# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-021604
**Filing Date:** 2026-5
**Character Count:** 15052
**Document Hash:** b3d4d46440ffac7ba8b80b2ede2ef21b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021604.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021604

**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:** 261031799

**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 Pathfinder Moderate Series (Series ID: S000020590)

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

## Nport-Ex

## Schedule of investments
Nomura VIP Pathfinder Moderate Series

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 90.87%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 90.87%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 90.87%<<** |
| &nbsp;&nbsp;Alternative / Specialty Fund — 3.94% | &nbsp;&nbsp;Alternative / Specialty Fund — 3.94% | &nbsp;&nbsp;Alternative / Specialty Fund — 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;392551 | &nbsp;&nbsp;$12926704 |
|  |  | &nbsp;&nbsp;&nbsp; 12926704 |
| &nbsp;&nbsp;Fixed Income Funds — 30.77% | &nbsp;&nbsp;Fixed Income Funds — 30.77% | &nbsp;&nbsp;Fixed Income Funds — 30.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Corporate Bond Series – Service Class | 14961106 | &nbsp;&nbsp;&nbsp; 69868366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;886528 | &nbsp;&nbsp;&nbsp; 2570931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Limited-Term Bond Series – Service Class | 6024271 | &nbsp;&nbsp;&nbsp; 28434558 |
|  |  | &nbsp;&nbsp;&nbsp;100873855 |
| &nbsp;&nbsp;Global / International Equity Fund — 17.25% | &nbsp;&nbsp;Global / International Equity Fund — 17.25% | &nbsp;&nbsp;Global / International Equity Fund — 17.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP International Core Equity Series – Standard Class | 3130538 | &nbsp;&nbsp;&nbsp; 56537519 |
|  |  | &nbsp;&nbsp;&nbsp; 56537519 |
| &nbsp;&nbsp;US Equity Funds — 38.91% | &nbsp;&nbsp;US Equity Funds — 38.91% | &nbsp;&nbsp;US Equity Funds — 38.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Core Equity Series – Service Class | 4893936 | &nbsp;&nbsp;&nbsp; 64991468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Growth and Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;961649 | &nbsp;&nbsp;&nbsp; 38610203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Smid Cap Core Series – Service Class | 1081519 | &nbsp;&nbsp;&nbsp; 14784376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Value Series – Service Class | 2005191 | &nbsp;&nbsp;&nbsp; 9143671 |
|  |  | &nbsp;&nbsp;&nbsp;127529718 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $317,761,424)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $317,761,424)** | &nbsp;&nbsp;&nbsp;**297867796** |
| &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 8.91%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 8.91%<<** | &nbsp;&nbsp;**Affiliated Exchange-Traded Funds — 8.91%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;236030 | &nbsp;&nbsp;&nbsp; 5710675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;724459 | &nbsp;&nbsp;&nbsp; 18558611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Transformational Technologies ETF | &nbsp;&nbsp;&nbsp;&nbsp;217757 | &nbsp;&nbsp;&nbsp; 4945632 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $32,780,767)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Exchange-Traded Funds<br> (cost $32,780,767)** | &nbsp;&nbsp;&nbsp; **29214918** |
| &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 3.55%) | &nbsp;&nbsp;&nbsp;&nbsp;199514 | &nbsp;&nbsp;&nbsp; 199514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | &nbsp;&nbsp;&nbsp;&nbsp;199514 | &nbsp;&nbsp;&nbsp; 199514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | &nbsp;&nbsp;&nbsp;&nbsp;199515 | &nbsp;&nbsp;&nbsp; 199515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | &nbsp;&nbsp;&nbsp;&nbsp;199515 | &nbsp;&nbsp;&nbsp; 199515 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $798,058)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $798,058)** | &nbsp;&nbsp;&nbsp; **798058** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.03%<br> (cost $351,340,249)** |  | &nbsp;&nbsp;&nbsp;**327880772** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.03%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(82017)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 73,820,919 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$327798755** |

---

<< Affiliated company.

