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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura VIP Growth and Income Series</name>
        <lei>5493001WPRSYIVK9CR96</lei>
        <title>Nomura VIP Growth and Income Series</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="246493472"/>
        </identifiers>
        <balance>1032258.74600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39432284.10000000</valUSD>
        <pctVal>11.72910571796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura VIP Value Series</name>
        <lei>AWONQDLF30HQ3RDWG969</lei>
        <title>Nomura VIP Value Series</title>
        <cusip>46600H760</cusip>
        <identifiers>
          <isin value="US46600H7605"/>
          <ticker value="IVYVALU"/>
        </identifiers>
        <balance>2096346.25700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9286813.92000000</valUSD>
        <pctVal>2.762356397476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSILF Government Portfolio</name>
        <lei>549300BI6Y5SI6BYPB26</lei>
        <title>MSILF Government Portfolio</title>
        <cusip>61747C707</cusip>
        <identifiers>
          <isin value="US61747C7074"/>
          <ticker value="MVRXX"/>
        </identifiers>
        <balance>1433327.48000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1433327.48000000</valUSD>
        <pctVal>0.426342270682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura VIP International Core Equity Series</name>
        <lei>KUNXJZNR9Y2ZBTGW9Z22</lei>
        <title>Nomura VIP International Core Equity Series</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="46600H562"/>
        </identifiers>
        <balance>3131577.39400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60596022.57000000</valUSD>
        <pctVal>18.02424513399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>E-MINI RUSS 2000</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="RTYH6"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01R98PWS4"/>
        </identifiers>
        <balance>-7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>26195.61000000</valUSD>
        <pctVal>0.007791866133</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CHICAGO MERCANTILE EXCHANGE INC.</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>FINANCIAL TIMES STOCK EXCHANGE</issuerName>
                <issueTitle>RUSSELL 2000 INDEX</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="RTY"/>
                  <other otherDesc="INTERNAL" value="RTY_INDEX_US"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>-900495.61000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>26195.61000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura VIP Smid Cap Core Series</name>
        <lei>ZRJY0CYFDPH4SGPRYA91</lei>
        <title>Nomura VIP Smid Cap Core Series</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="46600H778"/>
        </identifiers>
        <balance>793928.23000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10749788.23000000</valUSD>
        <pctVal>3.197517097301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura VIP Corporate Bond Series</name>
        <lei>80M6N2TK2SP4KMW7RP03</lei>
        <title>Nomura VIP Corporate Bond Series</title>
        <cusip>46600H307</cusip>
        <identifiers>
          <isin value="US46600H3075"/>
          <ticker value="IVYBOND"/>
        </identifiers>
        <balance>14476748.16400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67895948.89000000</valUSD>
        <pctVal>20.19560318475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura VIP Core Equity Series</name>
        <lei>1O0KE92B2QJ305IPCS48</lei>
        <title>Nomura VIP Core Equity Series</title>
        <cusip>46600H406</cusip>
        <identifiers>
          <isin value="US46600H4065"/>
          <ticker value="IVYCOEQ"/>
        </identifiers>
        <balance>4675668.92200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65365851.53000000</valUSD>
        <pctVal>19.44302746946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura VIP Limited-Term Bond Series</name>
        <lei>549300IQNBLPUI8O5C25</lei>
        <title>Nomura VIP Limited-Term Bond Series</title>
        <cusip>46600H687</cusip>
        <identifiers>
          <isin value="US46600H6870"/>
          <ticker value="IVYLTDB"/>
        </identifiers>
        <balance>5795390.17300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27296287.71000000</valUSD>
        <pctVal>8.119261959226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura VIP Science and Technology Series</name>
        <lei>RNYLYVW3SXLUIGIWEY29</lei>
        <title>Nomura VIP Science and Technology Series</title>
        <cusip>46600H588</cusip>
        <identifiers>
          <isin value="US46600H5880"/>
          <ticker value="46600H588"/>
        </identifiers>
        <balance>527293.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17695953.08000000</valUSD>
        <pctVal>5.263649042725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura VIP High Income Series</name>
        <lei>N/A</lei>
        <title>Nomura VIP High Income Series</title>
        <cusip>46600H620</cusip>
        <identifiers>
          <isin value="US46600H6201"/>
          <ticker value="VAR0080"/>
        </identifiers>
        <balance>847857.13400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2492699.97000000</valUSD>
        <pctVal>0.741451887421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura Focused Large Growth ETF</name>
        <lei>254900MZL9N2UVO5W196</lei>
        <title>Nomura Focused Large Growth ETF</title>
        <cusip>555927409</cusip>
        <identifiers>
          <isin value="US5559274098"/>
          <ticker value="LRGG"/>
        </identifiers>
        <balance>758609.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22454826.40000000</valUSD>
        <pctVal>6.679172630634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Ivy Variable Insurance Portfolio</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
