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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 TRANSFORMATIONAL TECHNOLOGIES ETF</title>
        <cusip>555927862</cusip>
        <identifiers>
          <isin value="US5559278628"/>
          <ticker value="FRWD"/>
        </identifiers>
        <balance>1144775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38626540.14000000</valUSD>
        <pctVal>8.843361413381</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 Smid Cap Core Series</title>
        <cusip>46600H778</cusip>
        <identifiers>
          <isin value="US46600H7787"/>
        </identifiers>
        <balance>1423529.22200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22235526.45000000</valUSD>
        <pctVal>5.090717312538</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 FOCUSED INTERNATIONAL CORE ETF</title>
        <cusip>555927607</cusip>
        <identifiers>
          <isin value="US5559276077"/>
          <ticker value="EXUS"/>
        </identifiers>
        <balance>494183.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14129186.15000000</valUSD>
        <pctVal>3.234809515646</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>269566.73000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>269566.73000000</valUSD>
        <pctVal>0.061716012093</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>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>269566.63000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>269566.63000000</valUSD>
        <pctVal>0.061715989199</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>912927.09000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38178610.90000000</valUSD>
        <pctVal>8.740810158658</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 Value Series</title>
        <cusip>46600H760</cusip>
        <identifiers>
          <isin value="US46600H7605"/>
          <ticker value="IVYVALU"/>
        </identifiers>
        <balance>1899474.05300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8794564.87000000</valUSD>
        <pctVal>2.013473516834</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 Limited-Term Bond Series</title>
        <cusip>46600H687</cusip>
        <identifiers>
          <isin value="US46600H6870"/>
          <ticker value="IVYLTDB"/>
        </identifiers>
        <balance>3499827.94700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15889218.88000000</valUSD>
        <pctVal>3.637760581788</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>14690474.89399900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65813327.53000000</valUSD>
        <pctVal>15.06764621049</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>2026-08-21</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>
