# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-021592
**Filing Date:** 2026-5
**Character Count:** 38314
**Document Hash:** ada264c4052ce3a5eae95067cde73546
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021592.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021592

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05017
- **FILM NUMBER:** 261031784

**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 International Core Equity Series (Series ID: S000006225)

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

## Nport-Ex

## Schedule of investments
Nomura VIP International Core Equity Series

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 93.52%Δ** | &nbsp;&nbsp;**Common Stocks — 93.52%Δ** | &nbsp;&nbsp;**Common Stocks — 93.52%Δ** |
| &nbsp;&nbsp;Brazil — 7.02% | &nbsp;&nbsp;Brazil — 7.02% | &nbsp;&nbsp;Brazil — 7.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 2491068 | &nbsp;&nbsp;$11089902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;410405 | &nbsp;&nbsp;&nbsp; 12568442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer ADR | &nbsp;&nbsp;&nbsp;&nbsp;206824 | &nbsp;&nbsp;&nbsp; 12272936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6472 | &nbsp;&nbsp;&nbsp; 11190217 |
|  |  | &nbsp;&nbsp;&nbsp; 47121497 |
| &nbsp;&nbsp;Canada — 5.65% | &nbsp;&nbsp;Canada — 5.65% | &nbsp;&nbsp;Canada — 5.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;222626 | &nbsp;&nbsp;&nbsp; 12618834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica † | &nbsp;&nbsp;&nbsp;&nbsp;26131 | &nbsp;&nbsp;&nbsp; 7360580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;111121 | &nbsp;&nbsp;&nbsp; 7959238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TFI International | &nbsp;&nbsp;&nbsp;&nbsp;91904 | &nbsp;&nbsp;&nbsp; 10003669 |
|  |  | &nbsp;&nbsp;&nbsp; 37942321 |
| &nbsp;&nbsp;China — 7.68% | &nbsp;&nbsp;China — 7.68% | &nbsp;&nbsp;China — 7.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | &nbsp;&nbsp;&nbsp;&nbsp;363800 | &nbsp;&nbsp;&nbsp; 5702379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Tourism Group Duty Free Class H 144A # | 1084314 | &nbsp;&nbsp;&nbsp; 9067642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson Land Development | 3119000 | &nbsp;&nbsp;&nbsp; 11587725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential | 1165173 | &nbsp;&nbsp;&nbsp; 16199535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Class H | 2000000 | &nbsp;&nbsp;&nbsp; 8996998 |
|  |  | &nbsp;&nbsp;&nbsp; 51554279 |
| &nbsp;&nbsp;Denmark — 1.82% | &nbsp;&nbsp;Denmark — 1.82% | &nbsp;&nbsp;Denmark — 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;53447 | &nbsp;&nbsp;&nbsp; 12224932 |
|  |  | &nbsp;&nbsp;&nbsp; 12224932 |
| &nbsp;&nbsp;Finland — 1.71% | &nbsp;&nbsp;Finland — 1.71% | &nbsp;&nbsp;Finland — 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;349101 | &nbsp;&nbsp;&nbsp; 11492405 |
|  |  | &nbsp;&nbsp;&nbsp; 11492405 |
| &nbsp;&nbsp;France — 1.69% | &nbsp;&nbsp;France — 1.69% | &nbsp;&nbsp;France — 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;59898 | &nbsp;&nbsp;&nbsp; 11325093 |
|  |  | &nbsp;&nbsp;&nbsp; 11325093 |
| &nbsp;&nbsp;Germany — 3.08% | &nbsp;&nbsp;Germany — 3.08% | &nbsp;&nbsp;Germany — 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech ADR † | &nbsp;&nbsp;&nbsp;&nbsp;76770 | &nbsp;&nbsp;&nbsp; 6823317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KION Group | &nbsp;&nbsp;&nbsp;&nbsp;92162 | &nbsp;&nbsp;&nbsp; 4924408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy | &nbsp;&nbsp;&nbsp;&nbsp;51713 | &nbsp;&nbsp;&nbsp; 8917885 |
|  |  | &nbsp;&nbsp;&nbsp; 20665610 |
| &nbsp;&nbsp;India — 3.88% | &nbsp;&nbsp;India — 3.88% | &nbsp;&nbsp;India — 3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 1051818 | &nbsp;&nbsp;&nbsp; 13027000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;686326 | &nbsp;&nbsp;&nbsp; 13042523 |
|  |  | &nbsp;&nbsp;&nbsp; 26069523 |
| &nbsp;&nbsp;Ireland — 1.53% | &nbsp;&nbsp;Ireland — 1.53% | &nbsp;&nbsp;Ireland — 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | &nbsp;&nbsp;&nbsp;&nbsp;296628 | &nbsp;&nbsp;&nbsp; 10261696 |
|  |  | &nbsp;&nbsp;&nbsp; 10261696 |
