Asset Strategy Series<br> Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(251370) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(251370) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;115473 | &nbsp;&nbsp;&nbsp;&nbsp;115473 |
| Total | &nbsp;&nbsp;$(251370) | &nbsp;&nbsp;$115473 | &nbsp;&nbsp;$(135897) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$25468 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$25468 |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12518 | &nbsp;&nbsp;&nbsp;&nbsp;12518 |
| Total | &nbsp;&nbsp;$25468 | &nbsp;&nbsp;$12518 | &nbsp;&nbsp;$37986 |

---

The effect of derivative instruments on the "Statements of operations" for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Balanced Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Nomura VIP Balanced Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Nomura VIP Balanced Series<br> Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(311938) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(311938) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44808 |
| Total | &nbsp;&nbsp;$(311938) | &nbsp;&nbsp;$44808 | &nbsp;&nbsp;$(267130) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(15640) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(15640) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918 |
| Total | &nbsp;&nbsp;$(15640) | &nbsp;&nbsp;$4918 | &nbsp;&nbsp;$(10722) |

---

The tables below summarize the average daily balance of derivative holdings by certain Series during the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume |
|  | &nbsp;&nbsp;Nomura VIP Asset<br> Strategy Series | &nbsp;&nbsp;Nomura VIP Asset<br> Strategy Series | &nbsp;&nbsp;Nomura VIP<br> Balanced Series | &nbsp;&nbsp;Nomura VIP<br> Balanced Series |
| Futures contracts (average notional amount) |  | &nbsp;&nbsp;43,892,338 |  | &nbsp;&nbsp;22,374,845 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Nomura VIP Asset<br> Strategy Series | &nbsp;&nbsp;Nomura VIP<br> Balanced Series |
| Futures contracts (average notional amount) | &nbsp;&nbsp;15402811 | &nbsp;&nbsp;11908854 |
| CDS contracts (average notional amount)\* | &nbsp;&nbsp;&nbsp;2277778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894841 |

---

\* Long represents buying protection and short represents selling protection.

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Ivy Variable Insurance Portfolios

11. Securities Lending

Each Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Series of the Trust is generally invested in a series of individual separate accounts, each corresponding to a Series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Series or, at the discretion of the lending agent, replace the loaned securities. Each Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Series, the security lending agent, and the borrower. Each Series records security lending income net of allocations to the security lending agent and the borrower.

Each Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Series' cash collateral account may be less than the amount each Series would be required to return to the borrowers of the securities and each Series would be required to make up for this shortfall.

During the year ended December 31, 2025, each Series had no securities out on loan.

12. Credit and Market Risks

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A Series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which each Series invests will cause the NAV of each Series to fluctuate.

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Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.

Certain Series invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Services LLC and Baa3 by Moody's Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Certain Series may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Series could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes "subprime" loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, a Series' investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause a Series to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

Certain Series invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Series will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Series more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Series may involve revolving credit facilities or other standby financing commitments that obligate the Series to pay additional cash on a certain date or on demand. These commitments may require each Series to increase its investment in a

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Ivy Variable Insurance Portfolios

12. Credit and Market Risks (continued)

company at a time when the Series might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that each Series is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments.

As the Series may be required to rely upon another lending institution to collect and pass on to the Series' amounts payable with respect to the loan and to enforce the Series' rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Series from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Series.

Certain Series invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Series will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Certain Series may invest in REITs and are subject to the risks associated with that industry. If a Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended December 31, 2025. The Series' REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Series also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Series will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the "Statements of assets and liabilities", if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

Each Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 15% limit on investments in illiquid securities. Rule 144A and restricted securities have been identified on the "Consolidated schedule of investments" and "Schedules of investments", respectively.

13. Contractual Obligations

Each Series enters into contracts in the normal course of business that contain a variety of indemnifications. Each Series' maximum exposure under these arrangements is unknown. However, each Series has not had prior claims or losses pursuant to these contracts. Management has reviewed each Series' existing contracts and expects the risk of loss to be remote.

14. Recent Accounting Pronouncements

Each Series adopted FASB Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures as of December 31, 2025. ASU 2023-09 requires public business entities, on an annual basis, to provide disclosure of specific

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categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction if material. Because each Series does not pay a material amount of income taxes, there was not a significant impact to the income tax disclosures.

15. Subsequent Events

On or about May 1, 2026, Nomura Corporate Research and Asset Management Inc. ("NCRAM"), located at 309 West 49th Street, New York, NY 10019, will become a sub-advisor to the Nomura VIP High Income Series and the changes described in the Trust's February 11, 2026 supplement to the current Summary Prospectus, Statutory Prospectus, and Statement of Additional Information for the Nomura VIP High Income Series will become effective.

Management has determined that no other material events or transactions occurred subsequent to December 31, 2025, that would require recognition or disclosure in the Series' financial statements.

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Report of independent registered public accounting firm

To the Board of Trustees of Ivy Variable Insurance Portfolios and Shareholders of each of the eleven series listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the series listed in the table below (eleven of the series constituting Ivy Variable Insurance Portfolios, hereafter collectively referred to as the "Series") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Series listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Nomura VIP Asset Strategy Series<sup>(1)\*</sup><br> Nomura VIP Balanced Series<sup>(1)</sup><br> Nomura VIP Energy Series<sup>(1)</sup><br> Nomura VIP Growth Series<sup>(1)</sup><br> Nomura VIP High Income Series<sup>(1)\*\*</sup><br> Nomura VIP International Core Equity Series<sup>(2)</sup> | &nbsp;&nbsp;Nomura VIP Mid Cap Growth Series<sup>(1)</sup><br> Nomura VIP Natural Resources Series<sup>(1)</sup><br> Nomura VIP Science and Technology Series<sup>(1)</sup><br> Nomura VIP Small Cap Growth Series<sup>(1)</sup><br> Nomura VIP Smid Cap Core Series<sup>(1)</sup> |

---

\*The financial statements for Nomura VIP Asset Strategy Series and its subsidiaries are presented on a consolidated basis.

\*\*The financial statements for Nomura VIP High Income Series and its subsidiary are presented on a consolidated basis as of and for the year ended December 31, 2025 and for Nomura VIP High Income Series on a stand-alone basis for prior periods.

<sup>(1)</sup> Statement of operations for the year ended December 31, 2025, statement of changes in net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025

<sup>(2)</sup> Statement of operations for the year ended December 31, 2025, statement of changes in net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the periods indicated therein

#### Basis for Opinions
These financial statements are the responsibility of the Series' management. Our responsibility is to express an opinion on the Series' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, sub-custodian, transfer agents, portfolio companies, agent banks and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 27, 2026

We have served as the auditor of one or more Nomura investment companies since 2010.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Tax Information
The information set forth below is for the Series' fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Series. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended December 31, 2025, each Series reports distributions paid during the year as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;(A)<br> Ordinary Income<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(B)<br> Long-Term<br> Capital Gains<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;Total<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(C)<br> Qualifying<br> Dividends<sup>1</sup> |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;17.75% | &nbsp;&nbsp;&nbsp;&nbsp;82.25% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;25.04% |
| Nomura VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;24.83% | &nbsp;&nbsp;&nbsp;&nbsp;75.17% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;41.90% |
| Nomura VIP Energy Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% |
| Nomura VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP High Income Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;16.76% | &nbsp;&nbsp;&nbsp;&nbsp;83.24% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;12.63% | &nbsp;&nbsp;&nbsp;&nbsp;87.37% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;12.36% |
| Nomura VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;25.87% | &nbsp;&nbsp;&nbsp;&nbsp;74.13% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;87.29% |

---

------

(A) and (B) are based on a percentage of each Series' total distributions.

(C) is based on each Series' ordinary income distributions.

<sup>1</sup>Qualified dividends represent dividends which qualify for corporate dividends received deduction.

For the fiscal year ended December 31, 2025, certain distributions paid by each Series, determined to be Qualified Short-Term Capital Gains may be subject to relief from US tax withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended December 31, 2025, each Series has reported maximum distributions of Qualified Short-Term Capital Gains as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Qualified Short-Term Capital Gains |
| Nomura VIP Asset Strategy Series | &nbsp;&nbsp;$904765 |
| Nomura VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;12970655 |
| Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;1770951 |

---

Nomura VIP International Core Equity Series intends to pass through foreign tax credits in the maximum amount of $1,767,548. The gross foreign source income earned during the fiscal year 2025 by the Series was $6,713,750. Shareholders who claimed foreign tax credits with respect to such foreign taxes previously reported in prior years may also have a foreign tax redetermination and may need to file amended tax returns to account for such taxes refunded to the Series. The amount of tax refunded, and years to which the tax relates, will be available upon request, along with certain other information about the refunded tax. Please consult your tax advisor. The amount reported above has not been reduced for any foreign tax redeterminations.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 10, 2025, shareholders of each Series approved a new investment advisory agreement. The results of the voting at the meeting were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Series** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Against** | &nbsp;&nbsp;**Abstain** |
| &nbsp;&nbsp;Nomura VIP Asset Strategy Series | &nbsp;&nbsp;41097388 | &nbsp;&nbsp;1881495 | &nbsp;&nbsp;2780089 |
| &nbsp;&nbsp;Nomura VIP Balanced Series | &nbsp;&nbsp;27679102 | &nbsp;&nbsp;353959 | &nbsp;&nbsp;1074245 |
| &nbsp;&nbsp;Nomura VIP Energy Series | &nbsp;&nbsp;12851166 | &nbsp;&nbsp;1012082 | &nbsp;&nbsp;986877 |
| &nbsp;&nbsp;Nomura VIP Growth Series | &nbsp;&nbsp;61629325 | &nbsp;&nbsp;974078 | &nbsp;&nbsp;2354943 |
| &nbsp;&nbsp;Nomura VIP High Income Series | &nbsp;&nbsp;238832156 | &nbsp;&nbsp;9357983 | &nbsp;&nbsp;13559212 |
| &nbsp;&nbsp;Nomura VIP International Core Equity<br> Series | &nbsp;&nbsp;38377437 | &nbsp;&nbsp;897768 | &nbsp;&nbsp;1358574 |
| &nbsp;&nbsp;Nomura VIP Mid Cap Growth Series | &nbsp;&nbsp;44950044 | &nbsp;&nbsp;2530421 | &nbsp;&nbsp;1728202 |
| &nbsp;&nbsp;Nomura VIP Natural Resources<br> Series | &nbsp;&nbsp;10013418 | &nbsp;&nbsp;83273 | &nbsp;&nbsp;498186 |
| &nbsp;&nbsp;Nomura VIP Science and Technology Series | &nbsp;&nbsp;19246022 | &nbsp;&nbsp;404186 | &nbsp;&nbsp;1253709 |
| &nbsp;&nbsp;Nomura VIP Small Cap Growth<br> Series | &nbsp;&nbsp;24274524 | &nbsp;&nbsp;802935 | &nbsp;&nbsp;1808228 |
| &nbsp;&nbsp;Nomura VIP Smid Cap Core Series | &nbsp;&nbsp;12704140 | &nbsp;&nbsp;503852 | &nbsp;&nbsp;407391 |

---

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
At a meeting held on August 12-14, 2025 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Nomura (formerly, Macquarie) VIP Asset Strategy Series, Nomura (formerly, Macquarie) VIP Balanced Series, Nomura (formerly, Macquarie) VIP Energy Series, Nomura (formerly, Macquarie) VIP Growth Series, Nomura (formerly, Macquarie) VIP High Income Series, Nomura (formerly, Macquarie) VIP International Core Equity Series, Nomura (formerly, Macquarie) VIP Mid Cap Growth Series, Nomura (formerly, Macquarie) VIP Natural Resources Series, Nomura (formerly, Macquarie) VIP Science and Technology Series, Nomura (formerly, Macquarie) VIP Small Cap Growth Series and Nomura (formerly, Macquarie) VIP Smid Cap Core Series (each, a "Fund" and together, the "Funds") Investment Management Agreement with Delaware Management Company ("DMC") and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL"), Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK") and Macquarie Investment Management Europe Limited ("MIMEL") (together, the "Affiliated Sub-Advisers").

Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2025, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an "Investment Committee" and together, the "Investment Committees"), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the

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year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreement and the Sub-Advisory Agreements. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds' Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all of the, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including each Fund's portfolio managers. The Board met with DMC's senior management and investment personnel. The Board reviewed the materials provided by the Funds' portfolio management team discussing its performance, investment strategies and outlook, as well as DMC with respect to comparing Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board's review included consideration of DMC's investment oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals.**

The Board also considered information regarding DMC's programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation and compliance risks and its plans for enhancing those programs (including through the allocation of additional resources and individuals, and enhancements to existing processes and testing as discussed further below). The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates, as well as information from Macquarie Group Ltd. the parent company of DMC, regarding its U.S. mutual fund business.

In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the fund complex. Among other things, these services include third party service provider oversight, transfer agency, internal audit, pricing and valuation, portfolio trading, and legal and compliance functions. The Board noted DMC's responsibility for overseeing: the preparation of the Funds' prospectus, summary prospectus, statement of additional information, shareholder reports, and other periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board.

The Board took into account the proposed acquisition by Nomura Holding America, Inc. ("Nomura") of the US and European public investments business of Macquarie Asset Management, including DMC (the "MAM Business"). The Board considered information from DMC and Nomura regarding the transaction, as well as the approvals made by the Board, at a special board meeting held on June 18, 2025 that, among other things, authorized management to seek shareholder approval of new advisory agreements for the Fund complex with DMC that if approved by shareholders, would become effective upon the closing of the transaction. The Board noted the anticipated benefits to shareholders of the change in ownership of the MAM Business, including the resources available to DMC when it becomes part of Nomura's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

services, including each Fund's portfolio managers. The Board noted that two of the Nomura VIP Energy Series' and Nomura VIP Natural Resources Series' portfolio managers who previously provided investment management services to the Series through DMC were now providing those services to it as employees of VanEck through a sub-advisory agreement with DMC. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Board noted the changes that would occur with respect to the Affiliated Sub-Advisers following the closing of the Transaction, including whether and how such sub-advisers would continue to provide investment services to the Funds. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

Based on this information, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided until the closing of the transaction) to the Funds by DMC and the Affiliated Sub-Advisers.

**Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting, and reports provided by JDL throughout the year. The Broadridge reports prepared for each Fund's institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used to select the peer funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2024. The Board considered that each Fund's performance prior to such acquisition is that of its predecessor investment manager and not DMC.**

*Nomura VIP Asset Strategy Series. The Performance Universe for the Fund consisted of the Fund and all alternative other funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year and since inception periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year and since inception periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, and 5-year and since inception periods. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Balanced Series. The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation growth funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year periods was in the first quartile of its Performance Universe and for the 10-year period was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its equity benchmark index for the 1-, 3-, 5-, and 10-year periods. In addition, the Board noted that the Fund outperformed its fixed income benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund's relative performance versus its equity benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

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*Nomura VIP Energy Series. The Performance Universe for the Fund consisted of the Fund and all natural resources funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 5-year and since inception periods was in the fourth quartile of its Performance Universe and for the 3-year period was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1- and 5-year and since inception periods was below the median of its Performance Universe and for the 3-year period was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, and 5-year and since inception periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Growth Series. The Performance Universe for the Fund consisted of the Fund and all large-cap growth funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was in the fourth and third quartile of its Performance Universe, respectively, and for the 5- and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 5- and 10-year periods was above the median of its Performance Universe and for the 1- and 3-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP High Income Series. The Performance Universe for the Fund consisted of the Fund and all high yield funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was in the fourth and second quartiles of its Performance Universe, respectively, and for the 3-year and since inception periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1- and 3-year and since inception periods was below the median of its Performance Universe and for the 5-year period was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, and 5-year and since inception periods. The Board noted the explanations from DMC and the Affiliated Sub-Advisers concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP International Core Equity Series. The Performance Universe for the Fund consisted of the Fund and all international large-cap core funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was in the first and third quartiles of its Performance Universe, respectively, and for the 5- and 10-year periods was in the second and fourth quartiles of its Performance Universe, respectively. The Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was above the median of its Performance Universe and for the 3- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index (net of dividends) for the 3- and 5-year periods and underperformed its benchmark index (net of dividends) for the 1- and 10-year periods.*

*Nomura VIP Mid Cap Growth Series. The Performance Universe for the Fund consisted of the Fund and all mid-cap growth funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was in the fourth quartile of its Performance Universe and for the 5-year and since inception periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year and since inception periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, and 5-year and since inception periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Natural Resources Series. The Performance Universe for the Fund consisted of the Fund and all natural resources funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was in the third quartile of its Performance Universe and for the 5- and 10-year periods was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 3-year periods, performed approximately equal to its benchmark index for the 5-year period, and underperformed its benchmark*

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

index for the 10-year period. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe for the various periods and any actions that DMC has taken to address performance concerns.

*Nomura VIP Science and Technology Series. The Performance Universe for the Fund consisted of the Fund and all science and technology funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 3-year and since inception periods was in the third quartile of its Performance Universe and for the 5-year period was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year and since inception periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, and 5-year and since inception periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Small Cap Growth Series. The Performance Universe for the Fund consisted of the Fund and all small-cap growth funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was in the second quartile of its Performance Universe and for the 5-year and since inception periods was in the third and fourth quartiles of its Performance Universe, respectively. The Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was above the median of its Performance Universe and for the 5-year and since inception periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, and 5-year and since inception periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Smid Cap Core Series. The Performance Universe for the Fund consisted of the Fund and all small-cap core funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 10-year periods was in the first quartile of its Performance Universe and for the 5-year period was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 10-year periods was above the median of its Performance Universe and for the 5-year period was below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1- and 3-year periods and underperformed its benchmark index for the 5- and 10-year periods.*

**Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the "Expense Universe"). Each Fund's total expenses were also compared with those of its Expense Universe, which is comprised of the Fund, its Expense Group and all other similar funds underlying variable insurance products with similar 12b-1/non-12b-1 structures, excluding outliers. In reviewing comparative costs, each Fund's contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Universe were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with a Fund's Expense Universe.**

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees (as applicable).

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*Nomura VIP Asset Strategy Series. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were below its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Balanced Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Energy Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Growth Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP High Income Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP International Core Equity Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Mid Cap Growth Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Natural Resources Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Science and Technology Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Small Cap Growth Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Smid Cap Core Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Funds.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of**

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

management fees charged. DMC discussed its advisory fee pricing and structure for the complex, including the current breakpoints. The Board considered the continuation and/or implementation of contractual fee waivers and/or expense reimbursements, as applicable. The Board noted that, as of March 31, 2025, Nomura VIP High Income Series' net assets exceeded its first breakpoint level and that breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints schedule are exceeded. The Board considered whether the reorganization of assets from another Fund within the complex were expected to have economic benefits due to the increased assets under management represented by the combined Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.

**Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to each Fund and the complex as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC's profit, if any, can vary significantly depending on the particular fund; and that DMC's support for, and commitment to, a fund is not solely dependent on the profits realized as to that fund.**

The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Affiliated Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Affiliated Sub-Advisers. Given the affiliation between DMC and the Affiliated Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

**Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations. These potentially include procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the complex; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through "soft dollar" arrangements; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the complex. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.**

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the representations of DMC and Nomura, the Board did not find that any ancillary benefits received, or likely to be received in the near future, by DMC and its affiliates, including the Affiliated Sub-Advisers, were unreasonable.

**Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, unanimously approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.**

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements
At its June 2025 Meeting, the Board, including its Independent Trustees, considered and unanimously approved the proposed New Investment Advisory Agreements between the Trusts, on behalf of each of their Funds, and DMC. The Board also approved the New Sub-Advisory Agreements for the Funds, as applicable, that will become effective after the Closing or Split Closing, as applicable. In addition, the Board

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approved interim advisory and interim sub-advisory agreements (together the "Interim Advisory Agreements" and together with the New Investment Advisory Agreements and New Sub-Advisory Agreements, the "Proposed Advisory Agreements"). The Interim Advisory Agreements will take effect in the event that shareholders did not approve of one or more of the New Investment Advisory Agreements by the time of the Closing. The Board also determined to recommend that Fund shareholders approve the proposed New Investment Advisory Agreements. As part of their evaluation, the Board's Independent Trustees reviewed material supporting the approval of the Proposed Advisory Agreements in executive sessions with its independent legal counsel both with and without representatives of management. Such material included responses provided by DMC and Nomura to an extensive initial questionnaire and a subsequent memorandum with questions relating to the Transaction and the impact on the Funds, as well as governance, compliance, investment and operational matters.

**Background for the Board Approvals*.* At the June 2025 Meeting, representatives of DMC and Nomura met with the Board to discuss the Transaction. The Independent Trustees were advised that the Transaction, if completed, would constitute a Change of Control Event and result in the termination of the Current Investment Advisory Agreements. The Independent Trustees were also advised that it was proposed that DMC would continue to serve as the investment adviser to each Fund after the Closing and that the Board would be asked to consider approval of the terms and conditions of the proposed New Investment Advisory Agreements with DMC and thereafter to submit the proposed New Investment Advisory Agreements to the Funds' shareholders for approval.**

At the June 2025 Meeting, the Board, including a majority of the Independent Trustees, reviewed and approved the Proposed Advisory Agreements, including the New Investment Advisory Agreements, which are still subject to shareholder approval. The Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

The Board, together with independent legal counsel to the Independent Trustees and Fund counsel, met with representatives of DMC and Nomura to discuss the Transaction. In addition, management of DMC and certain Independent Trustees met in person or virtually on several other occasions preceding the June 2025 Meeting. At these meetings, the Transaction and future plans for DMC and the Funds were discussed at length. Finally, the Independent Trustees consulted with their independent legal counsel in executive sessions during the time period covered by the negotiation of the Transaction and discussed, among other things, the legal standards applicable to their review of the Proposed Advisory Agreements and certain other contracts and considerations relevant to their deliberations on whether to approve the Proposed Advisory Agreements.

At the in-person and virtual meetings with DMC management and with key Nomura representatives, the Trustees discussed the Transaction. The meetings included discussions of the strategic rationale for the Transaction and Nomura's general plans and intentions regarding the Funds and DMC. On these occasions, representatives of DMC and Nomura made presentations to, and responded to questions from, the Trustees. The Board also inquired about the plans for, and anticipated roles and responsibilities of, key employees and officers of DMC in connection with the Transaction, and Nomura's role with respect to DMC Management.

In connection with the Trustees' review of the Proposed Advisory Agreements, DMC and/or Nomura emphasized that:

&nbsp;&nbsp;&nbsp;&nbsp;•They expected that there will be no adverse changes as a result of the Transaction in the nature, quality, or extent of services currently provided to the Funds and their shareholders, including investment management, distribution, or other shareholder services;

&nbsp;&nbsp;&nbsp;&nbsp;•No material changes in personnel or operations are currently contemplated in the operation of DMC under Nomura as a result of the Transaction(with the exception of the US leveraged credit team, as indicated below);

&nbsp;&nbsp;&nbsp;&nbsp;•Nomura has no present intention to cause DMC to alter the contractual expense limitations and reimbursements currently in effect for the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;•Under the Purchase Agreement, Nomura has agreed to, and to cause its affiliates to, use commercially reasonable efforts after Closing to conduct their respective businesses in compliance with the conditions of Section 15(f) of the 1940 Act with respect to the Funds, to the extent within its control, including maintaining Board composition of at least 75% of the Board members qualifying as Independent Trustees and not imposing any "unfair burden" on the Funds for at least two years from the Closing.

The Board considered that management proposed that the Board approve the Proposed Advisory Agreements because, upon the Closing, the Current Investment Advisory Agreements and the current sub-advisory agreements (the "Current Sub-Advisory Agreements") would automatically terminate in accordance with their terms and applicable regulations. The Board further considered that management proposed

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements (continued)
that the Board approve the Interim Advisory Agreements so that, if the Transaction closes before a Fund receives the requisite shareholder approval of its New Investment Advisory Agreement, an Interim Advisory Agreement would permit continuity of the management of the Fund while it continued to solicit the requisite shareholder approval of the New Investment Advisory Agreement. The Board reviewed and also considered the forms of the Proposed Advisory Agreements, noting that the terms and conditions of each such agreement were substantially identical to the terms and conditions of the Current Investment Advisory Agreements or Current Sub-Advisory Agreements, except for the effective dates, duration and, with respect to the Interim Advisory Agreements, escrow provisions required by applicable law. The Board also considered the impact of a possible Split Closing and DMC's representation that, if it occurs, it would not affect the day-to-day management of the applicable Funds. The Board noted that the New Investment Advisory Agreements would have an initial two-year term and that the Interim Advisory Agreements would be effective on an interim basis, as necessary upon the Closing, from its effective date until the earlier of (i) 150 calendar days from the effective date or such later date as may be consistent with the 1940 Act, rules and regulations thereunder or exemptive relief or interpretative position of the staff of the SEC; or (ii) the effective date of the applicable New Investment Advisory Agreement ("Interim Period"). The Interim Advisory Agreement may also be terminated on 10 days' written notice by the Board. The Board further noted management's representation that the approval of the Proposed Advisory Agreements would not result in any changes to the Funds' investment objectives or strategies. The Board considered DMC's and Nomura's representations that there are no planned or anticipated material personnel changes as a result of the Transaction, with the exception of the US leveraged credit team where certain team members are expected to remain with Macquarie. The Board further considered DMC's representation that the US leveraged credit team Funds will all be managed with the same investment objective and in the same style post-closing and DMC representing that it believes that there will be no reduction in the quality of advisory services to those Funds. Otherwise, the portfolio managers responsible for the day-to-day management of the Funds are expected to continue to manage the Funds and certain sub-adviser(s) are expected to continue to manage their respective sleeves of the Funds pursuant to New Sub-Advisory Agreements that would be substantially similar to the Current Sub-Advisory Agreements. The Board also noted management's representation that the New Sub-Advisory Agreements would not require shareholder approval, and that management proposed that the Board approve the New Sub-Advisory Agreements pursuant to the Funds' manager of managers exemptive relief. In addition, the Board also considered that, in connection with the Transaction, certain investment professionals at Macquarie-affiliated sub-advisers would be employed by Nomura advisory affiliates in the United Kingdom and Australia and would continue to manage the Funds they currently manage under participating affiliate arrangements.

**Nature, Extent, and Quality of Service*.* The Trustees considered the services historically provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered that the New Investment Advisory Agreements and New Sub-Advisory Agreements will be substantially similar to the Current Investment Advisory Agreements and Current Sub-Advisory Agreements, respectively, and they therefore considered the many reports furnished to them throughout 2024 and 2025 at regular Board meetings covering matters such as the relative performance of the Funds; the compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; the compliance of management personnel with the Code of Ethics adopted throughout the Macquarie Funds complex; and the adherence to fair value pricing procedures as established by the Board. Further, and consistent with its continued oversight of these matters, the Board discussed with DMC and Nomura the impact of the Transaction on the remediation efforts and actions and specific initiatives being undertaken to enhance DMC's compliance, risk, operational and portfolio management functions arising out of DMC's previously announced settlement agreement with the SEC in September 2024. The Board relied on commitments by DMC and Nomura that these remediation efforts and actions and specific initiatives would not be negatively affected by the Transaction and would continue through and following Closing.**

The Board also considered the transfer agent and shareholder services that would continue to be provided to Fund shareholders by DMC's affiliate, Delaware Investments Fund Services Company ("DIFSC"). The Board routinely reviews DIFSC's performance.

Nomura and DMC indicated that they currently expected no material changes as a result of the Transaction in (i) personnel or operations of DMC (with the exception of the US leveraged credit team, as indicated above) or (ii) third parties providing operational services to the Funds, and stated that the nature, extent, and quality of services currently provided to the Funds and their shareholders were very likely to continue under the New Investment Advisory Agreements and New Sub-Advisory Agreements. The Board also considered that management of Nomura and Macquarie represented that there would not be any "unfair burden" imposed on any of the Funds for the first two years following the Closing

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as a result of the Transaction in accordance with Section 15(f) of the 1940 Act, and that they did not expect the Transaction to result in any adverse changes in the nature, quality, or extent of services (including investment management, distribution, or other shareholder services) currently provided to the Funds and their shareholders. The Board noted, among other things, the contractual expense limitations or reimbursements currently in effect for certain Funds and Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds.

**Investment Performance*.* The Board considered the overall investment performance of DMC and the Funds. The Board placed significant emphasis on the investment performance of the Funds in view of its importance to shareholders. The Board gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year and considered its review of investment performance in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

The Board also considered DMC's representations that neither the Transaction, the New Investment Advisory Agreements nor the New Sub-Advisory Agreements would likely have an adverse effect on the investment performance of any Fund because (i) DMC and Nomura did not currently expect the Transaction to cause any material change to the Funds' portfolio management teams responsible for investment performance (with the exception of the US leveraged credit team), (ii) as discussed in more detail below, the Funds' expenses were not expected to increase as a result of the Transaction, (iii) the Funds would not bear any Transaction-related expenses, and (iv) as indicated by Nomura and Macquarie, there was not expected to be any "unfair burden" imposed on the Funds as a result of the Transaction.

**Comparative Expenses*.* At its August 2024 meeting, the Board evaluated expense comparison data for the Funds. At that meeting, DMC provided the Board with information on pricing levels and fee structures for the Funds and comparative funds. The Board focused on the comparative analysis of the effective management fees and total expense ratios of each Fund versus the effective management fees and expense ratios of a group of funds selected by Broadridge as being similar to each Fund (the "Expense Group"). The Board placed significant emphasis on the Funds' expenses in view of their importance to shareholders. The Board gave appropriate consideration to expense reports and discussions with DMC at Board meetings throughout the year and considered its prior review of expenses in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

The Board considered the representations of DMC and Nomura that neither the Transaction, the New Investment Advisory Agreements nor New Sub-Advisory Agreements would likely have an adverse effect on the Funds' expenses because (i) each Fund's contractual fee rates under the New Investment Advisory Agreements would remain the same, (ii) DMC had no current intention to change the existing contractual expense limitations and reimbursement policy as a result of the Transaction, (iii) under the Purchase Agreement, Macquarie and Nomura would pay all reasonable costs related to the related proxy solicitation, and (iv) Nomura and Macquarie represented that, consistent with Section 15(f) of the 1940 Act, no "unfair burden" would be imposed on the Funds for the first two years after the Closing.

**Management Profitability*.* At its August 2024 meeting, the Board evaluated DMC's profitability in connection with the operation of the Funds. The Board had previously considered DMC's profitability in connection with the operation of the Funds at its August 2024 meeting. At that meeting, the Board reviewed an analysis that addressed the overall profitability of DMC's business in providing management and other services to each of the Funds and the complex as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. At that meeting, the Board determined that the management fees charged under the Current Investment Advisory Agreements were reasonable in light of the services rendered and the level of profitability of DMC. Nomura advised the Board in June 2025 that it anticipated that management profitability would remain substantially the same following the Closing, noting that services and costs are expected to be the same.**

The Board also requested and reviewed financial statements provided by Nomura for Nomura Holdings Inc., the parent of Nomura, for the purpose of evaluating Nomura's ability to financially support DMC's advisory business after the Closing and to seek to ensure that DMC can continue to provide services of a similar nature, extent, and quality to the Funds following the Closing as it has under the Current Investment Advisory Agreements.

Based on information provided by DMC and Nomura, the Board considered their representations that DMC would have sufficient financial resources following the Transaction to continue to provide the same level and quality of services to the Funds under the New Investment Advisory Agreements as is the case under the Current Investment Advisory Agreements. The Board also considered Nomura's representation that it had sufficient financial strength and resources, as well as an ongoing commitment to a global asset management business, to continue investing in DMC to the extent that Nomura determined it was appropriate.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements (continued)
**Economies of Scale*.* The Board considered whether economies of scale would be realized by DMC as each Fund's assets increase and the extent to which any economies of scale would be reflected in the management fees charged. The Board took into account DMC's practice of maintaining the competitive nature of management fees based on its analysis of fees charged by comparable funds. The Board also acknowledged Nomura's statement that the Transaction would not by itself immediately provide additional economies of scale given Nomura's limited presence in the US mutual fund market. Nonetheless, the Board considered that additional economies of scale could potentially be achieved in the future if DMC were owned by Nomura as a result of Nomura's willingness to invest additional amounts in DMC if appropriate opportunities arise. The Board further considered that potential economies of scale could be achieved as a result of DMC's potentially expanded distribution capabilities arising from the Transaction, as well as opportunities that might arise from Nomura's commitment to its global asset management business.**

**Fall-Out Benefits*.* The Board acknowledged that DMC would continue to benefit from soft dollar arrangements using portfolio brokerage of each Fund that invests in equity securities. The Board also considered that Nomura and DMC may derive reputational, strategic, and other benefits from their association with the Funds, including, for Nomura and DMC, service relationships with DMC, DIFSC, and Delaware Distributors, L.P., and evaluated the extent to which DMC might derive ancillary benefits from Fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Funds and the potential benefits from allocation of Fund brokerage to improve trading efficiencies.**

**The Purchase Agreement*.* The Board considered the terms of the Purchase Agreement, including those related to Section 15(f) of the 1940 Act and that Macquarie and Nomura will bear the expenses related to the Funds' proxy solicitation. At the June 2025 Meeting, the Board discussed the conditions to the Closing, including the requirements for obtaining consents to the change in control from DMC's advisory clients, such as the Funds.**

**Board Review of Nomura*.* The Board reviewed detailed information supplied by Nomura about its operations. As previously noted, to consider DMC's ability to continue to provide the same level and quality of services to the Funds, the Board requested, received, and reviewed information from Nomura concerning its financial condition to demonstrate its ability support DMC's advisory business after the Closing. Based on this review, the Board considered that DMC would continue to have the financial ability to maintain the high quality of services required by the Funds.**

Nomura described its proposed changes to DMC's corporate governance, primarily through the anticipated addition of certain Nomura officers to DMC's parent company. The Board considered Nomura's statement that it plans to retain the pre-closing organizational and operating structure with respect to the Funds post-Closing as much as possible. Nomura described the proposed harmonization of the compensation system in use at DMC with the compensation plan used by Nomura, including short-term and long-term incentive compensation and equity interests for executive officers and investment personnel.

The Board also considered Nomura's current strategic plans to increase its asset management activities, one of its core businesses, particularly in North America, and its statement that its acquisition of DMC is an important component of this strategic growth and the establishment of a significant presence in the United States. In addition, the Board considered Nomura's representation that the acquisition of DMC could potentially enhance the nature, quality, and extent of services provided to the Funds and their shareholders.

The Board noted that DMC has placed brokerage transactions with a broker/dealer affiliate of Nomura and received research in connection with those transactions. In addition, certain other Nomura affiliates participate as underwriters for securities offerings outside of the United States.

**Conclusion*.* The Independent Trustees of each Trust deliberated in executive session; the entire Board of each Fund, including the Independent Trustees, then approved the Proposed Advisory Agreements. The Board concluded that the advisory fee rates under each New Investment Advisory Agreement are reasonable in relation to the services provided and that execution of the New Investment Advisory Agreements is in the best interests of the shareholders. For each Fund, the Board noted that they had concluded in their most recent advisory agreement continuance considerations in August 2024 that the management fees and total expense ratios were at acceptable levels in light of the quality of services provided to the Funds and in comparison to those of the Funds' respective peer groups; that the advisory fee schedule would not be increased and would stay the same for all of the Funds; that the total expense ratio had not changed materially since that**

&nbsp;&nbsp;&nbsp;&nbsp;122

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determination; and that DMC had represented that the overall expenses for each Fund were not expected to be adversely affected by the Transaction. The Board also noted, with respect to the Funds that currently had the benefit of contractual fee limitations, that Nomura indicated it will maintain the Funds' existing contractual expense limitations and/or advisory fee waivers post-Closing through the stated end date for such expense limitation and fee waiver. Nomura further indicated it has no current plans to increase advisory, administration, distribution, transfer agency, or other fees of the Funds following the Transaction. The Board noted Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds. On that basis, the Board concluded that each of the total expense ratio and proposed advisory fee for the Funds anticipated to result from the Transaction was acceptable.

In reaching its determination regarding the approval of the Proposed Advisory Agreements, the Board, including all of the Independent Trustees, considered the factors, conclusions and information they believed relevant in the exercise of their reasonable judgment, including, but not limited to, the factors, conclusions and information discussed above.

Further, in their deliberations, the Board members did not identify any particular factor (or conclusion with respect thereto) or information that was all important or controlling, and each Board member may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

#### The Manager's Recommendation and the Board's Considerations Regarding the Sub-advisory Agreements
The Manager recommended the approval of the Sub-Advisory Agreements. In reaching the decision to approve the Sub-Advisory Agreements, the Board considered and reviewed information about VanEck, including its personnel, operations and financial condition, which had been provided by VanEck. The Board also reviewed material furnished by Manager, including: a memorandum from Manager reviewing the Sub-Advisory Agreements and the various services proposed to be rendered by VanEck; research and analysis concerning Manager's proposal of VanEck; a description of VanEck's proposed sub-advisory fees under the Sub-Advisory Agreements, along with fees that VanEck charges other comparable investment companies or accounts; information concerning VanEck's organizational structure and the experience of its investment management personnel; a "due diligence" summary report describing various material items in relation to VanEck's personnel, organization and policies; a copy of VanEck's Form ADV brochure, summaries of VanEck's compliance policies and procedures and its Code of Ethics; and copies of the Sub-Advisory Agreements.

In considering such materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. In this regard, the Independent Trustees reviewed with independent legal counsel their duties and obligations in connection with the review of the Sub-Advisory Agreements and discussed, in detail, the matters related to such approval. The materials prepared by DMC specifically in connection with the approval of the Sub-Advisory Agreements were sent to the Independent Trustees in advance of the Meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

*Nature, Extent and Quality of Services. The Board considered the nature, quality, and extent of services that VanEck would provide as a sub-advisor to the Funds. The Board took into account the investment process to be employed by VanEck in connection with the sub-advisor's responsibilities in conjunction with DMC in managing the Funds, and the qualifications and experience of VanEck's portfolio management team with regard to implementing the investment mandate of the Funds, including that the team is led by two portfolio managers who formerly worked at Macquarie and acted as portfolio managers to the Funds or provided investment advice to the Funds' portfolio management team. The Board considered VanEck's organization, personnel, and operations. The Trustees also considered the Manager's review and recommendation process with respect to VanEck, and the Manager's favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by VanEck to the Funds. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by VanEck to the Funds and their shareholders and was confident in the abilities of VanEck to provide quality services to the Funds and their shareholders.*

*Investment Performance. In evaluating performance, the Board recognized that VanEck had not yet managed the Funds but that members of the portfolio management team had previously served as portfolio managers for the Funds or provided investment advice to the Funds' portfolio*

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### The Manager's Recommendation and the Board's Considerations Regarding the Sub-advisory Agreements (continued)
management team. The Board noted the Manager's favorable representation of VanEck's performance in managing other funds with similar strategies. The Board also considered the Manager's representation that the Manager would continue to provide oversight and monitor VanEck's services.

