# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-021602
**Filing Date:** 2026-5
**Character Count:** 51907
**Document Hash:** 84dec12ca1243e24355212e20f6cf956
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021602.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021602

**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:** 261031797

**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 Small Cap Growth Series (Series ID: S000006233)

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

## Nport-Ex

## Schedule of investments
Nomura VIP Small Cap Growth Series

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 96.92%♣** | &nbsp;&nbsp;**Common Stocks — 96.92%♣** | &nbsp;&nbsp;**Common Stocks — 96.92%♣** |
| &nbsp;&nbsp;Communication Services — 2.45% | &nbsp;&nbsp;Communication Services — 2.45% | &nbsp;&nbsp;Communication Services — 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;120801 | &nbsp;&nbsp;$4591646 |
|  |  | &nbsp;&nbsp;&nbsp; 4591646 |
| &nbsp;&nbsp;Consumer Discretionary — 10.38% | &nbsp;&nbsp;Consumer Discretionary — 10.38% | &nbsp;&nbsp;Consumer Discretionary — 10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;11685 | &nbsp;&nbsp;&nbsp; 1710217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cava Group † | &nbsp;&nbsp;&nbsp;&nbsp;42329 | &nbsp;&nbsp;&nbsp; 3424416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products † | &nbsp;&nbsp;&nbsp;&nbsp;14188 | &nbsp;&nbsp;&nbsp; 1480660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821 | &nbsp;&nbsp;&nbsp; 1593967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing † | &nbsp;&nbsp;&nbsp;&nbsp;12011 | &nbsp;&nbsp;&nbsp; 2602904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;28814 | &nbsp;&nbsp;&nbsp; 2652041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | &nbsp;&nbsp;&nbsp;&nbsp;101823 | &nbsp;&nbsp;&nbsp; 2336838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries | &nbsp;&nbsp;&nbsp;&nbsp;15506 | &nbsp;&nbsp;&nbsp; 1722251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shake Shack Class A † | &nbsp;&nbsp;&nbsp;&nbsp;21722 | &nbsp;&nbsp;&nbsp; 1921745 |
|  |  | &nbsp;&nbsp;&nbsp; 19445039 |
| &nbsp;&nbsp;Consumer Staples — 3.58% | &nbsp;&nbsp;Consumer Staples — 3.58% | &nbsp;&nbsp;Consumer Staples — 3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse † | &nbsp;&nbsp;&nbsp;&nbsp;49566 | &nbsp;&nbsp;&nbsp; 2946699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart | &nbsp;&nbsp;&nbsp;&nbsp;24977 | &nbsp;&nbsp;&nbsp; 3759038 |
|  |  | &nbsp;&nbsp;&nbsp; 6705737 |
| &nbsp;&nbsp;Energy — 2.48% | &nbsp;&nbsp;Energy — 2.48% | &nbsp;&nbsp;Energy — 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;&nbsp;41327 | &nbsp;&nbsp;&nbsp; 1753918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Class A | &nbsp;&nbsp;&nbsp;&nbsp;37533 | &nbsp;&nbsp;&nbsp; 1184917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;30395 | &nbsp;&nbsp;&nbsp; 1717621 |
|  |  | &nbsp;&nbsp;&nbsp; 4656456 |
| &nbsp;&nbsp;Financials — 8.30% | &nbsp;&nbsp;Financials — 8.30% | &nbsp;&nbsp;Financials — 8.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436 | &nbsp;&nbsp;&nbsp; 950741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial † | &nbsp;&nbsp;&nbsp;&nbsp;17636 | &nbsp;&nbsp;&nbsp; 1500647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings | &nbsp;&nbsp;&nbsp;&nbsp;21468 | &nbsp;&nbsp;&nbsp; 4035984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;12811 | &nbsp;&nbsp;&nbsp; 1839916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;43345 | &nbsp;&nbsp;&nbsp; 1100963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking | &nbsp;&nbsp;&nbsp;&nbsp;102804 | &nbsp;&nbsp;&nbsp; 3113933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree | &nbsp;&nbsp;&nbsp;&nbsp;206482 | &nbsp;&nbsp;&nbsp; 3006378 |
|  |  | &nbsp;&nbsp;&nbsp; 15548562 |
| &nbsp;&nbsp;Healthcare — 22.57% | &nbsp;&nbsp;Healthcare — 22.57% | &nbsp;&nbsp;Healthcare — 22.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies † | &nbsp;&nbsp;&nbsp;&nbsp;186619 | &nbsp;&nbsp;&nbsp; 2590272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;166725 | &nbsp;&nbsp;&nbsp; 1813968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;36406 | &nbsp;&nbsp;&nbsp; 2799621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion † | &nbsp;&nbsp;&nbsp;&nbsp;60992 | &nbsp;&nbsp;&nbsp; 2233527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;15930 | &nbsp;&nbsp;&nbsp; 2692489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;94704 | &nbsp;&nbsp;&nbsp; 2344871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;36666 | &nbsp;&nbsp;&nbsp; 3546702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;21097 | &nbsp;&nbsp;&nbsp; 1354849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health † | &nbsp;&nbsp;&nbsp;&nbsp;24559 | &nbsp;&nbsp;&nbsp; 2268515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity † | &nbsp;&nbsp;&nbsp;&nbsp;22172 | &nbsp;&nbsp;&nbsp; 1852914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;67060 | &nbsp;&nbsp;&nbsp; 1349918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;51315 | &nbsp;&nbsp;&nbsp; 4740480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;155523 | &nbsp;&nbsp;&nbsp; 1727860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia † | &nbsp;&nbsp;&nbsp;&nbsp;98913 | &nbsp;&nbsp;&nbsp; 828891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643 | &nbsp;&nbsp;&nbsp; 782678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;50780 | &nbsp;&nbsp;&nbsp; 3562217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;10933 | &nbsp;&nbsp;&nbsp; 1086850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;79936 | &nbsp;&nbsp;&nbsp; 2374899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel † | &nbsp;&nbsp;&nbsp;&nbsp;73117 | &nbsp;&nbsp;&nbsp; 2352174 |
|  |  | &nbsp;&nbsp;&nbsp; 42303695 |