| &nbsp;&nbsp;Japan — 9.40% | &nbsp;&nbsp;Japan — 9.40% | &nbsp;&nbsp;Japan — 9.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daikin Industries | &nbsp;&nbsp;&nbsp;&nbsp;118700 | &nbsp;&nbsp;&nbsp; 14237703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 1011700 | &nbsp;&nbsp;&nbsp; 17132062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo | &nbsp;&nbsp;&nbsp;&nbsp;127400 | &nbsp;&nbsp;&nbsp; 7272711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus | &nbsp;&nbsp;&nbsp;&nbsp;311500 | &nbsp;&nbsp;&nbsp; 2967763 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Japan (continued) | &nbsp;&nbsp;Japan (continued) | &nbsp;&nbsp;Japan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;54700 | &nbsp;&nbsp;$21513418 |
|  |  | &nbsp;&nbsp;&nbsp; 63123657 |
| &nbsp;&nbsp;Luxembourg — 2.11% | &nbsp;&nbsp;Luxembourg — 2.11% | &nbsp;&nbsp;Luxembourg — 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific | &nbsp;&nbsp;&nbsp;&nbsp;194309 | &nbsp;&nbsp;&nbsp; 14178538 |
|  |  | &nbsp;&nbsp;&nbsp; 14178538 |
| &nbsp;&nbsp;Mexico — 1.61% | &nbsp;&nbsp;Mexico — 1.61% | &nbsp;&nbsp;Mexico — 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemex ADR | &nbsp;&nbsp;&nbsp;&nbsp;948023 | &nbsp;&nbsp;&nbsp; 10845383 |
|  |  | &nbsp;&nbsp;&nbsp; 10845383 |
| &nbsp;&nbsp;Netherlands — 10.59% | &nbsp;&nbsp;Netherlands — 10.59% | &nbsp;&nbsp;Netherlands — 10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;14087 | &nbsp;&nbsp;&nbsp; 14098980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx ADR † | &nbsp;&nbsp;&nbsp;&nbsp;19829 | &nbsp;&nbsp;&nbsp; 14480127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;15782 | &nbsp;&nbsp;&nbsp; 20986219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;829125 | &nbsp;&nbsp;&nbsp; 21521333 |
|  |  | &nbsp;&nbsp;&nbsp; 71086659 |
| &nbsp;&nbsp;Singapore — 2.64% | &nbsp;&nbsp;Singapore — 2.64% | &nbsp;&nbsp;Singapore — 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Class A † | 2745371 | &nbsp;&nbsp;&nbsp; 10048058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;92633 | &nbsp;&nbsp;&nbsp; 7670939 |
|  |  | &nbsp;&nbsp;&nbsp; 17718997 |
| &nbsp;&nbsp;South Korea — 5.15% | &nbsp;&nbsp;South Korea — 5.15% | &nbsp;&nbsp;South Korea — 5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;160637 | &nbsp;&nbsp;&nbsp; 18788327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;27881 | &nbsp;&nbsp;&nbsp; 15818707 |
|  |  | &nbsp;&nbsp;&nbsp; 34607034 |
| &nbsp;&nbsp;Spain — 2.50% | &nbsp;&nbsp;Spain — 2.50% | &nbsp;&nbsp;Spain — 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;&nbsp;777934 | &nbsp;&nbsp;&nbsp; 16803039 |
|  |  | &nbsp;&nbsp;&nbsp; 16803039 |
| &nbsp;&nbsp;Taiwan — 8.11% | &nbsp;&nbsp;Taiwan — 8.11% | &nbsp;&nbsp;Taiwan — 8.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;941000 | &nbsp;&nbsp;&nbsp; 54422288 |
|  |  | &nbsp;&nbsp;&nbsp; 54422288 |
| &nbsp;&nbsp;United Kingdom — 6.93% | &nbsp;&nbsp;United Kingdom — 6.93% | &nbsp;&nbsp;United Kingdom — 6.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Group | &nbsp;&nbsp;&nbsp;&nbsp;130693 | &nbsp;&nbsp;&nbsp; 4259417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;394373 | &nbsp;&nbsp;&nbsp; 11562427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | 1796528 | &nbsp;&nbsp;&nbsp; 9402101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group | &nbsp;&nbsp;&nbsp;&nbsp;530429 | &nbsp;&nbsp;&nbsp; 14799461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;63502 | &nbsp;&nbsp;&nbsp; 6474029 |
|  |  | &nbsp;&nbsp;&nbsp; 46497435 |
| &nbsp;&nbsp;United States — 10.42% | &nbsp;&nbsp;United States — 10.42% | &nbsp;&nbsp;United States — 10.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp; 9313228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP ADR | &nbsp;&nbsp;&nbsp;&nbsp;137755 | &nbsp;&nbsp;&nbsp; 6474485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial | 1202582 | &nbsp;&nbsp;&nbsp; 13228402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Hardie Industries † | &nbsp;&nbsp;&nbsp;&nbsp;467667 | &nbsp;&nbsp;&nbsp; 8857613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;316452 | &nbsp;&nbsp;&nbsp; 16262468 |