*Sub-advisory Fees. The Board considered the appropriateness of the sub-advisory fees in light of the nature, extent, and quality of the sub-advisory services to be provided by VanEck. The Board noted that the sub-advisory fees are paid by the Manager to VanEck and are not additional fees borne by the Funds, and that the management fee paid by the Funds to the Manager would stay the same at current asset levels. The Board concluded that in light of the quality and extent of the services to be provided and the business relationships between the Manager and the Sub-Advisor, the proposed fee arrangement was reasonable.*

*Profitability, Economies of Scale and Fall-Out Benefits. Information about VanEck's profitability from its relationship with the Funds was not available because it had not begun to provide services to the Funds. The Trustees noted that economies of scale are shared with the Funds and their shareholders through investment management fee breakpoints so that as the Funds grows in size, its effective investment management fee rate declines, and they also noted that DMC had put in place a fee waiver for the Funds that was currently in effect. The Board was also provided with information on potential fall-out benefits derived or to be derived by VanEck in connection with its relationship to the Funds, such as soft dollar arrangements.*

&nbsp;&nbsp;&nbsp;&nbsp;124

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(5159203) **ANN-VIP1-0226**

------

![](g92812img4d2200bd1.gif)

#### Ivy Variable Insurance Portfolios
Nomura VIP Core Equity Series

(formerly, Macquarie VIP Core Equity Series)

Nomura VIP Corporate Bond Series

(formerly, Macquarie VIP Corporate Bond Series)

Nomura VIP Global Growth Series

(formerly, Macquarie VIP Global Growth Series)

Nomura VIP Limited-Term Bond Series

(formerly, Macquarie VIP Limited-Term Bond Series)

Nomura VIP Value Series

(formerly, Macquarie VIP Value Series)

Financial statements and other information

For the year ended December 31, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_537b6ae1-7446-45fc-949a-d9b6c10e80da_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_26f74f62-4e41-4348-a79f-02369d614bc7_1)<br>| &nbsp;&nbsp;&nbsp;**18** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_26f74f62-4e41-4348-a79f-02369d614bc7_3)<br>| &nbsp;&nbsp;&nbsp;**20** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_26f74f62-4e41-4348-a79f-02369d614bc7_4)<br>| &nbsp;&nbsp;&nbsp;**21** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_d4fa44a2-f2c0-4f8f-b7ee-80164a8880a7_1)<br>| &nbsp;&nbsp;&nbsp;**24** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_8a11518e-68c9-4302-9d08-5d5e40cf1319_1)<br>| &nbsp;&nbsp;&nbsp;**29** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_ad735495-f925-4531-9df4-ab11e8a021ee_1)<br>| &nbsp;&nbsp;&nbsp;**49** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Series information](#xx_cd3b629a-dc45-4388-8bc9-f95a6776894e_1)<br>| &nbsp;&nbsp;&nbsp;**50** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
Each Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Series' Form N-PORT, as well as a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Series' most recent Form N-PORT are available without charge on the Series' website at nomuraassetmanagement.com/vip-literature.

Information (if any) regarding how each Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series' website at nomuraassetmanagement.com/proxy; and (ii) on the SEC's website at sec.gov.

Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT.

------

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## Schedules of investments
Nomura VIP Core Equity Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.55%♣** | &nbsp;&nbsp;**Common Stocks — 98.55%♣** | &nbsp;&nbsp;**Common Stocks — 98.55%♣** |
| &nbsp;&nbsp;Communication Services — 11.88% | &nbsp;&nbsp;Communication Services — 11.88% | &nbsp;&nbsp;Communication Services — 11.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;146739 | &nbsp;&nbsp;$45929307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;532925 | &nbsp;&nbsp;&nbsp; 13237857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;36299 | &nbsp;&nbsp;&nbsp; 5172608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;17169 | &nbsp;&nbsp;&nbsp; 11333085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;74774 | &nbsp;&nbsp;&nbsp; 7010810 |
|  |  | &nbsp;&nbsp;&nbsp; 82683667 |
| &nbsp;&nbsp;Consumer Discretionary — 8.51% | &nbsp;&nbsp;Consumer Discretionary — 8.51% | &nbsp;&nbsp;Consumer Discretionary — 8.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;113400 | &nbsp;&nbsp;&nbsp; 26174988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901 | &nbsp;&nbsp;&nbsp; 13230241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp; 9291498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;30744 | &nbsp;&nbsp;&nbsp; 10579010 |
|  |  | &nbsp;&nbsp;&nbsp; 59275737 |
| &nbsp;&nbsp;Consumer Staples — 2.19% | &nbsp;&nbsp;Consumer Staples — 2.19% | &nbsp;&nbsp;Consumer Staples — 2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;17643 | &nbsp;&nbsp;&nbsp; 15214265 |
|  |  | &nbsp;&nbsp;&nbsp; 15214265 |
| &nbsp;&nbsp;Financials — 17.66% | &nbsp;&nbsp;Financials — 17.66% | &nbsp;&nbsp;Financials — 17.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;217208 | &nbsp;&nbsp;&nbsp; 9837350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;38434 | &nbsp;&nbsp;&nbsp; 14218658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;20759 | &nbsp;&nbsp;&nbsp; 7325436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;62880 | &nbsp;&nbsp;&nbsp; 9692323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;44378 | &nbsp;&nbsp;&nbsp; 10755452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;56046 | &nbsp;&nbsp;&nbsp; 15305042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;44246 | &nbsp;&nbsp;&nbsp; 14256946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. | &nbsp;&nbsp;&nbsp;&nbsp;75415 | &nbsp;&nbsp;&nbsp; 9613904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;24078 | &nbsp;&nbsp;&nbsp; 13745649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;69547 | &nbsp;&nbsp;&nbsp; 12346679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | &nbsp;&nbsp;&nbsp;&nbsp;25569 | &nbsp;&nbsp;&nbsp; 5822573 |
|  |  | &nbsp;&nbsp;&nbsp;122920012 |
| &nbsp;&nbsp;Healthcare — 8.43% | &nbsp;&nbsp;Healthcare — 8.43% | &nbsp;&nbsp;Healthcare — 8.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;96646 | &nbsp;&nbsp;&nbsp; 12108777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;22834 | &nbsp;&nbsp;&nbsp; 5217341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;65316 | &nbsp;&nbsp;&nbsp; 14952139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;72693 | &nbsp;&nbsp;&nbsp; 8922339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135 | &nbsp;&nbsp;&nbsp; 3331046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;15205 | &nbsp;&nbsp;&nbsp; 8810537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;11746 | &nbsp;&nbsp;&nbsp; 5325166 |
|  |  | &nbsp;&nbsp;&nbsp; 58667345 |
| &nbsp;&nbsp;Industrials — 12.05% | &nbsp;&nbsp;Industrials — 12.05% | &nbsp;&nbsp;Industrials — 12.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | &nbsp;&nbsp;&nbsp;&nbsp;255764 | &nbsp;&nbsp;&nbsp; 14813851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;113131 | &nbsp;&nbsp;&nbsp; 10507607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;30258 | &nbsp;&nbsp;&nbsp; 15445196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;44903 | &nbsp;&nbsp;&nbsp; 14302055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;21765 | &nbsp;&nbsp;&nbsp; 4845542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;116838 | &nbsp;&nbsp;&nbsp; 23954127 |
|  |  | &nbsp;&nbsp;&nbsp; 83868378 |
| &nbsp;&nbsp;Information Technology — 33.41% | &nbsp;&nbsp;Information Technology — 33.41% | &nbsp;&nbsp;Information Technology — 33.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Class A | &nbsp;&nbsp;&nbsp;&nbsp;25377 | &nbsp;&nbsp;&nbsp; 6808649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;32927 | &nbsp;&nbsp;&nbsp; 7051646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;128205 | &nbsp;&nbsp;&nbsp; 34853811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;55821 | &nbsp;&nbsp;&nbsp; 14345439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;53099 | &nbsp;&nbsp;&nbsp; 18377564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;88700 | &nbsp;&nbsp;&nbsp; 42897094 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;243550 | &nbsp;&nbsp;$45422075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;43507 | &nbsp;&nbsp;&nbsp; 11525439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;33416 | &nbsp;&nbsp;&nbsp; 8117081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;40495 | &nbsp;&nbsp;&nbsp; 11151918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;85129 | &nbsp;&nbsp;&nbsp; 25869852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;27176 | &nbsp;&nbsp;&nbsp; 6182812 |
|  |  | &nbsp;&nbsp;&nbsp;232603380 |
| &nbsp;&nbsp;Materials — 2.12% | &nbsp;&nbsp;Materials — 2.12% | &nbsp;&nbsp;Materials — 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;79829 | &nbsp;&nbsp;&nbsp; 8219992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;22893 | &nbsp;&nbsp;&nbsp; 6529542 |
|  |  | &nbsp;&nbsp;&nbsp; 14749534 |
| &nbsp;&nbsp;Utilities — 2.30% | &nbsp;&nbsp;Utilities — 2.30% | &nbsp;&nbsp;Utilities — 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy | &nbsp;&nbsp;&nbsp;&nbsp;77305 | &nbsp;&nbsp;&nbsp; 7145301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;110492 | &nbsp;&nbsp;&nbsp; 8870298 |
|  |  | &nbsp;&nbsp;&nbsp; 16015599 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $497,590,359)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $497,590,359)** | &nbsp;&nbsp;&nbsp;**685997917** |
| &nbsp;&nbsp;**Short-Term Investments — 1.60%** | &nbsp;&nbsp;**Short-Term Investments — 1.60%** | &nbsp;&nbsp;**Short-Term Investments — 1.60%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.60% | &nbsp;&nbsp;Money Market Mutual Funds — 1.60% | &nbsp;&nbsp;Money Market Mutual Funds — 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 2782260 | &nbsp;&nbsp;&nbsp; 2782260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 2782260 | &nbsp;&nbsp;&nbsp; 2782260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 2782261 | &nbsp;&nbsp;&nbsp; 2782261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 2782261 | &nbsp;&nbsp;&nbsp; 2782261 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $11,129,042)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $11,129,042)** | &nbsp;&nbsp;&nbsp; **11129042** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.15%<br> (cost $508,719,401)** |  | &nbsp;&nbsp;&nbsp;**697126959** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.15%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(1014429)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 49,785,962 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$696112530** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;1

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Nomura VIP Core Equity Series

---

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

---

See accompanying notes, which are an integral part of the financial statements.

2&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura VIP Corporate Bond Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.00%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.00%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2005-23 IO 0.00% 6/17/45 =, • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $11)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $11)** | &nbsp;&nbsp;&nbsp; **0** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 0.89%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.89%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO X<br> Series 2016-10A A2R3 144A 5.584% (TSFR03M + 1.70%, Floor 1.70%) 7/20/38 #, • | 1200000 | &nbsp;&nbsp;&nbsp; 1200890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davis Park CLO<br> Series 2022-1A BR 144A 5.584% (TSFR03M + 1.70%, Floor 1.70%) 7/20/38 #, • | 1180000 | &nbsp;&nbsp;&nbsp; 1180890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite LI<br> Series 2025-51A A1 144A 5.092% (TSFR03M + 1.20%, Floor 1.20%) 10/25/38 #, • | 1200000 | &nbsp;&nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $3,580,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $3,580,000)** | &nbsp;&nbsp;&nbsp; **3581780** |
| &nbsp;&nbsp;**Corporate Bonds — 95.95%** | &nbsp;&nbsp;**Corporate Bonds — 95.95%** | &nbsp;&nbsp;**Corporate Bonds — 95.95%** |
| &nbsp;&nbsp;Banking — 22.24% | &nbsp;&nbsp;Banking — 22.24% | &nbsp;&nbsp;Banking — 22.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.551% 11/6/30 | 1000000 | &nbsp;&nbsp;&nbsp; 1001308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.127% 11/6/35 | 2400000 | &nbsp;&nbsp;&nbsp; 2400084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | 2223000 | &nbsp;&nbsp;&nbsp; 2277904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp; 358591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | 1845000 | &nbsp;&nbsp;&nbsp; 1875158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | 1095000 | &nbsp;&nbsp;&nbsp; 1141807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 2690000 | &nbsp;&nbsp;&nbsp; 3058560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.174% 9/11/36 μ | 1590000 | &nbsp;&nbsp;&nbsp; 1605560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 2/15/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp; 945514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 8/15/30 μ, ψ | 1400000 | &nbsp;&nbsp;&nbsp; 1455650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 8/4/31 μ | 1190000 | &nbsp;&nbsp;&nbsp; 1202304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | 1460000 | &nbsp;&nbsp;&nbsp; 1496242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | 1641000 | &nbsp;&nbsp;&nbsp; 1751707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | 1640000 | &nbsp;&nbsp;&nbsp; 1665323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ | 2035000 | &nbsp;&nbsp;&nbsp; 2030586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.049% 7/23/30 μ | 2910000 | &nbsp;&nbsp;&nbsp; 2982282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | 1965000 | &nbsp;&nbsp;&nbsp; 2029947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% 11/10/34 μ, ψ | 1392000 | &nbsp;&nbsp;&nbsp; 1412229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | 2880000 | &nbsp;&nbsp;&nbsp; 3055366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.25% 10/15/30 μ, ψ | 1430000 | &nbsp;&nbsp;&nbsp; 1436778 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.576% 7/23/36 μ | 1800000 | &nbsp;&nbsp;$1862696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | 3565000 | &nbsp;&nbsp;&nbsp; 3920405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.664% 4/17/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp; 997780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | 2511000 | &nbsp;&nbsp;&nbsp; 2661941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.627% 11/1/34 μ | 2535000 | &nbsp;&nbsp;&nbsp; 2835582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank 4.204% 11/17/28 μ | 4470000 | &nbsp;&nbsp;&nbsp; 4484606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group 5.115% 5/23/31 μ | 3450000 | &nbsp;&nbsp;&nbsp; 3544386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets 144A 5.022% 3/21/30 # | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 405499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank 144A 6.75% 11/10/33 #, μ, ψ | 1771000 | &nbsp;&nbsp;&nbsp; 1823154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust 5.117% 11/19/40 μ | 1840000 | &nbsp;&nbsp;&nbsp; 1838176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group 3.40% 9/15/26 μ, ψ | 1220000 | &nbsp;&nbsp;&nbsp; 1196953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | 3275000 | &nbsp;&nbsp;&nbsp; 3453733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | 2120000 | &nbsp;&nbsp;&nbsp; 2112586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale 144A 6.10% 4/13/33 #, μ | 1510000 | &nbsp;&nbsp;&nbsp; 1596373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street 4.784% 10/23/36 μ | 1155000 | &nbsp;&nbsp;&nbsp; 1149435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank 6.35% 10/31/85 μ | 1640000 | &nbsp;&nbsp;&nbsp; 1669243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial 4.964% 10/23/36 μ | 2045000 | &nbsp;&nbsp;&nbsp; 2023992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.844% 11/6/33 #, μ | 1940000 | &nbsp;&nbsp;&nbsp; 1942422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.01% 3/23/37 #, μ | 1685000 | &nbsp;&nbsp;&nbsp; 1670799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 11/13/28 #, μ, ψ | 2525000 | &nbsp;&nbsp;&nbsp; 2778003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.491% 11/3/36 μ | 1775000 | &nbsp;&nbsp;&nbsp; 1550206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | 2180000 | &nbsp;&nbsp;&nbsp; 2228267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244% 1/24/31 μ | 1360000 | &nbsp;&nbsp;&nbsp; 1409043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 4/23/36 μ | 1910000 | &nbsp;&nbsp;&nbsp; 2002692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp 4.704% 8/18/28 μ | 3140000 | &nbsp;&nbsp;&nbsp; 3142415 |
|  |  | &nbsp;&nbsp;&nbsp; 89483287 |
| &nbsp;&nbsp;Basic Industry — 2.51% | &nbsp;&nbsp;Basic Industry — 2.51% | &nbsp;&nbsp;Basic Industry — 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 11/15/41 | 1229000 | &nbsp;&nbsp;&nbsp; 1277987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% 11/15/39 | 1030000 | &nbsp;&nbsp;&nbsp; 1203022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries 4.375% 3/15/31 | 2815000 | &nbsp;&nbsp;&nbsp; 2813039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smurfit Kappa Treasury 5.438% 4/3/34 | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp; 844135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smurfit Westrock Financing DAC 5.418% 1/15/35 | 2480000 | &nbsp;&nbsp;&nbsp; 2554734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Corporate Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/15/35 | 1040000 | &nbsp;&nbsp;$1040351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp; 349673 |
|  |  | &nbsp;&nbsp;&nbsp; 10082941 |
| &nbsp;&nbsp;Brokerage — 4.81% | &nbsp;&nbsp;Brokerage — 4.81% | &nbsp;&nbsp;Brokerage — 4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 | 1155000 | &nbsp;&nbsp;&nbsp; 1161933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 8/12/35 | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp; 877033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% 11/3/30 | 1265000 | &nbsp;&nbsp;&nbsp; 1264973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/6/34 | 2170000 | &nbsp;&nbsp;&nbsp; 2189998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management 4.653% 11/15/30 | 2025000 | &nbsp;&nbsp;&nbsp; 2042088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33% 1/15/36 | 2720000 | &nbsp;&nbsp;&nbsp; 2725249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group 6.20% 4/14/34 | 1720000 | &nbsp;&nbsp;&nbsp; 1816097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. 5.10% 8/7/35 | 4255000 | &nbsp;&nbsp;&nbsp; 4257189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial 5.65% 9/11/55 | 3075000 | &nbsp;&nbsp;&nbsp; 3012163 |
|  |  | &nbsp;&nbsp;&nbsp; 19346723 |
| &nbsp;&nbsp;Capital Goods — 3.77% | &nbsp;&nbsp;Capital Goods — 3.77% | &nbsp;&nbsp;Capital Goods — 3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol 4.125% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp; 930401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp; 640545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | 2865000 | &nbsp;&nbsp;&nbsp; 3219912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises 4.35% 3/15/31 | 1395000 | &nbsp;&nbsp;&nbsp; 1390440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace 5.95% 2/1/37 | 1175000 | &nbsp;&nbsp;&nbsp; 1271718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp; 610942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp; 484031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX 6.40% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp; 1002102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.875% 12/15/30 # | 1110000 | &nbsp;&nbsp;&nbsp; 1162200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals North America 144A 6.125% 3/15/34 # | 2885000 | &nbsp;&nbsp;&nbsp; 3008833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials 5.35% 12/1/34 | 1375000 | &nbsp;&nbsp;&nbsp; 1425888 |
|  |  | &nbsp;&nbsp;&nbsp; 15147012 |
| &nbsp;&nbsp;Communications — 9.64% | &nbsp;&nbsp;Communications — 9.64% | &nbsp;&nbsp;Communications — 9.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower 4.70% 12/15/32 | 1615000 | &nbsp;&nbsp;&nbsp; 1615834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp; 800023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | 1540000 | &nbsp;&nbsp;&nbsp; 1478134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 8/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp; 787512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | 2345000 | &nbsp;&nbsp;&nbsp; 2548585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 7.375% 3/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;977000 | &nbsp;&nbsp;&nbsp; 997632 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/15/35 | 2465000 | &nbsp;&nbsp;$2462652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/15/45 | 3075000 | &nbsp;&nbsp;&nbsp; 2987744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | 1575000 | &nbsp;&nbsp;&nbsp; 1590277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | 2760000 | &nbsp;&nbsp;&nbsp; 2771174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | 2190000 | &nbsp;&nbsp;&nbsp; 2196540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | 2740000 | &nbsp;&nbsp;&nbsp; 2941325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable 6.55% 5/1/37 | 5373000 | &nbsp;&nbsp;&nbsp; 5489520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | 2135000 | &nbsp;&nbsp;&nbsp; 2024499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | 1605000 | &nbsp;&nbsp;&nbsp; 1610189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | 2040000 | &nbsp;&nbsp;&nbsp; 2039006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/36 | 2185000 | &nbsp;&nbsp;&nbsp; 2167297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/30/55 | 1550000 | &nbsp;&nbsp;&nbsp; 1532469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group 144A 7.25% 1/30/31 # | &nbsp;&nbsp;&nbsp;&nbsp;706000 | &nbsp;&nbsp;&nbsp; 728772 |
|  |  | &nbsp;&nbsp;&nbsp; 38769184 |
| &nbsp;&nbsp;Consumer Cyclical — 6.62% | &nbsp;&nbsp;Consumer Cyclical — 6.62% | &nbsp;&nbsp;Consumer Cyclical — 6.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% 11/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp; 901252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/20/65 | 1295000 | &nbsp;&nbsp;&nbsp; 1257150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.869% 10/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;682000 | &nbsp;&nbsp;&nbsp; 673828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.532% 3/19/32 | 1768000 | &nbsp;&nbsp;&nbsp; 1849704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors 5.40% 4/1/48 | 1850000 | &nbsp;&nbsp;&nbsp; 1681550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial 5.625% 4/4/32 | 2135000 | &nbsp;&nbsp;&nbsp; 2224201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.70% 10/7/30 # | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp; 970519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.40% 10/7/35 # | 1665000 | &nbsp;&nbsp;&nbsp; 1662176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America 144A 4.50% 9/18/30 # | 3645000 | &nbsp;&nbsp;&nbsp; 3646720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 | 1560000 | &nbsp;&nbsp;&nbsp; 1553897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 1/15/36 | 3130000 | &nbsp;&nbsp;&nbsp; 3144293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 9/30/31 # | 1965000 | &nbsp;&nbsp;&nbsp; 2009495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties 4.95% 2/15/30 | 5015000 | &nbsp;&nbsp;&nbsp; 5076524 |
|  |  | &nbsp;&nbsp;&nbsp; 26651309 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 9.64% | &nbsp;&nbsp;Consumer Non-Cyclical — 9.64% | &nbsp;&nbsp;Consumer Non-Cyclical — 9.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International 5.65% 12/15/35 | 1815000 | &nbsp;&nbsp;&nbsp; 1837494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% 5/14/31 | 1285000 | &nbsp;&nbsp;&nbsp; 1180704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 9/17/29 | 2025000 | &nbsp;&nbsp;&nbsp; 2029511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.125% 10/23/30 # | 1185000 | &nbsp;&nbsp;&nbsp; 1180273 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 10/23/55 # | 1555000 | &nbsp;&nbsp;$1497618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group 5.25% 1/15/36 | 2970000 | &nbsp;&nbsp;&nbsp; 3025549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 | 1490000 | &nbsp;&nbsp;&nbsp; 1525740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp; 797582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 12/10/54 μ | 1899000 | &nbsp;&nbsp;&nbsp; 1984303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMD Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 10/15/32 # | 2470000 | &nbsp;&nbsp;&nbsp; 2477406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/15/35 # | 2005000 | &nbsp;&nbsp;&nbsp; 2016273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp; 900660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp; 805662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux 3.625% 1/15/32 | 5125000 | &nbsp;&nbsp;&nbsp; 4801932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp; 899835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% 3/15/31 | 2415000 | &nbsp;&nbsp;&nbsp; 2408098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% 12/4/32 | 1305000 | &nbsp;&nbsp;&nbsp; 1307205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 12/4/35 | 1185000 | &nbsp;&nbsp;&nbsp; 1181033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/15/46 | 1305000 | &nbsp;&nbsp;&nbsp; 1300897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 12/4/65 | 1225000 | &nbsp;&nbsp;&nbsp; 1212913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp; 924492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/15/35 | 1395000 | &nbsp;&nbsp;&nbsp; 1399703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | 2000000 | &nbsp;&nbsp;&nbsp; 2065953 |
|  |  | &nbsp;&nbsp;&nbsp; 38760836 |
| &nbsp;&nbsp;Electric — 8.59% | &nbsp;&nbsp;Electric — 8.59% | &nbsp;&nbsp;Electric — 8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 6.05% 3/15/56 μ | 1845000 | &nbsp;&nbsp;&nbsp; 1813663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basin Electric Power Cooperative 144A 5.85% 10/15/55 # | 1365000 | &nbsp;&nbsp;&nbsp; 1338767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | 1245000 | &nbsp;&nbsp;&nbsp; 1245824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Power US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.257% 6/1/28 # | 2055000 | &nbsp;&nbsp;&nbsp; 2096931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.189% 6/1/35 # | 2760000 | &nbsp;&nbsp;&nbsp; 2889951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison 5.95% 6/1/55 | 1675000 | &nbsp;&nbsp;&nbsp; 1743179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 2/15/56 μ | 1085000 | &nbsp;&nbsp;&nbsp; 1086462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 2/1/55 μ | 2905000 | &nbsp;&nbsp;&nbsp; 3021248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy 3.30% 6/15/41 | 1500000 | &nbsp;&nbsp;&nbsp; 1159956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel Finance International 144A 4.125% 9/30/28 # | 1490000 | &nbsp;&nbsp;&nbsp; 1487788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Mississippi 5.80% 4/15/55 | 3820000 | &nbsp;&nbsp;&nbsp; 3858144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Power & Light 5.60% 2/15/66 | 1295000 | &nbsp;&nbsp;&nbsp; 1276016 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Utilities 5.85% 8/15/55 | 3150000 | &nbsp;&nbsp;$3178561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern States Power 5.65% 5/15/55 | 2010000 | &nbsp;&nbsp;&nbsp; 2024970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.734% 10/15/30 # | 1790000 | &nbsp;&nbsp;&nbsp; 1793431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.407% 10/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 319834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp; 457870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp; 534117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSEG Power 144A 5.20% 5/15/30 # | 1370000 | &nbsp;&nbsp;&nbsp; 1402037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations 144A 4.30% 10/15/28 # | 1830000 | &nbsp;&nbsp;&nbsp; 1836487 |
|  |  | &nbsp;&nbsp;&nbsp; 34565236 |
| &nbsp;&nbsp;Energy — 6.12% | &nbsp;&nbsp;Energy — 6.12% | &nbsp;&nbsp;Energy — 6.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners 4.00% 3/1/31 | 1650000 | &nbsp;&nbsp;&nbsp; 1607213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy 5.75% 4/18/54 | 2405000 | &nbsp;&nbsp;&nbsp; 2275194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 11/20/28 | 1305000 | &nbsp;&nbsp;&nbsp; 1307562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp; 961294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | 1425000 | &nbsp;&nbsp;&nbsp; 1474978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 4/15/49 | 1865000 | &nbsp;&nbsp;&nbsp; 1848505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | 1405000 | &nbsp;&nbsp;&nbsp; 1400976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp; 456983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 | 1120000 | &nbsp;&nbsp;&nbsp; 1134097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 1/15/36 | 1095000 | &nbsp;&nbsp;&nbsp; 1115338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 1/15/31 | 1910000 | &nbsp;&nbsp;&nbsp; 1918116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp; 901776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum 7.95% 6/15/39 | 1764000 | &nbsp;&nbsp;&nbsp; 2084540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;744000 | &nbsp;&nbsp;&nbsp; 693850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 10/15/55 | 1206000 | &nbsp;&nbsp;&nbsp; 1209404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell Finance US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 11/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp; 685167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/6/36 | 1695000 | &nbsp;&nbsp;&nbsp; 1693161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources 5.40% 7/30/36 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp; 530822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line 144A 5.75% 3/15/56 # | 1315000 | &nbsp;&nbsp;&nbsp; 1302106 |
|  |  | &nbsp;&nbsp;&nbsp; 24601082 |
| &nbsp;&nbsp;Finance Companies — 5.16% | &nbsp;&nbsp;Finance Companies — 5.16% | &nbsp;&nbsp;Finance Companies — 5.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/15/35 | 1955000 | &nbsp;&nbsp;&nbsp; 1937222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 12/15/31 | 1930000 | &nbsp;&nbsp;&nbsp; 1999675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.125% 12/15/26 μ, ψ | 1883000 | &nbsp;&nbsp;&nbsp; 1851453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Corporate Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;683000 | &nbsp;&nbsp;$721101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90% 4/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp; 771595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 1/15/31 | 1635000 | &nbsp;&nbsp;&nbsp; 1615551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp; 845965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Strategic Income Fund 144A 5.15% 1/15/31 # | 2715000 | &nbsp;&nbsp;&nbsp; 2665529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 5.375% 5/30/30 # | 1530000 | &nbsp;&nbsp;&nbsp; 1572568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | 1230000 | &nbsp;&nbsp;&nbsp; 1211827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp; 540826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund 5.30% 6/30/30 | 1545000 | &nbsp;&nbsp;&nbsp; 1537429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income 6.60% 9/15/29 | 1115000 | &nbsp;&nbsp;&nbsp; 1148450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC 144A 5.25% 11/26/35 # | 2325000 | &nbsp;&nbsp;&nbsp; 2326812 |
|  |  | &nbsp;&nbsp;&nbsp; 20746003 |
| &nbsp;&nbsp;Insurance — 6.10% | &nbsp;&nbsp;Insurance — 6.10% | &nbsp;&nbsp;Insurance — 6.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding 144A 5.543% 8/22/35 # | &nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp; 998828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 815406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp; 934771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health 5.70% 2/15/55 | 2942000 | &nbsp;&nbsp;&nbsp; 2876486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable America Global Funding 144A 4.70% 9/15/32 # | 1875000 | &nbsp;&nbsp;&nbsp; 1869101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortitude Global Funding 144A 4.625% 10/6/28 # | 2555000 | &nbsp;&nbsp;&nbsp; 2558667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Life Global Funding 144A 4.673% 9/5/32 # | 1705000 | &nbsp;&nbsp;&nbsp; 1719990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | 1750000 | &nbsp;&nbsp;&nbsp; 1830342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 144A 4.90% 1/9/30 # | 1590000 | &nbsp;&nbsp;&nbsp; 1629706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding 144A 4.96% 1/13/30 # | 2190000 | &nbsp;&nbsp;&nbsp; 2248286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pine Street Trust III 144A 6.223% 5/15/54 # | 1366000 | &nbsp;&nbsp;&nbsp; 1386608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western-Southern Global Funding 144A 4.90% 5/1/30 # | 2295000 | &nbsp;&nbsp;&nbsp; 2350617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis North America 4.65% 6/15/27 | 1375000 | &nbsp;&nbsp;&nbsp; 1377254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynnton Funding Trust II 144A 5.991% 8/15/55 # | 1915000 | &nbsp;&nbsp;&nbsp; 1933570 |
|  |  | &nbsp;&nbsp;&nbsp; 24529632 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Natural Gas — 0.91% | &nbsp;&nbsp;Natural Gas — 0.91% | &nbsp;&nbsp;Natural Gas — 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;$901246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% 4/1/55 | 1125000 | &nbsp;&nbsp;&nbsp; 1122344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire 6.45% 6/1/56 μ | 1655000 | &nbsp;&nbsp;&nbsp; 1650770 |
|  |  | &nbsp;&nbsp;&nbsp; 3674360 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 2.70% | &nbsp;&nbsp;Real Estate Investment Trusts — 2.70% | &nbsp;&nbsp;Real Estate Investment Trusts — 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent 4.95% 6/15/30 | 1545000 | &nbsp;&nbsp;&nbsp; 1576605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities 4.35% 12/1/30 | 1835000 | &nbsp;&nbsp;&nbsp; 1839785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Operating Partnership 5.20% 4/1/32 | 1545000 | &nbsp;&nbsp;&nbsp; 1583059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 6/15/35 | 2870000 | &nbsp;&nbsp;&nbsp; 2943507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group 2.65% 2/1/32 | 3240000 | &nbsp;&nbsp;&nbsp; 2917581 |
|  |  | &nbsp;&nbsp;&nbsp; 10860537 |
| &nbsp;&nbsp;Technology — 6.69% | &nbsp;&nbsp;Technology — 6.69% | &nbsp;&nbsp;Technology — 6.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom 4.20% 10/15/30 | 1660000 | &nbsp;&nbsp;&nbsp; 1659215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | 2715000 | &nbsp;&nbsp;&nbsp; 2638647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cipher Compute 144A 7.125% 11/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;924000 | &nbsp;&nbsp;&nbsp; 942233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group 144A 2.80% 7/15/30 # | 2431000 | &nbsp;&nbsp;&nbsp; 2229455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.10% 1/25/36 # | 1835000 | &nbsp;&nbsp;&nbsp; 1920502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.15% 1/25/32 # | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp; 752936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos 5.40% 3/15/32 | 5060000 | &nbsp;&nbsp;&nbsp; 5264889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | 4915000 | &nbsp;&nbsp;&nbsp; 4559420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/26/45 | 2795000 | &nbsp;&nbsp;&nbsp; 2525636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp; 878246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies 144A 3.75% 2/15/31 # | 1115000 | &nbsp;&nbsp;&nbsp; 1047048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics 4.50% 8/15/30 | 1805000 | &nbsp;&nbsp;&nbsp; 1819474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WULF Compute 144A 7.75% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;667000 | &nbsp;&nbsp;&nbsp; 687683 |
|  |  | &nbsp;&nbsp;&nbsp; 26925384 |
| &nbsp;&nbsp;Transportation — 0.45% | &nbsp;&nbsp;Transportation — 0.45% | &nbsp;&nbsp;Transportation — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe 5.55% 3/15/56 | 1850000 | &nbsp;&nbsp;&nbsp; 1824993 |
|  |  | &nbsp;&nbsp;&nbsp; 1824993 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $383,514,458)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $383,514,458)** | &nbsp;&nbsp;&nbsp;**385968519** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.26%** | &nbsp;&nbsp;**Government Agency Obligations — 0.26%** | &nbsp;&nbsp;**Government Agency Obligations — 0.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/3/30 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp; 345086 |

---

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Government Agency Obligations (continued)** | &nbsp;&nbsp;**Government Agency Obligations (continued)** | &nbsp;&nbsp;**Government Agency Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 11/14/35 | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;$701707 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $1,045,505)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $1,045,505)** | &nbsp;&nbsp;&nbsp; **1046793** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.51%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.51%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Issuer<br> Series 2024-1 A2 144A 6.19% 6/20/54 # | 5900000 | &nbsp;&nbsp;&nbsp; 6083042 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $5,897,993)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $5,897,993)** | &nbsp;&nbsp;&nbsp; **6083042** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stock — 0.01%** | &nbsp;&nbsp;**Common Stock — 0.01%** | &nbsp;&nbsp;**Common Stock — 0.01%** |
| &nbsp;&nbsp;Financials — 0.01% | &nbsp;&nbsp;Financials — 0.01% | &nbsp;&nbsp;Financials — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp; 62293 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,760)** | &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,760)** | &nbsp;&nbsp;&nbsp;&nbsp; **62293** |
| &nbsp;&nbsp;**Preferred Stock — 0.16%** | &nbsp;&nbsp;**Preferred Stock — 0.16%** | &nbsp;&nbsp;**Preferred Stock — 0.16%** |
| &nbsp;&nbsp;Financials — 0.16% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp; 634222 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $605,573)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $605,573)** | &nbsp;&nbsp;&nbsp;&nbsp; **634222** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.78%<br> (cost $394,652,300)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**397376649** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.22%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **4893246** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 85,686,091 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$402269895** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $93,344,516, which represents 23.20% of the Series' net assets. See Note 12 in "Notes to financial statements." |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| † | Non-income producing security. |

---

The following futures contracts were outstanding at December 31, 2025:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |  |
| US Treasury 10 yr Notes | US Treasury 10 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;$20688500 | $20820886 | 3/20/26 | $— | $(132386) | $(37376) |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29707594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30038728 | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56219) |
| US Treasury Ultra Bonds | US Treasury Ultra Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6024321 | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18750) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56883935 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112345) |

---

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Corporate Bond Series

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(195) | &nbsp;&nbsp;$(21314415) | $(21391937) | 3/31/26 | $77522 | $— | $22852 |
| US Treasury 10 yr Ultra Notes | US Treasury 10 yr Ultra Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42325752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42624456) | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64016393) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91852 |
| Total Futures Contracts | Total Futures Contracts | $(7132458) |  | $376226 | $(587841) | $(20493) |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 10 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| GNMA – Government National Mortgage Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |
| yr – Year |

---

See accompanying notes, which are an integral part of the financial statements.

