# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-021596
**Filing Date:** 2026-5
**Character Count:** 36893
**Document Hash:** edc716714b15e0ee933ab189742c8660
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021596.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021596

**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:** 261031790

**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 Global Growth Series (Series ID: S000006243)

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

## Nport-Ex

## Schedule of investments
Nomura VIP Global Growth Series

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.81%Δ** | &nbsp;&nbsp;**Common Stocks — 98.81%Δ** | &nbsp;&nbsp;**Common Stocks — 98.81%Δ** |
| &nbsp;&nbsp;Brazil — 1.74% | &nbsp;&nbsp;Brazil — 1.74% | &nbsp;&nbsp;Brazil — 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz 144A # | 347300 | &nbsp;&nbsp;$2609519 |
|  |  | &nbsp;&nbsp;&nbsp; 2609519 |
| &nbsp;&nbsp;Canada — 2.02% | &nbsp;&nbsp;Canada — 2.02% | &nbsp;&nbsp;Canada — 2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | 53493 | &nbsp;&nbsp;&nbsp; 3032077 |
|  |  | &nbsp;&nbsp;&nbsp; 3032077 |
| &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 † | 11913 | &nbsp;&nbsp;&nbsp; 2724860 |
|  |  | &nbsp;&nbsp;&nbsp; 2724860 |
| &nbsp;&nbsp;Finland — 1.81% | &nbsp;&nbsp;Finland — 1.81% | &nbsp;&nbsp;Finland — 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | 82529 | &nbsp;&nbsp;&nbsp; 2716855 |
|  |  | &nbsp;&nbsp;&nbsp; 2716855 |
| &nbsp;&nbsp;France — 2.53% | &nbsp;&nbsp;France — 2.53% | &nbsp;&nbsp;France — 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | 12871 | &nbsp;&nbsp;&nbsp; 2433558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica | &nbsp;&nbsp;&nbsp;&nbsp;5841 | &nbsp;&nbsp;&nbsp; 1361100 |
|  |  | &nbsp;&nbsp;&nbsp; 3794658 |
| &nbsp;&nbsp;Germany — 2.41% | &nbsp;&nbsp;Germany — 2.41% | &nbsp;&nbsp;Germany — 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | 35863 | &nbsp;&nbsp;&nbsp; 1861138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | 10283 | &nbsp;&nbsp;&nbsp; 1753073 |
|  |  | &nbsp;&nbsp;&nbsp; 3614211 |
| &nbsp;&nbsp;India — 3.37% | &nbsp;&nbsp;India — 3.37% | &nbsp;&nbsp;India — 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | 118030 | &nbsp;&nbsp;&nbsp; 2242970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 713312 | &nbsp;&nbsp;&nbsp; 2809443 |
|  |  | &nbsp;&nbsp;&nbsp; 5052413 |
| &nbsp;&nbsp;Italy — 1.32% | &nbsp;&nbsp;Italy — 1.32% | &nbsp;&nbsp;Italy — 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;5832 | &nbsp;&nbsp;&nbsp; 1978821 |
|  |  | &nbsp;&nbsp;&nbsp; 1978821 |
| &nbsp;&nbsp;Japan — 2.95% | &nbsp;&nbsp;Japan — 2.95% | &nbsp;&nbsp;Japan — 2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | 14000 | &nbsp;&nbsp;&nbsp; 2427046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp; 2005821 |
|  |  | &nbsp;&nbsp;&nbsp; 4432867 |
| &nbsp;&nbsp;Mexico — 1.06% | &nbsp;&nbsp;Mexico — 1.06% | &nbsp;&nbsp;Mexico — 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemex ADR | 139645 | &nbsp;&nbsp;&nbsp; 1597539 |
|  |  | &nbsp;&nbsp;&nbsp; 1597539 |
| &nbsp;&nbsp;Netherlands — 1.94% | &nbsp;&nbsp;Netherlands — 1.94% | &nbsp;&nbsp;Netherlands — 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 111957 | &nbsp;&nbsp;&nbsp; 2906032 |
|  |  | &nbsp;&nbsp;&nbsp; 2906032 |
| &nbsp;&nbsp;Norway — 1.01% | &nbsp;&nbsp;Norway — 1.01% | &nbsp;&nbsp;Norway — 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | 120475 | &nbsp;&nbsp;&nbsp; 1516134 |
|  |  | &nbsp;&nbsp;&nbsp; 1516134 |
| &nbsp;&nbsp;Singapore — 0.96% | &nbsp;&nbsp;Singapore — 0.96% | &nbsp;&nbsp;Singapore — 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | 17418 | &nbsp;&nbsp;&nbsp; 1442385 |
|  |  | &nbsp;&nbsp;&nbsp; 1442385 |