---

NQ- IV085 [0326] 0526 (5459540) 1

------

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 States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;32632 | &nbsp;&nbsp;$15823583 |
|  |  | &nbsp;&nbsp;&nbsp; 69959779 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $593,147,611)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $593,147,611)** | &nbsp;&nbsp;&nbsp;**627900165** |
| &nbsp;&nbsp;**Preferred Stock — 1.97%Δ** | &nbsp;&nbsp;**Preferred Stock — 1.97%Δ** | &nbsp;&nbsp;**Preferred Stock — 1.97%Δ** |
| &nbsp;&nbsp;Germany — 1.97% | &nbsp;&nbsp;Germany — 1.97% | &nbsp;&nbsp;Germany — 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henkel & Co. 3.17% ω | &nbsp;&nbsp;&nbsp;&nbsp;170825 | &nbsp;&nbsp;&nbsp; 13196090 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $15,252,887)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $15,252,887)** | &nbsp;&nbsp;&nbsp; **13196090** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Investments — 2.18%** | &nbsp;&nbsp;**Short-Term Investments — 2.18%** | &nbsp;&nbsp;**Short-Term Investments — 2.18%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.18% | &nbsp;&nbsp;Money Market Mutual Funds — 2.18% | &nbsp;&nbsp;Money Market Mutual Funds — 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 3661722 | &nbsp;&nbsp; 3661722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 3661722 | &nbsp;&nbsp; 3661722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 3661722 | &nbsp;&nbsp; 3661722 |

---

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 3661722 | &nbsp;&nbsp;$3661722 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $14,646,888)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $14,646,888)** | &nbsp;&nbsp;&nbsp; **14646888** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—97.67%<br> (cost $623,047,386)** |  | &nbsp;&nbsp;&nbsp;**655743143** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 2.33%** |  | &nbsp;&nbsp;&nbsp; **15644192** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 37,107,231 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$671387335** |