8&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Global Growth Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.12%Δ** | &nbsp;&nbsp;**Common Stocks — 99.12%Δ** | &nbsp;&nbsp;**Common Stocks — 99.12%Δ** |
| &nbsp;&nbsp;Brazil — 2.36% | &nbsp;&nbsp;Brazil — 2.36% | &nbsp;&nbsp;Brazil — 2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz 144A # | 306535 | &nbsp;&nbsp;$2271707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP Class A | 95101 | &nbsp;&nbsp;&nbsp; 1556803 |
|  |  | &nbsp;&nbsp;&nbsp; 3828510 |
| &nbsp;&nbsp;Canada — 2.81% | &nbsp;&nbsp;Canada — 2.81% | &nbsp;&nbsp;Canada — 2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | 59310 | &nbsp;&nbsp;&nbsp; 3239137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | 38749 | &nbsp;&nbsp;&nbsp; 1311654 |
|  |  | &nbsp;&nbsp;&nbsp; 4550791 |
| &nbsp;&nbsp;Denmark — 1.34% | &nbsp;&nbsp;Denmark — 1.34% | &nbsp;&nbsp;Denmark — 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | 10183 | &nbsp;&nbsp;&nbsp; 2171423 |
|  |  | &nbsp;&nbsp;&nbsp; 2171423 |
| &nbsp;&nbsp;Finland — 1.96% | &nbsp;&nbsp;Finland — 1.96% | &nbsp;&nbsp;Finland — 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | 85113 | &nbsp;&nbsp;&nbsp; 3178971 |
|  |  | &nbsp;&nbsp;&nbsp; 3178971 |
| &nbsp;&nbsp;France — 2.00% | &nbsp;&nbsp;France — 2.00% | &nbsp;&nbsp;France — 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | 13990 | &nbsp;&nbsp;&nbsp; 3248814 |
|  |  | &nbsp;&nbsp;&nbsp; 3248814 |
| &nbsp;&nbsp;Germany — 4.31% | &nbsp;&nbsp;Germany — 4.31% | &nbsp;&nbsp;Germany — 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | 36988 | &nbsp;&nbsp;&nbsp; 2119109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | 10604 | &nbsp;&nbsp;&nbsp; 2576438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;8213 | &nbsp;&nbsp;&nbsp; 2300269 |
|  |  | &nbsp;&nbsp;&nbsp; 6995816 |
| &nbsp;&nbsp;India — 4.70% | &nbsp;&nbsp;India — 4.70% | &nbsp;&nbsp;India — 4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | 103011 | &nbsp;&nbsp;&nbsp; 2417821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 261982 | &nbsp;&nbsp;&nbsp; 2894088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 628746 | &nbsp;&nbsp;&nbsp; 2307963 |
|  |  | &nbsp;&nbsp;&nbsp; 7619872 |
| &nbsp;&nbsp;Italy — 1.36% | &nbsp;&nbsp;Italy — 1.36% | &nbsp;&nbsp;Italy — 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;5915 | &nbsp;&nbsp;&nbsp; 2198099 |
|  |  | &nbsp;&nbsp;&nbsp; 2198099 |
| &nbsp;&nbsp;Japan — 2.92% | &nbsp;&nbsp;Japan — 2.92% | &nbsp;&nbsp;Japan — 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | 19100 | &nbsp;&nbsp;&nbsp; 2896889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp; 1833805 |
|  |  | &nbsp;&nbsp;&nbsp; 4730694 |
| &nbsp;&nbsp;Netherlands — 2.00% | &nbsp;&nbsp;Netherlands — 2.00% | &nbsp;&nbsp;Netherlands — 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 115457 | &nbsp;&nbsp;&nbsp; 3245292 |
|  |  | &nbsp;&nbsp;&nbsp; 3245292 |
| &nbsp;&nbsp;Norway — 1.51% | &nbsp;&nbsp;Norway — 1.51% | &nbsp;&nbsp;Norway — 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | 219896 | &nbsp;&nbsp;&nbsp; 2448705 |
|  |  | &nbsp;&nbsp;&nbsp; 2448705 |
| &nbsp;&nbsp;Singapore — 1.41% | &nbsp;&nbsp;Singapore — 1.41% | &nbsp;&nbsp;Singapore — 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | 17964 | &nbsp;&nbsp;&nbsp; 2291667 |
|  |  | &nbsp;&nbsp;&nbsp; 2291667 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Spain — 2.54% | &nbsp;&nbsp;Spain — 2.54% | &nbsp;&nbsp;Spain — 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 175716 | &nbsp;&nbsp;$4121809 |
|  |  | &nbsp;&nbsp;&nbsp; 4121809 |
| &nbsp;&nbsp;Taiwan — 4.55% | &nbsp;&nbsp;Taiwan — 4.55% | &nbsp;&nbsp;Taiwan — 4.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 150000 | &nbsp;&nbsp;&nbsp; 7373593 |
|  |  | &nbsp;&nbsp;&nbsp; 7373593 |
| &nbsp;&nbsp;United Kingdom — 2.61% | &nbsp;&nbsp;United Kingdom — 2.61% | &nbsp;&nbsp;United Kingdom — 2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Group | 24265 | &nbsp;&nbsp;&nbsp; 1654368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | 112305 | &nbsp;&nbsp;&nbsp; 2584706 |
|  |  | &nbsp;&nbsp;&nbsp; 4239074 |
| &nbsp;&nbsp;United States — 60.74% | &nbsp;&nbsp;United States — 60.74% | &nbsp;&nbsp;United States — 60.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;9703 | &nbsp;&nbsp;&nbsp; 2217038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 12718 | &nbsp;&nbsp;&nbsp; 3980734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 16364 | &nbsp;&nbsp;&nbsp; 3777139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;7887 | &nbsp;&nbsp;&nbsp; 2783165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 20440 | &nbsp;&nbsp;&nbsp; 5556818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | 21304 | &nbsp;&nbsp;&nbsp; 1917999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | 112996 | &nbsp;&nbsp;&nbsp; 1688160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;8206 | &nbsp;&nbsp;&nbsp; 2840097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | 10616 | &nbsp;&nbsp;&nbsp; 2572894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | 37878 | &nbsp;&nbsp;&nbsp; 2001474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;5214 | &nbsp;&nbsp;&nbsp; 2881830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | 24385 | &nbsp;&nbsp;&nbsp; 1704755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 12355 | &nbsp;&nbsp;&nbsp; 1156552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | 79781 | &nbsp;&nbsp;&nbsp; 2892061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp; 3891416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;9317 | &nbsp;&nbsp;&nbsp; 2676308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;7308 | &nbsp;&nbsp;&nbsp; 2514683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | 15873 | &nbsp;&nbsp;&nbsp; 3254282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | 24451 | &nbsp;&nbsp;&nbsp; 1937008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 15994 | &nbsp;&nbsp;&nbsp; 2590388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;2824 | &nbsp;&nbsp;&nbsp; 3431386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;6393 | &nbsp;&nbsp;&nbsp; 3649636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;3789 | &nbsp;&nbsp;&nbsp; 2501081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 17728 | &nbsp;&nbsp;&nbsp; 8573615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 19652 | &nbsp;&nbsp;&nbsp; 3488820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | 23394 | &nbsp;&nbsp;&nbsp; 2193421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 48254 | &nbsp;&nbsp;&nbsp; 8999371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | 10025 | &nbsp;&nbsp;&nbsp; 2655723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;6141 | &nbsp;&nbsp;&nbsp; 1691170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;6914 | &nbsp;&nbsp;&nbsp; 2240343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;4699 | &nbsp;&nbsp;&nbsp; 2722836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unity Software † | 33805 | &nbsp;&nbsp;&nbsp; 1493167 |
|  |  | &nbsp;&nbsp;&nbsp; 98475370 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $113,979,050)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $113,979,050)** | &nbsp;&nbsp;&nbsp;**160718500** |

---

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Global Growth Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 0.71%** | &nbsp;&nbsp;**Short-Term Investments — 0.71%** | &nbsp;&nbsp;**Short-Term Investments — 0.71%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.71% | &nbsp;&nbsp;Money Market Mutual Funds — 0.71% | &nbsp;&nbsp;Money Market Mutual Funds — 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 287475 | &nbsp;&nbsp;$287475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 287475 | &nbsp;&nbsp;&nbsp; 287475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 287476 | &nbsp;&nbsp;&nbsp; 287476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 287475 | &nbsp;&nbsp;&nbsp; 287475 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,149,901)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,149,901)** | &nbsp;&nbsp;&nbsp; **1149901** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.83%<br> (cost $115,128,951)** |  | &nbsp;&nbsp;&nbsp;**161868401** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 0.17%** |  | &nbsp;&nbsp;&nbsp; **267926** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 42,240,211 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$162136327** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $2,271,707, which represents 1.40% of the Series' net assets. See Note 12 in "Notes to financial statements." |
| Non-income producing security. |

---

---

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

---

See accompanying notes, which are an integral part of the financial statements.

10&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Limited-Term Bond Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.71%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.71%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.71%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4505 PE 2.50% 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;120183 | &nbsp;&nbsp;$116971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA1 M2 144A 5.224% (SOFR + 1.35%) 1/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp; 540001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M1 144A 5.074% (SOFR + 1.20%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32143 | &nbsp;&nbsp;&nbsp; 32132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 M2 144A 5.374% (SOFR + 1.50%) 9/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 140373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2012-39 PA 2.00% 3/16/42 | &nbsp;&nbsp;&nbsp;&nbsp;133633 | &nbsp;&nbsp;&nbsp; 126112 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $966,897)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $966,897)** | &nbsp;&nbsp;&nbsp; **955589** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 1.10%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 1.10%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 1.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-KF12 B 144A 11.223% (SOFR + 7.21%, Floor 7.10%) 9/25/22 #, • | &nbsp;&nbsp;&nbsp;&nbsp;592529 | &nbsp;&nbsp;&nbsp; 624934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF61 B 144A 6.323% (SOFR + 2.31%, Floor 2.20%) 4/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;239757 | &nbsp;&nbsp;&nbsp; 229787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF70 B 144A 6.423% (SOFR + 2.41%, Floor 2.30%) 9/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;269906 | &nbsp;&nbsp;&nbsp; 266870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KF74 B 144A 6.273% (SOFR + 2.26%, Floor 2.15%) 1/25/27 #, • | &nbsp;&nbsp;&nbsp;&nbsp;167034 | &nbsp;&nbsp;&nbsp; 165754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KF75 B 144A 6.373% (SOFR + 2.36%, Floor 2.25%) 12/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;208551 | &nbsp;&nbsp;&nbsp; 194519 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $1,473,747)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $1,473,747)** | &nbsp;&nbsp;&nbsp; **1481864** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 7.36%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 7.36%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 7.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;827652 | &nbsp;&nbsp;&nbsp; 843525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40854 | &nbsp;&nbsp;&nbsp; 41466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33475 | &nbsp;&nbsp;&nbsp; 33959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;458247 | &nbsp;&nbsp;&nbsp; 464756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;325718 | &nbsp;&nbsp;&nbsp; 330946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/1/54 | 1293546 | &nbsp;&nbsp;&nbsp; 1328293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/54 | 1578787 | &nbsp;&nbsp;&nbsp; 1622264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 3/1/55 | 1410757 | &nbsp;&nbsp;&nbsp; 1465443 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;381995 | &nbsp;&nbsp;$401632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;831007 | &nbsp;&nbsp;&nbsp; 842812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29782 | &nbsp;&nbsp;&nbsp; 30207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/55 | 1303717 | &nbsp;&nbsp;&nbsp; 1318037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;755643 | &nbsp;&nbsp;&nbsp; 770580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;401173 | &nbsp;&nbsp;&nbsp; 414975 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $9,790,274)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $9,790,274)** | &nbsp;&nbsp;&nbsp; **9908895** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 5.53%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.53%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 17<br> Series 2022-17A AR 144A 4.82% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 299403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO<br> Series 2021-7A A1R 144A 4.837% (TSFR03M + 0.98%, Floor 0.98%) 1/22/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 398415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bethpage Park CLO Series 2021-1A A 144A 5.296% (TSFR03M + 1.39%, Floor 1.13%) 1/15/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 599995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO<br> Series 2019-2A AR2 144A 4.915% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 149754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO<br> Series 2020-2A AR2 144A 4.935% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 249313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 41<br> Series 2022-41A A1 144A 5.235% (TSFR03M + 1.33%, Floor 1.33%) 4/15/35 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 1999980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite LI<br> Series 2025-51A A1 144A 5.092% (TSFR03M + 1.20%, Floor 1.20%) 10/25/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 42<br> Series 2021-42A AR 144A 4.844% (TSFR03M + 0.95%, Floor 0.95%) 7/16/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 499668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 51<br> Series 2021-1A AR 144A 4.874% (TSFR03M + 0.99%, Floor 0.99%) 7/20/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 498398 |

---

&nbsp;&nbsp;&nbsp;&nbsp;11

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Limited-Term Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XIX Funding Series 2022-1A A1R 144A 5.124% (TSFR03M + 1.24%, Floor 1.24%) 10/20/38 #, • | 2000000 | &nbsp;&nbsp;$1999446 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $7,449,307)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $7,449,307)** | &nbsp;&nbsp;&nbsp; **7444372** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 16.55%** | &nbsp;&nbsp;**Corporate Bonds — 16.55%** | &nbsp;&nbsp;**Corporate Bonds — 16.55%** |
| &nbsp;&nbsp;Banking — 5.16% | &nbsp;&nbsp;Banking — 5.16% | &nbsp;&nbsp;Banking — 5.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 276645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 274413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 119916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon 5.802% 10/25/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp; 592437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.438% 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 250970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.488% 12/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 253343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.503% 9/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 235791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 2/15/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 101668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 153724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp; 305294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 248783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.542% 9/10/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 737061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 239479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.25% 10/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 145687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% 9/22/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp; 363325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 206581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 139561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 198933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.133% 10/18/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 89983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp; 77388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank 5.504% 5/26/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 255135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank 4.429% 7/21/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 211422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group 5.30% 1/21/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 238107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 163459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street 4.543% 4/24/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 141212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 205315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 205215 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;$184952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 168653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 15487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 145049 |
|  |  | &nbsp;&nbsp;&nbsp; 6944988 |
| &nbsp;&nbsp;Basic Industry — 0.21% | &nbsp;&nbsp;Basic Industry — 0.21% | &nbsp;&nbsp;Basic Industry — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Billiton Finance USA 4.75% 2/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 279434 |
|  |  | &nbsp;&nbsp;&nbsp; 279434 |
| &nbsp;&nbsp;Brokerage — 0.25% | &nbsp;&nbsp;Brokerage — 0.25% | &nbsp;&nbsp;Brokerage — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management 4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 115690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management 4.653% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp; 221857 |
|  |  | &nbsp;&nbsp;&nbsp; 337547 |
| &nbsp;&nbsp;Capital Goods — 0.27% | &nbsp;&nbsp;Capital Goods — 0.27% | &nbsp;&nbsp;Capital Goods — 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.259% 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp; 138572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 59712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding 144A 7.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 158886 |
|  |  | &nbsp;&nbsp;&nbsp; 357170 |
| &nbsp;&nbsp;Communications — 1.78% | &nbsp;&nbsp;Communications — 1.78% | &nbsp;&nbsp;Communications — 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower 5.20% 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 149278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 6.375% 9/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp; 150109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 430760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms 4.60% 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 226874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica 144A 6.00% 11/25/29 # | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 342870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank 144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 281134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA 3.75% 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp; 812692 |
|  |  | &nbsp;&nbsp;&nbsp; 2393717 |
| &nbsp;&nbsp;Consumer Cyclical — 1.71% | &nbsp;&nbsp;Consumer Cyclical — 1.71% | &nbsp;&nbsp;Consumer Cyclical — 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com 4.10% 11/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 145202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment 144A 7.00% 2/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 331561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.798% 11/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 209889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% 5/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 208752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp; 205877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 10/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp; 465766 |

---

12&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A 4.70% 10/7/30 # | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;$253828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital Services 144A 5.25% 1/22/28 # | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 337092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 149413 |
|  |  | &nbsp;&nbsp;&nbsp; 2307380 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 1.49% | &nbsp;&nbsp;Consumer Non-Cyclical — 1.49% | &nbsp;&nbsp;Consumer Non-Cyclical — 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie 4.80% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp; 676342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp; 631403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill 144A 4.125% 10/23/30 # | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 129482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp; 264243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer 4.20% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 90439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 113627 |
|  |  | &nbsp;&nbsp;&nbsp; 2005518 |
| &nbsp;&nbsp;Electric — 0.54% | &nbsp;&nbsp;Electric — 0.54% | &nbsp;&nbsp;Electric — 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 5.80% 3/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 94355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 120079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 4.734% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 195374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 7.00% 12/15/26 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 316573 |
|  |  | &nbsp;&nbsp;&nbsp; 726381 |
| &nbsp;&nbsp;Energy — 1.29% | &nbsp;&nbsp;Energy — 1.29% | &nbsp;&nbsp;Energy — 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge 4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 102265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp; 672671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 274213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 # | &nbsp;&nbsp;&nbsp;&nbsp;478965 | &nbsp;&nbsp;&nbsp; 467485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell Finance US 4.125% 11/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 65016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 150159 |
|  |  | &nbsp;&nbsp;&nbsp; 1731809 |
| &nbsp;&nbsp;Finance Companies — 0.98% | &nbsp;&nbsp;Finance Companies — 0.98% | &nbsp;&nbsp;Finance Companies — 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC 5.10% 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 332366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 337851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 276669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 4.95% 1/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp; 136705 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;$118227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 116252 |
|  |  | &nbsp;&nbsp;&nbsp; 1318070 |
| &nbsp;&nbsp;Insurance — 1.24% | &nbsp;&nbsp;Insurance — 1.24% | &nbsp;&nbsp;Insurance — 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding 144A 4.96% 1/13/30 # | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 333650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding 144A 1.618% 4/15/26 # | 1350000 | &nbsp;&nbsp;&nbsp; 1340965 |
|  |  | &nbsp;&nbsp;&nbsp; 1674615 |
| &nbsp;&nbsp;Technology — 1.47% | &nbsp;&nbsp;Technology — 1.47% | &nbsp;&nbsp;Technology — 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baidu 1.72% 4/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp; 376650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle 4.45% 9/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 117427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Global 144A 1.25% 4/23/26 # | 1500000 | &nbsp;&nbsp;&nbsp; 1487483 |
|  |  | &nbsp;&nbsp;&nbsp; 1981560 |
| &nbsp;&nbsp;Transportation — 0.16% | &nbsp;&nbsp;Transportation — 0.16% | &nbsp;&nbsp;Transportation — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERAC USA Finance 144A 4.60% 5/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 218035 |
|  |  | &nbsp;&nbsp;&nbsp; 218035 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $22,063,351)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $22,063,351)** | &nbsp;&nbsp;&nbsp; **22276224** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.43%** | &nbsp;&nbsp;**Government Agency Obligations — 0.43%** | &nbsp;&nbsp;**Government Agency Obligations — 0.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinor 4.50% 9/3/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 35524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ma'aden Sukuk 144A 5.25% 2/13/30 # | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp; 344236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications Telekom Srbija AD Belgrade 144A 7.00% 10/28/29 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 200351 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $569,160)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $569,160)** | &nbsp;&nbsp;&nbsp; **580111** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 10.63%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 10.63%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 10.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Fleet Financing Series 2023-3 A2 144A 6.40% 3/20/30 # | &nbsp;&nbsp;&nbsp;&nbsp;663059 | &nbsp;&nbsp;&nbsp; 671214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Lease Trust<br> Series 2024-A A3 5.06% 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;279693 | &nbsp;&nbsp;&nbsp; 280217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C A3 5.53% 9/15/28 | 1444207 | &nbsp;&nbsp;&nbsp; 1458959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B A3 5.10% 4/15/29 | 1200000 | &nbsp;&nbsp;&nbsp; 1215435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;13

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Nomura VIP Limited-Term Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust Series 2024-1 A3 5.09% 3/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;982717 | &nbsp;&nbsp;$984937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | 1000000 | &nbsp;&nbsp;&nbsp; 1014966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Lease<br> Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A A3 144A 5.02% 3/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;588468 | &nbsp;&nbsp;&nbsp; 589719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C A3 144A 4.62% 4/17/28 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 503130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust Series 2024-1A A1 144A 4.884% (SOFR + 0.90%, Floor 0.90%) 3/15/29 #, • | 1300000 | &nbsp;&nbsp;&nbsp; 1306114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 1000000 | &nbsp;&nbsp;&nbsp; 1011941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto<br> Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 D 5.43% 3/17/31 | 1200000 | &nbsp;&nbsp;&nbsp; 1218712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 D 4.95% 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 250913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust 144A 1.884% 1/15/26 # | 1155000 | &nbsp;&nbsp;&nbsp; 1153714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A A3 4.83% 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;158696 | &nbsp;&nbsp;&nbsp; 159725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B A3 5.33% 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;745507 | &nbsp;&nbsp;&nbsp; 753275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30 | 1000000 | &nbsp;&nbsp;&nbsp; 1019497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1<br> Series 2024-3A A1 144A 4.80% 9/19/39 # | &nbsp;&nbsp;&nbsp;&nbsp;707187 | &nbsp;&nbsp;&nbsp; 714648 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $14,187,163)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $14,187,163)** | &nbsp;&nbsp;&nbsp; **14307116** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.32%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.32%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust Series 2023-3 A1 144A 7.18% 9/25/68 #, φ | 1032824 | &nbsp;&nbsp;&nbsp; 1044224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01 1M2 144A 5.374% (SOFR + 1.50%) 1/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp; 229791 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02 1M2 144A 5.474% (SOFR + 1.60%) 2/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;$680211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03 2M1 144A 5.474% (SOFR + 1.60%) 3/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;252181 | &nbsp;&nbsp;&nbsp; 252491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R05 2M2 144A 5.474% (SOFR + 1.60%) 7/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 140482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust Series 2023-NQM8 A1 144A 7.045% 9/25/63 #, φ | 1087375 | &nbsp;&nbsp;&nbsp; 1098279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2023-6 A1 144A 6.665% 9/25/68 #, φ | 1011227 | &nbsp;&nbsp;&nbsp; 1019495 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $4,433,572)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $4,433,572)** | &nbsp;&nbsp;&nbsp; **4464973** |
| &nbsp;&nbsp;**Sovereign Bond — 0.25%** | &nbsp;&nbsp;**Sovereign Bond — 0.25%** | &nbsp;&nbsp;**Sovereign Bond — 0.25%** |
| &nbsp;&nbsp;Poland — 0.25% | &nbsp;&nbsp;Poland — 0.25% | &nbsp;&nbsp;Poland — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government International Bond<br> 4.875% 2/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 340281 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bond<br> (cost $328,544)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bond<br> (cost $328,544)** | &nbsp;&nbsp;&nbsp; **340281** |
| &nbsp;&nbsp;**US Treasury Obligations — 53.29%** | &nbsp;&nbsp;**US Treasury Obligations — 53.29%** | &nbsp;&nbsp;**US Treasury Obligations — 53.29%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 11/30/27 | 6810000 | &nbsp;&nbsp;&nbsp; 6797364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 9/15/28 | 1135000 | &nbsp;&nbsp;&nbsp; 1130478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 10/15/28 | 20130000 | &nbsp;&nbsp;&nbsp; 20111915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 11/15/28 | 13130000 | &nbsp;&nbsp;&nbsp; 13117177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 8/31/27 | 22795000 | &nbsp;&nbsp;&nbsp; 22847536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 10/31/30 | 2380000 | &nbsp;&nbsp;&nbsp; 2370331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 12/31/30 | 5380000 | &nbsp;&nbsp;&nbsp; 5354571 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $71,712,944)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $71,712,944)** | &nbsp;&nbsp;&nbsp; **71729372** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.17%<br> (cost $132,974,959)** |  | &nbsp;&nbsp;&nbsp;**133488797** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.83%** |  | &nbsp;&nbsp;&nbsp; **1111745** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 28,563,371 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$134600542** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |

---

14&nbsp;&nbsp;&nbsp;&nbsp;

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# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $29,086,429, which represents 21.61% of the Series' net assets. See Note 12 in "Notes to financial statements."

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. <br> ψ Perpetual security. Maturity date represents next call date. <br> φ Step coupon bond. Stated rate in effect at December 31, 2025 through maturity date.

The following futures contracts were outstanding at December 31, 2025:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |  |
| US Treasury 2 yr Notes | US Treasury 2 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;$30483203 | $30502940 | 3/31/26 | $— | $(19737) | $(10266) |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8416461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8424465) | 3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| US Treasury 10 yr Notes | US Treasury 10 yr Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1349250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344720) | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438 |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1502718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1524077) | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11293262) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 |
| Total Futures Contracts | Total Futures Contracts | $19209678 |  | $29363 | $(24267) | $(4984) |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 10 in "Notes to financial statements."

&nbsp;&nbsp;&nbsp;&nbsp;15

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Nomura VIP Limited-Term Bond Series

---

| |
|:---|
| **Summary of abbreviations:** |
| AD – Akcionarsko Drustvo |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| FREMF – Freddie Mac Multifamily |
| GNMA – Government National Mortgage Association |
| REMIC – Real Estate Mortgage Investment Conduit |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| yr – Year |

---

See accompanying notes, which are an integral part of the financial statements.

16&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura VIP Value Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.26%♣** | &nbsp;&nbsp;**Common Stocks — 99.26%♣** | &nbsp;&nbsp;**Common Stocks — 99.26%♣** |
| &nbsp;&nbsp;Communication Services — 6.06% | &nbsp;&nbsp;Communication Services — 6.06% | &nbsp;&nbsp;Communication Services — 6.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 15605 | &nbsp;&nbsp;$4884365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts | 21842 | &nbsp;&nbsp;&nbsp; 4462976 |
|  |  | &nbsp;&nbsp;&nbsp; 9347341 |
| &nbsp;&nbsp;Consumer Discretionary — 8.53% | &nbsp;&nbsp;Consumer Discretionary — 8.53% | &nbsp;&nbsp;Consumer Discretionary — 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts | 34584 | &nbsp;&nbsp;&nbsp; 4252449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's | 18312 | &nbsp;&nbsp;&nbsp; 4416122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE Class B | 70575 | &nbsp;&nbsp;&nbsp; 4496333 |
|  |  | &nbsp;&nbsp;&nbsp; 13164904 |
| &nbsp;&nbsp;Consumer Staples — 2.84% | &nbsp;&nbsp;Consumer Staples — 2.84% | &nbsp;&nbsp;Consumer Staples — 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey | 24123 | &nbsp;&nbsp;&nbsp; 4389904 |
|  |  | &nbsp;&nbsp;&nbsp; 4389904 |
| &nbsp;&nbsp;Energy — 5.75% | &nbsp;&nbsp;Energy — 5.75% | &nbsp;&nbsp;Energy — 5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron | 28864 | &nbsp;&nbsp;&nbsp; 4399162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil | 37261 | &nbsp;&nbsp;&nbsp; 4483989 |
|  |  | &nbsp;&nbsp;&nbsp; 8883151 |
| &nbsp;&nbsp;Financials — 21.33% | &nbsp;&nbsp;Financials — 21.33% | &nbsp;&nbsp;Financials — 21.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | 84960 | &nbsp;&nbsp;&nbsp; 4672800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab | 47283 | &nbsp;&nbsp;&nbsp; 4724044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services | 69037 | &nbsp;&nbsp;&nbsp; 4588199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan | 25563 | &nbsp;&nbsp;&nbsp; 4742448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers | 15297 | &nbsp;&nbsp;&nbsp; 4437048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial | 99370 | &nbsp;&nbsp;&nbsp; 4889998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 52308 | &nbsp;&nbsp;&nbsp; 4875105 |
|  |  | &nbsp;&nbsp;&nbsp; 32929642 |
| &nbsp;&nbsp;Healthcare — 15.24% | &nbsp;&nbsp;Healthcare — 15.24% | &nbsp;&nbsp;Healthcare — 15.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 17604 | &nbsp;&nbsp;&nbsp; 4845149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 21961 | &nbsp;&nbsp;&nbsp; 4544829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. | 44153 | &nbsp;&nbsp;&nbsp; 4647545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;7766 | &nbsp;&nbsp;&nbsp; 4500009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis | 39714 | &nbsp;&nbsp;&nbsp; 4996815 |
|  |  | &nbsp;&nbsp;&nbsp; 23534347 |
| &nbsp;&nbsp;Industrials — 12.14% | &nbsp;&nbsp;Industrials — 12.14% | &nbsp;&nbsp;Industrials — 12.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | 128153 | &nbsp;&nbsp;&nbsp; 4645546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover | 24399 | &nbsp;&nbsp;&nbsp; 4763661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions | 34480 | &nbsp;&nbsp;&nbsp; 4567221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman | &nbsp;&nbsp;&nbsp;&nbsp;8370 | &nbsp;&nbsp;&nbsp; 4772658 |
|  |  | &nbsp;&nbsp;&nbsp; 18749086 |
| &nbsp;&nbsp;Information Technology — 13.26% | &nbsp;&nbsp;Information Technology — 13.26% | &nbsp;&nbsp;Information Technology — 13.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices | 16852 | &nbsp;&nbsp;&nbsp; 4570262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | 29709 | &nbsp;&nbsp;&nbsp; 4046366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems | 57267 | &nbsp;&nbsp;&nbsp; 4411277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics | 35918 | &nbsp;&nbsp;&nbsp; 2932705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;8821 | &nbsp;&nbsp;&nbsp; 4505149 |
|  |  | &nbsp;&nbsp;&nbsp; 20465759 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Materials — 4.96% | &nbsp;&nbsp;Materials — 4.96% | &nbsp;&nbsp;Materials — 4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours | 71836 | &nbsp;&nbsp;$2887807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries | 46539 | &nbsp;&nbsp;&nbsp; 4768386 |
|  |  | &nbsp;&nbsp;&nbsp; 7656193 |
| &nbsp;&nbsp;Real Estate — 6.09% | &nbsp;&nbsp;Real Estate — 6.09% | &nbsp;&nbsp;Real Estate — 6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 74345 | &nbsp;&nbsp;&nbsp; 4686709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis | 36981 | &nbsp;&nbsp;&nbsp; 4720994 |
|  |  | &nbsp;&nbsp;&nbsp; 9407703 |
| &nbsp;&nbsp;Utilities — 3.06% | &nbsp;&nbsp;Utilities — 3.06% | &nbsp;&nbsp;Utilities — 3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy | 40330 | &nbsp;&nbsp;&nbsp; 4727079 |
|  |  | &nbsp;&nbsp;&nbsp; 4727079 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $143,459,797)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $143,459,797)** | &nbsp;&nbsp;&nbsp;**153255109** |
| &nbsp;&nbsp;**Short-Term Investments — 0.82%** | &nbsp;&nbsp;**Short-Term Investments — 0.82%** | &nbsp;&nbsp;**Short-Term Investments — 0.82%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.82% | &nbsp;&nbsp;Money Market Mutual Funds — 0.82% | &nbsp;&nbsp;Money Market Mutual Funds — 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 317258 | &nbsp;&nbsp;&nbsp; 317258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 317259 | &nbsp;&nbsp;&nbsp; 317259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 317259 | &nbsp;&nbsp;&nbsp; 317259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 317259 | &nbsp;&nbsp;&nbsp; 317259 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,269,035)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,269,035)** | &nbsp;&nbsp;&nbsp; **1269035** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.08%<br> (cost $144,728,832)** |  | &nbsp;&nbsp;&nbsp;**154524144** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.08%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(126353)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 34,820,310 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$154397791** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Variable Insurance Portfolios

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP Core<br> Equity Series | &nbsp;&nbsp;Nomura<br> VIP Corporate<br> Bond Series | &nbsp;&nbsp;Nomura<br> VIP Global<br> Growth Series | &nbsp;&nbsp;Nomura<br> VIP Limited-Term<br> Bond Series | &nbsp;&nbsp;Nomura<br> VIP Value<br> Series |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$697126959 | &nbsp;&nbsp;$397376649 | &nbsp;&nbsp;$161868401 | &nbsp;&nbsp;$133488797 | &nbsp;&nbsp;$154524144 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash collateral due from broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110149 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697369810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403492056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162723195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134826161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154640091 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36302 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78876 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32663 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52716 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30439 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;Pricing fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242300 |
| **Total Net Assets** | &nbsp;&nbsp;$696112530 | &nbsp;&nbsp;$402269895 | &nbsp;&nbsp;$162136327 | &nbsp;&nbsp;$134600542 | &nbsp;&nbsp;$154397791 |
| **Net Assets Consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$419712711 | &nbsp;&nbsp;$467927279 | &nbsp;&nbsp;$104546061 | &nbsp;&nbsp;$143767499 | &nbsp;&nbsp;$142781104 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276399819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65657384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57590266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9166957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616687 |
| **Total Net Assets** | &nbsp;&nbsp;$696112530 | &nbsp;&nbsp;$402269895 | &nbsp;&nbsp;$162136327 | &nbsp;&nbsp;$134600542 | &nbsp;&nbsp;$154397791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;18

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[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP Core<br> Equity Series | &nbsp;&nbsp;Nomura<br> VIP Corporate<br> Bond Series | &nbsp;&nbsp;Nomura<br> VIP Global<br> Growth Series | &nbsp;&nbsp;Nomura<br> VIP Limited-Term<br> Bond Series | &nbsp;&nbsp;Nomura<br> VIP Value<br> Series |
| **Net Asset Value** |  |  |  |  |  |
| **Service Class:** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$696112530 | &nbsp;&nbsp;$402269895 | &nbsp;&nbsp;$162136327 | &nbsp;&nbsp;$134600542 | &nbsp;&nbsp;$154397791 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49785962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85686091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42240211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28563371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34820310 |
| Net asset value per share | &nbsp;&nbsp;$13.98 | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$4.71 | &nbsp;&nbsp;$4.43 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$508719401 | &nbsp;&nbsp;$394652300 | &nbsp;&nbsp;$115128951 | &nbsp;&nbsp;$132974959 | &nbsp;&nbsp;$144728832 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;19

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[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

## Statements of operations
Ivy Variable Insurance Portfolios

Year ended December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura<br> VIP Core<br> Equity Series | &nbsp;&nbsp;Nomura<br> VIP Corporate<br> Bond Series | &nbsp;&nbsp;Nomura<br> VIP Global<br> Growth Series | &nbsp;&nbsp;Nomura<br> VIP Limited-Term<br> Bond Series | &nbsp;&nbsp;Nomura<br> VIP Value<br> Series |
| **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$7462553 | &nbsp;&nbsp;$342777 | &nbsp;&nbsp;$2227367 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3863132 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24779286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6849245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7350256 | &nbsp;&nbsp;&nbsp;25122063 | &nbsp;&nbsp;&nbsp;&nbsp;2069900 | &nbsp;&nbsp;&nbsp;6849245 | &nbsp;&nbsp;&nbsp;&nbsp;3863132 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;4732326 | &nbsp;&nbsp;&nbsp;&nbsp;2230800 | &nbsp;&nbsp;&nbsp;&nbsp;1370044 | &nbsp;&nbsp;&nbsp;&nbsp;788286 | &nbsp;&nbsp;&nbsp;&nbsp;1283580 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | &nbsp;&nbsp;&nbsp;&nbsp;1690116 | &nbsp;&nbsp;&nbsp;&nbsp;1174105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402954 | &nbsp;&nbsp;&nbsp;&nbsp;394143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458422 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74138 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18219 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14624 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32985 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12673 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6790901 | &nbsp;&nbsp;&nbsp;&nbsp;3726060 | &nbsp;&nbsp;&nbsp;&nbsp;1995762 | &nbsp;&nbsp;&nbsp;1377222 | &nbsp;&nbsp;&nbsp;&nbsp;1913799 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316169) | &nbsp;&nbsp;&nbsp;&nbsp;(127156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104241) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;6422444 | &nbsp;&nbsp;&nbsp;&nbsp;3663208 | &nbsp;&nbsp;&nbsp;&nbsp;1679585 | &nbsp;&nbsp;&nbsp;1245530 | &nbsp;&nbsp;&nbsp;&nbsp;1809553 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927812 | &nbsp;&nbsp;&nbsp;21458855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390315 | &nbsp;&nbsp;&nbsp;5603715 | &nbsp;&nbsp;&nbsp;&nbsp;2053579 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;87133286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388021) | &nbsp;&nbsp;&nbsp;15810963 | &nbsp;&nbsp;&nbsp;1388245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(668173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(441673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;87133286 | &nbsp;&nbsp;&nbsp;&nbsp;(1161216) | &nbsp;&nbsp;&nbsp;15819977 | &nbsp;&nbsp;&nbsp;&nbsp;976660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59464) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;10874959 | &nbsp;&nbsp;&nbsp;&nbsp;9568209 | &nbsp;&nbsp;&nbsp;10385138 | &nbsp;&nbsp;&nbsp;&nbsp;832625 | &nbsp;&nbsp;&nbsp;13615780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;10874959 | &nbsp;&nbsp;&nbsp;&nbsp;9356594 | &nbsp;&nbsp;&nbsp;10447567 | &nbsp;&nbsp;&nbsp;&nbsp;840839 | &nbsp;&nbsp;&nbsp;13615780 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;98008245 | &nbsp;&nbsp;&nbsp;&nbsp;8195378 | &nbsp;&nbsp;&nbsp;26267544 | &nbsp;&nbsp;&nbsp;1817499 | &nbsp;&nbsp;&nbsp;13556316 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$98936057 | &nbsp;&nbsp;$29654233 | &nbsp;&nbsp;$26657859 | &nbsp;&nbsp;$7421214 | &nbsp;&nbsp;$15609895 |

---

<sup>1</sup> Includes $(29037) capital gains taxes paid for Nomura VIP Global Growth Series.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Includes net change of $(164915) on capital gains taxes accrued for Nomura VIP Global Growth Series.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;20

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## Statements of changes in net assets
Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Core Equity Series | &nbsp;&nbsp;Nomura VIP<br> Core Equity Series | &nbsp;&nbsp;Nomura VIP<br> Corporate Bond Series | &nbsp;&nbsp;Nomura VIP<br> Corporate Bond Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$927812 | &nbsp;&nbsp;$1090114 | &nbsp;&nbsp;$21458855 | &nbsp;&nbsp;$24651904 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;87133286 | &nbsp;&nbsp;&nbsp;&nbsp;101269482 | &nbsp;&nbsp;&nbsp;&nbsp; (1165246)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(13821879) |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;10874959 | &nbsp;&nbsp;&nbsp;&nbsp;42794838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9356594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782052 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;98936057 | &nbsp;&nbsp;&nbsp;&nbsp;145154434 | &nbsp;&nbsp;&nbsp;&nbsp;29654233 | &nbsp;&nbsp;&nbsp;&nbsp;13612077 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;(102052654) | &nbsp;&nbsp;&nbsp;&nbsp;(65923487) | &nbsp;&nbsp;&nbsp;&nbsp;(24641696) | &nbsp;&nbsp;&nbsp;&nbsp;(16459101) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66359019 | &nbsp;&nbsp;&nbsp;&nbsp;109301601 | &nbsp;&nbsp;&nbsp;&nbsp;40008970 | &nbsp;&nbsp;&nbsp;&nbsp;49614483 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102052654 | &nbsp;&nbsp;&nbsp;&nbsp;65923487 | &nbsp;&nbsp;&nbsp;&nbsp;24641696 | &nbsp;&nbsp;&nbsp;&nbsp;16459101 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;168411673 | &nbsp;&nbsp;&nbsp;&nbsp;175225088 | &nbsp;&nbsp;&nbsp;&nbsp;64650666 | &nbsp;&nbsp;&nbsp;&nbsp;66073584 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;(150147310) | &nbsp;&nbsp;&nbsp;(164140370) | &nbsp;&nbsp;&nbsp;(161558067) | &nbsp;&nbsp;&nbsp;(139129563) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;18264363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11084718 | &nbsp;&nbsp;&nbsp;&nbsp;(96907401) | &nbsp;&nbsp;&nbsp;&nbsp;(73055979) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;15147766 | &nbsp;&nbsp;&nbsp;&nbsp;90315665 | &nbsp;&nbsp;&nbsp;&nbsp;(91894864) | &nbsp;&nbsp;&nbsp;&nbsp;(75903003) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;680964764 | &nbsp;&nbsp;&nbsp;&nbsp;590649099 | &nbsp;&nbsp;&nbsp;&nbsp;494164759 | &nbsp;&nbsp;&nbsp;&nbsp;570067762 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$696112530 | &nbsp;&nbsp;$680964764 | &nbsp;&nbsp;$402269895 | &nbsp;&nbsp;$494164759 |

---

<sup>1</sup> Excludes net increase from payment by affiliates. <br> <sup>2</sup> See Note 2 in "Notes to financial statements." <br> <sup>3</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;21

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Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Global Growth Series | &nbsp;&nbsp;Nomura VIP<br> Global Growth Series | &nbsp;&nbsp;Nomura VIP<br> Limited-Term Bond Series | &nbsp;&nbsp;Nomura VIP<br> Limited-Term Bond Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$390315 | &nbsp;&nbsp;$611185 | &nbsp;&nbsp;$5603715 | &nbsp;&nbsp;$6809494 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;15819977 | &nbsp;&nbsp;&nbsp;&nbsp;17815644<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333211 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;10447567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436733 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;26657859 | &nbsp;&nbsp;&nbsp;&nbsp;23148824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7579438 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(17241544) | &nbsp;&nbsp;&nbsp;&nbsp;(2811244) | &nbsp;&nbsp;&nbsp;&nbsp;(6810055) | &nbsp;&nbsp;&nbsp;&nbsp;(8544634) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747170 | &nbsp;&nbsp;&nbsp;&nbsp;16786761 | &nbsp;&nbsp;&nbsp;&nbsp;18415565 | &nbsp;&nbsp;&nbsp;&nbsp;19042521 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27761653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17241544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544634 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;20988714 | &nbsp;&nbsp;&nbsp;&nbsp;47359658 | &nbsp;&nbsp;&nbsp;&nbsp;25225620 | &nbsp;&nbsp;&nbsp;&nbsp;27587155 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(27032782) | &nbsp;&nbsp;&nbsp;&nbsp;(31412165) | &nbsp;&nbsp;&nbsp;&nbsp;(59959652) | &nbsp;&nbsp;&nbsp;&nbsp;(48368368) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(6044068) | &nbsp;&nbsp;&nbsp;&nbsp;15947493 | &nbsp;&nbsp;&nbsp;&nbsp;(34734032) | &nbsp;&nbsp;&nbsp;&nbsp;(20781213) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372247 | &nbsp;&nbsp;&nbsp;&nbsp;36285073 | &nbsp;&nbsp;&nbsp;&nbsp;(34122873) | &nbsp;&nbsp;&nbsp;&nbsp;(21746409) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;158764080 | &nbsp;&nbsp;&nbsp;122479007 | &nbsp;&nbsp;&nbsp;168723415 | &nbsp;&nbsp;&nbsp;190469824 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$162136327 | &nbsp;&nbsp;$158764080 | &nbsp;&nbsp;$134600542 | &nbsp;&nbsp;$168723415 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

<sup>4</sup> See Note 7 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;22

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---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Value Series | &nbsp;&nbsp;Nomura VIP Value Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$2053579 | &nbsp;&nbsp;$4239510 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20174367<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;13615780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338809) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;15609895 | &nbsp;&nbsp;&nbsp;&nbsp;23076768 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(24553447) | &nbsp;&nbsp;&nbsp;&nbsp;(41180267) |
| **Capital Share Transactions (See Note 6):** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9388670 | &nbsp;&nbsp;&nbsp;&nbsp;12139425 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24553447 | &nbsp;&nbsp;&nbsp;&nbsp;41180267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;33942117 | &nbsp;&nbsp;&nbsp;&nbsp;53319692 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(68257717) | &nbsp;&nbsp;&nbsp;(171954038) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(34315600) | &nbsp;&nbsp;&nbsp;(118634346) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(43259152) | &nbsp;&nbsp;&nbsp;(136737845) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;197656943 | &nbsp;&nbsp;&nbsp;&nbsp;334394788 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$154397791 | &nbsp;&nbsp;$197656943 |

---

<sup>1</sup> Excludes net increase from payment by affiliates. <br> <sup>2</sup> See Note 2 in "Notes to financial statements." <br> <sup>3</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;23

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## Financial highlights
Nomura VIP Core Equity Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$14.35 | &nbsp;&nbsp;$12.78 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$17.69 | &nbsp;&nbsp;$14.36 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.98 | &nbsp;&nbsp;$14.35 | &nbsp;&nbsp;$12.78 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$17.69 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;15.30% | &nbsp;&nbsp;&nbsp;&nbsp;25.69% | &nbsp;&nbsp;&nbsp;&nbsp;23.51% | &nbsp;&nbsp;&nbsp;&nbsp;(17.33%) | &nbsp;&nbsp;&nbsp;28.94% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$696113 | &nbsp;&nbsp;$680965 | &nbsp;&nbsp;$590649 | &nbsp;&nbsp;$597276 | &nbsp;&nbsp;$735<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;0.19% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;24

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[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Corporate Bond Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$4.49 | &nbsp;&nbsp;$5.63 | &nbsp;&nbsp;$6.05 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$4.49 | &nbsp;&nbsp;$5.63 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.48%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;(15.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.85%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$402270 | &nbsp;&nbsp;$494165 | &nbsp;&nbsp;$570068 | &nbsp;&nbsp;$491308 | &nbsp;&nbsp;$668<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.57% | &nbsp;&nbsp;&nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;4.56% | &nbsp;&nbsp;&nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;25

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[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Global Growth Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$3.65 | &nbsp;&nbsp;$3.17 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;$4.81 | &nbsp;&nbsp;$4.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| **Net asset value, end of period** | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$3.65 | &nbsp;&nbsp;$3.17 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;$4.81 |
| **Total return<sup>6</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;17.93% | &nbsp;&nbsp;&nbsp;&nbsp;17.08%<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19.90%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(17.49%) | &nbsp;&nbsp;&nbsp;17.86% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$162136 | &nbsp;&nbsp;$158764 | &nbsp;&nbsp;$122479 | &nbsp;&nbsp;$117268 | &nbsp;&nbsp;$160<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and total return by 0.60%. See Note 1 in "Notes to financial statements."

