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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura Etf Trust</name>
        <lei>2549000D4NFBOFE18T49</lei>
        <title>Nomura Etf Trust FOCUSED LARGE GROWTH ETF</title>
        <cusip>555927409</cusip>
        <identifiers>
          <isin value="US5559274098"/>
          <ticker value="LRGG"/>
        </identifiers>
        <balance>37206.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>953113.54000000</valUSD>
        <pctVal>5.168928476142</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>BlackRock Liquidity Funds</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>BlackRock Liquidity Funds FEDFUND INSTL</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <isin value="US09248U7000"/>
          <ticker value="TFDXX"/>
        </identifiers>
        <balance>68147.05000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68147.05000000</valUSD>
        <pctVal>0.369575305068</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>Delaware VIP Trust</name>
        <lei>549300UTFWWV5UI8OM26</lei>
        <title>Nomura VIP Growth and Income Series</title>
        <cusip>246493472</cusip>
        <identifiers>
          <isin value="US2464934726"/>
        </identifiers>
        <balance>47483.71300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1906471.08000000</valUSD>
        <pctVal>10.33918021388</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 Etf Trust</name>
        <lei>2549000D4NFBOFE18T49</lei>
        <title>Nomura Etf Trust TRANSFORMATIONAL TECHNOLOGIES ETF</title>
        <cusip>555927862</cusip>
        <identifiers>
          <isin value="US5559278628"/>
          <ticker value="FRWD"/>
        </identifiers>
        <balance>11525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>261752.34000000</valUSD>
        <pctVal>1.419536148781</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>Ivy Variable Insurance Portfolios</name>
        <lei>72XHPUAYSOH6ROSGJT53</lei>
        <title>Nomura VIP High Income Series</title>
        <cusip>46600H620</cusip>
        <identifiers>
          <isin value="US46600H6201"/>
          <ticker value="VAR0080"/>
        </identifiers>
        <balance>63996.73600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>185590.53000000</valUSD>
        <pctVal>1.006495170994</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>Ivy Variable Insurance Portfolios</name>
        <lei>72XHPUAYSOH6ROSGJT53</lei>
        <title>Nomura VIP International Core Equity Series</title>
        <cusip>46600H562</cusip>
        <identifiers>
          <isin value="US46600H5625"/>
        </identifiers>
        <balance>129150.65000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2332460.74000000</valUSD>
        <pctVal>12.64940873515</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>Goldman Sachs Trust</name>
        <lei>S2FHCT8U6D2VORP0J605</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
          <ticker value="FGTXX"/>
        </identifiers>
        <balance>68147.36000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68147.36000000</valUSD>
        <pctVal>0.369576986261</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>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>E-mini S&amp;P 500 Futures, Jun-2026,ETH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="ESM6"/>
          <other otherDesc="FIGI" value="BBG01HZQ8HS9"/>
        </identifiers>
        <balance>-3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>17316.24000000</valUSD>
        <pctVal>0.093909489561</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>STANDARD &amp; POORS'S 500</issuerName>
                <issueTitle>STANDARD &amp; POORS'S 500</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="SPX"/>
                  <other otherDesc="INTERNAL" value="SPX_INDEX_US"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>-1002928.74000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>17316.24000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomura Etf Trust</name>
        <lei>2549000D4NFBOFE18T49</lei>
        <title>Nomura Etf Trust FOCUSED INTERNATIONAL CORE ETF</title>
        <cusip>555927607</cusip>
        <identifiers>
          <isin value="US5559276077"/>
          <ticker value="EXUS"/>
        </identifiers>
        <balance>10174.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>246156.88000000</valUSD>
        <pctVal>1.334958798959</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>Ivy Variable Insurance Portfolios</name>
        <lei>72XHPUAYSOH6ROSGJT53</lei>
        <title>Nomura VIP Corporate Bond Series</title>
        <cusip>46600H307</cusip>
        <identifiers>
          <isin value="US46600H3075"/>
          <ticker value="IVYBOND"/>
        </identifiers>
        <balance>1023583.14800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4780133.30000000</valUSD>
        <pctVal>25.92363459040</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 Russell 2000 Index Futures, Jun-2026,ETH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="RTYM6"/>
          <other otherDesc="FIGI" value="BBG01SWCTF00"/>
        </identifiers>
        <balance>-2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1535.84000000</valUSD>
        <pctVal>-0.00832917252</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>2026-06-18</expDate>
            <notionalAmt>-249684.16000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1535.84000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Institutional Liquidity Funds</name>
        <lei>5493000A332Y142SOW84</lei>
        <title>Morgan Stanley Institutional Liquidity Funds GOVT PTF INSTL</title>
        <cusip>61747C707</cusip>
        <identifiers>
          <isin value="US61747C7074"/>
          <ticker value="MVRXX"/>
        </identifiers>
        <balance>68147.36000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68147.36000000</valUSD>
        <pctVal>0.369576986261</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>
    </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>2026-05-28</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>
  <documents>XXXX</documents>
</edgarSubmission>