---

---

| |
|:---|
| 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 March 31, 2026, the aggregate value of Rule 144A securities was $23,166,622, which represents 3.45% of the Series' net assets. |
| Perpetual security with no stated maturity date. |

---

---

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

---

2 NQ- IV085 [0326] 0526 (5459540)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Nomura VIP International Core Equity Series

- **b. EDGAR series identifier (if any):** S000006225

- **c. LEI of Series:** KUNXJZNR9Y2ZBTGW9Z22

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $673322297.46

**Total Liabilities:** $1074350.30

**Net Assets:** $672247947.16

**Cash Not Reported:** $855290.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246484 | 3.67%                | 0.70%                | -10.59%              |
| Class ID C000017159 | 3.70%                | 0.64%                | -10.60%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9343872.88              | $17875282.43                               |
| Month 2  | $1545064.98              | $3208342.09                                |
| Month 3  | $14685792.57             | $-95574681.18                              |

### Schedule of Portfolio Investments

| Name                                                           | Title                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Argenx SE                                                      | Argenx SE SPONSORED ADR                                                | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     19829 | NS      | $14480127.25  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AMER SPORTS INC                                                | Amer Sports Inc. COM SHS                                               | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | KY        |    349101 | NS      | $11492404.92  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc                                          | TFI International Inc COM NPV                                          | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |     91904 | NS      | $10003668.81  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                                    | Samsung Electronics Co Ltd. KRW100                                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    160637 | NS      | $18788327.05  | 2.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC                                      | Flutter Entertainment PLC ORD EUR0.09 (DI)                             | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |     63502 | NS      | $6474028.90   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Henderson Land Development Co Ltd.                             | Henderson Land Development Co Ltd. NPV                                 | CUSIP: 000000000<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |   3119000 | NS      | $11587725.41  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp.                                                  | Olympus Corp. NPV                                                      | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |    311500 | NS      | $2967763.13   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd.                                     | Zijin Mining Group Co Ltd. 'H'CNY0.1                                   | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |   2000000 | NS      | $8996997.65   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                                      | Airbus SE EUR1                                                         | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |     59898 | NS      | $11325092.67  | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd.                                                 | Axis Bank Ltd. INR2                                                    | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   1051818 | NS      | $13027000.11  | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP COM NPV | CUSIP: 000000000<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |    410406 | NS      | $12568441.51  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurofins Scientific SE                                         | Eurofins Scientific SE EUR0.01                                         | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |    194309 | NS      | $14178537.48  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd.                                             | Bharti Airtel Ltd. INR5                                                | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    686326 | NS      | $13042522.76  | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| SLB LTD                                                        | SLB Ltd. COM STK                                                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    433403 | NS      | $22272580.17  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer S.A.                                                   | Embraer S.A. SPONSORED ADS                                             | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |    206824 | NS      | $12272936.16  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SMC Corp.                                                      | SMC Corp. NPV                                                          | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     54700 | NS      | $21513417.62  | 3.20%             |  |  |  | No            |                  2 | On Loan: No      |
| James Hardie Industries PLC                                    | James Hardie Industries PLC COM EUR0.59                                | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |    467667 | NS      | $8857612.98   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                                          | Spotify Technology S.A. COM EUR0.000625                                | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     32632 | NS      | $15823583.12  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds                   | Morgan Stanley Institutional Liquidity Funds GOVT PTF INSTL            | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |   3661722 | NS      | $3661721.93   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                           | CEMEX S.A.B. de C.V. SPON ADR NEW                                      | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |    948023 | NS      | $10845383.12  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                                       | Adyen NV EUR0.01                                                       | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     14087 | NS      | $14098979.77  | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                | BAE Systems PLC ORD GBP0.025                                           | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    394373 | NS      | $11562427.31  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Trust                                            | Goldman Sachs Financial Square Government Fund                         | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |   3661722 | NS      | $3661721.93   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                                              | Siemens Energy AG NPV                                                  | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     51713 | NS      | $8917884.78   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                                   | Barclays PLC ORD GBP0.25                                               | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |   1796528 | NS      | $9402100.47   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Kion Group AG                                                  | Kion Group AG NPV                                                      | CUSIP: 000000000<br>LEI: 5299005KY91C4C6U9H17 | Long             | EC               | CORP              | DE        |     92162 | NS      | $4924407.80   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Ascendis Pharma A/S                                            | Ascendis Pharma A/S SPONSORED ADR                                      | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     53447 | NS      | $12224932.31  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust                               | Fidelity Colchester Street Trust MNY MRKT FDS I                        | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   3661722 | NS      | $3661721.93   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc.                                  | Alimentation Couche-Tard Inc. COM                                      | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |    222626 | NS      | $12618834.09  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                             | Banco Bilbao Vizcaya Argentaria SA EUR0.49                             | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    777934 | NS      | $16803039.04  | 2.50%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                         | BP PLC SPONSORED ADR                                                   | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    293811 | NS      | $13809117.00  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                                                 | ING Groep N.V. EUR0.01                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    829125 | NS      | $21521332.90  | 3.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                              | Compass Group PLC ORD GBP0.1105                                        | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    530429 | NS      | $14799461.40  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH INDUSTRIAL NV                                              | CNH Industrial N.V. COM EUR0.01                                        | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |   1202582 | NS      | $13228402.00  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc.                                   | Descartes Systems Group Inc. COM NPV                                   | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |    111121 | NS      | $7959238.33   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                                                   | 3i Group PLC ORD GBP0.738636                                           | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |    130693 | NS      | $4259416.45   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Celestica Inc.                                                 | Celestica Inc. COM                                                     | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |     26131 | NS      | $7360580.08   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd.                                               | Nintendo Co Ltd. NPV                                                   | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    127400 | NS      | $7272710.80   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                           | Booking Holdings Inc COM                                               | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      2212 | NS      | $9313227.84   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                                    | BioNTech SE SPONSORED ADS                                              | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     76770 | NS      | $6823317.60   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Daikin Industries Ltd.                                         | Daikin Industries Ltd. NPV                                             | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |    118700 | NS      | $14237703.07  | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                                      | Alibaba Group Holding Ltd. USD0.000003125                              | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    363800 | NS      | $5702379.23   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                                           | Henkel AG & Co. KGaA NON-VTG PRF NPV                                   | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |    170825 | NS      | $13196090.32  | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                     | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    941000 | NS      | $54422287.90  | 8.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                                  | SK Hynix Inc. KRW5000                                                  | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     27881 | NS      | $15818707.09  | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil SA                                             | Banco do Brasil SA COM NPV                                             | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |   2491068 | NS      | $11089901.85  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                                 | Prudential PLC GBP0.05                                                 | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   1165173 | NS      | $16199534.89  | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                            | Mitsubishi UFJ Financial Group Inc. NPV                                | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |   1011700 | NS      | $17132061.95  | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAB HOLDINGS LTD                                              | Grab Holdings Ltd. CLASS A ORD                                         | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |   2745371 | NS      | $10048057.86  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA TOURISM GROUP DUTY FREE CORP LTD                         | China Tourism Group Duty Free Corp Ltd. CNY1 H                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1084314 | NS      | $9067641.92   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                               | Mercadolibre Inc COM                                                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      6472 | NS      | $11190217.44  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                                                   | Experian PLC ORD USD0.10                                               | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |    296628 | NS      | $10261696.28  | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| SEA LTD                                                        | Sea Ltd. SPONSORD ADS                                                  | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     92633 | NS      | $7670938.73   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                              | ASML Holding N.V. EUR0.09                                              | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     15782 | NS      | $20986219.44  | 3.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                      | BlackRock Liquidity Funds FEDFUND INSTL                                | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   3661722 | NS      | $3661721.96   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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