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by less than $0.005 and total return by less than 0.005%.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Amount is less than $(0.005) per share.

<sup>6</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>7</sup> Net assets reported in millions.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>9</sup> Includes non-recurring expenses of 0.03% for the year ended December 31, 2024.

See accompanying notes, which are an integral part of the financial statements.

26&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Limited-Term Bond Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.70 | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.58 | &nbsp;&nbsp;$4.89 | &nbsp;&nbsp;$5.01 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.71 | &nbsp;&nbsp;$4.70 | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.58 | &nbsp;&nbsp;$4.89 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.70%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.33%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;&nbsp;(4.20%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%) |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$134601 | &nbsp;&nbsp;$168723 | &nbsp;&nbsp;$190470 | &nbsp;&nbsp;$312800 | &nbsp;&nbsp;$391<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.55% | &nbsp;&nbsp;&nbsp;&nbsp;3.71% | &nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;3.67% | &nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;27

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[**Table of Contents**](#JOB_Ivy_D_3cd59708-9521-49ad-bfe0-51615940d046_TOC_AltSty1)

Nomura VIP Value Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$5.04 | &nbsp;&nbsp;$5.56 | &nbsp;&nbsp;$8.24 | &nbsp;&nbsp;$6.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.43 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$5.04 | &nbsp;&nbsp;$5.56 | &nbsp;&nbsp;$8.24 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.41%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.47%<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.27% | &nbsp;&nbsp;&nbsp;&nbsp;(4.90%) | &nbsp;&nbsp;&nbsp;31.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$154398 | &nbsp;&nbsp;$197657 | &nbsp;&nbsp;$334395 | &nbsp;&nbsp;$354290 | &nbsp;&nbsp;$370<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return, respectively.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>7</sup> The Series' portfolio turnover rate increased substantially during the year ended December 31, 2023 due to the repositioning of the Series.

See accompanying notes, which are an integral part of the financial statements.

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## Notes to financial statements
Ivy Variable Insurance Portfolios

December 31, 2025

Ivy Variable Insurance Portfolios (Trust) is organized as a Delaware statutory trust and offers 24 series. These financial statements and the related notes pertain to 5 series: Nomura VIP Core Equity Series (formerly, Macquarie VIP Core Equity Series through November 30, 2025), Nomura VIP Corporate Bond Series (formerly, Macquarie VIP Corporate Bond Series through November 30, 2025), Nomura VIP Global Growth Series (formerly, Macquarie VIP Global Growth Series through November 30, 2025), Nomura VIP Limited-Term Bond Series (formerly, Macquarie VIP Limited-Term Bond Series through November 30, 2025), and Nomura VIP Value Series (formerly, Macquarie VIP Value Series through November 30, 2025) (each, a Series and collectively, the Series). The Trust is an open-end investment company. Each of the Series are diversified as defined in the Investment Company Act of 1940, as amended (1940 Act). Each Series offers Service Class (formerly, Class II) shares. The Service Class shares carry a distribution and service (12b-1) fee. The shares of the Series are sold only to variable life insurance separate accounts and variable annuity separate accounts.

1. Significant Accounting Policies

Each Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities and credit default swap (CDS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (Policy). Fixed income security and CDS contracts valuations are then reviewed by DMC as part of its duties as each Series' valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and certain US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and the ask prices, which approximates fair value. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Series may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered**

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.

**Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Series evaluates tax positions taken or expected to be taken in the course of preparing each Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Series' tax positions taken or expected to be taken on each Series' federal income tax returns through the year ended December 31, 2025, and for all open tax years (years ended December 31, 2022–December 31, 2024), and has concluded that no provision for federal income tax is required in each Series' financial statements. In regard to foreign taxes only, each Series has open tax years in certain foreign countries in which it invests that may date back to the inception of each Series. If applicable, each Series recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the year ended December 31, 2025, the Series did not incur any interest or tax penalties.**

As a result of several court cases, in certain countries across the European Union, certain Series filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU reclaims). Income recognized, if any, for EU reclaims is reflected as "Reclaim income" on the "Statements of operations." Any fees associated with these filings are included on the "Statements of operations" under "Other." For US income tax purposes, EU reclaims received by the Series, if any, reduce the amount of foreign taxes Series shareholders can use as tax deductions or credits on their income tax returns.

**To Be Announced Trades (TBA) — Nomura VIP Limited-Term Bond Series may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Series' ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by each Series to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Series on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery. No TBA were outstanding at December 31, 2025.**

**Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. Each Series generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of realized gains (losses), attributable to changes in foreign exchange rates, is included on the "Statements of operations" under "Net realized gain (loss) on foreign currencies." For foreign equity securities, the realized gains and losses are included on the "Statements of operations" under "Net realized gain (loss) on investments." Each Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.**

**Derivative Financial Instruments — Each Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, forward foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, each Series intends to either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.**

**Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, each Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash**

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reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of each Series under derivative contracts, if any, will be reported separately on the "Statements of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedules of investments."

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to a Series are charged directly to that Series. Other expenses common to various funds within the Nomura Funds (formerly, Macquarie Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which each Series invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that each Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with each Series' understanding of the applicable country's tax rules and rates. Certain Series file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Series may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The "Statements of operations" include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Each Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Series will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. Each Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. Each Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.**

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. Each Series' Chief Executive Officer and Chief Financial Officer act as each Series' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Series has a single operating segment since each Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Series' portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Series' financial statements. Adoption of the new standard impacted each Series' financial statements note disclosures only, and did not affect any Series' financial position or the results of its operations.

Each Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2025, certain Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Custody Credits |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;$6002 |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Custody Credits |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;$4532 |

---

For the year ended December 31, 2025, Nomura VIP Core Equity Series and Nomura VIP Value Series had earnings credits less than $1 under this arrangement.

Each Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2025, each Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;&nbsp;$5 |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;5 |

---

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Series pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly based on each Series' average daily net assets as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.475% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.400% of net assets over $1.5 billion. |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% of net assets over $1.5 billion. |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |

---

Prior to December 1, 2025 (Closing Date), NIMBT was named Macquarie Investment Management Business Trust.

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DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding the following percentages of each Series' average daily net assets from January 1, 2025 (except as noted) through April 30, 2026. These waivers and reimbursements may only be terminated by agreement of DMC and each Series. The waivers and reimbursements are accrued daily and received monthly.

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as<br> a percentage of average<br> daily net assets |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;&nbsp;0.70% |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;0.53% |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;0.79% |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;0.54% |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;0.73%\* |

---

\* Effective May 1, 2025. Prior to May 1, 2025, the expense limitation was 0.75%.

After consideration of class specific expenses, including 12b-1 fees (but excluding acquired fund fees and expenses), the class level operating expense limitation as percentage of average daily net assets from January 1, 2025 (except as noted) through April 30, 2026, unless terminated by agreement of DMC and the Series, is as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage<br> of average<br> daily net assets<br> Service Class shares |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;&nbsp;0.95% |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;0.78% |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;1.04% |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;0.79% |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;0.98%\* |

---

\* Effective May 1, 2025. Prior to May 1, 2025, the expense limitation was 1.00%.

With respect to Nomura VIP Core Equity Series, Nomura VIP Global Growth Series, and Nomura VIP Value Series:

DMC has principal responsibility for the Series and, prior to the Closing Date, sought quantitative support from Macquarie Investment Management Global Limited (MIMGL) and utilized MIMGL to execute Series security trades on behalf of DMC. As of the Closing Date, MIMGL no longer served as a sub-advisor to the Series.

With respect to Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series:

DMC has principal responsibility for the Series and, prior to the Closing Date, DMC had entered into sub-advisory agreements on behalf of the Series with Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and MIMGL. Prior to the Closing Date, DMC sought investment advice and recommendations from MIMAK, MIMEL, and MIMGL and permitted MIMAK, MIMEL, and MIMGL to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believed it would be beneficial to utilize MIMAK's, MIMEL's, and MIMGL's specialized market knowledge. As of the Closing Date, MIMAK, MIMEL, and MIMGL no longer served as sub-advisors to the Series.

Pursuant to the terms of the relevant sub-advisory agreement, an investment sub-advisory fee is paid by DMC to each sub-advisor.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

funds within the Nomura Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Nomura Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the "Statements of operations" under "Accounting and administration expenses." For the year ended December 31, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Core Equity Series | $34745 |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;25356 |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;11330 |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;11169 |
| Nomura VIP Value Series | &nbsp;&nbsp;12339 |

---

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the year ended December 31, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Core Equity Series | $50704 |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;35223 |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;12089 |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;11824 |
| Nomura VIP Value Series | &nbsp;&nbsp;13753 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to each Series. Sub-transfer agency fees are paid by each Series and are also included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly.

As provided in the investment management agreement, each Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Series. These amounts are included on the "Statements of operations" under "Legal fees." For the year ended December 31, 2025, each Series paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Core Equity Series | $14871 |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;10607 |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;3553 |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;3572 |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;4172 |

---

Trustees' fees include expenses accrued by each Series for each Trustee's retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

In addition to the management fees and other expenses of a Series, a Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

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During the year ended December 31, 2024, DMC reimbursed Nomura VIP Global Growth Series and Nomura VIP Value Series $1,176 and $1,700, respectively, for commissions related to a trade error. These amounts are included in "Net increase from payment by affiliates" in the "Statements of changes in net assets." Payment by affiliates had no impact on total return.

During the year ended December 31, 2025, DMC reimbursed Nomura VIP Corporate Bond Series $4,030 in connection with trade errors. This amount is included in "Net increase from payment by affiliates" in the "Statements of operations." Payment by affiliates had no impact on total return.

As of the Closing Date, Nomura Holding America Inc. completed the acquisition of Macquarie Asset Management's US and European public investments business. The closing of this transaction resulted in the automatic termination of each Series' investment advisory agreement with DMC and any sub-advisory agreement, as applicable. At a special shareholder meeting held on September 10, 2025, Series shareholders approved a new investment advisory agreement for each Series. On the Closing Date, the new investment advisory agreement, any applicable sub-advisory agreement, and the Series' name changes reflected below went effective.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series Name Prior to December 1, 2025** | &nbsp;&nbsp;**Series Name Effective December 1, 2025** |
| &nbsp;&nbsp;Macquarie VIP Core Equity Series | &nbsp;&nbsp;Nomura VIP Core Equity Series |
| &nbsp;&nbsp;Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;Nomura VIP Corporate Bond Series |
| &nbsp;&nbsp;Macquarie VIP Global Growth Series | &nbsp;&nbsp;Nomura VIP Global Growth Series |
| &nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;Nomura VIP Limited-Term Bond Series |
| &nbsp;&nbsp;Macquarie VIP Value Series | &nbsp;&nbsp;Nomura VIP Value Series |

---

3. Investments

For the year ended December 31, 2025, each Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Purchases<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Purchases of<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales of<br> US government<br> securities |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;&nbsp;$259869125 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$333936717 | &nbsp;&nbsp;&nbsp;$— |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;882465806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;982003404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59738160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82433661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37041788 | &nbsp;&nbsp;&nbsp;&nbsp;367315386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91987332 | &nbsp;&nbsp;&nbsp;&nbsp;347002233 |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66288721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;122158450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Series were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Cost of<br> investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments<br> and derivatives |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;&nbsp;$510318480 | &nbsp;&nbsp;&nbsp;$191391526 | &nbsp;&nbsp;&nbsp;$(4583047) | &nbsp;&nbsp;&nbsp;$186808479 |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;394450094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4909652 | &nbsp;&nbsp;&nbsp;&nbsp;(2194712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714940 |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;115150391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48839456 | &nbsp;&nbsp;&nbsp;&nbsp;(2121446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46718010 |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;132980054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513839 |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;144751904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19242644 | &nbsp;&nbsp;&nbsp;&nbsp;(9470404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9772240 |

---

&nbsp;&nbsp;&nbsp;&nbsp;35

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Ivy Variable Insurance Portfolios

3. Investments (continued)

US GAAP defines fair value as the price that each Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Series' investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 - Significant unobservable inputs, including each Series' own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Series' investments by fair value hierarchy levels as of December 31, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$685997917 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11129042 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$697126959 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581780 |
| Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62293 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385968519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385968519 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1046793 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1046793 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6083042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6083042 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634222 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$397314356 | &nbsp;&nbsp;&nbsp;&nbsp;$62293 | &nbsp;&nbsp;&nbsp;&nbsp;$397376649 |
| Derivatives<sup>2</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$376226 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$376226 |
| Liabilities: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(587841) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(587841) |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table. <br> <sup>2</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Global Growth Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;$3828510 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3828510 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550791 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171423 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178971 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248814 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995816 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7619872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7619872 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198099 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730694 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245292 |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448705 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291667 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121809 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7373593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7373593 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239074 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98475370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98475370 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149901 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$115646633 | &nbsp;&nbsp;&nbsp;&nbsp;$46221768 | &nbsp;&nbsp;&nbsp;&nbsp;$161868401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;37

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Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$955589 | &nbsp;&nbsp;&nbsp;&nbsp;$955589 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481864 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9908895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9908895 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7444372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7444372 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22276224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22276224 |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580111 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14307116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14307116 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464973 |
| Sovereign Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340281 |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71729372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71729372 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$133488797 | &nbsp;&nbsp;&nbsp;&nbsp;$133488797 |
| Derivatives<sup>1</sup> |  |  |  |
| Assets: |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$29363 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$29363 |
| Liabilities: |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(24267) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(24267) |

---

<br> <sup>1</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$153255109 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269035 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$154524144 |

---

As a result of utilizing international fair value pricing at December 31, 2025, a portion of the common stock in Nomura VIP Global Growth Series was categorized as Level 2.

During the year ended December 31, 2025, Nomura VIP Core Equity Series, Nomura VIP Global Growth Series, Nomura VIP Limited-Term Bond Series, and Nomura VIP Value Series had no transfers into or out of Level 3 investments. During the year ended December 31, 2025, Nomura VIP Corporate Bond Series had transfers out of Level 3 investments. Each Series' policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting year.

A reconciliation of Level 3 investments is presented when a Series has a significant amount of Level 3 investments at the beginning or end of the year in relation to that Series' net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Nomura VIP Corporate Bond Series' net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Nomura

&nbsp;&nbsp;&nbsp;&nbsp;38

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VIP Corporate Bond Series' net assets at the end of the year. As of December 31, 2025, Nomura VIP Core Equity Series, Nomura VIP Global Growth Series, Nomura VIP Limited-Term Bond Series, and Nomura VIP Value Series had no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;Ordinary<br> income | &nbsp;&nbsp;&nbsp;Long-term<br> capital<br> gains | &nbsp;&nbsp;&nbsp;Total |
| Year ended December 31, 2025: |  |  |  |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;&nbsp;$10609725 | &nbsp;&nbsp;&nbsp;$91442929 | &nbsp;&nbsp;&nbsp;$102052654 |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;24641696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24641696 |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466071 | &nbsp;&nbsp;&nbsp;&nbsp;13775473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17241544 |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810055 |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759840 | &nbsp;&nbsp;&nbsp;&nbsp;16793607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24553447 |
| Year ended December 31, 2024: |  |  |  |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325954 | &nbsp;&nbsp;&nbsp;&nbsp;59597533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65923487 |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;16459101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16459101 |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811244 |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544634 |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;16951824 | &nbsp;&nbsp;&nbsp;&nbsp;24228443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41180267 |

---

5. Components of Net Assets on a Tax Basis

As of December 31, 2025, the components of net assets on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Core Equity Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Corporate Bond Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Global Growth Series |
| Paid-in capital | &nbsp;&nbsp;$419712711 | &nbsp;&nbsp;&nbsp;$467927279 | &nbsp;&nbsp;&nbsp;$104546061 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21462433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445127 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;88575338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14887299 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(89796295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4121458) |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44964) |
| Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;186808479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46424262 |
| Net assets | &nbsp;&nbsp;$696112530 | &nbsp;&nbsp;&nbsp;$402269895 | &nbsp;&nbsp;&nbsp;$162136327 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;Nomura VIP Value Series |
| Paid-in capital | &nbsp;&nbsp;$143767499 | &nbsp;&nbsp;&nbsp;$142781104 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5639273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056305 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(15308424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182144) |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29714) |
| Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9772240 |
| Net assets | &nbsp;&nbsp;$134600542 | &nbsp;&nbsp;&nbsp;$154397791 |

---

Differences between components of net assets unrealized and tax cost unrealized may arise due to unrealized appreciation/depreciation on foreign currency and capital gains tax.

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Ivy Variable Insurance Portfolios

5. Components of Net Assets on a Tax Basis (continued)

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark-to-market on futures contracts.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of gain (loss) on foreign currency. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2025, certain Series recorded the following reclassifications:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Value Series |
| Paid-in capital | &nbsp;&nbsp;$(1) |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP Limited-Term Bond Series and Nomura VIP Value Series did not have any reclassifications for the year ended December 31, 2025.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2025, capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Loss carryforward character | &nbsp;&nbsp;Loss carryforward character |  |
|  | &nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;Total |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;$12370001 | &nbsp;&nbsp;&nbsp;$77426294 | &nbsp;&nbsp;&nbsp;$89796295 |
| Nomura VIP Global Growth Series\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121458 |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;5843190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9465234 | &nbsp;&nbsp;&nbsp;&nbsp;15308424 |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182144 |

---

<sup>\*</sup> A portion of the Series' capital loss carryforward is subject to limitations under the Internal Revenue Code and related regulations.

6. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura VIP<br> Core Equity Series | Nomura VIP<br> Core Equity Series | Nomura VIP<br> Corporate Bond Series | Nomura VIP<br> Corporate Bond Series | Nomura VIP<br> Global Growth Series | Nomura VIP<br> Global Growth Series |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;4871422 | &nbsp;&nbsp;&nbsp;7978175 | &nbsp;&nbsp;&nbsp;8599107 | &nbsp;&nbsp;10695166 | &nbsp;&nbsp;1007510 | &nbsp;&nbsp;&nbsp;4865958 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8070248 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;8317250 | &nbsp;&nbsp;&nbsp;5043878 | &nbsp;&nbsp;&nbsp;5562459 | &nbsp;&nbsp;&nbsp;3649468 | &nbsp;&nbsp;4968745 | &nbsp;&nbsp;&nbsp;&nbsp;796386 |
|  | &nbsp;&nbsp;13188672 | &nbsp;&nbsp;13022053 | &nbsp;&nbsp;14161566 | &nbsp;&nbsp;14344634 | &nbsp;&nbsp;5976255 | 13732592 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | (10850652) | (11800661) | (34665026) | (29939475) | (7271999) | &nbsp;&nbsp;(8868452) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;2338020 | &nbsp;&nbsp;&nbsp;1221392 | (20503460) | (15594841) | (1295744) | &nbsp;&nbsp;&nbsp;4864140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Nomura VIP<br> Limited-Term Bond Series | Nomura VIP<br> Limited-Term Bond Series | Nomura VIP Value Series | Nomura VIP Value Series |
|  | Year ended | Year ended | Year ended | Year ended |
|  | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;3910865 | &nbsp;&nbsp;&nbsp;4061467 | &nbsp;&nbsp;&nbsp;2146861 | &nbsp;&nbsp;&nbsp;2592254 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;1490165 | &nbsp;&nbsp;&nbsp;1877942 | &nbsp;&nbsp;&nbsp;6169208 | &nbsp;&nbsp;&nbsp;8971736 |
|  | &nbsp;&nbsp;&nbsp;5401030 | &nbsp;&nbsp;&nbsp;5939409 | &nbsp;&nbsp;&nbsp;8316069 | &nbsp;&nbsp;11563990 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | (12765665) | (10346624) | (15719434) | (35749708) |
| Net decrease | &nbsp;&nbsp;&nbsp;(7364635) | &nbsp;&nbsp;&nbsp;(4407215) | &nbsp;&nbsp;&nbsp;(7403365) | (24185718) |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares. <br> <sup>2</sup> See Note 7.

7. Reorganization

The following reorganization occurred in a prior reporting period, as noted within the "Statements of changes in net assets." On January 16, 2024, the Board approved a proposal to reorganize Delaware VIP Global Equity (the "Acquired Series"), a series of Delaware VIP Trust, with and into Nomura VIP Global Growth Series (the "Acquiring Series"), a series of the Trust (the "Reorganization"). Pursuant to an Agreement and Plan of Reorganization (the "Plan"): (i) all of the property and assets of the Acquired Series were acquired by the Acquiring Series and (ii) the Trust, on behalf of Acquiring Series, assumed the liabilities of the Acquired Series in exchange for shares of the Acquiring Series. In accordance with the Plan, the Acquired Series liquidated and dissolved following the Reorganization. In approving the Reorganization, the Board considered various factors, including that the Acquiring Series and the Acquired Series share similar investment objectives, similar principal investment strategies and principal risks, and similar fundamental investment restrictions and that the Acquiring Series' overall total expense ratio is expected to be equal to or lower than the corresponding Acquired Series' total expense ratio following the Reorganization taking into account applicable expense limitation arrangements. The Reorganization was accomplished by a tax-free exchange of shares on April 26, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Series were recorded at fair value; however, the cost basis of the investments received from the Acquired Series was carried forward to align ongoing reporting of the Acquiring Series' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Series<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Series Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Series | &nbsp;&nbsp;&nbsp;Acquiring<br> Series<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class II/Service Class | &nbsp;&nbsp;$27777560 | &nbsp;&nbsp;&nbsp;5530210 | &nbsp;&nbsp;&nbsp;8070248 | &nbsp;&nbsp;&nbsp;$137135736 | &nbsp;&nbsp;&nbsp;1.4593 |

---

The net assets of the Acquired Series before the Reorganization were $27,777,560. The net assets of the Acquiring Series immediately following the Reorganization were $164,913,296.

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Ivy Variable Insurance Portfolios

7. Reorganization (continued)

Assuming the Reorganization had been completed on January 1, 2024, Acquiring Series' pro forma results of operations for the year ended December 31, 2024, would have been as follows:

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;$753547 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;19339236 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;5800485 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$25893268 |

---

8. Line of Credit

Each Series, along with certain other funds in the Nomura Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on October 27, 2025. This Agreement was extended to October 26, 2026.

Each Series had no amounts outstanding as of December 31, 2025, or at any time during the year then ended.

9. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 9) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the year ended December 31, 2025.

10. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At December 31, 2025, Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series posted $863,503 and $204,906, respectively, in cash as collateral for open futures contracts, which is included in "Cash collateral due from broker on futures contracts" on the "Statements of assets and liabilities." Open futures contracts, if any, are disclosed on the "Schedules of investments."**

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During the year ended December 31, 2025, Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series invested in futures contracts to hedge the Series' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

**Options Contracts — During the year ended December 31, 2025, Nomura VIP Corporate Bond Series entered into options contracts in the normal course of pursuing its investment objective. The Series may buy or write options contracts for any number of reasons, including without limitation: to manage the Series' exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Series' overall exposure to certain markets; to protect the value of series securities; and as a cash management tool. The Series may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Series buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Series writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Series on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Series has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Series. The Series, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Series is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. No options contracts were outstanding at December 31, 2025.**

During the year ended December 31, 2025, Nomura Corporate Bond Series used options contracts to manage the Series' exposure to changes in securities prices caused by interest rates or market conditions.

**Swap Contracts — Nomura VIP Limited-Term Bond Series may enter into CDS contracts in the normal course of pursuing its investment objective. Nomura VIP Limited-Term Bond Series may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Swap contracts are bilaterally negotiated agreements between a Series and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).**

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Series in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the year ended December 31, 2025, Nomura VIP Limited-Term Bond Series entered into CDS contracts as a seller of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the year ended December 31, 2025, the Series did not enter into any CDS contracts as a purchaser of protection.

CDS contracts may involve greater risks than if the Series had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Series' maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting

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Ivy Variable Insurance Portfolios

10. Derivatives (continued)

arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series' exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty. No CDS contracts were outstanding at December 31, 2025.

During the year ended December 31, 2025, Nomura VIP Limited-Term Bond Series entered into CDS contracts to gain exposure to certain securities or markets.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Corporate Bond Series |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$376226 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Corporate Bond Series |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$(587841) |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Limited-Term Bond Series |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$29363 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Limited-Term Bond Series |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$(24267) |

---

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\*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Series' "Statements of assets and liabilities."

The effect of derivative instruments on the "Statements of operations" for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Corporate Bond Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Nomura VIP Corporate Bond Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Nomura VIP Corporate Bond Series<br> Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Options<br> Purchased | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(668173) | &nbsp;&nbsp;$(109052) | &nbsp;&nbsp;$(777225) |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts |
| Interest rate contracts | &nbsp;&nbsp;$(211615) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP Limited-Term Bond Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Nomura VIP Limited-Term Bond Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Nomura VIP Limited-Term Bond Series<br> Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(441673) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(441673) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30088 |
| Total | &nbsp;&nbsp;$(441673) | &nbsp;&nbsp;$30088 | &nbsp;&nbsp;$(411585) |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts |
| Interest rate contracts | &nbsp;&nbsp;$8214 |

---

The tables below summarize the average daily balance of derivative holdings by certain Series during the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume |
|  | &nbsp;&nbsp;Nomura VIP<br> Corporate Bond Series | &nbsp;&nbsp;Nomura VIP<br> Limited-Term Bond Series |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;41522484 | $&nbsp;&nbsp;34888877 |
| Options contracts (average value)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Nomura VIP<br> Corporate Bond Series | &nbsp;&nbsp;Nomura VIP<br> Limited-Term Bond Series |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;53928416 | $&nbsp;&nbsp;10335445 |
| CDS contracts (average notional amount)\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361905 |

---

\* Long represents purchased options and short represents written options.

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Ivy Variable Insurance Portfolios

10. Derivatives (continued)

\*\* Long represents buying protection and short represents selling protection.

11. Securities Lending

Each Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Series of the Trust is generally invested in a series of individual separate accounts, each corresponding to a Series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Series or, at the discretion of the lending agent, replace the loaned securities. Each Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Series, the security lending agent, and the borrower. Each Series records security lending income net of allocations to the security lending agent and the borrower.

Each Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Series' cash collateral account may be less than the amount each Series would be required to return to the borrowers of the securities and each Series would be required to make up for this shortfall.

During the year ended December 31, 2025, each Series had no securities out on loan.

12. Credit and Market Risks

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A Series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

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Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which each Series invests will cause the NAV of each Series to fluctuate.

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.

Certain Series invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Services LLC and Baa3 by Moody's Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher-rated securities. Additionally, lower-rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Certain Series may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Series could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes "subprime" loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, a Series' investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause a Series to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

Certain Series invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Series will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

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Ivy Variable Insurance Portfolios

12. Credit and Market Risks (continued)

Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the "Statements of assets and liabilities", if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

The Series may invest in REITs and are subject to the risks associated with that industry. If a Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended December 31, 2025. The Series' REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Series also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Series will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Each Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Series' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the "Schedules of investments."

13. Contractual Obligations

Each Series enters into contracts in the normal course of business that contain a variety of indemnifications. Each Series' maximum exposure under these arrangements is unknown. However, each Series has not had prior claims or losses pursuant to these contracts. Management has reviewed each Series' existing contracts and expects the risk of loss to be remote.

14. Recent Accounting Pronouncements

Each Series adopted FASB Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures as of December 31, 2025. ASU 2023-09 requires public business entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction if material. Because each Series does not pay a material amount of income taxes, there was not a significant impact to the income tax disclosures.

15. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2025, that would require recognition or disclosure in the Series' financial statements.

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Report of independent registered public accounting firm

To the Board of Trustees of Ivy Variable Insurance Portfolios and Shareholders of Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP Global Growth Series, Nomura VIP Limited-Term Bond Series, and Nomura VIP Value Series

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP Global Growth Series, Nomura VIP Limited-Term Bond Series, and Nomura VIP Value Series (five of the series constituting Ivy Variable Insurance Portfolios, hereafter collectively referred to as the "Series") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Series as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Series' management. Our responsibility is to express an opinion on the Series' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 27, 2026

We have served as the auditor of one or more Nomura investment companies since 2010.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Tax Information
The information set forth below is for the Series' fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Series. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended December 31, 2025, each Series reports distributions paid during the year as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;(A)<br> Ordinary Income<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(B)<br> Long-Term<br> Capital Gains<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;Total<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(C)<br> Qualifying<br> Dividends<sup>1</sup> |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;10.40% | &nbsp;&nbsp;&nbsp;89.60% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;53.66% |
| Nomura VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;20.10% | &nbsp;&nbsp;&nbsp;79.90% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;26.12% |
| Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;31.60% | &nbsp;&nbsp;&nbsp;68.40% | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;47.88% |

---

------

(A) and (B) are based on a percentage of each Series' total distributions.

(C) is based on each Series' ordinary income distributions.

<sup>1</sup>Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

For the fiscal year ended December 31, 2025, certain distributions paid by the Series, determined to be Qualified Short-Term Capital Gains may be subject to relief from US tax withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended December 31, 2025, each Series has reported maximum distributions of Qualified Short-Term Capital Gains as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Qualified Short-Term Capital Gains |
| Nomura VIP Core Equity Series | &nbsp;&nbsp;$9517025 |
| Nomura VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;3150809 |
| Nomura VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;3559854 |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 10, 2025, shareholders of each Series approved a new investment advisory agreement. The results of the voting at the meeting were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Series** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Against** | &nbsp;&nbsp;**Abstain** |
| &nbsp;&nbsp;Nomura VIP Core Equity Series | &nbsp;&nbsp;49437149 | &nbsp;&nbsp;49437149 | &nbsp;&nbsp;1528409 |
| &nbsp;&nbsp;Nomura VIP Corporate Bond Series | &nbsp;&nbsp;101113502 | &nbsp;&nbsp;943789 | &nbsp;&nbsp;1590964 |
| &nbsp;&nbsp;Nomura VIP Global Growth Series | &nbsp;&nbsp;41579719 | &nbsp;&nbsp;1020664 | &nbsp;&nbsp;1951227 |

---

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Series** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Against** | &nbsp;&nbsp;**Abstain** |
| &nbsp;&nbsp;Nomura VIP Limited-Term Bond Series | &nbsp;&nbsp;33388358 | &nbsp;&nbsp;275037 | &nbsp;&nbsp;492342 |
| &nbsp;&nbsp;Nomura VIP Value Series | &nbsp;&nbsp;40184930 | &nbsp;&nbsp;718169 | &nbsp;&nbsp;881946 |

---

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract

#### Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
At a meeting held on August 12-14, 2025 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Nomura (formerly, Macquarie) VIP Core Equity Series, Nomura (formerly, Macquarie) VIP Corporate Bond Series, Nomura (formerly, Macquarie) VIP Global Growth Series, Nomura (formerly, Macquarie) VIP Limited-Term Bond Series, and Nomura (formerly, Macquarie) VIP Value Series (each, a "Fund" and together, the "Funds") Investment Management Agreement with Delaware Management Company ("DMC") and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited ("MIMGL"), Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK") and Macquarie Investment Management Europe Limited ("MIMEL") (together, the "Affiliated Sub-Advisers").

Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2025, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an "Investment Committee" and together, the "Investment Committees"), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreement and the Sub-Advisory Agreements. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds' Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all of the, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including each Fund's portfolio managers. The Board met with DMC's senior management and investment personnel. The Board reviewed the materials provided by the Funds' portfolio management team discussing its performance,**

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025 (continued)
investment strategies and outlook, as well as DMC with respect to comparing Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board's review included consideration of DMC's investment oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals. The Board also considered information regarding DMC's programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation and compliance risks and its plans for enhancing those programs (including through the allocation of additional resources and individuals, and enhancements to existing processes and testing as discussed further below). The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates, as well as information from Macquarie Group Ltd., the parent company of DMC, regarding its U.S. mutual fund business.

In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the fund complex. Among other things, these services include third party service provider oversight, transfer agency, internal audit, pricing and valuation, portfolio trading, and legal and compliance functions. The Board noted DMC's responsibility for overseeing: the preparation of the Funds' prospectus, summary prospectus, statement of additional information, shareholder reports, and other periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board.

The Board took into account the proposed acquisition by Nomura Holding America, Inc. ("Nomura") of the US and European public investments business of Macquarie Asset Management, including DMC (the "MAM Business"). The Board considered information from DMC and Nomura regarding the transaction, as well as the approvals made by the Board, at a special board meeting held on June 18, 2025 that, among other things, authorized management to seek shareholder approval of new advisory agreements for the Fund complex with DMC that if approved by shareholders, would become effective upon the closing of the transaction. The Board noted the anticipated benefits to shareholders of the change in ownership of the MAM Business, including the resources available to DMC when it becomes part of Nomura's global asset management business.

The Board received and considered various information with respect to the services provided by the Affiliated Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services, including each Fund's portfolio managers. The Board considered the division of responsibilities between DMC and the Affiliated Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Affiliated Sub-Advisers with respect to certain asset classes and/or investment styles. The Board noted the changes that would occur with respect to the Affiliated Sub-Advisers following the closing of the Transaction, including whether and how such sub-advisers would continue to provide investment services to the Funds. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Affiliated Sub-Advisers in managing the Funds.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

Based on this information, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided until the closing of the transaction) to the Funds by DMC and the Affiliated Sub-Advisers.

**Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting, and reports provided by JDL throughout the year. The Broadridge reports prepared for each Fund's institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used to select the peer funds in the Performance Universe.**

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Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2024. For Funds acquired from complexes sponsored by other, predecessor investment managers, the Board considered that each Fund's performance prior to such acquisition is that of its predecessor investment manager and not DMC.