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |

---

NQ- IV047 [0326] 0526 (5459540) 1

## 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 Pathfinder Moderate Series

- **b. EDGAR series identifier (if any):** S000020590

- **c. LEI of Series:** 549300CPIQ9ORW0E7B90

**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:** $327922340.77

**Total Liabilities:** $100844.20

**Net Assets:** $327821496.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057545 | 2.41%                | 0.21%                | -5.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1404342.25              | $7084700.59                                |
| Month 2  | $1203859.98              | $-252088.50                                |
| Month 3  | $293171.51               | $-18743466.71                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ivy Variable Insurance Portfolios            | Nomura VIP Limited-Term Bond Series                         | CUSIP: 46600H687<br>LEI: 72XHPUAYSOH6ROSGJT53 | Long             | EC               | RF                | US        |   6025117 | NS      | $28438550.70  | 8.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Delaware VIP Trust                           | Nomura VIP Growth and Income Series                         | CUSIP: 246493472<br>LEI: 549300UTFWWV5UI8OM26 | Long             | EC               | RF                | US        |    961784 | NS      | $38615623.46  | 11.78%            |  |  |  | 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        |    199515 | NS      | $199514.57    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivy Variable Insurance Portfolios            | Nomura VIP High Income Series                               | CUSIP: 46600H620<br>LEI: 72XHPUAYSOH6ROSGJT53 | Long             | EC               | RF                | US        |    886528 | NS      | $2570930.53   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                    | BlackRock Liquidity Funds FEDFUND INSTL                     | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    199514 | NS      | $199514.31    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Etf Trust                             | Nomura Etf Trust FOCUSED INTERNATIONAL CORE ETF             | CUSIP: 555927607<br>LEI: 2549000D4NFBOFE18T49 | Long             | EC               | RF                | US        |    236030 | NS      | $5710675.04   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivy Variable Insurance Portfolios            | Nomura VIP Science and Technology Series                    | CUSIP: 46600H588<br>LEI: 72XHPUAYSOH6ROSGJT53 | Long             | EC               | RF                | US        |    392551 | NS      | $12926704.43  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivy Variable Insurance Portfolios            | Nomura VIP International Core Equity Series                 | CUSIP: 46600H562<br>LEI: 72XHPUAYSOH6ROSGJT53 | Long             | EC               | RF                | US        |   3130977 | NS      | $56545447.74  | 17.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Ivy Variable Insurance Portfolios            | Nomura VIP Value Series                                     | CUSIP: 46600H760<br>LEI: 72XHPUAYSOH6ROSGJT53 | Long             | EC               | RF                | US        |   2005191 | NS      | $9143670.83   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                          | Goldman Sachs Financial Square Government Fund              | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |    199515 | NS      | $199514.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Etf Trust                             | Nomura Etf Trust FOCUSED LARGE GROWTH ETF                   | CUSIP: 555927409<br>LEI: 2549000D4NFBOFE18T49 | Long             | EC               | RF                | US        |    724459 | NS      | $18558611.09  | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivy Variable Insurance Portfolios            | Nomura VIP Corporate Bond Series                            | CUSIP: 46600H307<br>LEI: 72XHPUAYSOH6ROSGJT53 | Long             | EC               | RF                | US        |  14963208 | NS      | $69878182.85  | 21.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Ivy Variable Insurance Portfolios            | Nomura VIP Smid Cap Core Series                             | CUSIP: 46600H778<br>LEI: 72XHPUAYSOH6ROSGJT53 | Long             | EC               | RF                | US        |   1081520 | NS      | $14784376.05  | 4.51%             |  |  |  | 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        |    199514 | NS      | $199514.38    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Etf Trust                             | Nomura Etf Trust TRANSFORMATIONAL TECHNOLOGIES ETF          | CUSIP: 555927862<br>LEI: 2549000D4NFBOFE18T49 | Long             | EC               | RF                | US        |    217757 | NS      | $4945631.66   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivy Variable Insurance Portfolios            | Nomura VIP Core Equity Series                               | CUSIP: 46600H406<br>LEI: 72XHPUAYSOH6ROSGJT53 | Long             | EC               | RF                | US        |   4894623 | NS      | $65000591.51  | 19.83%            |  |  |  | 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