---

---

| | | |
|:---|:---|:---|
|  | **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 — 24.07% | &nbsp;&nbsp;Industrials — 24.07% | &nbsp;&nbsp;Industrials — 24.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON | &nbsp;&nbsp;&nbsp;&nbsp;21018 | &nbsp;&nbsp;$1739240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR † | &nbsp;&nbsp;&nbsp;&nbsp;34013 | &nbsp;&nbsp;&nbsp; 3723063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp; 831779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor † | &nbsp;&nbsp;&nbsp;&nbsp;48168 | &nbsp;&nbsp;&nbsp; 1630487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | &nbsp;&nbsp;&nbsp;&nbsp;16828 | &nbsp;&nbsp;&nbsp; 2447801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | &nbsp;&nbsp;&nbsp;&nbsp;36399 | &nbsp;&nbsp;&nbsp; 2066371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4892 | &nbsp;&nbsp;&nbsp; 662817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | &nbsp;&nbsp;&nbsp;&nbsp;26154 | &nbsp;&nbsp;&nbsp; 2906232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group † | &nbsp;&nbsp;&nbsp;&nbsp;38142 | &nbsp;&nbsp;&nbsp; 4503045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771 | &nbsp;&nbsp;&nbsp; 840356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;&nbsp;30411 | &nbsp;&nbsp;&nbsp; 2235513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9625 | &nbsp;&nbsp;&nbsp; 2358125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group † | &nbsp;&nbsp;&nbsp;&nbsp;15647 | &nbsp;&nbsp;&nbsp; 1994836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;10184 | &nbsp;&nbsp;&nbsp; 718074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legence Class A † | &nbsp;&nbsp;&nbsp;&nbsp;36423 | &nbsp;&nbsp;&nbsp; 2056443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS | &nbsp;&nbsp;&nbsp;&nbsp;58548 | &nbsp;&nbsp;&nbsp; 2606557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loar Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;17371 | &nbsp;&nbsp;&nbsp; 995185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems † | &nbsp;&nbsp;&nbsp;&nbsp;15351 | &nbsp;&nbsp;&nbsp; 1119241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest † | &nbsp;&nbsp;&nbsp;&nbsp;15005 | &nbsp;&nbsp;&nbsp; 1377909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;13761 | &nbsp;&nbsp;&nbsp; 2751374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8755 | &nbsp;&nbsp;&nbsp; 2231299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willdan Group † | &nbsp;&nbsp;&nbsp;&nbsp;11272 | &nbsp;&nbsp;&nbsp; 862984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xometry Class A † | &nbsp;&nbsp;&nbsp;&nbsp;36085 | &nbsp;&nbsp;&nbsp; 1473711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;York Space Systems † | &nbsp;&nbsp;&nbsp;&nbsp;43510 | &nbsp;&nbsp;&nbsp; 964617 |
|  |  | &nbsp;&nbsp;&nbsp; 45097059 |
| &nbsp;&nbsp;Information Technology — 22.04% | &nbsp;&nbsp;Information Technology — 22.04% | &nbsp;&nbsp;Information Technology — 22.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | &nbsp;&nbsp;&nbsp;&nbsp;17839 | &nbsp;&nbsp;&nbsp; 5756824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys † | &nbsp;&nbsp;&nbsp;&nbsp;25589 | &nbsp;&nbsp;&nbsp; 1820401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint † | &nbsp;&nbsp;&nbsp;&nbsp;94341 | &nbsp;&nbsp;&nbsp; 897183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bel Fuse Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481 | &nbsp;&nbsp;&nbsp; 1283108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;15012 | &nbsp;&nbsp;&nbsp; 1074259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalOcean Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;23161 | &nbsp;&nbsp;&nbsp; 1986751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp; 700923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489 | &nbsp;&nbsp;&nbsp; 1355678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | &nbsp;&nbsp;&nbsp;&nbsp;16059 | &nbsp;&nbsp;&nbsp; 1055398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp; 1041490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;14283 | &nbsp;&nbsp;&nbsp; 3171826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;73016 | &nbsp;&nbsp;&nbsp; 1357367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS | &nbsp;&nbsp;&nbsp;&nbsp;14538 | &nbsp;&nbsp;&nbsp; 3340978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems † | &nbsp;&nbsp;&nbsp;&nbsp;20492 | &nbsp;&nbsp;&nbsp; 5440831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;29677 | &nbsp;&nbsp;&nbsp; 1403722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9981 | &nbsp;&nbsp;&nbsp; 858665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;23473 | &nbsp;&nbsp;&nbsp; 1149473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint † | &nbsp;&nbsp;&nbsp;&nbsp;130272 | &nbsp;&nbsp;&nbsp; 1724801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceTitan Class A † | &nbsp;&nbsp;&nbsp;&nbsp;11805 | &nbsp;&nbsp;&nbsp; 749145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology ADR | &nbsp;&nbsp;&nbsp;&nbsp;21993 | &nbsp;&nbsp;&nbsp; 2469594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics † | &nbsp;&nbsp;&nbsp;&nbsp;38062 | &nbsp;&nbsp;&nbsp; 2665863 |
|  |  | &nbsp;&nbsp;&nbsp; 41304280 |