*Nomura VIP Core Equity Series. The Performance Universe for the Fund consisted of the Fund and all large-cap core funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was in the first quartile of its Performance Universe and for the 3- and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund slightly outperformed its benchmark index for the 1- and 5-year periods and underperformed its benchmark index for the 3- and 10-year periods.*

*Nomura Ivy VIP Corporate Bond Series. The Performance Universe for the Fund consisted of the Fund and all BBB-rated corporate debt funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was in the first and second quartiles of its Performance Universe, respectively, and for the 3- and 10-year periods was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was above the median of its Performance Universe, for the 3-year period was below the median of its Performance Universe, and for the 10-year period was slightly below the median of its Performance Universe. The Board also noted that the Fund outperformed its benchmark index for the 1-year period, slightly outperformed its benchmark index for the 5-year period, and underperformed its benchmark index for the 3- and 10-year periods. The Board noted the explanations from DMC and the Affiliated Sub-Advisers concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Global Growth Series. The Performance Universe for the Fund consisted of the Fund and all global large-cap growth funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year periods was in the first quartile of its Performance Universe and for the 10-year period was in the third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year periods was above the median of its Performance Universe and for the 10-year period was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index (net of dividends) for the 1- and 3-year periods, outperformed its benchmark index (net of dividends) for the 5-year period, and performed approximately equal to its benchmark index (net of dividends) for the 10-year period. The Board noted the explanations from DMC and the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index (net of dividends) for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Limited-Term Bond Series. The Performance Universe for the Fund consisted of the Fund and all short-intermediate investment-grade debt funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, and 5-year periods was in the third quartile of its Performance Universe and for the 10-year period was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund slightly outperformed its benchmark index for the 5- and 10-year periods and underperformed its benchmark index for the 1- and 3-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Advisers concerning the reasons for the Fund's relative performance versus its Performance Universe for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Value Series. The Performance Universe for the Fund consisted of the Fund and all multi-cap value funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5- and 10-year periods was in the fourth quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5, and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

**Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also considered the comparative analysis of**

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreements and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025 (continued)
contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the "Expense Universe"). Each Fund's total expenses were also compared with those of its Expense Universe, which is comprised of the Fund, its Expense Universe and all other similar funds underlying variable insurance products with similar 12b-1/non-12b-1 structures, excluding outliers. In reviewing comparative costs, each Fund's contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Universe were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers and/or expense reimbursements, with a Fund's Expense Universe.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

*Nomura VIP Core Equity Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Corporate Bond Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Global Growth Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Limited-Term Bond Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Value Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Affiliated Sub-Advisers and, accordingly, that the retention of the Affiliated Sub-Advisers does not increase the fees and expenses incurred by the Funds.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Affiliated Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the complex, including the current breakpoints. The Board considered the continuation and/or implementation of contractual fee waivers and/or expense reimbursements, as applicable. The Board considered whether the reorganization of assets from another Fund within the complex were expected to have economic benefits due to the increased assets under management represented by the combined Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.**

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**Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to each Fund and the complex as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC's profit, if any, can vary significantly depending on the particular fund; and that DMC's support for, and commitment to, a fund is not solely dependent on the profits realized as to that fund.**

The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Affiliated Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Affiliated Sub-Advisers. Given the affiliation between DMC and the Affiliated Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

**Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations. These potentially include procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the complex; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through "soft dollar" arrangements; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the complex. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.**

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the representations of DMC and Nomura, the Board did not find that any ancillary benefits received, or likely to be received in the near future, by DMC and its affiliates, including the Affiliated Sub-Advisers, were unreasonable.

**Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, unanimously approved the continuation of DMC's Investment Management Agreement and of the Affiliated Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.**

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements
At its June 2025 Meeting, the Board, including its Independent Trustees, considered and unanimously approved the proposed New Investment Advisory Agreements between the Trusts, on behalf of each of their Funds, and DMC. The Board also approved the New Sub-Advisory Agreements for the Funds, as applicable, that will become effective after the Closing or Split Closing, as applicable. In addition, the Board approved interim advisory and interim sub-advisory agreements (together the "Interim Advisory Agreements" and together with the New Investment Advisory Agreements and New Sub-Advisory Agreements, the "Proposed Advisory Agreements"). The Interim Advisory Agreements will take effect in the event that shareholders did not approve of one or more of the New Investment Advisory Agreements by the time of the Closing. The Board also determined to recommend that Fund shareholders approve the proposed New Investment Advisory Agreements. As part of their evaluation, the Board's Independent Trustees reviewed material supporting the approval of the Proposed Advisory Agreements in executive sessions with its independent legal counsel both with and without representatives of management. Such material included responses provided by DMC and Nomura to an extensive initial questionnaire and a subsequent memorandum with questions relating to the Transaction and the impact on the Funds, as well as governance, compliance, investment and operational matters.

**Background for the Board Approvals. At the June 2025 Meeting, representatives of DMC and Nomura met with the Board to discuss the Transaction. The Independent Trustees were advised that the Transaction, if completed, would constitute a Change of Control Event and result in the termination of the Current Investment Advisory Agreements. The Independent Trustees were also advised that it was proposed that DMC would continue to serve as the investment adviser to each Fund after the Closing and that the Board would be asked to consider approval of the**

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements (continued)
terms and conditions of the proposed New Investment Advisory Agreements with DMC and thereafter to submit the proposed New Investment Advisory Agreements to the Funds' shareholders for approval.

At the June 2025 Meeting, the Board, including a majority of the Independent Trustees, reviewed and approved the Proposed Advisory Agreements, including the New Investment Advisory Agreements, which are still subject to shareholder approval. The Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

The Board, together with independent legal counsel to the Independent Trustees and Fund counsel, met with representatives of DMC and Nomura to discuss the Transaction. In addition, management of DMC and certain Independent Trustees met in person or virtually on several other occasions preceding the June 2025 Meeting. At these meetings, the Transaction and future plans for DMC and the Funds were discussed at length. Finally, the Independent Trustees consulted with their independent legal counsel in executive sessions during the time period covered by the negotiation of the Transaction and discussed, among other things, the legal standards applicable to their review of the Proposed Advisory Agreements and certain other contracts and considerations relevant to their deliberations on whether to approve the Proposed Advisory Agreements.

At the in-person and virtual meetings with DMC management and with key Nomura representatives, the Trustees discussed the Transaction. The meetings included discussions of the strategic rationale for the Transaction and Nomura's general plans and intentions regarding the Funds and DMC. On these occasions, representatives of DMC and Nomura made presentations to, and responded to questions from, the Trustees. The Board also inquired about the plans for, and anticipated roles and responsibilities of, key employees and officers of DMC in connection with the Transaction, and Nomura's role with respect to DMC Management.

In connection with the Trustees' review of the Proposed Advisory Agreements, DMC and/or Nomura emphasized that:

&nbsp;&nbsp;&nbsp;&nbsp;•They expected that there will be no adverse changes as a result of the Transaction in the nature, quality, or extent of services currently provided to the Funds and their shareholders, including investment management, distribution, or other shareholder services;

&nbsp;&nbsp;&nbsp;&nbsp;•No material changes in personnel or operations are currently contemplated in the operation of DMC under Nomura as a result of the Transaction (with the exception of the US leveraged credit team, as indicated below);

&nbsp;&nbsp;&nbsp;&nbsp;•Nomura has no present intention to cause DMC to alter the contractual expense limitations and reimbursements currently in effect for the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;•Under the Purchase Agreement, Nomura has agreed to, and to cause its affiliates to, use commercially reasonable efforts after Closing to conduct their respective businesses in compliance with the conditions of Section 15(f) of the 1940 Act with respect to the Funds, to the extent within its control, including maintaining Board composition of at least 75% of the Board members qualifying as Independent Trustees and not imposing any "unfair burden" on the Funds for at least two years from the Closing.

The Board considered that management proposed that the Board approve the Proposed Advisory Agreements because, upon the Closing, the Current Investment Advisory Agreements and the current sub-advisory agreements (the "Current Sub-Advisory Agreements") would automatically terminate in accordance with their terms and applicable regulations. The Board further considered that management proposed that the Board approve the Interim Advisory Agreements so that, if the Transaction closes before a Fund receives the requisite shareholder approval of its New Investment Advisory Agreement, an Interim Advisory Agreement would permit continuity of the management of the Fund while it continued to solicit the requisite shareholder approval of the New Investment Advisory Agreement. The Board reviewed and also considered the forms of the Proposed Advisory Agreements, noting that the terms and conditions of each such agreement were substantially identical to the terms and conditions of the Current Investment Advisory Agreements or Current Sub-Advisory Agreements, except for the effective dates, duration and, with respect to the Interim Advisory Agreements, escrow provisions required by applicable law. The Board also considered the impact of a possible Split Closing and DMC's representation that, if it occurs, it would not affect the day-to-day management of the applicable Funds. The Board noted that the New Investment Advisory Agreements would have an initial two-year term and that the Interim Advisory Agreements would be effective on an interim basis, as necessary upon the Closing, from its effective date until the earlier of (i)

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150 calendar days from the effective date or such later date as may be consistent with the 1940 Act, rules and regulations thereunder or exemptive relief or interpretative position of the staff of the SEC; or (ii) the effective date of the applicable New Investment Advisory Agreement ("Interim Period"). The Interim Advisory Agreement may also be terminated on 10 days' written notice by the Board. The Board further noted management's representation that the approval of the Proposed Advisory Agreements would not result in any changes to the Funds' investment objectives or strategies. The Board considered DMC's and Nomura's representations that there are no planned or anticipated material personnel changes as a result of the Transaction, with the exception of the US leveraged credit team where certain team members are expected to remain with Macquarie. The Board further considered DMC's representation that the US leveraged credit team Funds will all be managed with the same investment objective and in the same style post-closing and DMC representing that it believes that there will be no reduction in the quality of advisory services to those Funds. Otherwise, the portfolio managers responsible for the day-to-day management of the Funds are expected to continue to manage the Funds and certain sub-adviser(s) are expected to continue to manage their respective sleeves of the Funds pursuant to New Sub-Advisory Agreements that would be substantially similar to the Current Sub-Advisory Agreements. The Board also noted management's representation that the New Sub-Advisory Agreements would not require shareholder approval, and that management proposed that the Board approve the New Sub-Advisory Agreements pursuant to the Funds' manager of managers exemptive relief. In addition, the Board also considered that, in connection with the Transaction, certain investment professionals at Macquarie-affiliated sub-advisers would be employed by Nomura advisory affiliates in the United Kingdom and Australia and would continue to manage the Funds they currently manage under participating affiliate arrangements.

**Nature, Extent, and Quality of Service. The Trustees considered the services historically provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered that the New Investment Advisory Agreements and New Sub-Advisory Agreements will be substantially similar to the Current Investment Advisory Agreements and Current Sub-Advisory Agreements, respectively, and they therefore considered the many reports furnished to them throughout 2024 and 2025 at regular Board meetings covering matters such as the relative performance of the Funds; the compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; the compliance of management personnel with the Code of Ethics adopted throughout the Macquarie Funds complex; and the adherence to fair value pricing procedures as established by the Board. Further, and consistent with its continued oversight of these matters, the Board discussed with DMC and Nomura the impact of the Transaction on the remediation efforts and actions and specific initiatives being undertaken to enhance DMC's compliance, risk, operational and portfolio management functions arising out of DMC's previously announced settlement agreement with the SEC in September 2024. The Board relied on commitments by DMC and Nomura that these remediation efforts and actions and specific initiatives would not be negatively affected by the Transaction and would continue through and following Closing.**

Nomura and DMC indicated that they currently expected no material changes as a result of the Transaction in (i) personnel or operations of DMC (with the exception of the US leveraged credit team, as indicated above) or (ii) third parties providing operational services to the Funds, and stated that the nature, extent, and quality of services currently provided to the Funds and their shareholders were very likely to continue under the New Investment Advisory Agreements and New Sub-Advisory Agreements. The Board also considered that management of Nomura and Macquarie represented that there would not be any "unfair burden" imposed on any of the Funds for the first two years following the Closing as a result of the Transaction in accordance with Section 15(f) of the 1940 Act, and that they did not expect the Transaction to result in any adverse changes in the nature, quality, or extent of services (including investment management, distribution, or other shareholder services) currently provided to the Funds and their shareholders. The Board noted, among other things, the contractual expense limitations or reimbursements currently in effect for certain Funds and Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds.

**Investment Performance. The Board considered the overall investment performance of DMC and the Funds. The Board placed significant emphasis on the investment performance of the Funds in view of its importance to shareholders. The Board gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year and considered its review of investment performance in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

The Board also considered DMC's representations that neither the Transaction, the New Investment Advisory Agreements nor the New Sub-Advisory Agreements would likely have an adverse effect on the investment performance of any Fund because (i) DMC and Nomura did not currently expect the Transaction to cause any material change to the Funds' portfolio management teams responsible for investment performance (with the exception of the US leveraged credit team), (ii) as discussed in more detail below, the Funds' expenses were not

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements (continued)
expected to increase as a result of the Transaction, (iii) the Funds would not bear any Transaction-related expenses, and (iv) as indicated by Nomura and Macquarie, there was not expected to be any "unfair burden" imposed on the Funds as a result of the Transaction.

**Comparative Expenses. At its August 2024 meeting, the Board evaluated expense comparison data for the Funds. At that meeting, DMC provided the Board with information on pricing levels and fee structures for the Funds and comparative funds. The Board focused on the comparative analysis of the effective management fees and total expense ratios of each Fund versus the effective management fees and expense ratios of a group of funds selected by Broadridge as being similar to each Fund (the "Expense Group"). The Board placed significant emphasis on the Funds' expenses in view of their importance to shareholders. The Board gave appropriate consideration to expense reports and discussions with DMC at Board meetings throughout the year and considered its prior review of expenses in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

The Board considered the representations of DMC and Nomura that neither the Transaction, the New Investment Advisory Agreements nor New Sub-Advisory Agreements would likely have an adverse effect on the Funds' expenses because (i) each Fund's contractual fee rates under the New Investment Advisory Agreements would remain the same, (ii) DMC had no current intention to change the existing contractual expense limitations and reimbursement policy as a result of the Transaction, (iii) under the Purchase Agreement, Macquarie and Nomura would pay all reasonable costs related to the related proxy solicitation, and (iv) Nomura and Macquarie represented that, consistent with Section 15(f) of the 1940 Act, no "unfair burden" would be imposed on the Funds for the first two years after the Closing.

**Management Profitability. At its August 2024 meeting, the Board evaluated DMC's profitability in connection with the operation of the Funds. The Board had previously considered DMC's profitability in connection with the operation of the Funds at its August 2024 meeting. At that meeting, the Board reviewed an analysis that addressed the overall profitability of DMC's business in providing management and other services to each of the Funds and the complex as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. At that meeting, the Board determined that the management fees charged under the Current Investment Advisory Agreements were reasonable in light of the services rendered and the level of profitability of DMC. Nomura advised the Board in June 2025 that it anticipated that management profitability would remain substantially the same following the Closing, noting that services and costs are expected to be the same.**

The Board also requested and reviewed financial statements provided by Nomura for Nomura Holdings Inc., the parent of Nomura, for the purpose of evaluating Nomura's ability to financially support DMC's advisory business after the Closing and to seek to ensure that DMC can continue to provide services of a similar nature, extent, and quality to the Funds following the Closing as it has under the Current Investment Advisory Agreements.

Based on information provided by DMC and Nomura, the Board considered their representations that DMC would have sufficient financial resources following the Transaction to continue to provide the same level and quality of services to the Funds under the New Investment Advisory Agreements as is the case under the Current Investment Advisory Agreements. The Board also considered Nomura's representation that it had sufficient financial strength and resources, as well as an ongoing commitment to a global asset management business, to continue investing in DMC to the extent that Nomura determined it was appropriate.

**Economies of Scale. The Board considered whether economies of scale would be realized by DMC as each Fund's assets increase and the extent to which any economies of scale would be reflected in the management fees charged. The Board took into account DMC's practice of maintaining the competitive nature of management fees based on its analysis of fees charged by comparable funds. The Board also acknowledged Nomura's statement that the Transaction would not by itself immediately provide additional economies of scale given Nomura's limited presence in the US mutual fund market. Nonetheless, the Board considered that additional economies of scale could potentially be achieved in the future if DMC were owned by Nomura as a result of Nomura's willingness to invest additional amounts in DMC if appropriate opportunities arise. The Board further considered that potential economies of scale could be achieved as a result of DMC's potentially expanded distribution capabilities arising from the Transaction, as well as opportunities that might arise from Nomura's commitment to its global asset management business.**

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**Fall-Out Benefits. The Board acknowledged that DMC would continue to benefit from soft dollar arrangements using portfolio brokerage of each Fund that invests in equity securities. The Board also considered that Nomura and DMC may derive reputational, strategic, and other benefits from their association with the Funds, including, for Nomura and DMC, service relationships with DMC, DIFSC, and Delaware Distributors, L.P., and evaluated the extent to which DMC might derive ancillary benefits from Fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Funds and the potential benefits from allocation of Fund brokerage to improve trading efficiencies.**

**The Purchase Agreement. The Board considered the terms of the Purchase Agreement, including those related to Section 15(f) of the 1940 Act and that Macquarie and Nomura will bear the expenses related to the Funds' proxy solicitation. At the June 2025 Meeting, the Board discussed the conditions to the Closing, including the requirements for obtaining consents to the change in control from DMC's advisory clients, such as the Funds.**

**Board Review of Nomura. The Board reviewed detailed information supplied by Nomura about its operations. As previously noted, to consider DMC's ability to continue to provide the same level and quality of services to the Funds, the Board requested, received, and reviewed information from Nomura concerning its financial condition to demonstrate its ability support DMC's advisory business after the Closing. Based on this review, the Board considered that DMC would continue to have the financial ability to maintain the high quality of services required by the Funds.**

Nomura described its proposed changes to DMC's corporate governance, primarily through the anticipated addition of certain Nomura officers to DMC's parent company. The Board considered Nomura's statement that it plans to retain the pre-closing organizational and operating structure with respect to the Funds post-Closing as much as possible. Nomura described the proposed harmonization of the compensation system in use at DMC with the compensation plan used by Nomura, including short-term and long-term incentive compensation and equity interests for executive officers and investment personnel.

The Board also considered Nomura's current strategic plans to increase its asset management activities, one of its core businesses, particularly in North America, and its statement that its acquisition of DMC is an important component of this strategic growth and the establishment of a significant presence in the United States. In addition, the Board considered Nomura's representation that the acquisition of DMC could potentially enhance the nature, quality, and extent of services provided to the Funds and their shareholders.

The Board noted that DMC has placed brokerage transactions with a broker/ dealer affiliate of Nomura and received research in connection with those transactions. In addition, certain other Nomura affiliates participate as underwriters for securities offerings outside of the United States.

**Conclusion. The Independent Trustees of each Trust deliberated in executive session; the entire Board of each Fund, including the Independent Trustees, then approved the Proposed Advisory Agreements. The Board concluded that the advisory fee rates under each New Investment Advisory Agreement are reasonable in relation to the services provided and that execution of the New Investment Advisory Agreements is in the best interests of the shareholders. For each Fund, the Board noted that they had concluded in their most recent advisory agreement continuance considerations in August 2024 that the management fees and total expense ratios were at acceptable levels in light of the quality of services provided to the Funds and in comparison to those of the Funds' respective peer groups; that the advisory fee schedule would not be increased and would stay the same for all of the Funds; that the total expense ratio had not changed materially since that determination; and that DMC had represented that the overall expenses for each Fund were not expected to be adversely affected by the Transaction. The Board also noted, with respect to the Funds that currently had the benefit of contractual fee limitations, that Nomura indicated it will maintain the Funds' existing contractual expense limitations and/or advisory fee waivers post-Closing through the stated end date for such expense limitation and fee waiver. Nomura further indicated it has no current plans to increase advisory, administration, distribution, transfer agency, or other fees of the Funds following the Transaction. The Board noted Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds. On that basis, the Board concluded that each of the total expense ratio and proposed advisory fee for the Funds anticipated to result from the Transaction was acceptable.**

In reaching its determination regarding the approval of the Proposed Advisory Agreements, the Board, including all of the Independent Trustees, considered the factors, conclusions and information they believed relevant in the exercise of their reasonable judgment, including, but not limited to, the factors, conclusions and information discussed above.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements (continued)
Further, in their deliberations, the Board members did not identify any particular factor (or conclusion with respect thereto) or information that was all important or controlling, and each Board member may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

&nbsp;&nbsp;&nbsp;&nbsp;60

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(5162738) **AR-VIP2-0226**

------

![](g92812imgeae66f1b1.gif)

#### Ivy Variable Insurance Portfolios
Nomura VIP Pathfinder Aggressive Series

(formerly, Macquarie VIP Pathfinder Aggressive Series)

Nomura VIP Pathfinder Conservative Series

(formerly, Macquarie VIP Pathfinder Conservative Series)

Nomura VIP Pathfinder Moderate Series

(formerly, Macquarie VIP Pathfinder Moderate Series)

Nomura VIP Pathfinder Moderately Aggressive Series

(formerly, Macquarie VIP Pathfinder Moderately Aggressive Series)

Nomura VIP Pathfinder Moderately Conservative Series

(formerly, Macquarie VIP Pathfinder Moderately Conservative Series)

Nomura VIP Pathfinder Moderate – Managed Volatility Series

(formerly, Macquarie VIP Pathfinder Moderate – Managed Volatility Series)

Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series

(formerly, Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series)

Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series

(formerly, Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series)

Financial statements and other information

For the year ended December 31, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_f77b0a07-eaf4-4b8d-bb6f-a1d5b9e603ee_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_e61bfe58-7e3d-4425-8a22-f247b367ce46_1)<br>| &nbsp;&nbsp;&nbsp;**12** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_e61bfe58-7e3d-4425-8a22-f247b367ce46_3)<br>| &nbsp;&nbsp;&nbsp;**14** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_e61bfe58-7e3d-4425-8a22-f247b367ce46_5)<br>| &nbsp;&nbsp;&nbsp;**16** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_8d221b84-ccbd-4773-860a-37a70e93dd18_1)<br>| &nbsp;&nbsp;&nbsp;**20** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_8a9ccab9-2d32-4391-a4f3-bfe0a37d477d_1)<br>| &nbsp;&nbsp;&nbsp;**28** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of independent registered public accounting firm](#xx_04a2da40-0f46-4bee-b3e4-d36c8314e985_1)<br>| &nbsp;&nbsp;&nbsp;**53** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Series information](#xx_4922b2f5-d235-41c0-ae81-7a57b80d0e9f_1)<br>| &nbsp;&nbsp;&nbsp;**54** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
Each Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Series' Form N-PORT, as well as a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Series' most recent Form N-PORT are available without charge on the Series' website at nomuraassetmanagement.com/vip-literature.

Information (if any) regarding how each Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series' website at nomuraassetmanagement.com/proxy; and (ii) on the SEC's website at sec.gov.

Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes Nomura Investment Management Business Trust (NIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. Investment advisory services are provided to the Nomura Funds by Delaware Management Company, a series of NIMBT. The Nomura Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of NIMBT.

------

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## Schedules of investments
Nomura VIP Pathfinder Aggressive Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 89.02%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 89.02%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 89.02%<<** |
| &nbsp;&nbsp;Alternative / Specialty Fund — 6.43% | &nbsp;&nbsp;Alternative / Specialty Fund — 6.43% | &nbsp;&nbsp;Alternative / Specialty Fund — 6.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series – Standard Class | 95837 | &nbsp;&nbsp;$3216290 |
|  |  | &nbsp;&nbsp;&nbsp; 3216290 |
| &nbsp;&nbsp;Fixed Income Funds — 9.68% | &nbsp;&nbsp;Fixed Income Funds — 9.68% | &nbsp;&nbsp;Fixed Income Funds — 9.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series – Service Class | 899322 | &nbsp;&nbsp;&nbsp; 4217822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series – Standard Class | 42650 | &nbsp;&nbsp;&nbsp; 125391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series – Service Class | 105877 | &nbsp;&nbsp;&nbsp; 498678 |
|  |  | &nbsp;&nbsp;&nbsp; 4841891 |
| &nbsp;&nbsp;Global / International Equity Fund — 27.52% | &nbsp;&nbsp;Global / International Equity Fund — 27.52% | &nbsp;&nbsp;Global / International Equity Fund — 27.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series – Standard Class | 711056 | &nbsp;&nbsp;&nbsp;13758934 |
|  |  | &nbsp;&nbsp;&nbsp;13758934 |
| &nbsp;&nbsp;US Equity Funds — 45.39% | &nbsp;&nbsp;US Equity Funds — 45.39% | &nbsp;&nbsp;US Equity Funds — 45.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series – Service Class | 849104 | &nbsp;&nbsp;&nbsp;11870470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth and Income Series – Standard Class | 187011 | &nbsp;&nbsp;&nbsp; 7143834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series – Service Class | 145843 | &nbsp;&nbsp;&nbsp; 1974719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series – Service Class | 385620 | &nbsp;&nbsp;&nbsp; 1708297 |
|  |  | &nbsp;&nbsp;&nbsp;22697320 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $43,377,500)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $43,377,500)** | &nbsp;&nbsp;&nbsp;**44514435** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 10.79%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 10.79%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 10.79%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused International Core ETF | 52841 | &nbsp;&nbsp;&nbsp; 1373845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Large Growth ETF | 135771 | &nbsp;&nbsp;&nbsp; 4018821 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $5,364,045)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $5,364,045)** | &nbsp;&nbsp;&nbsp; **5392666** |
| &nbsp;&nbsp;**Short-Term Investments — 0.24%** | &nbsp;&nbsp;**Short-Term Investments — 0.24%** | &nbsp;&nbsp;**Short-Term Investments — 0.24%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.24% | &nbsp;&nbsp;Money Market Mutual Funds — 0.24% | &nbsp;&nbsp;Money Market Mutual Funds — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 30565 | &nbsp;&nbsp;&nbsp; 30565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 30565 | &nbsp;&nbsp;&nbsp; 30565 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 30566 | &nbsp;&nbsp;$30566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 30566 | &nbsp;&nbsp;&nbsp; 30566 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $122,262)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $122,262)** | &nbsp;&nbsp;&nbsp; **122262** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.05%<br> (cost $48,863,807)** |  | &nbsp;&nbsp;&nbsp;**50029363** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.05%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(25938)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 10,811,580 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$50003425** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;1

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Nomura VIP Pathfinder Conservative Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 93.41%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 93.41%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 93.41%<<** |
| &nbsp;&nbsp;Alternative / Specialty Fund — 4.31% | &nbsp;&nbsp;Alternative / Specialty Fund — 4.31% | &nbsp;&nbsp;Alternative / Specialty Fund — 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;79615 | &nbsp;&nbsp;$2671879 |
|  |  | &nbsp;&nbsp;&nbsp; 2671879 |
| &nbsp;&nbsp;Fixed Income Funds — 49.59% | &nbsp;&nbsp;Fixed Income Funds — 49.59% | &nbsp;&nbsp;Fixed Income Funds — 49.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series – Service Class | 4032723 | &nbsp;&nbsp;&nbsp;18913470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;265040 | &nbsp;&nbsp;&nbsp; 779219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series – Service Class | 2353983 | &nbsp;&nbsp;&nbsp;11087257 |
|  |  | &nbsp;&nbsp;&nbsp;30779946 |
| &nbsp;&nbsp;Global / International Equity Fund — 9.21% | &nbsp;&nbsp;Global / International Equity Fund — 9.21% | &nbsp;&nbsp;Global / International Equity Fund — 9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;295271 | &nbsp;&nbsp;&nbsp; 5713486 |
|  |  | &nbsp;&nbsp;&nbsp; 5713486 |
| &nbsp;&nbsp;US Equity Funds — 30.30% | &nbsp;&nbsp;US Equity Funds — 30.30% | &nbsp;&nbsp;US Equity Funds — 30.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;704923 | &nbsp;&nbsp;&nbsp; 9854826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth and Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;156371 | &nbsp;&nbsp;&nbsp; 5973372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;118217 | &nbsp;&nbsp;&nbsp; 1600654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;311342 | &nbsp;&nbsp;&nbsp; 1379248 |
|  |  | &nbsp;&nbsp;&nbsp;18808100 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $63,304,517)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $63,304,517)** | &nbsp;&nbsp;&nbsp;**57973411** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 6.40%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 6.40%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 6.40%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;22267 | &nbsp;&nbsp;&nbsp; 578933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;114568 | &nbsp;&nbsp;&nbsp; 3391213 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $3,958,156)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $3,958,156)** | &nbsp;&nbsp;&nbsp; **3970146** |
| &nbsp;&nbsp;**Short-Term Investments — 0.24%** | &nbsp;&nbsp;**Short-Term Investments — 0.24%** | &nbsp;&nbsp;**Short-Term Investments — 0.24%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.24% | &nbsp;&nbsp;Money Market Mutual Funds — 0.24% | &nbsp;&nbsp;Money Market Mutual Funds — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;38215 | &nbsp;&nbsp;&nbsp; 38215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;38215 | &nbsp;&nbsp;&nbsp; 38215 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;38214 | &nbsp;&nbsp;$38214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;38215 | &nbsp;&nbsp;&nbsp; 38215 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $152,859)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $152,859)** | &nbsp;&nbsp;&nbsp; **152859** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.05%<br> (cost $67,415,532)** |  | &nbsp;&nbsp;&nbsp;**62096416** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.05%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(33447)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 13,552,225 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$62062969** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;2

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Nomura VIP Pathfinder Moderate Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 91.13%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 91.13%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 91.13%<<** |
| &nbsp;&nbsp;Alternative / Specialty Fund — 5.37% | &nbsp;&nbsp;Alternative / Specialty Fund — 5.37% | &nbsp;&nbsp;Alternative / Specialty Fund — 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;562183 | &nbsp;&nbsp;$18866861 |
|  |  | &nbsp;&nbsp;&nbsp; 18866861 |
| &nbsp;&nbsp;Fixed Income Funds — 29.58% | &nbsp;&nbsp;Fixed Income Funds — 29.58% | &nbsp;&nbsp;Fixed Income Funds — 29.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series – Service Class | 15419944 | &nbsp;&nbsp;&nbsp; 72319539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;901483 | &nbsp;&nbsp;&nbsp; 2650359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series – Service Class | 6169685 | &nbsp;&nbsp;&nbsp; 29059215 |
|  |  | &nbsp;&nbsp;&nbsp;104029113 |
| &nbsp;&nbsp;Global / International Equity Fund — 18.36% | &nbsp;&nbsp;Global / International Equity Fund — 18.36% | &nbsp;&nbsp;Global / International Equity Fund — 18.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series – Standard Class | 3336208 | &nbsp;&nbsp;&nbsp; 64555628 |
|  |  | &nbsp;&nbsp;&nbsp; 64555628 |
| &nbsp;&nbsp;US Equity Funds — 37.82% | &nbsp;&nbsp;US Equity Funds — 37.82% | &nbsp;&nbsp;US Equity Funds — 37.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series – Service Class | 4980812 | &nbsp;&nbsp;&nbsp; 69631750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth and Income Series – Standard Class | 1100133 | &nbsp;&nbsp;&nbsp; 42025077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;846796 | &nbsp;&nbsp;&nbsp; 11465615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series – Service Class | 2234409 | &nbsp;&nbsp;&nbsp; 9898432 |
|  |  | &nbsp;&nbsp;&nbsp;133020874 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $332,171,823)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $332,171,823)** | &nbsp;&nbsp;&nbsp;**320472476** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 8.64%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 8.64%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 8.64%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;251595 | &nbsp;&nbsp;&nbsp; 6541369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;806229 | &nbsp;&nbsp;&nbsp; 23864379 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $30,271,748)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $30,271,748)** | &nbsp;&nbsp;&nbsp; **30405748** |
| &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;220348 | &nbsp;&nbsp;&nbsp; 220348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;220348 | &nbsp;&nbsp;&nbsp; 220348 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;220349 | &nbsp;&nbsp;$220349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;220349 | &nbsp;&nbsp;&nbsp; 220349 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $881,394)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $881,394)** | &nbsp;&nbsp;&nbsp; **881394** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.02%<br> (cost $363,324,965)** |  | &nbsp;&nbsp;&nbsp;**351759618** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.02%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(79024)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 77,031,941 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$351680594** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;3

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Nomura VIP Pathfinder Moderately Aggressive Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 89.99%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 89.99%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 89.99%<<** |
| &nbsp;&nbsp;Alternative / Specialty Fund — 5.85% | &nbsp;&nbsp;Alternative / Specialty Fund — 5.85% | &nbsp;&nbsp;Alternative / Specialty Fund — 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;750702 | &nbsp;&nbsp;$25193559 |
|  |  | &nbsp;&nbsp;&nbsp; 25193559 |
| &nbsp;&nbsp;Fixed Income Funds — 19.62% | &nbsp;&nbsp;Fixed Income Funds — 19.62% | &nbsp;&nbsp;Fixed Income Funds — 19.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series – Service Class | 14130621 | &nbsp;&nbsp;&nbsp; 66272613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;736859 | &nbsp;&nbsp;&nbsp; 2166365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series – Service Class | 3412566 | &nbsp;&nbsp;&nbsp; 16073186 |
|  |  | &nbsp;&nbsp;&nbsp; 84512164 |
| &nbsp;&nbsp;Global / International Equity Fund — 22.92% | &nbsp;&nbsp;Global / International Equity Fund — 22.92% | &nbsp;&nbsp;Global / International Equity Fund — 22.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series – Standard Class | 5103371 | &nbsp;&nbsp;&nbsp; 98750227 |
|  |  | &nbsp;&nbsp;&nbsp; 98750227 |
| &nbsp;&nbsp;US Equity Funds — 41.60% | &nbsp;&nbsp;US Equity Funds — 41.60% | &nbsp;&nbsp;US Equity Funds — 41.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series – Service Class | 6705602 | &nbsp;&nbsp;&nbsp; 93744316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth and Income Series – Standard Class | 1484539 | &nbsp;&nbsp;&nbsp; 56709402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series – Service Class | 1130770 | &nbsp;&nbsp;&nbsp; 15310619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series – Service Class | 3029049 | &nbsp;&nbsp;&nbsp; 13418688 |
|  |  | &nbsp;&nbsp;&nbsp;179183025 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $390,649,660)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $390,649,660)** | &nbsp;&nbsp;&nbsp;**387638975** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 9.79%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 9.79%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 9.79%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;382444 | &nbsp;&nbsp;&nbsp; 9943391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Large Growth ETF | 1088065 | &nbsp;&nbsp;&nbsp; 32206724 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $41,945,278)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $41,945,278)** | &nbsp;&nbsp;&nbsp; **42150115** |
| &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;270583 | &nbsp;&nbsp;&nbsp; 270583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;270583 | &nbsp;&nbsp;&nbsp; 270583 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;270584 | &nbsp;&nbsp;$270584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;270583 | &nbsp;&nbsp;&nbsp; 270583 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,082,333)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,082,333)** | &nbsp;&nbsp;&nbsp; **1082333** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.03%<br> (cost $433,677,271)** |  | &nbsp;&nbsp;&nbsp;**430871423** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.03%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(121470)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 92,184,407 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$430749953** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;4

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Nomura VIP Pathfinder Moderately Conservative Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 92.26%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 92.26%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 92.26%<<** |
| &nbsp;&nbsp;Alternative / Specialty Fund — 4.88% | &nbsp;&nbsp;Alternative / Specialty Fund — 4.88% | &nbsp;&nbsp;Alternative / Specialty Fund — 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;162783 | &nbsp;&nbsp;$5462997 |
|  |  | &nbsp;&nbsp;&nbsp; 5462997 |
| &nbsp;&nbsp;Fixed Income Funds — 39.55% | &nbsp;&nbsp;Fixed Income Funds — 39.55% | &nbsp;&nbsp;Fixed Income Funds — 39.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series – Service Class | 6106100 | &nbsp;&nbsp;&nbsp; 28637608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;380966 | &nbsp;&nbsp;&nbsp; 1120040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series – Service Class | 3076113 | &nbsp;&nbsp;&nbsp; 14488493 |
|  |  | &nbsp;&nbsp;&nbsp; 44246141 |
| &nbsp;&nbsp;Global / International Equity Fund — 13.78% | &nbsp;&nbsp;Global / International Equity Fund — 13.78% | &nbsp;&nbsp;Global / International Equity Fund — 13.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;796634 | &nbsp;&nbsp;&nbsp; 15414877 |
|  |  | &nbsp;&nbsp;&nbsp; 15414877 |
| &nbsp;&nbsp;US Equity Funds — 34.05% | &nbsp;&nbsp;US Equity Funds — 34.05% | &nbsp;&nbsp;US Equity Funds — 34.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series – Service Class | 1426929 | &nbsp;&nbsp;&nbsp; 19948463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth and Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;314278 | &nbsp;&nbsp;&nbsp; 12005437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;245205 | &nbsp;&nbsp;&nbsp; 3320075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;635671 | &nbsp;&nbsp;&nbsp; 2816023 |
|  |  | &nbsp;&nbsp;&nbsp; 38089998 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $109,468,418)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $109,468,418)** | &nbsp;&nbsp;&nbsp;**103214013** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 7.53%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 7.53%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 7.53%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;60259 | &nbsp;&nbsp;&nbsp; 1566710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;231684 | &nbsp;&nbsp;&nbsp; 6857846 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $8,391,831)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $8,391,831)** | &nbsp;&nbsp;&nbsp; **8424556** |
| &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;68821 | &nbsp;&nbsp;&nbsp; 68821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;68820 | &nbsp;&nbsp;&nbsp; 68820 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;68821 | &nbsp;&nbsp;$68821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;68820 | &nbsp;&nbsp;&nbsp; 68820 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $275,282)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $275,282)** | &nbsp;&nbsp;&nbsp; **275282** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.04%<br> (cost $118,135,531)** |  | &nbsp;&nbsp;&nbsp;**111913851** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.04%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(39464)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 24,291,108 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$111874387** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Nomura VIP Pathfinder Moderate – Managed Volatility Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 89.51%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 89.51%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 89.51%<<** |
| &nbsp;&nbsp;Alternative / Specialty Fund — 5.27% | &nbsp;&nbsp;Alternative / Specialty Fund — 5.27% | &nbsp;&nbsp;Alternative / Specialty Fund — 5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;526718 | &nbsp;&nbsp;$17676656 |
|  |  | &nbsp;&nbsp;&nbsp; 17676656 |
| &nbsp;&nbsp;Fixed Income Funds — 29.07% | &nbsp;&nbsp;Fixed Income Funds — 29.07% | &nbsp;&nbsp;Fixed Income Funds — 29.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series – Service Class | 14460957 | &nbsp;&nbsp;&nbsp; 67821889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;847857 | &nbsp;&nbsp;&nbsp; 2492700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series – Service Class | 5789070 | &nbsp;&nbsp;&nbsp; 27266516 |
|  |  | &nbsp;&nbsp;&nbsp; 97581105 |
| &nbsp;&nbsp;Global / International Equity Fund — 18.03% | &nbsp;&nbsp;Global / International Equity Fund — 18.03% | &nbsp;&nbsp;Global / International Equity Fund — 18.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series – Standard Class | 3128162 | &nbsp;&nbsp;&nbsp; 60529942 |
|  |  | &nbsp;&nbsp;&nbsp; 60529942 |
| &nbsp;&nbsp;US Equity Funds — 37.14% | &nbsp;&nbsp;US Equity Funds — 37.14% | &nbsp;&nbsp;US Equity Funds — 37.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series – Service Class | 4670569 | &nbsp;&nbsp;&nbsp; 65294553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth and Income Series – Standard Class | 1031134 | &nbsp;&nbsp;&nbsp; 39389309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;793062 | &nbsp;&nbsp;&nbsp; 10738063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series – Service Class | 2094060 | &nbsp;&nbsp;&nbsp; 9276687 |
|  |  | &nbsp;&nbsp;&nbsp;124698612 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $313,099,563)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $313,099,563)** | &nbsp;&nbsp;&nbsp;**300486315** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 8.52%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 8.52%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 8.52%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;237256 | &nbsp;&nbsp;&nbsp; 6168561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;758609 | &nbsp;&nbsp;&nbsp; 22454827 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $28,496,615)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $28,496,615)** | &nbsp;&nbsp;&nbsp; **28623388** |
| &nbsp;&nbsp;**Short-Term Investments — 1.71%** | &nbsp;&nbsp;**Short-Term Investments — 1.71%** | &nbsp;&nbsp;**Short-Term Investments — 1.71%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.71% | &nbsp;&nbsp;Money Market Mutual Funds — 1.71% | &nbsp;&nbsp;Money Market Mutual Funds — 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 1433327 | &nbsp;&nbsp;&nbsp; 1433327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 1433327 | &nbsp;&nbsp;&nbsp; 1433327 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 1433328 | &nbsp;&nbsp;$1433328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 1433328 | &nbsp;&nbsp;&nbsp; 1433328 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,733,310)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,733,310)** | &nbsp;&nbsp;&nbsp; **5733310** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.74%<br> (cost $347,329,488)** |  | &nbsp;&nbsp;&nbsp;**334843013** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.26%** |  | &nbsp;&nbsp;&nbsp; **866950** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 72,605,088 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$335709963** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