---

---

| | | |
|:---|:---|:---|
|  | **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;South Korea — 1.13% | &nbsp;&nbsp;South Korea — 1.13% | &nbsp;&nbsp;South Korea — 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;2991 | &nbsp;&nbsp;$1696989 |
|  |  | &nbsp;&nbsp;&nbsp; 1696989 |
| &nbsp;&nbsp;Spain — 2.11% | &nbsp;&nbsp;Spain — 2.11% | &nbsp;&nbsp;Spain — 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 146716 | &nbsp;&nbsp;&nbsp; 3169002 |
|  |  | &nbsp;&nbsp;&nbsp; 3169002 |
| &nbsp;&nbsp;Taiwan — 4.97% | &nbsp;&nbsp;Taiwan — 4.97% | &nbsp;&nbsp;Taiwan — 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 129000 | &nbsp;&nbsp;&nbsp; 7460654 |
|  |  | &nbsp;&nbsp;&nbsp; 7460654 |
| &nbsp;&nbsp;United Kingdom — 3.24% | &nbsp;&nbsp;United Kingdom — 3.24% | &nbsp;&nbsp;United Kingdom — 3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | 102289 | &nbsp;&nbsp;&nbsp; 2998961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | 357355 | &nbsp;&nbsp;&nbsp; 1870211 |
|  |  | &nbsp;&nbsp;&nbsp; 4869172 |
| &nbsp;&nbsp;United States — 62.42% | &nbsp;&nbsp;United States — 62.42% | &nbsp;&nbsp;United States — 62.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;7263 | &nbsp;&nbsp;&nbsp; 1579630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 12332 | &nbsp;&nbsp;&nbsp; 3546190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 15867 | &nbsp;&nbsp;&nbsp; 3304620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;7647 | &nbsp;&nbsp;&nbsp; 2468299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 19819 | &nbsp;&nbsp;&nbsp; 5029864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | 28664 | &nbsp;&nbsp;&nbsp; 2821111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;7956 | &nbsp;&nbsp;&nbsp; 2462462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | 10895 | &nbsp;&nbsp;&nbsp; 1987575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | 36727 | &nbsp;&nbsp;&nbsp; 2068097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;3796 | &nbsp;&nbsp;&nbsp; 2762957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 11980 | &nbsp;&nbsp;&nbsp; 1581360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;2895 | &nbsp;&nbsp;&nbsp; 2662734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;9034 | &nbsp;&nbsp;&nbsp; 2747059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;7085 | &nbsp;&nbsp;&nbsp; 2330186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | 13922 | &nbsp;&nbsp;&nbsp; 3208464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | 24144 | &nbsp;&nbsp;&nbsp; 1934417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 15509 | &nbsp;&nbsp;&nbsp; 2439255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp; 3436605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;5432 | &nbsp;&nbsp;&nbsp; 2714153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;3572 | &nbsp;&nbsp;&nbsp; 2043648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 15139 | &nbsp;&nbsp;&nbsp; 5604004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 18389 | &nbsp;&nbsp;&nbsp; 3026278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | 29753 | &nbsp;&nbsp;&nbsp; 2860751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 50936 | &nbsp;&nbsp;&nbsp; 8883238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group | 12006 | &nbsp;&nbsp;&nbsp; 2498328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;&nbsp; 2652164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp; 1814432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | &nbsp;&nbsp;&nbsp;&nbsp;7793 | &nbsp;&nbsp;&nbsp; 2122670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;3776 | &nbsp;&nbsp;&nbsp; 1479286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;6704 | &nbsp;&nbsp;&nbsp; 2148967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | 36781 | &nbsp;&nbsp;&nbsp; 1890176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;5661 | &nbsp;&nbsp;&nbsp; 2745075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunbelt Rentals Holdings | 28272 | &nbsp;&nbsp;&nbsp; 1803509 |