---

NQ- IV097 [0326] 0526 (5459551) 1

------

Nomura VIP Small Cap Growth 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;Materials — 1.05% | &nbsp;&nbsp;Materials — 1.05% | &nbsp;&nbsp;Materials — 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River † | &nbsp;&nbsp;&nbsp;&nbsp;24208 | &nbsp;&nbsp;$1976583 |
|  |  | &nbsp;&nbsp;&nbsp; 1976583 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $157,837,822)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $157,837,822)** | &nbsp;&nbsp;&nbsp;**181629057** |
| &nbsp;&nbsp;**Short-Term Investments — 2.79%** | &nbsp;&nbsp;**Short-Term Investments — 2.79%** | &nbsp;&nbsp;**Short-Term Investments — 2.79%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.79% | &nbsp;&nbsp;Money Market Mutual Funds — 2.79% | &nbsp;&nbsp;Money Market Mutual Funds — 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 1305378 | &nbsp;&nbsp;&nbsp; 1305378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 1305379 | &nbsp;&nbsp;&nbsp; 1305379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 1305378 | &nbsp;&nbsp;&nbsp; 1305378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 1305379 | &nbsp;&nbsp;&nbsp; 1305379 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,221,514)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,221,514)** | &nbsp;&nbsp;&nbsp; **5221514** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.71%<br> (cost $163,059,336)** |  | &nbsp;&nbsp;&nbsp;**186850571** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.29%** |  | &nbsp;&nbsp;&nbsp; **547034** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 25,649,278 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$187397605** |

