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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>ARGENX SE</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MERCADOLIBRE INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EXPERIAN PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CEMEX-CEMENTOS MEXICANOS SAB DE CV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JAMES HARDIE INDUSTRIES PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EMBRAER - EMPRESA BRASILEIRA DE AERONAUTICA SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SABESP - COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PRUDENTIAL PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AIRBUS SE</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>BIONTECH SE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BANCO BILBAO VIZCAYA ARGENTARIA SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SLB LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>COMPASS GROUP PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BHARTI AIRTEL LTD</name>
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        <name>AXIS BANK LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>MITSUBISHI UFJ FINANCIAL GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC SPONSORED ADR</title>
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          <isin value="US0556221044"/>
          <ticker value="BP"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASCENDIS PHARMA A/S</name>
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          <isin value="DK0060615755"/>
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        <curCd>USD</curCd>
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        <invCountry>DK</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BLACKROCK LIQUIDITY FUNDS</name>
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          <isin value="US09248U7000"/>
          <ticker value="TFDXX"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOMPO HOLDINGS INC</name>
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          <isin value="JP3165000005"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>3I GROUP PLC</name>
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          <isin value="GB00B1YW4409"/>
          <ticker value="III"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRAB HOLDINGS LTD</name>
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          <isin value="KYG4124C1096"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
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          <isin value="GB0031348658"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOOKING HOLDINGS INC</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>BOOKING HOLDINGS INC COM</title>
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          <isin value="US09857L1089"/>
          <ticker value="BKNG"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DAIKIN INDUSTRIES LTD</name>
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          <isin value="JP3481800005"/>
          <ticker value="6367"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WUXI APPTEC CO LTD</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASML HOLDING NV</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML HOLDING NV EUR0.09</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>HENKEL AG &amp; CO. KGAA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HOYA CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SIEMENS ENERGY AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SK HYNIX INC</name>
        <lei>988400XAIK6XISWQV045</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>STMICROELECTRONICS NV</name>
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        <title>STMICROELECTRONICS NV NY REGISTRY</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CNH INDUSTRIAL NV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ING GROEP NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALIMENTATION COUCHE-TARD INC</name>
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        <title>ALIMENTATION COUCHE-TARD INC COM</title>
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          <ticker value="ATD"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SPOTIFY TECHNOLOGY SA</name>
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        <title>SPOTIFY TECHNOLOGY SA COM EUR0.000625</title>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SEA LTD</name>
        <lei>529900OM6JLLW44YKI15</lei>
        <title>SEA LTD SPONSORD ADS</title>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BANCO DO BRASIL SA</name>
        <lei>QE0Q0253K88YAGNPE356</lei>
        <title>BANCO DO BRASIL SA COM NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRBBASACNOR3"/>
          <ticker value="BBAS3"/>
          <other otherDesc="SEDOL" value="2328595"/>
        </identifiers>
        <balance>3026120.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.16230000"/>
        <valUSD>11694611.70000000</valUSD>
        <pctVal>1.526499277043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAMSUNG ELECTRONICS CO LTD</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>SAMSUNG ELECTRONICS CO LTD KRW100</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <ticker value="005930"/>
          <other otherDesc="SEDOL" value="6771720"/>
        </identifiers>
        <balance>140881.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.30000000"/>
        <valUSD>31261105.47000000</valUSD>
        <pctVal>4.080516405647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</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>2026-08-21</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>