---

NQ- IV096 [0326] 0526 (5459551) 1

------

Nomura VIP Global Growth 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;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;3689 | &nbsp;&nbsp;$1004515 |
|  |  | &nbsp;&nbsp;&nbsp; 93662079 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $116,981,220)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $116,981,220)** | &nbsp;&nbsp;&nbsp;**148276267** |
| &nbsp;&nbsp;**Short-Term Investments — 1.20%** | &nbsp;&nbsp;**Short-Term Investments — 1.20%** | &nbsp;&nbsp;**Short-Term Investments — 1.20%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.20% | &nbsp;&nbsp;Money Market Mutual Funds — 1.20% | &nbsp;&nbsp;Money Market Mutual Funds — 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 449977 | &nbsp;&nbsp;&nbsp; 449977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 449977 | &nbsp;&nbsp;&nbsp; 449977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 449978 | &nbsp;&nbsp;&nbsp; 449978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 449977 | &nbsp;&nbsp;&nbsp; 449977 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,799,909)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,799,909)** | &nbsp;&nbsp;&nbsp; **1799909** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.01%<br> (cost $118,781,129)** |  | &nbsp;&nbsp;&nbsp;**150076176** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets — (0.01%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(18443)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 40,835,503 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$150057733** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| 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 $2,609,519, which represents 1.74% of the Series' net assets. |
| Non-income producing security. |