---

♣ 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 |

---

2 NQ- IV097 [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 Small Cap Growth Series

- **b. EDGAR series identifier (if any):** S000006233

- **c. LEI of Series:** 7JKC5QVXLZ23MRRN8I76

**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:** $187763568.98

**Total Liabilities:** $314732.94

**Net Assets:** $187448836.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000203521 | 2.49%                | 3.33%                | -7.44%               |
| Class ID C000017167 | 2.55%                | 3.27%                | -7.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4121442.24              | $894818.89                                 |
| Month 2  | $3705759.58              | $2850328.24                                |
| Month 3  | $-1056326.33             | $-13834575.44                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BlackRock Liquidity Funds                    | BlackRock Liquidity Funds FEDFUND INSTL                     | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   1305379 | NS      | $1305378.64   | 0.70%             |  |  |  | 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        |   1305379 | NS      | $1305378.95   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstcash Holdings Inc                       | Firstcash Holdings Inc COM                                  | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21468 | NS      | $4035984.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corporation                          | Vericel Corporation COM                                     | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     73117 | NS      | $2352173.89   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment, Inc.                          | AeroVironment, Inc. COM                                     | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      4544 | NS      | $831779.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive, Inc.                     | Group 1 Automotive, Inc. COM                                | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      4821 | NS      | $1593967.23   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                          | Goldman Sachs Financial Square Government Fund              | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |   1305378 | NS      | $1305377.96   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals Inc                   | Tarsus Pharmaceuticals Inc COM                              | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50780 | NS      | $3562217.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CAVA GROUP INC                               | CAVA Group Inc. COM                                         | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42329 | NS      | $3424416.10   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corporation                     | Bloom Energy Corporation COM CL A                           | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      4892 | NS      | $662817.08    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                          | Mercury Systems Inc COM                                     | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |     15351 | NS      | $1119241.41   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                              | Q2 Holdings Inc COM                                         | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     29677 | NS      | $1403722.10   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                 | Agilysys Inc COM                                            | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     25589 | NS      | $1820401.46   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| KalVista Pharmaceuticals Inc.                | KalVista Pharmaceuticals Inc. COM                           | CUSIP: 483497103<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | EC               | CORP              | US        |     67060 | NS      | $1349917.80   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corporation                        | Flowserve Corporation COM                                   | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     30411 | NS      | $2235512.61   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                          | Guardant Health Inc COM                                     | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     24559 | NS      | $2268514.83   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| KULICKE AND SOFFA INDUSTRIES INC             | Kulicke and Soffa Industries, Inc. COM                      | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |     16059 | NS      | $1055397.48   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                                 | Phreesia Inc COM                                            | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     98913 | NS      | $828890.94    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc.                | Catalyst Pharmaceuticals Inc. COM                           | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     94704 | NS      | $2344871.04   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc.                       | Lumentum Holdings Inc. COM                                  | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |      1482 | NS      | $1041490.32   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings Inc                    | DigitalOcean Holdings Inc COM                               | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |     23161 | NS      | $1986750.58   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc.                     | ANI Pharmaceuticals Inc. COM                                | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |     36406 | NS      | $2799621.40   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                     | Fabrinet SHS                                                | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      1344 | NS      | $700922.88    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                      | Mirion Technologies Inc COM CL A                            | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |     73016 | NS      | $1357367.44   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc            | Solaris Energy Infrastructure Inc COM CL A                  | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     30395 | NS      | $1717621.45   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMUS FILTRATION TECHNOLOGIES INC            | Atmus Filtration Technologies Inc. COM                      | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36399 | NS      | $2066371.23   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                              | Shake Shack Inc CL A                                        | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |     21722 | NS      | $1921745.34   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Aaon Inc                                     | Aaon Inc COM PAR $0.004                                     | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |     21018 | NS      | $1739239.50   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd.                    | OneSpaWorld Holdings Ltd. COM USD0.0001                     | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    101823 | NS      | $2336837.85   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corporation Of Florida      | Seacoast Banking Corporation Of Florida COM NEW             | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    102804 | NS      | $3113933.16   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICETITAN INC                             | ServiceTitan Inc. SHS CL A                                  | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11805 | NS      | $749145.30    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co.                     | Modine Manufacturing Co. COM                                | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     12011 | NS      | $2602903.81   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                                 | Artivion Inc COM                                            | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |     60992 | NS      | $2233527.04   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                       | Boot Barn Holdings Inc COM                                  | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     11685 | NS      | $1710216.60   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGENCE CORP                                 | Legence Corp. CL A                                          | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36423 | NS      | $2056442.58   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corporation                         | Repligen Corporation COM                                    | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      6643 | NS      | $782678.26    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc.                          | Houlihan Lokey Inc. CL A                                    | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     12811 | NS      | $1839915.82   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BEL Fuse Inc                                 | BEL Fuse Inc CL B                                           | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      6481 | NS      | $1283108.38   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                       | Paymentus Holdings Inc COM CL A                             | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43345 | NS      | $1100963.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc.                                     | MKS Inc. COM                                                | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     14538 | NS      | $3340977.78   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc.                                  | Rubrik Inc. CL A                                            | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |     23473 | NS      | $1149472.81   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC      | MACOM Technology Solutions Holdings Inc. COM                | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14283 | NS      | $3171825.81   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI System Inc.                              | OSI System Inc. COM                                         | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |     20492 | NS      | $5440830.92   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp                   | Standex International Corp COM                              | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      8755 | NS      | $2231299.30   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                | Adaptive Biotechnologies Corp COM                           | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    186619 | NS      | $2590271.72   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc.               | Everus Construction Group Inc. COM                          | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |     38142 | NS      | $4503044.52   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                            | FTAI Aviation Ltd COM USD0.01                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      9625 | NS      | $2358125.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                    | APA Corp. COM                                               | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     62015 | NS      | $2631916.60   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollies Bargain Outlet Holdings Inc.          | Ollies Bargain Outlet Holdings Inc. COM                     | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     28814 | NS      | $2652040.56   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.                      | Patrick Industries Inc. COM                                 | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     15506 | NS      | $1722251.42   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo DRS Inc                             | Leonardo DRS Inc COM                                        | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |     58548 | NS      | $2606556.96   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.              | Affiliated Managers Group, Inc. COM                         | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      3436 | NS      | $950741.20    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                         | Federal Signal Corp. COM                                    | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      7771 | NS      | $840355.94    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity Inc                             | Healthequity Inc COM                                        | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     22172 | NS      | $1852914.04   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc.                     | Axsome Therapeutics Inc. COM                                | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     15930 | NS      | $2692488.60   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERDIGITAL INC                             | InterDigital, Inc. COM                                      | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      4489 | NS      | $1355678.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                       | TransMedics Group Inc. COM                                  | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     10933 | NS      | $1086849.53   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Phathom Pharmaceuticals Inc                  | Phathom Pharmaceuticals Inc COM                             | CUSIP: 71722W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    155523 | NS      | $1727860.53   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree, Inc.                             | WisdomTree, Inc. COM                                        | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    206482 | NS      | $3006377.92   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AVEPOINT INC                                 | AvePoint Inc. COM CL A                                      | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94341 | NS      | $897182.91    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| YORK SPACE SYSTEMS INC                       | York Space Systems Inc. COM                                 | CUSIP: 987084100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43510 | NS      | $964616.70    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp.                                    | AAR Corp. COM                                               | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |     34013 | NS      | $3723062.98   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc.                   | Construction Partners Inc. COM CL A                         | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |     26154 | NS      | $2906232.48   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SAILPOINT INC                                | SailPoint Inc. COM                                          | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130272 | NS      | $1724801.28   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc.                  | Huron Consulting Group Inc. COM                             | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |     15647 | NS      | $1994836.03   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.             | Advanced Energy Industries, Inc. COM                        | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     17839 | NS      | $5756823.69   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.    | Kratos Defense & Security Solutions, Inc. COM NEW           | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     10184 | NS      | $718073.84    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                      | ATI Inc COM                                                 | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     16828 | NS      | $2447800.88   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corporation                             | IMAX Corporation COM                                        | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |    120801 | NS      | $4591646.01   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                               | Pricesmart Inc COM                                          | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     24977 | NS      | $3759038.50   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                         | GeneDx Holdings Corp COM CL A                               | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21097 | NS      | $1354849.34   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc.                       | Alphatec Holdings Inc. COM NEW                              | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    166725 | NS      | $1813968.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp.                | American Superconductor Corp. SHS NEW                       | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |     48168 | NS      | $1630486.80   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                                  | Xometry Inc CLASS A COM                                     | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     36085 | NS      | $1473711.40   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORP                      | Magnolia Oil & Gas Corporation CL A                         | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37533 | NS      | $1184916.81   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc.                   | Mirum Pharmaceuticals Inc. COM                              | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |     51315 | NS      | $4740479.70   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Incorporated                       | Synaptics Incorporated COM                                  | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |     38062 | NS      | $2665862.48   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                            | Loar Holdings Inc COM SHS                                   | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17371 | NS      | $995184.59    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIFE RIVER CORP                             | Knife River Corp. COMMON STOCK                              | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24208 | NS      | $1976583.20   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SILICON MOTION TECHNOLOGY CORP               | Silicon Motion Technology Corp. SPONSORED ADR               | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |     21993 | NS      | $2469593.97   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                     | Travere Therapeutics Inc COM                                | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79936 | NS      | $2374898.56   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc.                           | Willdan Group Inc. COM                                      | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |     11272 | NS      | $862984.32    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs Warehouse Inc.                         | Chefs Warehouse Inc. COM                                    | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |     49566 | NS      | $2946698.70   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywest Inc                                  | Skywest Inc COM                                             | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     15005 | NS      | $1377909.15   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                           | Axos Financial Inc COM                                      | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     17636 | NS      | $1500647.24   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc.                                  | Rambus Inc. COM                                             | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      9981 | NS      | $858665.43    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES INC                         | SPX Technologies, Inc. COM                                  | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13761 | NS      | $2751374.34   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc.                 | Descartes Systems Group Inc. COM                            | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     15012 | NS      | $1074258.72   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                 | Encompass Health Corporation COM                            | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     36666 | NS      | $3546702.18   | 1.89%             |  |  |  | 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        |   1305379 | NS      | $1305378.93   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc.                         | Dorman Products Inc. COM                                    | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |     14188 | NS      | $1480659.68   | 0.79%             |  |  |  | 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