&nbsp;&nbsp;&nbsp;&nbsp;6

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

The following futures contracts were outstanding at December 31, 2025:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| E-Mini Russell 2000 Index | E-Mini Russell 2000 Index |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;$(874300) | $(900496) | 3/20/26 | $26196 | $— | $6895 |
| E-Mini S&P 500 Index | E-Mini S&P 500 Index |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14129625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14121619) | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106088 |
| Total Futures Contracts | Total Futures Contracts | $(15022115) |  | $26196 | $(8006) | $112983 |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 8 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |
| S&P – Standard & Poor's Financial Services LLC |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 88.39%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 88.39%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 88.39%<<** |
| &nbsp;&nbsp;Alternative / Specialty Fund — 5.74% | &nbsp;&nbsp;Alternative / Specialty Fund — 5.74% | &nbsp;&nbsp;Alternative / Specialty Fund — 5.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;82259 | &nbsp;&nbsp;$2760612 |
|  |  | &nbsp;&nbsp;&nbsp; 2760612 |
| &nbsp;&nbsp;Fixed Income Funds — 19.28% | &nbsp;&nbsp;Fixed Income Funds — 19.28% | &nbsp;&nbsp;Fixed Income Funds — 19.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series – Service Class | 1550025 | &nbsp;&nbsp;&nbsp; 7269618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;81023 | &nbsp;&nbsp;&nbsp; 238209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;374659 | &nbsp;&nbsp;&nbsp; 1764641 |
|  |  | &nbsp;&nbsp;&nbsp; 9272468 |
| &nbsp;&nbsp;Global / International Equity Fund — 22.52% | &nbsp;&nbsp;Global / International Equity Fund — 22.52% | &nbsp;&nbsp;Global / International Equity Fund — 22.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;559699 | &nbsp;&nbsp;&nbsp;10830178 |
|  |  | &nbsp;&nbsp;&nbsp;10830178 |
| &nbsp;&nbsp;US Equity Funds — 40.85% | &nbsp;&nbsp;US Equity Funds — 40.85% | &nbsp;&nbsp;US Equity Funds — 40.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;735295 | &nbsp;&nbsp;&nbsp;10279428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth and Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;162772 | &nbsp;&nbsp;&nbsp; 6217882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;124059 | &nbsp;&nbsp;&nbsp; 1679754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;332393 | &nbsp;&nbsp;&nbsp; 1472500 |
|  |  | &nbsp;&nbsp;&nbsp;19649564 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $43,574,220)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $43,574,220)** | &nbsp;&nbsp;&nbsp;**42512822** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 9.69%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 9.69%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 9.69%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;42284 | &nbsp;&nbsp;&nbsp; 1099366 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds (continued)** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds (continued)** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;120425 | &nbsp;&nbsp;$3564580 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $4,641,300)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $4,641,300)** | &nbsp;&nbsp;&nbsp; **4663946** |
| &nbsp;&nbsp;**Short-Term Investments — 1.68%** | &nbsp;&nbsp;**Short-Term Investments — 1.68%** | &nbsp;&nbsp;**Short-Term Investments — 1.68%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.68% | &nbsp;&nbsp;Money Market Mutual Funds — 1.68% | &nbsp;&nbsp;Money Market Mutual Funds — 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;202136 | &nbsp;&nbsp;&nbsp; 202136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;202136 | &nbsp;&nbsp;&nbsp; 202136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;202135 | &nbsp;&nbsp;&nbsp; 202135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;202136 | &nbsp;&nbsp;&nbsp; 202136 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $808,543)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $808,543)** | &nbsp;&nbsp;&nbsp; **808543** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.76%<br> (cost $49,024,063)** |  | &nbsp;&nbsp;&nbsp;**47985311** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.24%** |  | &nbsp;&nbsp;&nbsp; **113379** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 9,642,077 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$48098690** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

&nbsp;&nbsp;&nbsp;&nbsp;8

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

The following futures contracts were outstanding at December 31, 2025:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| E-Mini Russell 2000 Index | E-Mini Russell 2000 Index |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;$(124900) | $(128642) | 3/20/26 | $3742 | $— | $985 |
| E-Mini S&P 500 Index | E-Mini S&P 500 Index |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2067750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2066579) | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15525 |
| Total Futures Contracts | Total Futures Contracts | $(2195221) |  | $3742 | $(1171) | $16510 |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 8 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |
| S&P – Standard & Poor's Financial Services LLC |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;9

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Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 90.78%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 90.78%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 90.78%<<** |
| &nbsp;&nbsp;Alternative / Specialty Fund — 4.80% | &nbsp;&nbsp;Alternative / Specialty Fund — 4.80% | &nbsp;&nbsp;Alternative / Specialty Fund — 4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;29722 | &nbsp;&nbsp;$997470 |
|  |  | &nbsp;&nbsp;&nbsp; 997470 |
| &nbsp;&nbsp;Fixed Income Funds — 38.91% | &nbsp;&nbsp;Fixed Income Funds — 38.91% | &nbsp;&nbsp;Fixed Income Funds — 38.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series – Service Class | 1116123 | &nbsp;&nbsp;&nbsp; 5234618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;69500 | &nbsp;&nbsp;&nbsp; 204329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;562151 | &nbsp;&nbsp;&nbsp; 2647733 |
|  |  | &nbsp;&nbsp;&nbsp; 8086680 |
| &nbsp;&nbsp;Global / International Equity Fund — 13.56% | &nbsp;&nbsp;Global / International Equity Fund — 13.56% | &nbsp;&nbsp;Global / International Equity Fund — 13.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;145612 | &nbsp;&nbsp;&nbsp; 2817586 |
|  |  | &nbsp;&nbsp;&nbsp; 2817586 |
| &nbsp;&nbsp;US Equity Funds — 33.51% | &nbsp;&nbsp;US Equity Funds — 33.51% | &nbsp;&nbsp;US Equity Funds — 33.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;260764 | &nbsp;&nbsp;&nbsp; 3645485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth and Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;57472 | &nbsp;&nbsp;&nbsp; 2195420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;44852 | &nbsp;&nbsp;&nbsp; 607298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;116352 | &nbsp;&nbsp;&nbsp; 515438 |
|  |  | &nbsp;&nbsp;&nbsp; 6963641 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $20,446,353)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $20,446,353)** | &nbsp;&nbsp;&nbsp;**18865377** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 7.38%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 7.38%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 7.38%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;11161 | &nbsp;&nbsp;&nbsp; 290182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;41999 | &nbsp;&nbsp;&nbsp; 1243170 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $1,527,406)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $1,527,406)** | &nbsp;&nbsp;&nbsp; **1533352** |
| &nbsp;&nbsp;**Short-Term Investments — 1.67%** | &nbsp;&nbsp;**Short-Term Investments — 1.67%** | &nbsp;&nbsp;**Short-Term Investments — 1.67%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.67% | &nbsp;&nbsp;Money Market Mutual Funds — 1.67% | &nbsp;&nbsp;Money Market Mutual Funds — 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | &nbsp;&nbsp;&nbsp;&nbsp;86891 | &nbsp;&nbsp;&nbsp; 86891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | &nbsp;&nbsp;&nbsp;&nbsp;86892 | &nbsp;&nbsp;&nbsp; 86892 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;86892 | &nbsp;&nbsp;$86892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | &nbsp;&nbsp;&nbsp;&nbsp;86892 | &nbsp;&nbsp;&nbsp; 86892 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $347,567)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $347,567)** | &nbsp;&nbsp;&nbsp; **347567** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.83%<br> (cost $22,321,326)** |  | &nbsp;&nbsp;&nbsp;**20746296** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.17%** |  | &nbsp;&nbsp;&nbsp; **35761** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 5,866,366 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$20782057** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

&nbsp;&nbsp;&nbsp;&nbsp;10

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The following futures contracts were outstanding at December 31, 2025:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |
| E-Mini Russell 2000 Index | E-Mini Russell 2000 Index |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;$(124900) | $(128642) | 3/20/26 | $3742 | $— | $985 |
| E-Mini S&P 500 Index | E-Mini S&P 500 Index |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688860) | 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175 |
| Total Futures Contracts | Total Futures Contracts | $(817502) |  | $3742 | $(390) | $6160 |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 8 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |
| S&P – Standard & Poor's Financial Services LLC |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;11

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[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Variable Insurance Portfolios

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Aggressive<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Conservative<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderate<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Aggressive Series |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$122262 | &nbsp;&nbsp;$152859 | &nbsp;&nbsp;$881394 | &nbsp;&nbsp;$1082333 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49907101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61943557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350878224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429789090 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50054889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62107316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352114038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430880242 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37584 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37972 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36692 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5393 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Legal fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130289 |
| **Total Net Assets** | &nbsp;&nbsp;$50003425 | &nbsp;&nbsp;$62062969 | &nbsp;&nbsp;$351680594 | &nbsp;&nbsp;$430749953 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$47124095 | &nbsp;&nbsp;$66429340 | &nbsp;&nbsp;$352199595 | &nbsp;&nbsp;$420591062 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4366371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10158891 |
| **Total Net Assets** | &nbsp;&nbsp;$50003425 | &nbsp;&nbsp;$62062969 | &nbsp;&nbsp;$351680594 | &nbsp;&nbsp;$430749953 |
| **Net Asset Value** |  |  |  |  |
| **Service Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$50003425 | &nbsp;&nbsp;$62062969 | &nbsp;&nbsp;$351680594 | &nbsp;&nbsp;$430749953 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10811580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13552225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77031941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92184407 |
| Net asset value per share | &nbsp;&nbsp;$4.62 | &nbsp;&nbsp;$4.58 | &nbsp;&nbsp;$4.57 | &nbsp;&nbsp;$4.67 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$122262 | &nbsp;&nbsp;$152859 | &nbsp;&nbsp;$881394 | &nbsp;&nbsp;$1082333 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48741545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67262673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362443571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432594938 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;12

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Conservative Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$275282 | &nbsp;&nbsp;$5733310 | &nbsp;&nbsp;$808543 | &nbsp;&nbsp;$347567 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111638569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329109703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47176768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20398729 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21577 |
| &nbsp;&nbsp;&nbsp;Cash collateral due from broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48423 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin due from broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111923393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336324900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48247134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20823809 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19448 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| &nbsp;&nbsp;&nbsp;Legal fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6324 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41752 |
| **Total Net Assets** | &nbsp;&nbsp;$111874387 | &nbsp;&nbsp;$335709963 | &nbsp;&nbsp;$48098690 | &nbsp;&nbsp;$20782057 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$114115072 | &nbsp;&nbsp;$346048120 | &nbsp;&nbsp;$51551176 | &nbsp;&nbsp;$23807967 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2240685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10338157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3452486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3025910) |
| **Total Net Assets** | &nbsp;&nbsp;$111874387 | &nbsp;&nbsp;$335709963 | &nbsp;&nbsp;$48098690 | &nbsp;&nbsp;$20782057 |
| **Net Asset Value** |  |  |  |  |
| **Service Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$111874387 | &nbsp;&nbsp;$335709963 | &nbsp;&nbsp;$48098690 | &nbsp;&nbsp;$20782057 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24291108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72605088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9642077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866366 |
| Net asset value per share | &nbsp;&nbsp;$4.61 | &nbsp;&nbsp;$4.62 | &nbsp;&nbsp;$4.99 | &nbsp;&nbsp;$3.54 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$275282 | &nbsp;&nbsp;$5733310 | &nbsp;&nbsp;$808543 | &nbsp;&nbsp;$347567 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117860249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341596178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48215520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21973759 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;13

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[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

## Statements of operations
Ivy Variable Insurance Portfolios

Year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Aggressive<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Conservative<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderate<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Aggressive Series |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated funds | &nbsp;&nbsp;$734242 | &nbsp;&nbsp;$1983862 | &nbsp;&nbsp;$8315006 | &nbsp;&nbsp;$8461258 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739275 | &nbsp;&nbsp;&nbsp;&nbsp;1990454 | &nbsp;&nbsp;&nbsp;&nbsp;8352269 | &nbsp;&nbsp;&nbsp;&nbsp;8506737 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78938 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20319 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38866 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35246 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22707 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224031 |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224030 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667083 | &nbsp;&nbsp;&nbsp;&nbsp;1896987 | &nbsp;&nbsp;&nbsp;&nbsp;8156980 | &nbsp;&nbsp;&nbsp;&nbsp;8282707 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated funds | &nbsp;&nbsp;&nbsp;(2619928) | &nbsp;&nbsp;&nbsp;(3731940) | &nbsp;&nbsp;&nbsp;(17880565) | &nbsp;&nbsp;&nbsp;(22884518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions received from investments in affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;3727693 | &nbsp;&nbsp;&nbsp;&nbsp;2933252 | &nbsp;&nbsp;&nbsp;&nbsp;22251654 | &nbsp;&nbsp;&nbsp;&nbsp;30762446 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1107765 | &nbsp;&nbsp;&nbsp;&nbsp;(798688) | &nbsp;&nbsp;&nbsp;&nbsp;4371089 | &nbsp;&nbsp;&nbsp;&nbsp;7877928 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;5510626 | &nbsp;&nbsp;&nbsp;&nbsp;5235090 | &nbsp;&nbsp;&nbsp;&nbsp;32660274 | &nbsp;&nbsp;&nbsp;&nbsp;44412192 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;6618391 | &nbsp;&nbsp;&nbsp;&nbsp;4436402 | &nbsp;&nbsp;&nbsp;&nbsp;37031363 | &nbsp;&nbsp;&nbsp;&nbsp;52290120 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$7285474 | &nbsp;&nbsp;$6333389 | &nbsp;&nbsp;$45188343 | &nbsp;&nbsp;$60572827 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;14

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[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Conservative Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated funds | &nbsp;&nbsp;$3110674 | &nbsp;&nbsp;$7881306 | &nbsp;&nbsp;$936870 | &nbsp;&nbsp;$619901 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3122496 | &nbsp;&nbsp;&nbsp;&nbsp;8173389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638578 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45163 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32334 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19338 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113060 |
| &nbsp;&nbsp;&nbsp;Less expenses waived and reimbursed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59417) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53642 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;3028991 | &nbsp;&nbsp;&nbsp;&nbsp;7321926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584936 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;(5068795) | &nbsp;&nbsp;&nbsp;(19035708) | &nbsp;&nbsp;&nbsp;(3472733) | &nbsp;&nbsp;&nbsp;(1608472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions received from investments in affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;6181582 | &nbsp;&nbsp;&nbsp;&nbsp;21122019 | &nbsp;&nbsp;&nbsp;&nbsp;3411733 | &nbsp;&nbsp;&nbsp;&nbsp;1232212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6711975) | &nbsp;&nbsp;&nbsp;&nbsp;(944555) | &nbsp;&nbsp;&nbsp;&nbsp;(468751) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1112787 | &nbsp;&nbsp;&nbsp;&nbsp;(4625664) | &nbsp;&nbsp;&nbsp;(1005555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(845011) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;8813831 | &nbsp;&nbsp;&nbsp;&nbsp;33281819 | &nbsp;&nbsp;&nbsp;&nbsp;5917744 | &nbsp;&nbsp;&nbsp;&nbsp;2257506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11230) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;8813831 | &nbsp;&nbsp;&nbsp;&nbsp;33107531 | &nbsp;&nbsp;&nbsp;&nbsp;5898236 | &nbsp;&nbsp;&nbsp;&nbsp;2246276 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;9926618 | &nbsp;&nbsp;&nbsp;&nbsp;28481867 | &nbsp;&nbsp;&nbsp;&nbsp;4892681 | &nbsp;&nbsp;&nbsp;&nbsp;1401265 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$12955609 | &nbsp;&nbsp;$35803793 | &nbsp;&nbsp;$5752429 | &nbsp;&nbsp;$1986201 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;15

------

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## Statements of changes in net assets
Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Aggressive<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Aggressive<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Conservative<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Conservative<br> Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$667083 | &nbsp;&nbsp;$529604 | &nbsp;&nbsp;$1896987 | &nbsp;&nbsp;$1699844 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1107765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246786 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;5510626 | &nbsp;&nbsp;&nbsp;&nbsp;4658339 | &nbsp;&nbsp;&nbsp;&nbsp;5235090 | &nbsp;&nbsp;&nbsp;&nbsp;3995100 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;7285474 | &nbsp;&nbsp;&nbsp;&nbsp;5476238 | &nbsp;&nbsp;&nbsp;&nbsp;6333389 | &nbsp;&nbsp;&nbsp;&nbsp;5941730 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(848085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(882403) | &nbsp;&nbsp;&nbsp;&nbsp;(1997030) | &nbsp;&nbsp;&nbsp;&nbsp;(2254659) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999246 | &nbsp;&nbsp;&nbsp;&nbsp;1339791 | &nbsp;&nbsp;&nbsp;&nbsp;1080567 | &nbsp;&nbsp;&nbsp;&nbsp;3089528 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882403 | &nbsp;&nbsp;&nbsp;&nbsp;1997030 | &nbsp;&nbsp;&nbsp;&nbsp;2254659 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1847331 | &nbsp;&nbsp;&nbsp;&nbsp;2222194 | &nbsp;&nbsp;&nbsp;&nbsp;3077597 | &nbsp;&nbsp;&nbsp;&nbsp;5344187 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7022855) | &nbsp;&nbsp;&nbsp;(11729680) | &nbsp;&nbsp;&nbsp;(13428543) | &nbsp;&nbsp;&nbsp;(21592213) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(5175524) | &nbsp;&nbsp;&nbsp;&nbsp;(9507486) | &nbsp;&nbsp;&nbsp;(10350946) | &nbsp;&nbsp;&nbsp;(16248026) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;1261865 | &nbsp;&nbsp;&nbsp;&nbsp;(4913651) | &nbsp;&nbsp;&nbsp;&nbsp;(6014587) | &nbsp;&nbsp;&nbsp;(12560955) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;48741560 | &nbsp;&nbsp;&nbsp;&nbsp;53655211 | &nbsp;&nbsp;&nbsp;&nbsp;68077556 | &nbsp;&nbsp;&nbsp;&nbsp;80638511 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$50003425 | &nbsp;&nbsp;$48741560 | &nbsp;&nbsp;$62062969 | &nbsp;&nbsp;$68077556 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;16

------

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderate<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderate<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Aggressive Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Aggressive Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$8156980 | &nbsp;&nbsp;$6945729 | &nbsp;&nbsp;$8282707 | &nbsp;&nbsp;$7077242 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7877928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501363 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;32660274 | &nbsp;&nbsp;&nbsp;&nbsp;26847598 | &nbsp;&nbsp;&nbsp;&nbsp;44412192 | &nbsp;&nbsp;&nbsp;&nbsp;38335438 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;45188343 | &nbsp;&nbsp;&nbsp;&nbsp;38240546 | &nbsp;&nbsp;&nbsp;&nbsp;60572827 | &nbsp;&nbsp;&nbsp;&nbsp;50914043 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9018155) | &nbsp;&nbsp;&nbsp;&nbsp;(6605330) | &nbsp;&nbsp;&nbsp;&nbsp;(9927861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7683632) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186831 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9927861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7683632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7769305 | &nbsp;&nbsp;&nbsp;&nbsp;12192396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870463 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(71745021) | &nbsp;&nbsp;&nbsp;&nbsp;(96610876) | &nbsp;&nbsp;&nbsp;&nbsp;(92978292) | &nbsp;&nbsp;&nbsp;(130428549) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(61768124) | &nbsp;&nbsp;&nbsp;&nbsp;(88841571) | &nbsp;&nbsp;&nbsp;&nbsp;(80785896) | &nbsp;&nbsp;&nbsp;(120558086) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(25597936) | &nbsp;&nbsp;&nbsp;&nbsp;(57206355) | &nbsp;&nbsp;&nbsp;&nbsp;(30140930) | &nbsp;&nbsp;&nbsp;&nbsp;(77327675) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;377278530 | &nbsp;&nbsp;&nbsp;434484885 | &nbsp;&nbsp;&nbsp;460890883 | &nbsp;&nbsp;&nbsp;&nbsp;538218558 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$351680594 | &nbsp;&nbsp;$377278530 | &nbsp;&nbsp;$430749953 | &nbsp;&nbsp;$460890883 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Conservative Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Conservative Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$3028991 | &nbsp;&nbsp;$2465279 | &nbsp;&nbsp;$7321926 | &nbsp;&nbsp;$6590153 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4625664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585060 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8813831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881921 | &nbsp;&nbsp;&nbsp;&nbsp;33107531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22411006 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;12955609 | &nbsp;&nbsp;&nbsp;&nbsp;10794448 | &nbsp;&nbsp;&nbsp;&nbsp;35803793 | &nbsp;&nbsp;&nbsp;&nbsp;33586219 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3445965) | &nbsp;&nbsp;&nbsp;&nbsp;(2129446) | &nbsp;&nbsp;&nbsp;&nbsp;(8691420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5812636) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901274 | &nbsp;&nbsp;&nbsp;&nbsp;15091300 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5812636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303292 | &nbsp;&nbsp;&nbsp;&nbsp;13592694 | &nbsp;&nbsp;&nbsp;&nbsp;20903936 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(22580978) | &nbsp;&nbsp;&nbsp;&nbsp;(23107778) | &nbsp;&nbsp;&nbsp;&nbsp;(83827465) | &nbsp;&nbsp;&nbsp;(109825527) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(17922009) | &nbsp;&nbsp;&nbsp;&nbsp;(18804486) | &nbsp;&nbsp;&nbsp;&nbsp;(70234771) | &nbsp;&nbsp;&nbsp;&nbsp;(88921591) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(8412365) | &nbsp;&nbsp;&nbsp;&nbsp;(10139484) | &nbsp;&nbsp;&nbsp;&nbsp;(43122398) | &nbsp;&nbsp;&nbsp;&nbsp;(61148008) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;120286752 | &nbsp;&nbsp;&nbsp;130426236 | &nbsp;&nbsp;&nbsp;378832361 | &nbsp;&nbsp;&nbsp;&nbsp;439980369 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$111874387 | &nbsp;&nbsp;$120286752 | &nbsp;&nbsp;$335709963 | &nbsp;&nbsp;$378832361 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;18

------

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series |
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$859748 | &nbsp;&nbsp;$811255 | &nbsp;&nbsp;$584936 | &nbsp;&nbsp;$509738 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1005555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(845011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(566702) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;5898236 | &nbsp;&nbsp;&nbsp;&nbsp;5368150 | &nbsp;&nbsp;&nbsp;&nbsp;2246276 | &nbsp;&nbsp;&nbsp;&nbsp;2094901 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;5752429 | &nbsp;&nbsp;&nbsp;&nbsp;5668018 | &nbsp;&nbsp;&nbsp;&nbsp;1986201 | &nbsp;&nbsp;&nbsp;&nbsp;2037937 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1172208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(886316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373853) |
| **Capital Share Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943553 | &nbsp;&nbsp;&nbsp;&nbsp;2069512 | &nbsp;&nbsp;&nbsp;&nbsp;3978365 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1172208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113026 | &nbsp;&nbsp;&nbsp;&nbsp;1829869 | &nbsp;&nbsp;&nbsp;&nbsp;2704474 | &nbsp;&nbsp;&nbsp;&nbsp;4352218 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;(13541703) | &nbsp;&nbsp;&nbsp;(22664168) | &nbsp;&nbsp;&nbsp;&nbsp;(7219251) | &nbsp;&nbsp;&nbsp;(12140098) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;(11428677) | &nbsp;&nbsp;&nbsp;(20834299) | &nbsp;&nbsp;&nbsp;&nbsp;(4514777) | &nbsp;&nbsp;&nbsp;&nbsp;(7787880) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(6848456) | &nbsp;&nbsp;&nbsp;(16052597) | &nbsp;&nbsp;&nbsp;&nbsp;(3163538) | &nbsp;&nbsp;&nbsp;&nbsp;(6123796) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;54947146 | &nbsp;&nbsp;&nbsp;&nbsp;70999743 | &nbsp;&nbsp;&nbsp;23945595 | &nbsp;&nbsp;&nbsp;&nbsp;30069391 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$48098690 | &nbsp;&nbsp;$54947146 | &nbsp;&nbsp;$20782057 | &nbsp;&nbsp;$23945595 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;19

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

## Financial highlights
Nomura VIP Pathfinder Aggressive Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.06 | &nbsp;&nbsp;$3.72 | &nbsp;&nbsp;$4.07 | &nbsp;&nbsp;$5.47 | &nbsp;&nbsp;$4.92 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.62 | &nbsp;&nbsp;$4.06 | &nbsp;&nbsp;$3.72 | &nbsp;&nbsp;$4.07 | &nbsp;&nbsp;$5.47 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;15.86% | &nbsp;&nbsp;&nbsp;10.99% | &nbsp;&nbsp;&nbsp;17.51% | &nbsp;&nbsp;&nbsp;&nbsp;(16.72%) | &nbsp;&nbsp;&nbsp;18.93% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$50003 | &nbsp;&nbsp;$48742 | &nbsp;&nbsp;$53655 | &nbsp;&nbsp;$53652 | &nbsp;&nbsp;$74<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;20

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Nomura VIP Pathfinder Conservative Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$4.08 | &nbsp;&nbsp;$4.22 | &nbsp;&nbsp;$5.50 | &nbsp;&nbsp;$5.31 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.58 | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$4.08 | &nbsp;&nbsp;$4.22 | &nbsp;&nbsp;$5.50 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;8.05% | &nbsp;&nbsp;&nbsp;12.53% | &nbsp;&nbsp;&nbsp;&nbsp;(14.09%) | &nbsp;&nbsp;&nbsp;10.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$62063 | &nbsp;&nbsp;$68078 | &nbsp;&nbsp;$80639 | &nbsp;&nbsp;$84236 | &nbsp;&nbsp;$110<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.32% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.32% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;21

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Nomura VIP Pathfinder Moderate Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.13 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$4.10 | &nbsp;&nbsp;$5.51 | &nbsp;&nbsp;$5.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.57 | &nbsp;&nbsp;$4.13 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$4.10 | &nbsp;&nbsp;$5.51 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;13.50% | &nbsp;&nbsp;&nbsp;&nbsp;9.27% | &nbsp;&nbsp;&nbsp;&nbsp;15.33% | &nbsp;&nbsp;&nbsp;&nbsp;(15.26%) | &nbsp;&nbsp;&nbsp;14.66% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$351681 | &nbsp;&nbsp;$377279 | &nbsp;&nbsp;$434485 | &nbsp;&nbsp;$465595 | &nbsp;&nbsp;$635<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

22&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Nomura VIP Pathfinder Moderately Aggressive Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.17 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$4.15 | &nbsp;&nbsp;$5.66 | &nbsp;&nbsp;$5.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.67 | &nbsp;&nbsp;$4.17 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$4.15 | &nbsp;&nbsp;$5.66 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;14.59% | &nbsp;&nbsp;&nbsp;&nbsp;10.22% | &nbsp;&nbsp;&nbsp;&nbsp;16.53% | &nbsp;&nbsp;&nbsp;&nbsp;(15.90%) | &nbsp;&nbsp;&nbsp;16.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$430750 | &nbsp;&nbsp;$460891 | &nbsp;&nbsp;$538219 | &nbsp;&nbsp;$565995 | &nbsp;&nbsp;$777<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;23

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Nomura VIP Pathfinder Moderately Conservative Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.24 | &nbsp;&nbsp;$3.97 | &nbsp;&nbsp;$4.18 | &nbsp;&nbsp;$5.53 | &nbsp;&nbsp;$5.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.61 | &nbsp;&nbsp;$4.24 | &nbsp;&nbsp;$3.97 | &nbsp;&nbsp;$4.18 | &nbsp;&nbsp;$5.53 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;12.08% | &nbsp;&nbsp;&nbsp;&nbsp;8.60% | &nbsp;&nbsp;&nbsp;&nbsp;13.99% | &nbsp;&nbsp;&nbsp;&nbsp;(14.71%) | &nbsp;&nbsp;&nbsp;12.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$111874 | &nbsp;&nbsp;$120287 | &nbsp;&nbsp;$130426 | &nbsp;&nbsp;$137990 | &nbsp;&nbsp;$187<sup>3</sup> |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Net assets reported in millions.

<sup>4</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

24&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Nomura VIP Pathfinder Moderate – Managed Volatility Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$4.02 | &nbsp;&nbsp;$4.33 | &nbsp;&nbsp;$6.33 | &nbsp;&nbsp;$5.77 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.62 | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$4.02 | &nbsp;&nbsp;$4.33 | &nbsp;&nbsp;$6.33 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;10.72%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.92%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.10% | &nbsp;&nbsp;&nbsp;&nbsp;(13.22%) | &nbsp;&nbsp;&nbsp;12.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$335710 | &nbsp;&nbsp;$378832 | &nbsp;&nbsp;$439980 | &nbsp;&nbsp;$435581 | &nbsp;&nbsp;$530<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.22% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;25

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Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$4.25 | &nbsp;&nbsp;$4.75 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$5.46 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.99 | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$4.25 | &nbsp;&nbsp;$4.75 | &nbsp;&nbsp;$6.11 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;12.08%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.73%<sup>3</sup> | &nbsp;&nbsp;&nbsp;15.41% | &nbsp;&nbsp;&nbsp;&nbsp;(14.00%) | &nbsp;&nbsp;&nbsp;15.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$48099 | &nbsp;&nbsp;$54947 | &nbsp;&nbsp;$71000 | &nbsp;&nbsp;$77300 | &nbsp;&nbsp;$102<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

26&nbsp;&nbsp;&nbsp;&nbsp;

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Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**12/31/25** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;$3.15 | &nbsp;&nbsp;$3.39 | &nbsp;&nbsp;$6.02 | &nbsp;&nbsp;$5.64 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| **Net asset value, end of period** | &nbsp;&nbsp;$3.54 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;$3.15 | &nbsp;&nbsp;$3.39 | &nbsp;&nbsp;$6.02 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.26%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.07%<sup>3</sup> | &nbsp;&nbsp;&nbsp;12.62% | &nbsp;&nbsp;&nbsp;&nbsp;(12.71%) | &nbsp;&nbsp;&nbsp;10.72% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$20782 | &nbsp;&nbsp;$23946 | &nbsp;&nbsp;$30069 | &nbsp;&nbsp;$30222 | &nbsp;&nbsp;$40<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>3</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

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## Notes to financial statements
Ivy Variable Insurance Portfolios

December 31, 2025

Ivy Variable Insurance Portfolios (Trust) is organized as a Delaware statutory trust and offers 24 series. These financial statements and the related notes pertain to 8 series: Nomura VIP Pathfinder Aggressive Series (formerly, Macquarie VIP Pathfinder Aggressive Series through November 30, 2025), Nomura VIP Pathfinder Conservative Series (formerly, Macquarie VIP Pathfinder Conservative Series through November 30, 2025), Nomura VIP Pathfinder Moderate Series (formerly, Macquarie VIP Pathfinder Moderate Series through November 30, 2025), Nomura VIP Pathfinder Moderately Aggressive Series (formerly, Macquarie VIP Pathfinder Moderately Aggressive Series through November 30, 2025), and Nomura VIP Pathfinder Moderately Conservative Series (formerly, Macquarie VIP Pathfinder Moderately Conservative Series through November 30, 2025) (collectively, the "Pathfinder Series"), Nomura VIP Pathfinder Moderate – Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderate – Managed Volatility Series through November 30, 2025), Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series through November 30, 2025), and Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series (formerly, Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series through November 30, 2025) (collectively, the "Managed Volatility Series") (each, a Series and collectively, the Series). The Trust is an open-end investment company. Each of the Series are diversified as defined in the Investment Company Act of 1940, as amended (1940 Act).

Each Series offers Service Class (formerly, Class II) shares. The Service Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to variable life insurance separate accounts and variable annuity separate accounts.

1. Significant Accounting Policies

Each Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation — Exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Open-end investment companies, other than ETFs are valued at their published net asset value (NAV). Futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as part of its duties as each Series' valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.**

**Federal Income Taxes — No provision for federal income taxes has been made as each Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Series evaluates tax positions taken or expected to be taken in the course of preparing each Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Series' tax positions taken or expected to be taken on each Series' federal income tax returns through the year ended December 31, 2025, and for all open tax years (years ended December 31, 2022–December 31, 2024), and has concluded that no provision for federal income tax is required in each Series' financial statements. If applicable, each Series recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the year ended December 31, 2025, the Series did not incur any interest or tax penalties.**

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**Underlying Funds — Each Series may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Series may invest include ETFs. Each Series will indirectly bear the investment management fees and other expenses of the Underlying Funds.**

**Derivative Financial Instruments — Each Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, forward foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, each Series intends to either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.**

**Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, each Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of each Series under derivative contracts, if any, will be reported separately on the "Statements of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedules of investments."**

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to a Series are charged directly to that Series. Other expenses common to various funds within the Nomura Funds (formerly, Macquarie Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from any Underlying Funds in which a Series invests are recorded on the ex-dividend date. Each Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. Each Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.**

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. Each Series' Chief Executive Officer and Chief Financial Officer act as each Series' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Series has a single operating segment since each Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Series' portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Series' financial statements. Adoption of the new standard impacted each Series' financial statements note disclosures only, and did not affect any Series' financial position or the results of its operations.

Each Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2025, certain Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Custody Credits |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;$5 |

---

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

For the year ended December 31, 2025, Nomura VIP Pathfinder Aggressive Series, Nomura VIP Pathfinder Conservative Series, Nomura VIP Pathfinder Moderate Series, Nomura VIP Pathfinder Moderately Aggressive Series, Nomura VIP Pathfinder Moderately Conservative Series, Nomura VIP Pathfinder Moderate – Managed Volatility Series, and Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series had no earnings credits under this arrangement.

Each Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended December 31, 2025, each Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Nomura VIP Pathfinder Aggressive Series | &nbsp;&nbsp;&nbsp;$1 |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Series (other than the Pathfinder Series) pays DMC, a series of Nomura Investment Management Business Trust (NIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly based on each Series' average daily net assets as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% of net assets over $1 billion. |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% of net assets over $1 billion. |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% of net assets over $1 billion. |

---

Prior to December 1, 2025 (Closing Date), NIMBT was named Macquarie Investment Management Business Trust.

The Pathfinder Series pay no management fees.

DMC uses all of the management fee it receives from the Managed Volatility Series to pay Securian Asset Management Inc. (Securian AM). Accordingly, Securian AM receives a fee based on the average daily net assets of the Managed Volatility Series.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and

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nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding the following percentages of the Series' average daily net assets from January 1, 2025 through April 30, 2026. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage of average<br> daily net assets<br> Service Class Shares |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;0.24% |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;0.24% |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;0.24% |

---

Prior to the Closing Date, DMC entered into sub-advisory agreements on behalf of the Series with Macquarie Investment Management Austria Kapitalanlage AG (MIMAK). As of the Closing Date, MIMAK no longer served as a sub-advisor to the Series.

Securian AM serves as sub-advisor to the Managed Volatility Series. The sub-advisor makes investment decisions in accordance with the Series' investment objectives, policies and restrictions under the supervision of DMC and the Board. DMC pays all applicable costs of the sub-advisor.

Pursuant to the terms of the relevant sub-advisory agreement, an investment sub-advisory fee is paid by DMC to each sub-advisor.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Nomura Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Nomura Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the "Statements of operations" under "Accounting and administration expenses." For the year ended

December 31, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Pathfinder Aggressive Series | $6234 |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;6942 |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;20563 |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;24153 |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;9261 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;20155 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;6302 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;5027 |

---

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the year ended December 31, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Pathfinder Aggressive Series | $3684 |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;4852 |

---

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Pathfinder Moderate Series | $27317 |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;33237 |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;8676 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;26644 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;3797 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;1694 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to each Series. Sub-transfer agency fees are paid by each Series and are also included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

As provided in the investment management agreement, each Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Series. These amounts are included on the "Statements of operations" under "Legal fees." For the year ended December 31, 2025, each Series paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Nomura VIP Pathfinder Aggressive Series | $1085 |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;1456 |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;8152 |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;9916 |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;2589 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;8546 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;1674 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;1039 |

---

Trustees' fees include expenses accrued by each Series for each Trustee's retainer and meeting fees. Certain officers of DMC and DIFSC are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

In addition to the management fees and other expenses of a Series, a Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

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As of the Closing Date, Nomura Holding America Inc. completed the acquisition of Macquarie Asset Management's US and European public investments business. The closing of this transaction resulted in the automatic termination of each Series' investment advisory agreement with DMC and any sub-advisory agreement, as applicable. At a special shareholder meeting held on September 10, 2025, Series shareholders approved a new investment advisory agreement for each Series. On the Closing Date, the new investment advisory agreement, any applicable sub-advisory agreement, and each Series' name changes reflected below went effective.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series Name Prior to December 1, 2025** | &nbsp;&nbsp;**Series Name Effective December 1, 2025** |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Aggressive Series | &nbsp;&nbsp;Nomura VIP Pathfinder Aggressive Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Conservative Series | &nbsp;&nbsp;Nomura VIP Pathfinder Conservative Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderate Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderate Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Aggressive Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Conservative Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderate – Managed Volatility Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series |

---

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

An affiliated issuer includes any company in which a Series held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to a Series is deemed to exercise, directly or indirectly, a certain level of control over the company.