---

---

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

---

2 NQ- IV096 [0326] 0526 (5459551)

## 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 Global Growth Series

- **b. EDGAR series identifier (if any):** S000006243

- **c. LEI of Series:** LED2OME7YRQUX70AKY82

**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:** $150843905.07

**Total Liabilities:** $302091.66

**Net Assets:** $150541813.41

**Cash Not Reported:** $105942.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017177 | 1.82%                | 1.02%                | -7.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4148717.94              | $-1256426.37                               |
| Month 2  | $2170399.46              | $-269180.43                                |
| Month 3  | $2483565.32              | $-13822002.69                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PNC Financial Services Group Inc.            | PNC Financial Services Group Inc. COM                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     12006 | NS      | $2498328.54   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Co. COM                                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2895 | NS      | $2662734.15   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                          | Ascendis Pharma A/S SPONSORED ADR                           | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     11913 | NS      | $2724860.49   | 1.81%             |  |  |  | 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        |    139645 | NS      | $1597538.80   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                          | Goldman Sachs Financial Square Government Fund              | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |    449977 | NS      | $449977.42    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                      | Aon PLC SHS CL A                                            | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      7647 | NS      | $2468298.66   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                        | Spotify Technology S.A. COM EUR0.000625                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      5661 | NS      | $2745075.51   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP STK CL A                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     12332 | NS      | $3546189.92   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB LTD                                      | SLB Ltd. COM STK                                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     36781 | NS      | $1890175.59   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| REDE D'OR SAO LUIZ SA                        | Rede D Or Sao Luiz SA COM NPV                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    347300 | NS      | $2609518.81   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc.                | Alimentation Couche-Tard Inc. COM                           | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     53493 | NS      | $3032077.53   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC Ltd.                                    | NTPC Ltd. INR10                                             | CUSIP: 000000000<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |    713312 | NS      | $2809442.77   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                         | Howmet Aerospace Inc COM                                    | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     13922 | NS      | $3208464.12   | 2.13%             |  |  |  | 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        |    449977 | NS      | $449977.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FERRARI NV                                   | Ferrari N V COM EUR0.01                                     | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |      5832 | NS      | $1978820.71   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley COM NEW                                      | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     18389 | NS      | $3026277.73   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc. COM                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     15867 | NS      | $3304620.09   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD                                      | Sea Ltd. SPONSORD ADS                                       | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     17418 | NS      | $1442384.58   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp. COM                                            | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     50936 | NS      | $8883238.40   | 5.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                              | BAE Systems PLC ORD GBP0.025                                | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    102289 | NS      | $2998960.70   | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                  | Capital One Financial Corp. COM                             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     10895 | NS      | $1987574.85   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms Inc CL A                                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3572 | NS      | $2043648.36   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp. COM                                         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     15139 | NS      | $5604003.63   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust             | Fidelity Colchester Street Trust MNY MRKT FDS I             | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |    449977 | NS      | $449977.42    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd.                           | Bharti Airtel Ltd. INR5                                     | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    118030 | NS      | $2242970.48   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Seagate Technology Holdings PLC              | Seagate Technology Holdings PLC ORD SHS                     | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |      3776 | NS      | $1479285.76   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                    | Airbus SE EUR1                                              | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |     12871 | NS      | $2433558.18   | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                    | SMC Corp. NPV                                               | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      5100 | NS      | $2005821.39   | 1.33%             |  |  |  | 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        |    129000 | NS      | $7460653.71   | 4.96%             |  |  |  | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                 | The Sherwin-Williams Company COM                            | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      6704 | NS      | $2148967.20   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                           | Ingersoll Rand Inc COM                                      | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     24144 | NS      | $1934417.28   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                    | BlackRock Liquidity Funds FEDFUND INSTL                     | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    449977 | NS      | $449976.83    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc.                                | SK Hynix Inc. KRW5000                                       | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      2991 | NS      | $1696989.09   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ConocoPhillips                               | ConocoPhillips COM                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     11980 | NS      | $1581360.00   | 1.05%             |  |  |  | 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        |    146716 | NS      | $3169002.35   | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                    | Orkla ASA NOK1.25                                           | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |    120475 | NS      | $1516133.77   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc.                              | Salesforce Inc. COM                                         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      9720 | NS      | $1814432.40   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                 | Barclays PLC ORD GBP0.25                                    | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    357355 | NS      | $1870211.66   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Apple Inc.                                   | Apple Inc. COM                                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     19819 | NS      | $5029864.01   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunbelt Rentals Holdings Inc.                | Sunbelt Rentals Holdings Inc. SHS                           | CUSIP: 866966104<br>LEI: 529900W4BQDNMAOSRA49 | Long             | EC               | CORP              | US        |     28272 | NS      | $1803509.22   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc                | Hilton Worldwide Holdings Inc COM                           | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      9034 | NS      | $2747058.72   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                     | Saia Inc COM                                                | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      7550 | NS      | $2652164.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                       | SAP SE ORD NPV                                              | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     10283 | NS      | $1753073.02   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                      | Fresenius SE & Co. KGaA NPV                                 | CUSIP: 000000000<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     35863 | NS      | $1861137.73   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot Inc.                              | Home Depot Inc. COM                                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      7085 | NS      | $2330185.65   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc               | BJ Wholesale Club Holdings Inc COM                          | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     28664 | NS      | $2821110.88   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | AbbVie Inc. COM                                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      7263 | NS      | $1579629.87   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep N.V.                               | ING Groep N.V. EUR0.01                                      | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    111957 | NS      | $2906032.10   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                      | MasterCard Incorporated CL A                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      5432 | NS      | $2714153.12   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                    | KLA Corp. COM NEW                                           | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      2334 | NS      | $3436604.94   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AMER SPORTS INC                              | Amer Sports Inc. COM SHS                                    | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | KY        |     82529 | NS      | $2716854.68   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                        | Schneider Electric SE EUR4.00                               | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      7793 | NS      | $2122669.84   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                 | Broadcom Inc COM                                            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      7956 | NS      | $2462461.56   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                | Intercontinental Exchange Inc COM                           | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     15509 | NS      | $2439255.52   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.                  | Casey'S General Stores Inc. COM                             | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      3796 | NS      | $2762956.56   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EssilorLuxottica SA                          | EssilorLuxottica SA EUR0.18                                 | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |      5841 | NS      | $1361099.66   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Vulcan Materials Company                     | Vulcan Materials Company COM                                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      3689 | NS      | $1004514.70   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation                   | Carrier Global Corporation COM                              | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     36727 | NS      | $2068097.37   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HOYA Corp.                                   | HOYA Corp. NPV                                              | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     14000 | NS      | $2427046.07   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                | Netflix, Inc. COM                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     29753 | NS      | $2860750.95   | 1.90%             |  |  |  | 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