A summary of the transactions in affiliated companies during the year ended December 31, 2025 was as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Nomura VIP Pathfinder Aggressive Series** | **Nomura VIP Pathfinder Aggressive Series** | **Nomura VIP Pathfinder Aggressive Series** | **Nomura VIP Pathfinder Aggressive Series** | **Nomura VIP Pathfinder Aggressive Series** | **Nomura VIP Pathfinder Aggressive Series** | **Nomura VIP Pathfinder Aggressive Series** | **Nomura VIP Pathfinder Aggressive Series** |  |  |
| **Affiliated Mutual Funds—89.02%** | **Affiliated Mutual Funds—89.02%** | **Affiliated Mutual Funds—89.02%** |  |  |  |  |  |  |  |
| Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;$10197038 | &nbsp;&nbsp;&nbsp;$3840748 | &nbsp;&nbsp;&nbsp;$(2193198) | &nbsp;&nbsp;&nbsp;$261702 | &nbsp;&nbsp;&nbsp;$(235820) | &nbsp;&nbsp;&nbsp;$11870470 | &nbsp;&nbsp;&nbsp;849104 | &nbsp;&nbsp;&nbsp;$17341 | &nbsp;&nbsp;&nbsp;$1602234 |
| Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6917592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3885333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217822 | &nbsp;&nbsp;&nbsp;899322 | &nbsp;&nbsp;&nbsp;&nbsp;358312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3747040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3072754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501189 | &nbsp;&nbsp;&nbsp;&nbsp;1027739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7143834 | &nbsp;&nbsp;&nbsp;187011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416993 |
| Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6895403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7007212) | &nbsp;&nbsp;&nbsp;&nbsp;(1932617) | &nbsp;&nbsp;&nbsp;&nbsp;1150499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615826 |
| Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125391 | &nbsp;&nbsp;&nbsp;&nbsp;42650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;13630743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3751508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433673 | &nbsp;&nbsp;&nbsp;&nbsp;1814542 | &nbsp;&nbsp;&nbsp;&nbsp;13758934 | &nbsp;&nbsp;&nbsp;711056 | &nbsp;&nbsp;&nbsp;&nbsp;188169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692256 |
| Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498678 | &nbsp;&nbsp;&nbsp;105877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216290 | &nbsp;&nbsp;&nbsp;&nbsp;95837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2691783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1154295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974719 | &nbsp;&nbsp;&nbsp;145843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77150 |
| Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3158639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1942633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(869596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708297 | &nbsp;&nbsp;&nbsp;385620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323185 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;48649121 | &nbsp;&nbsp;&nbsp;&nbsp;17116468 | &nbsp;&nbsp;&nbsp;&nbsp;(24113231) | &nbsp;&nbsp;&nbsp;&nbsp;(2619928) | &nbsp;&nbsp;&nbsp;&nbsp;5482005 | &nbsp;&nbsp;&nbsp;&nbsp;44514435 |  | &nbsp;&nbsp;&nbsp;&nbsp;727526 | &nbsp;&nbsp;&nbsp;&nbsp;3727693 |
| **Affiliated Exchange-Traded Funds—10.79%** | **Affiliated Exchange-Traded Funds—10.79%** | **Affiliated Exchange-Traded Funds—10.79%** |  |  |  |  |  |  |  |
| Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373845 | &nbsp;&nbsp;&nbsp;&nbsp;52841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018821 | &nbsp;&nbsp;&nbsp;135771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5392666 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$48649121 | &nbsp;&nbsp;&nbsp;$22480513 | &nbsp;&nbsp;&nbsp;$(24113231) | &nbsp;&nbsp;&nbsp;$(2619928) | &nbsp;&nbsp;&nbsp;$5510626 | &nbsp;&nbsp;&nbsp;$49907101 |  | &nbsp;&nbsp;&nbsp;$734242 | &nbsp;&nbsp;&nbsp;$3727693 |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Nomura VIP Pathfinder Conservative Series** | **Nomura VIP Pathfinder Conservative Series** | **Nomura VIP Pathfinder Conservative Series** | **Nomura VIP Pathfinder Conservative Series** | **Nomura VIP Pathfinder Conservative Series** | **Nomura VIP Pathfinder Conservative Series** | **Nomura VIP Pathfinder Conservative Series** | **Nomura VIP Pathfinder Conservative Series** |  |  |
| **Affiliated Mutual Funds—93.41%** | **Affiliated Mutual Funds—93.41%** | **Affiliated Mutual Funds—93.41%** |  |  |  |  |  |  |  |
| Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;$9607300 | &nbsp;&nbsp;&nbsp;$3549991 | &nbsp;&nbsp;&nbsp;$(3263065) | &nbsp;&nbsp;&nbsp;$270596 | &nbsp;&nbsp;&nbsp;$(309996) | &nbsp;&nbsp;&nbsp;$9854826 | &nbsp;&nbsp;&nbsp;&nbsp;704923 | &nbsp;&nbsp;&nbsp;$14908 | &nbsp;&nbsp;&nbsp;$1377429 |
| Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;22880586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6756547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(732748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951683 | &nbsp;&nbsp;&nbsp;&nbsp;18913470 | &nbsp;&nbsp;&nbsp;4032723 | &nbsp;&nbsp;&nbsp;&nbsp;1146451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3318491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3169243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5973372 | &nbsp;&nbsp;&nbsp;&nbsp;156371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363803 |
| Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6078338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5980505) | &nbsp;&nbsp;&nbsp;&nbsp;(1896147) | &nbsp;&nbsp;&nbsp;&nbsp;1222621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535811 |
| Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779219 | &nbsp;&nbsp;&nbsp;&nbsp;265040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5438888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2158175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713486 | &nbsp;&nbsp;&nbsp;&nbsp;295271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311734 |
| Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;13504506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4272004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168231 | &nbsp;&nbsp;&nbsp;&nbsp;11087257 | &nbsp;&nbsp;&nbsp;2353983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2392764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1112598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600654 | &nbsp;&nbsp;&nbsp;&nbsp;118217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64865 |
| Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2769781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1944126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(939914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379248 | &nbsp;&nbsp;&nbsp;&nbsp;311342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279301 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;67929606 | &nbsp;&nbsp;&nbsp;&nbsp;18372941 | &nbsp;&nbsp;&nbsp;&nbsp;(29821587) | &nbsp;&nbsp;&nbsp;&nbsp;(3730649) | &nbsp;&nbsp;&nbsp;&nbsp;5223100 | &nbsp;&nbsp;&nbsp;&nbsp;57973411 |  | &nbsp;&nbsp;&nbsp;&nbsp;1978394 | &nbsp;&nbsp;&nbsp;&nbsp;2933252 |
| **Affiliated Exchange-Traded Funds—6.40%** | **Affiliated Exchange-Traded Funds—6.40%** | **Affiliated Exchange-Traded Funds—6.40%** |  |  |  |  |  |  |  |
| Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391213 | &nbsp;&nbsp;&nbsp;&nbsp;114568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970146 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$67929606 | &nbsp;&nbsp;&nbsp;$22379253 | &nbsp;&nbsp;&nbsp;$(29868452) | &nbsp;&nbsp;&nbsp;$(3731940) | &nbsp;&nbsp;&nbsp;$5235090 | &nbsp;&nbsp;&nbsp;$61943557 |  | &nbsp;&nbsp;&nbsp;$1983862 | &nbsp;&nbsp;&nbsp;$2933252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;35

------

[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Nomura VIP Pathfinder Moderate Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate Series<sup>(1)</sup>** |  |  |
| **Affiliated Mutual Funds—91.13%** | **Affiliated Mutual Funds—91.13%** | **Affiliated Mutual Funds—91.13%** |  |  |  |  |  |  |  |
| Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;$66066422 | &nbsp;&nbsp;&nbsp;$23575440 | &nbsp;&nbsp;&nbsp;$(19948799) | &nbsp;&nbsp;&nbsp;$2330698 | &nbsp;&nbsp;&nbsp;$(2392011) | &nbsp;&nbsp;&nbsp;$69631750 | &nbsp;&nbsp;&nbsp;&nbsp;4980812 | &nbsp;&nbsp;&nbsp;$106996 | &nbsp;&nbsp;&nbsp;$9885937 |
| Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;91089051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11108100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30807132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1181751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72319539 | &nbsp;&nbsp;&nbsp;15419944 | &nbsp;&nbsp;&nbsp;&nbsp;4598328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;23689712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30618718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21403142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5764827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42025077 | &nbsp;&nbsp;&nbsp;&nbsp;1100133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597806 |
| Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;43516304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43451005) | &nbsp;&nbsp;&nbsp;&nbsp;(11633629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6781690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817030 |
| Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 |
| Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;67802968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8429743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22742212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8409536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64555628 | &nbsp;&nbsp;&nbsp;&nbsp;3336208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480302 |
| Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;36938316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5348215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13316340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29059215 | &nbsp;&nbsp;&nbsp;&nbsp;6169685 | &nbsp;&nbsp;&nbsp;&nbsp;1506412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3251145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3065588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18675642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18866861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3333671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3756146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;17038236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8016095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11465615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471822 |
| Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;19890043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12945641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6203262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9898432 | &nbsp;&nbsp;&nbsp;&nbsp;2234409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;376404507 | &nbsp;&nbsp;&nbsp;&nbsp;109569817 | &nbsp;&nbsp;&nbsp;&nbsp;(180159931) | &nbsp;&nbsp;&nbsp;&nbsp;(17868191) | &nbsp;&nbsp;&nbsp;&nbsp;32526274 | &nbsp;&nbsp;&nbsp;&nbsp;320472476 |  | &nbsp;&nbsp;&nbsp;&nbsp;8275680 | &nbsp;&nbsp;&nbsp;&nbsp;22251654 |
| **Affiliated Exchange-Traded Funds—8.64%** | **Affiliated Exchange-Traded Funds—8.64%** | **Affiliated Exchange-Traded Funds—8.64%** |  |  |  |  |  |  |  |
| Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6541369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24340930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(449340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23864379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30733462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(449340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30405748 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$376404507 | &nbsp;&nbsp;&nbsp;$140303279 | &nbsp;&nbsp;&nbsp;$(180609271) | &nbsp;&nbsp;&nbsp;$(17880565) | &nbsp;&nbsp;&nbsp;$32660274 | &nbsp;&nbsp;&nbsp;$350878224 |  | &nbsp;&nbsp;&nbsp;$8315006 | &nbsp;&nbsp;&nbsp;$22251654 |
| <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.27%, 10.00%, 18.00%, and 21.60% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, and Nomura VIP Limited-Term Bond Series, respectively. |

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;36

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[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Nomura VIP Pathfinder Moderately Aggressive Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Aggressive Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Aggressive Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Aggressive Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Aggressive Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Aggressive Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Aggressive Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Aggressive Series<sup>(1)</sup>** |  |  |
| **Affiliated Mutual Funds—89.99%** | **Affiliated Mutual Funds—89.99%** | **Affiliated Mutual Funds—89.99%** |  |  |  |  |  |  |  |
| Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;$88538750 | &nbsp;&nbsp;&nbsp;$31255608 | &nbsp;&nbsp;&nbsp;$(26000389) | &nbsp;&nbsp;&nbsp;$3036310 | &nbsp;&nbsp;&nbsp;$(3085963) | &nbsp;&nbsp;&nbsp;$93744316 | &nbsp;&nbsp;&nbsp;&nbsp;6705602 | &nbsp;&nbsp;&nbsp;$145029 | &nbsp;&nbsp;&nbsp;$13399962 |
| Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;89470252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12391482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36460660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(861409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66272613 | &nbsp;&nbsp;&nbsp;14130621 | &nbsp;&nbsp;&nbsp;&nbsp;4510775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;32177636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40425656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28191552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7866977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56709402 | &nbsp;&nbsp;&nbsp;&nbsp;1484539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492271 |
| Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;59163466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6853571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59432220) | &nbsp;&nbsp;&nbsp;&nbsp;(15852242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9267425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199692 |
| Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 |
| Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;105826224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11315329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35377342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997737 | &nbsp;&nbsp;&nbsp;&nbsp;12988279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98750227 | &nbsp;&nbsp;&nbsp;&nbsp;5103371 | &nbsp;&nbsp;&nbsp;&nbsp;1442571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5307071 |
| Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;21981429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9404448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16073186 | &nbsp;&nbsp;&nbsp;&nbsp;3412566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4387024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4150250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24841570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25193559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4498376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5040591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4431133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;23124451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11105466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15310619 | &nbsp;&nbsp;&nbsp;&nbsp;1130770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633124 |
| Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;27072097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17686825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8324610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6839020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13418688 | &nbsp;&nbsp;&nbsp;&nbsp;3029049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;459819199 | &nbsp;&nbsp;&nbsp;&nbsp;139954471 | &nbsp;&nbsp;&nbsp;&nbsp;(233474842) | &nbsp;&nbsp;&nbsp;&nbsp;(22867208) | &nbsp;&nbsp;&nbsp;&nbsp;44207355 | &nbsp;&nbsp;&nbsp;&nbsp;387638975 |  | &nbsp;&nbsp;&nbsp;&nbsp;8407800 | &nbsp;&nbsp;&nbsp;&nbsp;30762446 |
| **Affiliated Exchange-Traded Funds—9.79%** | **Affiliated Exchange-Traded Funds—9.79%** | **Affiliated Exchange-Traded Funds—9.79%** |  |  |  |  |  |  |  |
| Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9716985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32874177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32206724 | &nbsp;&nbsp;&nbsp;&nbsp;1088065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42591162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42150115 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$459819199 | &nbsp;&nbsp;&nbsp;$182545633 | &nbsp;&nbsp;&nbsp;$(234103416) | &nbsp;&nbsp;&nbsp;$(22884518) | &nbsp;&nbsp;&nbsp;$44412192 | &nbsp;&nbsp;&nbsp;$429789090 |  | &nbsp;&nbsp;&nbsp;$8461258 | &nbsp;&nbsp;&nbsp;$30762446 |
| <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Aggressive Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 15.61%, 13.47%, 16.49%, 13.20%, and 11.95% of the Nomura Focused International Core ETF, Nomura VIP Core Equity Series, Nomura VIP Corporate Bond Series, Nomura VIP International Core Equity Series, and Nomura VIP Limited-Term Bond Series, respectively. |

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;37

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[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Nomura VIP Pathfinder Moderately Conservative Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Conservative Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Conservative Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Conservative Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Conservative Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Conservative Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Conservative Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderately Conservative Series<sup>(1)</sup>** |  |  |
| **Affiliated Mutual Funds—92.26%** | **Affiliated Mutual Funds—92.26%** | **Affiliated Mutual Funds—92.26%** |  |  |  |  |  |  |  |
| Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;$19021185 | &nbsp;&nbsp;&nbsp;$6958255 | &nbsp;&nbsp;&nbsp;$(5992649) | &nbsp;&nbsp;&nbsp;$686407 | &nbsp;&nbsp;&nbsp;$(724735) | &nbsp;&nbsp;&nbsp;$19948463 | &nbsp;&nbsp;&nbsp;1426929 | &nbsp;&nbsp;&nbsp;$30541 | &nbsp;&nbsp;&nbsp;$2821848 |
| Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;34736780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148327 | &nbsp;&nbsp;&nbsp;&nbsp;(10579908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28637608 | &nbsp;&nbsp;&nbsp;6106100 | &nbsp;&nbsp;&nbsp;&nbsp;1765850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9008296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6315763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983006 | &nbsp;&nbsp;&nbsp;&nbsp;1620777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12005437 | &nbsp;&nbsp;&nbsp;&nbsp;314278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737045 |
| Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12308131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295582 | &nbsp;&nbsp;&nbsp;&nbsp;(12235989) | &nbsp;&nbsp;&nbsp;&nbsp;(3373898) | &nbsp;&nbsp;&nbsp;&nbsp;2006174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1082913 |
| Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120040 | &nbsp;&nbsp;&nbsp;&nbsp;380966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 |
| Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;15615544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5559540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655354 | &nbsp;&nbsp;&nbsp;&nbsp;1936021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15414877 | &nbsp;&nbsp;&nbsp;&nbsp;796634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838197 |
| Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;17819752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5908140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14488493 | &nbsp;&nbsp;&nbsp;3076113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(893808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462997 | &nbsp;&nbsp;&nbsp;&nbsp;162783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(957304) | &nbsp;&nbsp;&nbsp;&nbsp;(1016632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4830190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2236671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320075 | &nbsp;&nbsp;&nbsp;&nbsp;245205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136385 |
| Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5618491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3712475) | &nbsp;&nbsp;&nbsp;&nbsp;(1784589) | &nbsp;&nbsp;&nbsp;&nbsp;1480788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816023 | &nbsp;&nbsp;&nbsp;&nbsp;635671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564747 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;120025850 | &nbsp;&nbsp;&nbsp;&nbsp;34272393 | &nbsp;&nbsp;&nbsp;&nbsp;(54798107) | &nbsp;&nbsp;&nbsp;&nbsp;(5067229) | &nbsp;&nbsp;&nbsp;&nbsp;8781106 | &nbsp;&nbsp;&nbsp;&nbsp;103214013 |  | &nbsp;&nbsp;&nbsp;&nbsp;3099481 | &nbsp;&nbsp;&nbsp;&nbsp;6181582 |
| **Affiliated Exchange-Traded Funds—7.53%** | **Affiliated Exchange-Traded Funds—7.53%** | **Affiliated Exchange-Traded Funds—7.53%** |  |  |  |  |  |  |  |
| Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6919344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857846 | &nbsp;&nbsp;&nbsp;&nbsp;231684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8424556 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$120025850 | &nbsp;&nbsp;&nbsp;$42722639 | &nbsp;&nbsp;&nbsp;$(54854956) | &nbsp;&nbsp;&nbsp;$(5068795) | &nbsp;&nbsp;&nbsp;$8813831 | &nbsp;&nbsp;&nbsp;$111638569 |  | &nbsp;&nbsp;&nbsp;$3110674 | &nbsp;&nbsp;&nbsp;$6181582 |
| <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderately Conservative Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 10.77% of the Nomura VIP Limited-Term Bond Series. |

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;38

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[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Nomura VIP Pathfinder Moderate – Managed Volatility Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate – Managed Volatility Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate – Managed Volatility Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate – Managed Volatility Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate – Managed Volatility Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate – Managed Volatility Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate – Managed Volatility Series<sup>(1)</sup>** | **Nomura VIP Pathfinder Moderate – Managed Volatility Series<sup>(1)</sup>** |  |  |
| **Affiliated Mutual Funds—89.51%** | **Affiliated Mutual Funds—89.51%** | **Affiliated Mutual Funds—89.51%** |  |  |  |  |  |  |  |
| Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;$65164849 | &nbsp;&nbsp;&nbsp;$24386290 | &nbsp;&nbsp;&nbsp;$(24232534) | &nbsp;&nbsp;&nbsp;$2867646 | &nbsp;&nbsp;&nbsp;$(2891698) | &nbsp;&nbsp;&nbsp;$65294553 | &nbsp;&nbsp;&nbsp;&nbsp;4670569 | &nbsp;&nbsp;&nbsp;$101208 | &nbsp;&nbsp;&nbsp;$9351066 |
| Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;89844379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13906562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36831971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2118584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67821889 | &nbsp;&nbsp;&nbsp;14460957 | &nbsp;&nbsp;&nbsp;&nbsp;4349974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;23369155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30557637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23141451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39389309 | &nbsp;&nbsp;&nbsp;&nbsp;1031134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531487 |
| Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;42936564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43923026) | &nbsp;&nbsp;&nbsp;&nbsp;(13251676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8589069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608462 |
| Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(714556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
| Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;66873350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10253625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27399342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7714887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60529942 | &nbsp;&nbsp;&nbsp;&nbsp;3128162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292939 |
| Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;36482605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6418470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15734227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27266516 | &nbsp;&nbsp;&nbsp;&nbsp;5789070 | &nbsp;&nbsp;&nbsp;&nbsp;1426716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3277071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3122581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17576298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17676656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3358459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3610057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;16808073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8897964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10738063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445946 |
| Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;19630037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13751436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6017920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276687 | &nbsp;&nbsp;&nbsp;&nbsp;2094060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;371334143 | &nbsp;&nbsp;&nbsp;&nbsp;116800693 | &nbsp;&nbsp;&nbsp;&nbsp;(201785486) | &nbsp;&nbsp;&nbsp;&nbsp;(19018081) | &nbsp;&nbsp;&nbsp;&nbsp;33155046 | &nbsp;&nbsp;&nbsp;&nbsp;300486315 |  | &nbsp;&nbsp;&nbsp;&nbsp;7844297 | &nbsp;&nbsp;&nbsp;&nbsp;21122019 |
| **Affiliated Exchange-Traded Funds—8.52%** | **Affiliated Exchange-Traded Funds—8.52%** | **Affiliated Exchange-Traded Funds—8.52%** |  |  |  |  |  |  |  |
| Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23126163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22454827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29154330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28623388 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$371334143 | &nbsp;&nbsp;&nbsp;$145955023 | &nbsp;&nbsp;&nbsp;$(202425574) | &nbsp;&nbsp;&nbsp;$(19035708) | &nbsp;&nbsp;&nbsp;$33281819 | &nbsp;&nbsp;&nbsp;$329109703 |  | &nbsp;&nbsp;&nbsp;$7881306 | &nbsp;&nbsp;&nbsp;$21122019 |
| <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. | <sup>(1)</sup> The Nomura VIP Pathfinder Moderate – Managed Volatility Series does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Series within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Series was the owner of record of 16.88% and 20.27% of the Nomura VIP Corporate Bond Series and Nomura VIP Limited-Term Bond Series, respectively. |

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;39

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[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series** |  |  |
| **Affiliated Mutual Funds—88.39%** | **Affiliated Mutual Funds—88.39%** | **Affiliated Mutual Funds—88.39%** |  |  |  |  |  |  |  |
| Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;$10347823 | &nbsp;&nbsp;&nbsp;$3879534 | &nbsp;&nbsp;&nbsp;$(3943430) | &nbsp;&nbsp;&nbsp;$405283 | &nbsp;&nbsp;&nbsp;$(409782) | &nbsp;&nbsp;&nbsp;$10279428 | &nbsp;&nbsp;&nbsp;&nbsp;735295 | &nbsp;&nbsp;&nbsp;$16015 | &nbsp;&nbsp;&nbsp;$1479706 |
| Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10459550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5134462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7269618 | &nbsp;&nbsp;&nbsp;1550025 | &nbsp;&nbsp;&nbsp;&nbsp;498072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3762428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3675713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217882 | &nbsp;&nbsp;&nbsp;&nbsp;162772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400410 |
| Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6918288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7177569) | &nbsp;&nbsp;&nbsp;&nbsp;(2214429) | &nbsp;&nbsp;&nbsp;&nbsp;1471907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574248 |
| Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12372222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5304307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581296 | &nbsp;&nbsp;&nbsp;&nbsp;1383194 | &nbsp;&nbsp;&nbsp;&nbsp;10830178 | &nbsp;&nbsp;&nbsp;&nbsp;559699 | &nbsp;&nbsp;&nbsp;&nbsp;159313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586097 |
| Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2566306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1318821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764641 | &nbsp;&nbsp;&nbsp;&nbsp;374659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2702360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1494058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679754 | &nbsp;&nbsp;&nbsp;&nbsp;124059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69993 |
| Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3165972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2267276) | &nbsp;&nbsp;&nbsp;&nbsp;(1154030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472500 | &nbsp;&nbsp;&nbsp;&nbsp;332393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301185 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;53744663 | &nbsp;&nbsp;&nbsp;&nbsp;17879460 | &nbsp;&nbsp;&nbsp;&nbsp;(31534810) | &nbsp;&nbsp;&nbsp;&nbsp;(3471589) | &nbsp;&nbsp;&nbsp;&nbsp;5895098 | &nbsp;&nbsp;&nbsp;&nbsp;42512822 |  | &nbsp;&nbsp;&nbsp;&nbsp;930954 | &nbsp;&nbsp;&nbsp;&nbsp;3411733 |
| **Affiliated Exchange-Traded Funds—9.69%** | **Affiliated Exchange-Traded Funds—9.69%** | **Affiliated Exchange-Traded Funds—9.69%** |  |  |  |  |  |  |  |
| Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564580 | &nbsp;&nbsp;&nbsp;&nbsp;120425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663946 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$53744663 | &nbsp;&nbsp;&nbsp;$22563459 | &nbsp;&nbsp;&nbsp;$(31576365) | &nbsp;&nbsp;&nbsp;$(3472733) | &nbsp;&nbsp;&nbsp;$5917744 | &nbsp;&nbsp;&nbsp;$47176768 |  | &nbsp;&nbsp;&nbsp;$936870 | &nbsp;&nbsp;&nbsp;$3411733 |

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&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;40

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[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series** |  |  |
| **Affiliated Mutual Funds—90.78%** | **Affiliated Mutual Funds—90.78%** | **Affiliated Mutual Funds—90.78%** |  |  |  |  |  |  |  |
| Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class | Nomura VIP Core Equity Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;$3722481 | &nbsp;&nbsp;&nbsp;$1677022 | &nbsp;&nbsp;&nbsp;$(1729166) | &nbsp;&nbsp;&nbsp;$108737 | &nbsp;&nbsp;&nbsp;$(133589) | &nbsp;&nbsp;&nbsp;$3645485 | &nbsp;&nbsp;&nbsp;&nbsp;260764 | &nbsp;&nbsp;&nbsp;$6089 | &nbsp;&nbsp;&nbsp;$562552 |
| Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class | Nomura VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6799000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3015655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234618 | &nbsp;&nbsp;&nbsp;1116123 | &nbsp;&nbsp;&nbsp;&nbsp;352064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class | Nomura VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1312157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1545210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146989 |
| Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class | Nomura VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2408907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2546341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215817 |
| Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class | Nomura VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class | Nomura VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3056095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1587131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817586 | &nbsp;&nbsp;&nbsp;&nbsp;145612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167071 |
| Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class | Nomura VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3492513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1621169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647733 | &nbsp;&nbsp;&nbsp;&nbsp;562151 | &nbsp;&nbsp;&nbsp;&nbsp;145809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class | Nomura VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class | Nomura VIP Science and Technology Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class | Nomura VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class | Nomura VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27186 |
| Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class | Nomura VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1099761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(838509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515438 | &nbsp;&nbsp;&nbsp;&nbsp;116352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112516 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;23492250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8654100 | &nbsp;&nbsp;&nbsp;&nbsp;(13925193) | &nbsp;&nbsp;&nbsp;&nbsp;(1607340) | &nbsp;&nbsp;&nbsp;&nbsp;2251560 | &nbsp;&nbsp;&nbsp;&nbsp;18865377 |  | &nbsp;&nbsp;&nbsp;&nbsp;617870 | &nbsp;&nbsp;&nbsp;&nbsp;1232212 |
| **Affiliated Exchange-Traded Funds—7.38%** | **Affiliated Exchange-Traded Funds—7.38%** | **Affiliated Exchange-Traded Funds—7.38%** |  |  |  |  |  |  |  |
| Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF | Nomura Focused International Core ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF | Nomura Focused Large Growth ETF |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533352 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$23492250 | &nbsp;&nbsp;&nbsp;$10223731 | &nbsp;&nbsp;&nbsp;$(13966286) | &nbsp;&nbsp;&nbsp;$(1608472) | &nbsp;&nbsp;&nbsp;$2257506 | &nbsp;&nbsp;&nbsp;$20398729 |  | &nbsp;&nbsp;&nbsp;$619901 | &nbsp;&nbsp;&nbsp;$1232212 |

---

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Ivy Variable Insurance Portfolios

3. Investments

For the year ended December 31, 2025, each Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:

---

| | | |
|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Purchases | &nbsp;&nbsp;&nbsp;Sales |
| Nomura VIP Pathfinder Aggressive Series | &nbsp;&nbsp;&nbsp;$22480513 | &nbsp;&nbsp;&nbsp;$24113231 |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22379253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29868452 |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;140303279 | &nbsp;&nbsp;&nbsp;&nbsp;180609271 |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;182545633 | &nbsp;&nbsp;&nbsp;&nbsp;234103416 |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42722639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54854956 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;145955023 | &nbsp;&nbsp;&nbsp;&nbsp;202425574 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22563459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31576365 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10223731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13966286 |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Series were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Cost of<br> investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments<br> and derivatives |
| Nomura VIP Pathfinder Aggressive Series | &nbsp;&nbsp;&nbsp;$48982034 | &nbsp;&nbsp;&nbsp;$3241477 | &nbsp;&nbsp;&nbsp;$(2194148) | &nbsp;&nbsp;&nbsp;$1047329 |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67571312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7097243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5474896) |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;364137990 | &nbsp;&nbsp;&nbsp;&nbsp;15672701 | &nbsp;&nbsp;&nbsp;&nbsp;(28051073) | &nbsp;&nbsp;&nbsp;&nbsp;(12378372) |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;434696589 | &nbsp;&nbsp;&nbsp;&nbsp;23609579 | &nbsp;&nbsp;&nbsp;&nbsp;(27434745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3825166) |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;118370512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920397 | &nbsp;&nbsp;&nbsp;&nbsp;(10377058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6456661) |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;348047343 | &nbsp;&nbsp;&nbsp;&nbsp;14217046 | &nbsp;&nbsp;&nbsp;&nbsp;(27403186) | &nbsp;&nbsp;&nbsp;&nbsp;(13186140) |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49136613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3573509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1148731) |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22371936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2266819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1622288) |

---

US GAAP defines fair value as the price that each Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Series' investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

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Level 3 - Significant unobservable inputs, including each Series' own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Series' investments by fair value hierarchy levels as of December 31, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP <br>Pathfinder<br> Aggressive<br> Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;$5392666 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44514435 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122262 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$50029363 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP <br>Pathfinder<br> Conservative <br>Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;$3970146 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57973411 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152859 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$62096416 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP <br>Pathfinder<br> Moderate <br>Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;$30405748 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320472476 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881394 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$351759618 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;43

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Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Moderately<br> Aggressive<br> Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;$42150115 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387638975 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082333 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$430871423 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Moderately<br> Conservative<br> Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;$8424556 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103214013 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275282 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$111913851 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP <br>Pathfinder<br> Moderate –<br>Managed<br> Volatility Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;$28623388 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300486315 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5733310 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$334843013 |
| Derivatives<sup>1</sup> |  |
| Assets: |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$26196 |
| Liabilities: |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(8006) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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<br> <sup>1</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP <br>Pathfinder<br> Moderately <br>Aggressive – <br>Managed <br>Volatility Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;$4663946 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42512822 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808543 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$47985311 |
| Derivatives<sup>1</sup> |  |
| Assets: |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$3742 |
| Liabilities: |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(1171) |

---

<br> <sup>1</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP <br>Pathfinder<br> Moderately <br>Conservative –<br> Managed <br>Volatility Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;$1533352 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18865377 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347567 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$20746296 |
| Derivatives<sup>1</sup> |  |
| Assets: |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$3742 |
| Liabilities: |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(390) |

---

<br> <sup>1</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

&nbsp;&nbsp;&nbsp;&nbsp;45

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Ivy Variable Insurance Portfolios

3. Investments (continued)

During the year ended December 31, 2025, there were no transfers into or out of Level 3 investments. Each Series' policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting year.

A reconciliation of Level 3 investments is presented when a Series has a significant amount of Level 3 investments at the beginning or end of the year in relation to each Series' net assets. As of December 31, 2025, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;Ordinary<br> income | &nbsp;&nbsp;&nbsp;Long-term<br> capital<br> gains | &nbsp;&nbsp;&nbsp;Total |
| Year ended December 31, 2025: |  |  |  |
| Nomura VIP Pathfinder Aggressive Series | &nbsp;&nbsp;&nbsp;$848085 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$848085 |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;1997030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1997030 |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;9018155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9018155 |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;9927861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9927861 |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;3445965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3445965 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;8691420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8691420 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;1172208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1172208 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634962 |
| Year ended December 31, 2024: |  |  |  |
| Nomura VIP Pathfinder Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882403 |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;1880919 | &nbsp;&nbsp;&nbsp;&nbsp;373740 | &nbsp;&nbsp;&nbsp;&nbsp;2254659 |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;6605330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6605330 |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;7683632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7683632 |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;2129446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2129446 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;5812636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5812636 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886316 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373853 |

---

5. Components of Net Assets on a Tax Basis

As of December 31, 2025, the components of net assets on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Aggressive<br> Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Conservative<br> Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Moderate<br> Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Moderately<br> Aggressive<br> Series |
| Paid-in capital | &nbsp;&nbsp;$47124095 | &nbsp;&nbsp;&nbsp;$66429340 | &nbsp;&nbsp;&nbsp;$352199595 | &nbsp;&nbsp;&nbsp;$420591062 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;1566668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11888823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14019165 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1023934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35108) |
| Unrealized appreciation (depreciation) of investments and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;1047329 | &nbsp;&nbsp;&nbsp;&nbsp;(5474896) | &nbsp;&nbsp;&nbsp;&nbsp;(12378372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3825166) |
| Net assets | &nbsp;&nbsp;$50003425 | &nbsp;&nbsp;&nbsp;$62062969 | &nbsp;&nbsp;&nbsp;$351680594 | &nbsp;&nbsp;&nbsp;$430749953 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Moderately<br> Conservative<br> Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Moderate –<br> Managed<br> Volatility Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Moderately<br> Aggressive –<br> Managed<br> Volatility Series | &nbsp;&nbsp;&nbsp;Nomura VIP<br> Pathfinder<br> Moderately<br> Conservative –<br> Managed<br> Volatility Series |
| Paid-in capital | $114115072 | &nbsp;&nbsp;&nbsp;$346048120 | &nbsp;&nbsp;&nbsp;$51551176 | &nbsp;&nbsp;&nbsp;$23807967 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;4225396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680629 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6092553) | &nbsp;&nbsp;&nbsp;&nbsp;(3414333) | &nbsp;&nbsp;&nbsp;&nbsp;(2078455) |
| Non-deductible expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4738) |
| Deferred directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1058) |
| Unrealized appreciation (depreciation) of investments and derivatives | &nbsp;&nbsp;&nbsp;(6456661) | &nbsp;&nbsp;&nbsp;&nbsp;(13186140) | &nbsp;&nbsp;&nbsp;&nbsp;(1148731) | &nbsp;&nbsp;&nbsp;&nbsp;(1622288) |
| Net assets | $111874387 | &nbsp;&nbsp;&nbsp;$335709963 | &nbsp;&nbsp;&nbsp;$48098690 | &nbsp;&nbsp;&nbsp;$20782057 |

---

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark-to-market on futures contracts.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of earnings and profits distributed to shareholders on the redemption of shares. Results of operations and net assets were not affected by these reclassifications. For the year ended December 31, 2025, certain Series recorded the following reclassifications:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;Total distributable earnings (loss) |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$(1) |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

Nomura VIP Pathfinder Aggressive Series, Nomura VIP Pathfinder Moderately Conservative Series, and Nomura VIP Pathfinder Moderate – Managed Volatility Series did not have any reclassifications for the year ended December 31, 2025.

At December 31, 2025, certain Series have capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Loss carryforward character | &nbsp;&nbsp;Loss carryforward character |  |
|  | &nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;Total |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1023934 | &nbsp;&nbsp;&nbsp;$1023934 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6092553 | &nbsp;&nbsp;&nbsp;&nbsp;6092553 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3414333 | &nbsp;&nbsp;&nbsp;&nbsp;3414333 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2078455 | &nbsp;&nbsp;&nbsp;&nbsp;2078455 |

---

&nbsp;&nbsp;&nbsp;&nbsp;47

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Ivy Variable Insurance Portfolios

6. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura VIP<br> Pathfinder<br> Aggressive<br> Series | Nomura VIP<br> Pathfinder<br> Aggressive<br> Series | Nomura VIP<br> Pathfinder<br> Conservative<br> Series | Nomura VIP<br> Pathfinder<br> Conservative<br> Series | Nomura VIP<br> Pathfinder<br> Moderate<br> Series | Nomura VIP<br> Pathfinder<br> Moderate<br> Series |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;232139 | &nbsp;&nbsp;&nbsp;&nbsp;335016 | &nbsp;&nbsp;&nbsp;&nbsp;247250 | &nbsp;&nbsp;&nbsp;&nbsp;730964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287719 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;204852 | &nbsp;&nbsp;&nbsp;&nbsp;225103 | &nbsp;&nbsp;&nbsp;&nbsp;474354 | &nbsp;&nbsp;&nbsp;&nbsp;547248 | &nbsp;&nbsp;&nbsp;2178298 | &nbsp;&nbsp;&nbsp;1659630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;436991 | &nbsp;&nbsp;&nbsp;&nbsp;560119 | &nbsp;&nbsp;&nbsp;&nbsp;721604 | &nbsp;&nbsp;1278212 | &nbsp;&nbsp;&nbsp;2396892 | &nbsp;&nbsp;&nbsp;1947349 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | (1633860) | (2957556) | (3069792) | (5124203) | (16639377) | (23926961) |
| Net decrease | (1196869) | (2397437) | (2348188) | (3845991) | (14242485) | (21979612) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nomura VIP<br> Pathfinder<br> Moderately<br> Aggressive<br> Series | Nomura VIP<br> Pathfinder<br> Moderately<br> Aggressive<br> Series | Nomura VIP<br> Pathfinder<br> Moderately<br> Conservative<br> Series | Nomura VIP<br> Pathfinder<br> Moderately<br> Conservative<br> Series | Nomura VIP<br> Pathfinder<br> Moderate –<br> Managed<br> Volatility Series | Nomura VIP<br> Pathfinder<br> Moderate –<br> Managed<br> Volatility Series |
|  | Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
|  | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538911 | &nbsp;&nbsp;&nbsp;&nbsp;278233 | &nbsp;&nbsp;&nbsp;&nbsp;527912 | &nbsp;&nbsp;&nbsp;&nbsp;1119762 | &nbsp;&nbsp;&nbsp;3670925 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;2358162 | &nbsp;&nbsp;&nbsp;&nbsp;1911351 | &nbsp;&nbsp;&nbsp;&nbsp;820468 | &nbsp;&nbsp;&nbsp;&nbsp;520647 | &nbsp;&nbsp;&nbsp;2064470 | &nbsp;&nbsp;&nbsp;1397268 |
|  | &nbsp;&nbsp;&nbsp;2855613 | &nbsp;&nbsp;&nbsp;2450262 | &nbsp;&nbsp;1098701 | &nbsp;&nbsp;1048559 | &nbsp;&nbsp;&nbsp;3184232 | &nbsp;&nbsp;&nbsp;5068193 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | (21240578) | (32053717) | (5149889) | (5566307) | (19024818) | (26121474) |
| Net decrease | (18384965) | (29603455) | (4051188) | (4517748) | (15840586) | (21053281) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Nomura VIP<br> Pathfinder<br> Moderately<br> Aggressive –<br> Managed<br> Volatility Series | Nomura VIP<br> Pathfinder<br> Moderately<br> Aggressive –<br> Managed<br> Volatility Series | Nomura VIP<br> Pathfinder<br> Moderately<br> Conservative –<br> Managed<br> Volatility Series | Nomura VIP<br> Pathfinder<br> Moderately<br> Conservative –<br> Managed<br> Volatility Series |
|  | Year ended | Year ended | Year ended | Year ended |
|  | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;198341 | &nbsp;&nbsp;&nbsp;&nbsp;210960 | &nbsp;&nbsp;&nbsp;&nbsp;613028 | &nbsp;&nbsp;1221313 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;259338 | &nbsp;&nbsp;&nbsp;&nbsp;200071 | &nbsp;&nbsp;&nbsp;&nbsp;195373 | &nbsp;&nbsp;&nbsp;&nbsp;115386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;457679 | &nbsp;&nbsp;&nbsp;&nbsp;411031 | &nbsp;&nbsp;&nbsp;&nbsp;808401 | &nbsp;&nbsp;1336699 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | (2874645) | (5075722) | (2128604) | (3702301) |
| Net decrease | (2416966) | (4664691) | (1320203) | (2365602) |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

7. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the year ended December 31, 2025.

8. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledge US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At December 31, 2025, Nomura VIP Pathfinder Moderate – Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series, and Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series posted $901,113, $131,721, and $48,423, respectively, in cash as collateral for open**

&nbsp;&nbsp;&nbsp;&nbsp;49

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Ivy Variable Insurance Portfolios

8. Derivatives (continued)

futures contracts, which is included in "Cash collateral due from broker on futures contracts" on the "Statements of assets and liabilities." Open futures contracts, if any, are disclosed on the "Schedules of investments."

During the year ended December 31, 2025, the Managed Volatility Series invested in futures contracts to hedge the Series' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

During the year ended December 31, 2025, the Managed Volatility Series experienced net realized and unrealized gains or losses attributable to futures contracts, which are disclosed on the "Statements of assets and liabilities" and "Statements of operations."

The table below summarizes the average daily balance of derivative holdings by each Series during the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Nomura VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;17919765 | $&nbsp;&nbsp;2534804 | $&nbsp;&nbsp;1261814 |

---

9. Securities Lending

Each Series, along with other funds in the Nomura Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Series of the Trust is generally invested in a series of individual separate accounts, each corresponding to a Series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Series or, at the discretion of the lending agent, replace the loaned securities. Each Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Series receives loan premiums paid by the borrower. With respect to security loans collateralized by

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cash collateral, the earnings from the collateral investments are shared among each Series, the security lending agent, and the borrower. Each Series records security lending income net of allocations to the security lending agent and the borrower.

Each Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Series' cash collateral account may be less than the amount each Series would be required to return to the borrowers of the securities and each Series would be required to make up for this shortfall.

During the year ended December 31, 2025, each Series had no securities out on loan.

10. Credit and Market Risks

Because each Series invests substantially all of its assets in Ivy Variable Insurance Portfolios mutual funds, the risks associated with investing in the Series are closely related to the risks associated with the securities and other investments held by the Underlying Funds.

Certain Underlying Funds may hold high-yield or non-investment-grade bonds, that may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Underlying Funds may acquire securities in default and are not obligated to dispose of securities whose issuers subsequently default and are not obligated to dispose of securities whose issuers subsequently default.

In the normal course of business, the Underlying Funds may invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Underlying Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Underlying Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Underlying Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Underlying Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Underlying Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties.

Certain Underlying Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument.

If an Underlying Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Underlying Funds, or, in the case of hedging positions, that the Underlying Fund's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by US or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.

Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the "Statements of assets and liabilities", if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a Series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

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Ivy Variable Insurance Portfolios

11. Contractual Obligations

Each Series enters into contracts in the normal course of business that contain a variety of indemnifications. Each Series' maximum exposure under these arrangements is unknown. However, each Series has not had prior claims or losses pursuant to these contracts. Management has reviewed each Series' existing contracts and expects the risk of loss to be remote.

12. Recent Accounting Pronouncements

Each Series adopted FASB Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures as of December 31, 2025. ASU 2023-09 requires public business entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction if material. Because each Series does not pay a material amount of income taxes, there was not a significant impact to the income tax disclosures.

13. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to December 31, 2025, that would require recognition or disclosure in the Series' financial statements.

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Report of independent registered public accounting firm

To the Board of Trustees of Ivy Variable Insurance Portfolios and Shareholders of Nomura VIP Pathfinder Aggressive Series, Nomura VIP Pathfinder Conservative Series, Nomura VIP Pathfinder Moderate Series, Nomura VIP Pathfinder Moderately Aggressive Series, Nomura VIP Pathfinder Moderately Conservative Series, Nomura VIP Pathfinder Moderate – Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series and Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Nomura VIP Pathfinder Aggressive Series, Nomura VIP Pathfinder Conservative Series, Nomura VIP Pathfinder Moderate Series, Nomura VIP Pathfinder Moderately Aggressive Series, Nomura VIP Pathfinder Moderately Conservative Series, Nomura VIP Pathfinder Moderate - Managed Volatility Series, Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series and Nomura VIP Pathfinder Moderately Conservative - Managed Volatility Series (eight of the series constituting Ivy Variable Insurance Portfolios, hereafter collectively referred to as the "Series") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Series as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Series' management. Our responsibility is to express an opinion on the Series' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 27, 2026

We have served as the auditor of one or more Nomura investment companies since 2010.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Tax Information
The information set forth below is for the Series' fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Series. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Series to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended December 31, 2025, each Series reports distributions paid during the year as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;(A)<br> Ordinary Income<br> Distributions<br> (Tax Basis) | &nbsp;&nbsp;&nbsp;(B)<br> Qualifying<br> Dividends<sup>1</sup> |
| Nomura VIP Pathfinder Aggressive Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;32.86% |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;12.15% |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;19.23% |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;23.59% |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;14.33% |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;19.11% |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;22.41% |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;15.51% |

---

------

(A) is based on a percentage of each Series' total distributions.

(B) is based on each Series' ordinary income distributions.

<sup>1</sup>Qualified dividends represent dividends which qualify for the corporate dividends received deduction.

For the fiscal year ended December 31, 2025, certain dividends paid by each Series, determined to be Qualified Short-Term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended December 31, 2025, certain Series reported maximum Qualified Short-Term Capital Gains distributions as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Qualified Short-Term Capital Gains |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;$416677 |

---

Each Series intends to pass through foreign tax credits in the maximum amount and the gross foreign source income earned during the fiscal year 2025 by each Series was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Foreign Tax Credits | &nbsp;&nbsp;&nbsp;Gross Foreign Source Income Earned |
| Nomura VIP Pathfinder Aggressive Series | &nbsp;&nbsp;$7594 | &nbsp;&nbsp;&nbsp;$195764 |
| Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88155 |
| Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;38180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984197 |
| Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;58220 | &nbsp;&nbsp;&nbsp;&nbsp;1500790 |
| Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;9195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237034 |
| Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;36124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931212 |
| Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;6430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165743 |
| Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;1833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47246 |

---

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 10, 2025, shareholders of each Series approved a new investment advisory agreement. The results of the voting at the meeting were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Series** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Against** | &nbsp;&nbsp;**Abstain** |
| &nbsp;&nbsp;Nomura VIP Pathfinder Aggressive Series | &nbsp;&nbsp;8962415 | &nbsp;&nbsp;1040941 | &nbsp;&nbsp;1304365 |
| &nbsp;&nbsp;Nomura VIP Pathfinder Conservative Series | &nbsp;&nbsp;13352208 | &nbsp;&nbsp;459301 | &nbsp;&nbsp;1057046 |
| &nbsp;&nbsp;Nomura VIP Pathfinder Moderate Series | &nbsp;&nbsp;80187679 | &nbsp;&nbsp;2265943 | &nbsp;&nbsp;2192776 |
| &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;93813074 | &nbsp;&nbsp;5898363 | &nbsp;&nbsp;1522447 |
| &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;22031862 | &nbsp;&nbsp;2286419 | &nbsp;&nbsp;2137256 |
| &nbsp;&nbsp;Nomura VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;76321015 | &nbsp;&nbsp;1396705 | &nbsp;&nbsp;2660616 |
| &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;9013671 | &nbsp;&nbsp;692091 | &nbsp;&nbsp;808869 |
| &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;6039170 | &nbsp;&nbsp; — | &nbsp;&nbsp;518059 |

---

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
At a meeting held on August 12-14, 2025 (the "Annual Contract Renewal Meeting"), the Board of Trustees (the "Board"), including a majority of Trustees each of whom is not an "interested person" as defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved the renewal of the Nomura (formerly, Macquarie) VIP Pathfinder Aggressive Series, Nomura (formerly, Macquarie) VIP Pathfinder Moderately Aggressive Series, Nomura (formerly, Macquarie) VIP Pathfinder Moderate Series, Nomura (formerly, Macquarie) VIP Pathfinder Moderately Conservative Series, Nomura (formerly, Macquarie) VIP Pathfinder Conservative Series, Nomura (formerly, Macquarie) VIP Pathfinder Moderate—Managed Volatility Series, Nomura (formerly, Macquarie) VIP Pathfinder Moderately Aggressive—Managed Volatility Series and Nomura (formerly, Macquarie) VIP Pathfinder Moderately Conservative—Managed Volatility Series (each, a "Fund" and together, the "Funds") Investment Management Agreement with Delaware Management Company ("DMC"); the Sub-Advisory Agreements with Macquarie Investment Management Austria Kapitalanlage AG ("MIMAK" or the "Affiliated Sub-Adviser") and Securian Asset Management, Inc. ("Securian") (together with the Affiliated Sub-Adviser, the "Sub-Advisers").

Prior to the Annual Contract Renewal Meeting, including at a Board meeting held in May 2025, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the Equity Investments Committee and the Fixed Income Multi-Asset Sub-Advised Funds Investments Committee (each an "Investment Committee" and together, the "Investment Committees"), with each Investment Committee assisting the full Board in reviewing investment performance and other matters throughout the year. The Independent Trustees were also assisted in their evaluation of the Investment Management Agreement and the Sub-Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. Prior to the Annual Contract Renewal Meeting, and in response to the requests, the Board received and reviewed materials specifically relating to the renewal of the Investment Management Agreement and the Sub-Advisory Agreements. In considering and approving the Investment Management Agreement and the Sub-Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Annual Contract Renewal Meeting and the review process for the Investment Management Agreement and the Sub-Advisory Agreements, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Funds' Investment Management Agreement and the Sub-Advisory Agreements, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC ("JDL").

The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement and the Sub-Advisory Agreements for a one-year term. The following summarizes a number of important, but not necessarily all of the, factors considered by the Board in support of its approval.

**Nature, extent, and quality of services. The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Funds by DMC under its Investment Management Agreement and the experience of the officers and employees of DMC who provide these services, including each Fund's portfolio managers. The Board met with DMC's senior management and investment personnel. The Board reviewed the materials provided by the Funds' portfolio management team discussing its performance, investment strategies and outlook, as well as DMC with respect to comparing Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board's review included consideration of DMC's investment oversight and research and analysis capabilities, and its ability to attract and retain skilled investment professionals. The Board also considered information regarding DMC's programs for risk management, including investment, operational, liquidity, derivatives (as applicable), valuation and compliance risks and its plans for enhancing those programs (including through the allocation of additional resources and individuals, and enhancements to existing processes and testing as discussed further below). The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates, as well as information from Macquarie Group Ltd., the parent company of DMC, regarding its U.S. mutual fund business.**

In addition, the Board considered certain non-advisory services that DMC and its affiliates provide to the fund complex. Among other things, these services include third party service provider oversight, transfer agency, internal audit, pricing and valuation, portfolio trading, and legal and compliance functions. The Board noted DMC's responsibility for overseeing: the preparation of the Funds' prospectus, summary prospectus, statement of additional information, shareholder reports, and other periodic filings with regulators; organizing Board meetings and preparing materials for such Board meetings; and furnishing analytical and other support to assist the Board.

The Board took into account the proposed acquisition by Nomura Holding America, Inc. ("Nomura") of the US and European public investments business of Macquarie Asset Management, including DMC (the "MAM Business"). The Board considered information from DMC and Nomura regarding the transaction, as well as the approvals made by the Board, at a special board meeting held on June 18, 2025 that, among other things, authorized management to seek shareholder approval of new advisory agreements for the Fund complex with DMC that if approved by shareholders, would become effective upon the closing of the transaction. The Board noted the anticipated benefits to shareholders of the change in ownership of the MAM Business, including the resources available to DMC when it becomes part of Nomura's global asset management business.

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The Board received and considered various information with respect to the services provided by the Sub-Advisers under the Sub-Advisory Agreements and the credentials and experience of the officers and employees of the Sub-Advisers who provide these services, including each Fund's portfolio managers. The Board considered the division of responsibilities between DMC and the Sub-Advisers and the oversight provided by DMC. The Board also considered the expertise of the Sub-Advisers with respect to certain asset classes and/or investment styles, including the managed volatility overlay. The Board noted the changes that would occur with respect to the Affiliated Sub-Advisers following the closing of the Transaction, including whether and how such sub-advisers would continue to provide investment services to the Funds. The Board took into account that the Sub-Advisory Agreements may benefit the Funds and their shareholders by permitting DMC to use the resources and talents of the Sub-Advisers in managing the Funds.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Funds. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.

Based on this information, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided until the closing of the transaction) to the Funds by DMC and the Sub-Advisers.

**Investment performance. The Board received and considered information with respect to the investment performance of the Funds, including performance reports and discussions with portfolio managers at meetings of the Board's Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, Inc., an independent investment company data provider ("Broadridge"), furnished for the Annual Contract Renewal Meeting, and reports provided by JDL throughout the year. The Broadridge reports prepared for each Fund's institutional share class showed its investment performance in comparison to the institutional share class of a group of similar funds (the "Performance Universe"). The Board received a description of the methodology used to select the peer funds in the Performance Universe. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5- and 10-year or since inception periods, as applicable, ended December 31, 2024. For Funds acquired from complexes sponsored by other, predecessor investment managers, the Board considered that each Fund's performance prior to such acquisition is that of its predecessor investment manager and not DMC.**

*Nomura VIP Pathfinder Aggressive Series. The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation growth funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was in the third and second quartiles of its Performance Universe, respectively, and for the 5- and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-year period was below the median of its Performance Universe, for the 3-year period was equal to the median of its Performance Universe, and for the 5- and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Pathfinder Moderately Aggressive Series. The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation moderate funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the second quartile of its Performance Universe and for the 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Pathfinder Moderate Series. The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation moderate funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 3-year periods was in the second quartile of its Performance Universe and for the 5- and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund*

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.

*Nomura VIP Pathfinder Moderately Conservative Series. The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation moderate funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 5-year periods was in the third and first quartiles of its Performance Universe, respectively, and for the 3-and 10-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-year period was below the median of its Performance Universe and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Pathfinder Conservative Series. The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation conservative funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Affiliated Sub-Adviser concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Pathfinder Moderate—Managed Volatility Series. The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation moderate funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 10-year periods was in the fourth and third quartiles of its Performance Universe, respectively, and for the 3- and 5-year periods was in the second quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 3- and 5-year periods was above the median of its Performance Universe and for the 1- and 10-year periods was below the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Sub-Advisers concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Pathfinder Moderately Aggressive—Managed Volatility Series. The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation moderate funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1- and 10-year periods was in the third and second quartiles of its Performance Universe, respectively, and for the 3- and 5-year periods was in the first quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-year period was below the median of its Performance Universe and for the 3-, 5-, and 10-year periods was above the median of its Performance Universe. The Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Sub-Advisers concerning the reasons for the Fund's relative performance versus its benchmark index for the various periods and any actions that DMC has taken to address performance concerns.*

*Nomura VIP Pathfinder Moderately Conservative—Managed Volatility Series. The Performance Universe for the Fund consisted of the Fund and all mixed-asset target allocation moderate funds underlying VIPs, regardless of asset size or primary channel of distribution. The Board noted that the Broadridge report comparison showed that the Fund's total return for the 1-year period was in the fourth quartile of its Performance Universe and for the 3-, 5-, and 10-year periods was in third quartile of its Performance Universe. The Broadridge report comparison showed that the Fund's total return for the 1-, 3-, 5-, and 10-year periods was below the median of its Performance Universe. The*

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Board also noted that the Fund underperformed its benchmark index for the 1-, 3-, 5-, and 10-year periods. The Board noted the explanations from DMC and from the Sub-Advisers concerning the reasons for the Fund's relative performance versus its Performance Universe and benchmark index for the various periods and any actions that DMC has taken to address performance concerns.

**Comparative expenses. The Board received and considered expense data for the Funds. DMC provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also considered the comparative analysis of contractual management fees and actual total expense ratios of each Fund versus contractual management fees and actual total expense ratios of a group of peer funds as selected by Broadridge (the "Expense Universe"). Each Fund's total expenses were also compared with those of its Expense Universe, which is comprised of the Fund, its Expense Universe and all other similar funds underlying variable insurance products with similar 12b-1/non-12b-1 structures, excluding outliers. In reviewing comparative costs, each Fund's contractual management fee and the actual management fee incurred by each Fund were compared with the contractual management fees (assuming all funds in the Expense Universe were similar in size to each Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers and/or expense reimbursements, with a Fund's Expense Universe.**

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees.

*Nomura VIP Pathfinder Aggressive Series. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Pathfinder Moderately Aggressive Series. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Pathfinder Moderate Series. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Pathfinder Moderately Conservative Series. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Pathfinder Conservative Series. The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Pathfinder Moderate—Managed Volatility Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Pathfinder Moderately Aggressive—Managed Volatility Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

*Nomura VIP Pathfinder Moderately Conservative—Managed Volatility Series. The expense comparisons for the Fund showed that its actual management fee was above the median of its Expense Universe and its actual total expenses were above its Expense Universe average. It was noted that consistent with DMC's waiver methodology, its advisory fee waivers, if any, were at the fund level and not class level.*

The Board noted that DMC, and not the Funds, pays the sub-advisory fees to the Sub-Advisers and, accordingly, that the retention of the Sub-Advisers does not increase the fees and expenses incurred by the Funds.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreements at a Meeting Held on August 12-14, 2025
(continued)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

**Economies of scale. The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Funds, the difficulties of calculating economies of scale at an individual Fund level, and the extent to which potential scale benefits are shared with shareholders, including the extent to which any economies of scale are reflected in the level of management fees charged. DMC discussed its advisory fee pricing and structure for the complex, including the current breakpoints. The Board considered the continuation and/or implementation of contractual fee waivers and/or expense reimbursements, as applicable. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as DMC's investment in its business, including investments in business infrastructure, technology and cybersecurity.**

**Management profitability. The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC's business in providing management and other services to each Fund and the complex as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC's profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC's profitability in such context with representatives from JDL. The Board recognized that calculating and comparing profitability at the individual fund level is difficult; that DMC's profit, if any, can vary significantly depending on the particular fund; and that DMC's support for, and commitment to, a fund is not solely dependent on the profits realized as to that fund.**

The Board also received and considered information about the portion of the total management fee that was retained by DMC after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of the responsibilities retained and risk assumed by DMC and not delegated to or assumed by the Sub-Advisers. Given the affiliation between DMC and the Affiliated Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Based on its review, the Board determined that DMC's profitability was not excessive in light of the nature, extent and quality of the services provided to each Fund.

**Ancillary benefits. The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations. These potentially include procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the complex; the benefits from allocation of fund brokerage to improve trading efficiencies; the portfolio transactions executed through "soft dollar" arrangements; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the complex. The Board considered that it receives periodic reports from DMC that include a representation that any soft dollar arrangements are consistent with regulatory requirements. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Funds.**

Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Funds and the representations of DMC and Nomura, the Board did not find that any ancillary benefits received, or likely to be received in the near future, by DMC and its affiliates, including the Affiliated Sub-Adviser, were unreasonable.

**Conclusion. Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, unanimously approved the continuation of DMC's Investment Management Agreement and of the Sub-Advisers' Sub-Advisory Agreements for an additional one-year period.**

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#### Board Considerations in Approving the Proposed New Investment Advisory Agreements
At its June 2025 Meeting, the Board, including its Independent Trustees, considered and unanimously approved the proposed New Investment Advisory Agreements between the Trusts, on behalf of each of their Funds, and DMC. The Board also approved the New Sub-Advisory Agreements for the Funds, as applicable, that will become effective after the Closing or Split Closing, as applicable. In addition, the Board approved interim advisory and interim sub-advisory agreements (together the "Interim Advisory Agreements" and together with the New Investment Advisory Agreements and New Sub-Advisory Agreements, the "Proposed Advisory Agreements"). The Interim Advisory Agreements will take effect in the event that shareholders did not approve of one or more of the New Investment Advisory Agreements by the time of the Closing. The Board also determined to recommend that Fund shareholders approve the proposed New Investment Advisory Agreements. As part of their evaluation, the Board's Independent Trustees reviewed material supporting the approval of the Proposed Advisory Agreements in executive sessions with its independent legal counsel both with and without representatives of management. Such material included responses provided by DMC and Nomura to an extensive initial questionnaire and a subsequent memorandum with questions relating to the Transaction and the impact on the Funds, as well as governance, compliance, investment and operational matters.

**Background for the Board Approvals*.* At the June 2025 Meeting, representatives of DMC and Nomura met with the Board to discuss the Transaction. The Independent Trustees were advised that the Transaction, if completed, would constitute a Change of Control Event and result in the termination of the Current Investment Advisory Agreements. The Independent Trustees were also advised that it was proposed that DMC would continue to serve as the investment adviser to each Fund after the Closing and that the Board would be asked to consider approval of the terms and conditions of the proposed New Investment Advisory Agreements with DMC and thereafter to submit the proposed New Investment Advisory Agreements to the Funds' shareholders for approval.**

At the June 2025 Meeting, the Board, including a majority of the Independent Trustees, reviewed and approved the Proposed Advisory Agreements, including the New Investment Advisory Agreements, which are still subject to shareholder approval. The Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

The Board, together with independent legal counsel to the Independent Trustees and Fund counsel, met with representatives of DMC and Nomura to discuss the Transaction. In addition, management of DMC and certain Independent Trustees met in person or virtually on several other occasions preceding the June 2025 Meeting. At these meetings, the Transaction and future plans for DMC and the Funds were discussed at length. Finally, the Independent Trustees consulted with their independent legal counsel in executive sessions during the time period covered by the negotiation of the Transaction and discussed, among other things, the legal standards applicable to their review of the Proposed Advisory Agreements and certain other contracts and considerations relevant to their deliberations on whether to approve the Proposed Advisory Agreements.

At the in-person and virtual meetings with DMC management and with key Nomura representatives, the Trustees discussed the Transaction. The meetings included discussions of the strategic rationale for the Transaction and Nomura's general plans and intentions regarding the Funds and DMC. On these occasions, representatives of DMC and Nomura made presentations to, and responded to questions from, the Trustees. The Board also inquired about the plans for, and anticipated roles and responsibilities of, key employees and officers of DMC in connection with the Transaction, and Nomura's role with respect to DMC Management.

In connection with the Trustees' review of the Proposed Advisory Agreements, DMC and/or Nomura emphasized that:

&nbsp;&nbsp;&nbsp;&nbsp;•They expected that there will be no adverse changes as a result of the Transaction in the nature, quality, or extent of services currently provided to the Funds and their shareholders, including investment management, distribution, or other shareholder services;

&nbsp;&nbsp;&nbsp;&nbsp;•No material changes in personnel or operations are currently contemplated in the operation of DMC under Nomura as a result of the Transaction(with the exception of the US leveraged credit team, as indicated below);

&nbsp;&nbsp;&nbsp;&nbsp;•Nomura has no present intention to cause DMC to alter the contractual expense limitations and reimbursements currently in effect for the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;•Under the Purchase Agreement, Nomura has agreed to, and to cause its affiliates to, use commercially reasonable efforts after Closing to conduct their respective businesses in compliance with the conditions of Section 15(f) of the 1940 Act with respect to the Funds, to the extent within its control, including maintaining Board composition of at least 75% of the Board members qualifying as Independent Trustees and not imposing any "unfair burden" on the Funds for at least two years from the Closing.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements (continued)
The Board considered that management proposed that the Board approve the Proposed Advisory Agreements because, upon the Closing, the Current Investment Advisory Agreements and the current sub-advisory agreements (the "Current Sub-Advisory Agreements") would automatically terminate in accordance with their terms and applicable regulations. The Board further considered that management proposed that the Board approve the Interim Advisory Agreements so that, if the Transaction closes before a Fund receives the requisite shareholder approval of its New Investment Advisory Agreement, an Interim Advisory Agreement would permit continuity of the management of the Fund while it continued to solicit the requisite shareholder approval of the New Investment Advisory Agreement. The Board reviewed and also considered the forms of the Proposed Advisory Agreements, noting that the terms and conditions of each such agreement were substantially identical to the terms and conditions of the Current Investment Advisory Agreements or Current Sub-Advisory Agreements, except for the effective dates, duration and, with respect to the Interim Advisory Agreements, escrow provisions required by applicable law. The Board also considered the impact of a possible Split Closing and DMC's representation that, if it occurs, it would not affect the day-to-day management of the applicable Funds. The Board noted that the New Investment Advisory Agreements would have an initial two-year term and that the Interim Advisory Agreements would be effective on an interim basis, as necessary upon the Closing, from its effective date until the earlier of (i) 150 calendar days from the effective date or such later date as may be consistent with the 1940 Act, rules and regulations thereunder or exemptive relief or interpretative position of the staff of the SEC; or (ii) the effective date of the applicable New Investment Advisory Agreement ("Interim Period"). The Interim Advisory Agreement may also be terminated on 10 days' written notice by the Board. The Board further noted management's representation that the approval of the Proposed Advisory Agreements would not result in any changes to the Funds' investment objectives or strategies. The Board considered DMC's and Nomura's representations that there are no planned or anticipated material personnel changes as a result of the Transaction, with the exception of the US leveraged credit team where certain team members are expected to remain with Macquarie. The Board further considered DMC's representation that the US leveraged credit team Funds will all be managed with the same investment objective and in the same style post-closing and DMC representing that it believes that there will be no reduction in the quality of advisory services to those Funds. Otherwise, the portfolio managers responsible for the day-to-day management of the Funds are expected to continue to manage the Funds and certain sub-adviser(s) are expected to continue to manage their respective sleeves of the Funds pursuant to New Sub-Advisory Agreements that would be substantially similar to the Current Sub-Advisory Agreements. The Board also noted management's representation that the New Sub-Advisory Agreements would not require shareholder approval, and that management proposed that the Board approve the New Sub-Advisory Agreements pursuant to the Funds' manager of managers exemptive relief. In addition, the Board also considered that, in connection with the Transaction, certain investment professionals at Macquarie-affiliated sub-advisers would be employed by Nomura advisory affiliates in the United Kingdom and Australia and would continue to manage the Funds they currently manage under participating affiliate arrangements.

**Nature, Extent, and Quality of Service*.* The Trustees considered the services historically provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered that the New Investment Advisory Agreements and New Sub-Advisory Agreements will be substantially similar to the Current Investment Advisory Agreements and Current Sub-Advisory Agreements, respectively, and they therefore considered the many reports furnished to them throughout 2024 and 2025 at regular Board meetings covering matters such as the relative performance of the Funds; the compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; the compliance of management personnel with the Code of Ethics adopted throughout the Macquarie Funds complex; and the adherence to fair value pricing procedures as established by the Board. Further, and consistent with its continued oversight of these matters, the Board discussed with DMC and Nomura the impact of the Transaction on the remediation efforts and actions and specific initiatives being undertaken to enhance DMC's compliance, risk, operational and portfolio management functions arising out of DMC's previously announced settlement agreement with the SEC in September 2024. The Board relied on commitments by DMC and Nomura that these remediation efforts and actions and specific initiatives would not be negatively affected by the Transaction and would continue through and following Closing.**

The Board also considered the transfer agent and shareholder services that would continue to be provided to Fund shareholders by DMC's affiliate, Delaware Investments Fund Services Company ("DIFSC"). The Board routinely reviews DIFSC's performance.

Nomura and DMC indicated that they currently expected no material changes as a result of the Transaction in (i) personnel or operations of DMC (with the exception of the US leveraged credit team, as indicated above) or (ii) third parties providing operational services to the Funds,

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and stated that the nature, extent, and quality of services currently provided to the Funds and their shareholders were very likely to continue under the New Investment Advisory Agreements and New Sub-Advisory Agreements. The Board also considered that management of Nomura and Macquarie represented that there would not be any "unfair burden" imposed on any of the Funds for the first two years following the Closing as a result of the Transaction in accordance with Section 15(f) of the 1940 Act, and that they did not expect the Transaction to result in any adverse changes in the nature, quality, or extent of services (including investment management, distribution, or other shareholder services) currently provided to the Funds and their shareholders. The Board noted, among other things, the contractual expense limitations or reimbursements currently in effect for certain Funds and Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds.

**Investment Performance*.* The Board considered the overall investment performance of DMC and the Funds. The Board placed significant emphasis on the investment performance of the Funds in view of its importance to shareholders. The Board gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year and considered its review of investment performance in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

The Board also considered DMC's representations that neither the Transaction, the New Investment Advisory Agreements nor the New Sub-Advisory Agreements would likely have an adverse effect on the investment performance of any Fund because (i) DMC and Nomura did not currently expect the Transaction to cause any material change to the Funds' portfolio management teams responsible for investment performance (with the exception of the US leveraged credit team), (ii) as discussed in more detail below, the Funds' expenses were not expected to increase as a result of the Transaction, (iii) the Funds would not bear any Transaction-related expenses, and (iv) as indicated by Nomura and Macquarie, there was not expected to be any "unfair burden" imposed on the Funds as a result of the Transaction.

**Comparative Expenses*.* At its August 2024 meeting, the Board evaluated expense comparison data for the Funds. At that meeting, DMC provided the Board with information on pricing levels and fee structures for the Funds and comparative funds. The Board focused on the comparative analysis of the effective management fees and total expense ratios of each Fund versus the effective management fees and expense ratios of a group of funds selected by Broadridge as being similar to each Fund (the "Expense Group"). The Board placed significant emphasis on the Funds' expenses in view of their importance to shareholders. The Board gave appropriate consideration to expense reports and discussions with DMC at Board meetings throughout the year and considered its prior review of expenses in connection with the approval of the Current Investment Advisory Agreements at the Board meeting held in August 2024.**

The Board considered the representations of DMC and Nomura that neither the Transaction, the New Investment Advisory Agreements nor New Sub-Advisory Agreements would likely have an adverse effect on the Funds' expenses because (i) each Fund's contractual fee rates under the New Investment Advisory Agreements would remain the same, (ii) DMC had no current intention to change the existing contractual expense limitations and reimbursement policy as a result of the Transaction, (iii) under the Purchase Agreement, Macquarie and Nomura would pay all reasonable costs related to the related proxy solicitation, and (iv) Nomura and Macquarie represented that, consistent with Section 15(f) of the 1940 Act, no "unfair burden" would be imposed on the Funds for the first two years after the Closing.

**Management Profitability*.* At its August 2024 meeting, the Board evaluated DMC's profitability in connection with the operation of the Funds. The Board had previously considered DMC's profitability in connection with the operation of the Funds at its August 2024 meeting. At that meeting, the Board reviewed an analysis that addressed the overall profitability of DMC's business in providing management and other services to each of the Funds and the complex as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. At that meeting, the Board determined that the management fees charged under the Current Investment Advisory Agreements were reasonable in light of the services rendered and the level of profitability of DMC. Nomura advised the Board in June 2025 that it anticipated that management profitability would remain substantially the same following the Closing, noting that services and costs are expected to be the same.**

The Board also requested and reviewed financial statements provided by Nomura for Nomura Holdings Inc., the parent of Nomura, for the purpose of evaluating Nomura's ability to financially support DMC's advisory business after the Closing and to seek to ensure that DMC can continue to provide services of a similar nature, extent, and quality to the Funds following the Closing as it has under the Current Investment Advisory Agreements.

Based on information provided by DMC and Nomura, the Board considered their representations that DMC would have sufficient financial resources following the Transaction to continue to provide the same level and quality of services to the Funds under the New Investment

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Considerations in Approving the Proposed New Investment Advisory Agreements (continued)
Advisory Agreements as is the case under the Current Investment Advisory Agreements. The Board also considered Nomura's representation that it had sufficient financial strength and resources, as well as an ongoing commitment to a global asset management business, to continue investing in DMC to the extent that Nomura determined it was appropriate.

**Economies of Scale*.* The Board considered whether economies of scale would be realized by DMC as each Fund's assets increase and the extent to which any economies of scale would be reflected in the management fees charged. The Board took into account DMC's practice of maintaining the competitive nature of management fees based on its analysis of fees charged by comparable funds. The Board also acknowledged Nomura's statement that the Transaction would not by itself immediately provide additional economies of scale given Nomura's limited presence in the US mutual fund market. Nonetheless, the Board considered that additional economies of scale could potentially be achieved in the future if DMC were owned by Nomura as a result of Nomura's willingness to invest additional amounts in DMC if appropriate opportunities arise. The Board further considered that potential economies of scale could be achieved as a result of DMC's potentially expanded distribution capabilities arising from the Transaction, as well as opportunities that might arise from Nomura's commitment to its global asset management business.**

**Fall-Out Benefits*.* The Board acknowledged that DMC would continue to benefit from soft dollar arrangements using portfolio brokerage of each Fund that invests in equity securities. The Board also considered that Nomura and DMC may derive reputational, strategic, and other benefits from their association with the Funds, including, for Nomura and DMC, service relationships with DMC, DIFSC, and Delaware Distributors, L.P., and evaluated the extent to which DMC might derive ancillary benefits from Fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Funds and the potential benefits from allocation of Fund brokerage to improve trading efficiencies.**

**The Purchase Agreement*.* The Board considered the terms of the Purchase Agreement, including those related to Section 15(f) of the 1940 Act and that Macquarie and Nomura will bear the expenses related to the Funds' proxy solicitation. At the June 2025 Meeting, the Board discussed the conditions to the Closing, including the requirements for obtaining consents to the change in control from DMC's advisory clients, such as the Funds.**

**Board Review of Nomura*.* The Board reviewed detailed information supplied by Nomura about its operations. As previously noted, to consider DMC's ability to continue to provide the same level and quality of services to the Funds, the Board requested, received, and reviewed information from Nomura concerning its financial condition to demonstrate its ability support DMC's advisory business after the Closing. Based on this review, the Board considered that DMC would continue to have the financial ability to maintain the high quality of services required by the Funds.**

Nomura described its proposed changes to DMC's corporate governance, primarily through the anticipated addition of certain Nomura officers to DMC's parent company. The Board considered Nomura's statement that it plans to retain the pre-closing organizational and operating structure with respect to the Funds post-Closing as much as possible. Nomura described the proposed harmonization of the compensation system in use at DMC with the compensation plan used by Nomura, including short-term and long-term incentive compensation and equity interests for executive officers and investment personnel.

The Board also considered Nomura's current strategic plans to increase its asset management activities, one of its core businesses, particularly in North America, and its statement that its acquisition of DMC is an important component of this strategic growth and the establishment of a significant presence in the United States. In addition, the Board considered Nomura's representation that the acquisition of DMC could potentially enhance the nature, quality, and extent of services provided to the Funds and their shareholders.

The Board noted that DMC has placed brokerage transactions with a broker/ dealer affiliate of Nomura and received research in connection with those transactions. In addition, certain other Nomura affiliates participate as underwriters for securities offerings outside of the United States.

**Conclusion*.* The Independent Trustees of each Trust deliberated in executive session; the entire Board of each Fund, including the Independent Trustees, then approved the Proposed Advisory Agreements. The Board concluded that the advisory fee rates under each New Investment Advisory Agreement are reasonable in relation to the services provided and that execution of the New Investment Advisory**

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Agreements is in the best interests of the shareholders. For each Fund, the Board noted that they had concluded in their most recent advisory agreement continuance considerations in August 2024 that the management fees and total expense ratios were at acceptable levels in light of the quality of services provided to the Funds and in comparison to those of the Funds' respective peer groups; that the advisory fee schedule would not be increased and would stay the same for all of the Funds; that the total expense ratio had not changed materially since that determination; and that DMC had represented that the overall expenses for each Fund were not expected to be adversely affected by the Transaction. The Board also noted, with respect to the Funds that currently had the benefit of contractual fee limitations, that Nomura indicated it will maintain the Funds' existing contractual expense limitations and/or advisory fee waivers post-Closing through the stated end date for such expense limitation and fee waiver. Nomura further indicated it has no current plans to increase advisory, administration, distribution, transfer agency, or other fees of the Funds following the Transaction. The Board noted Nomura's acknowledgment of Macquarie's intention to continue to comply with an expense limitation policy related to contractual fee waivers for certain Funds. On that basis, the Board concluded that each of the total expense ratio and proposed advisory fee for the Funds anticipated to result from the Transaction was acceptable.

In reaching its determination regarding the approval of the Proposed Advisory Agreements, the Board, including all of the Independent Trustees, considered the factors, conclusions and information they believed relevant in the exercise of their reasonable judgment, including, but not limited to, the factors, conclusions and information discussed above.

Further, in their deliberations, the Board members did not identify any particular factor (or conclusion with respect thereto) or information that was all important or controlling, and each Board member may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

&nbsp;&nbsp;&nbsp;&nbsp;65

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[**Table of Contents**](#JOB_Ivy_D_eed462d6-cc5a-484c-8996-ffe15976e16f_TOC_AltSty1)

(5168242) **AR-VIP-PF-0226**

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
This information is included as part of materials filed under Item 7 of this form.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is included as part of materials filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
This information is included as part of materials filed under Item 7 of this form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

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(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.CERT.](d92812dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.](d92812dex99906cert.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

**Name of Registrant**: Ivy Variable Insurance Portfolios

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| | |
|:---|:---|
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | March 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | March 6, 2026 |

---

---

| | |
|:---|:---|
| /s/ RICHARD SALUS | /s/ RICHARD SALUS |
| By: | Richard Salus |
| Title: | Chief Financial Officer |
| Date: | March 6, 2026 |

---

## Ex-99.Cert

**EXHIBIT 99.CERT** 

**<u>CERTIFICATION</u>**

I, Shawn K. Lytle, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Variable Insurance
Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 6, 2026

---

| | |
|:---|:---|
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |

---

------

**<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Variable Insurance
Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 6, 2026

---

| | |
|:---|:---|
| /s/ RICHARD SALUS | /s/ RICHARD SALUS |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 99.906CERT** 

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify, to the best of such officer's knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934; and

2. The information contained in the Report fairly represents, in all material respects, the financial condition
and results of operations of the registrant as of, and for, the periods presented in the Report.

Date: March 6, 2026

---

| | |
|:---|:---|
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| /s/ RICHARD SALUS | /s/ RICHARD SALUS |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.