Ivy Variable Insurance Portfolios NPORT-P Ivy VIP Value (Mar 2021 report)

SCHEDULE OF INVESTMENTS
Value (in thousands)	MARCH 31, 2021 (UNAUDITED)

COMMON STOCKS	Shares	Value
Communication Services
Alternative Carriers – 3.0%
Liberty Global, Inc., Series C(A)	520	$13,285
Cable & Satellite – 6.3%
Comcast Corp., Class A	313	16,910
Liberty Media Corp., Class C(A)	248	10,947
		27,857
Total Communication Services - 9.3%		41,142
Consumer Discretionary
Auto Parts & Equipment – 2.5%
Magna International, Inc.	124	10,924
General Merchandise Stores – 3.1%
Target Corp.	69	13,654
Home Improvement Retail – 2.5%
Lowe’s Co., Inc.	59	11,188
Total Consumer Discretionary - 8.1%		35,766
Consumer Staples
Hypermarkets & Super Centers – 3.2%
Wal-Mart Stores, Inc.	102	13,858
Tobacco – 3.2%
Philip Morris International, Inc.	161	14,274
Total Consumer Staples - 6.4%		28,132
Energy
Oil & Gas Exploration & Production – 2.7%
EOG Resources, Inc.	165	11,973
Oil & Gas Refining & Marketing – 2.6%
Marathon Petroleum Corp.	214	11,455
Total Energy - 5.3%		23,428
Financials
Asset Management & Custody Banks – 2.6%
Ameriprise Financial, Inc.	50	11,537
Consumer Finance – 5.4%
Capital One Financial Corp.	111	14,150
Synchrony Financial	242	9,829
		23,979
Investment Banking & Brokerage – 3.2%
Morgan Stanley	181	14,052
Mortgage REITs – 1.9%
AGNC Investment Corp.	515	8,627
Other Diversified Financial Services – 4.1%
Citigroup, Inc.	252	18,360
Property & Casualty Insurance – 0.6%
Arch Capital Group Ltd.(A)	67	2,579
Reinsurance – 3.2%
Everest Re Group Ltd.	21	5,270

Reinsurance Group of America, Inc.	69	8,689
		13,959
Total Financials - 21.0%		93,093
Health Care
Biotechnology – 2.0%
Amgen, Inc.	35	8,691
Health Care Distributors – 2.6%
McKesson Corp.	59	11,473
Health Care Facilities – 2.8%
HCA Holdings, Inc.	65	12,291
Health Care Services – 2.4%
CVS Caremark Corp.	142	10,718
Managed Health Care – 1.9%
Anthem, Inc.	24	8,578
Pharmaceuticals – 1.4%
GlaxoSmithKline plc ADR	168	6,003
Total Health Care - 13.1%		57,754
Industrials
Aerospace & Defense – 3.8%
Northrop Grumman Corp.	10	3,272
Raytheon Technologies Corp.	174	13,423
		16,695
Electrical Components & Equipment – 5.7%
Eaton Corp.	97	13,346
nVent Electric plc	424	11,826
		25,172
Railroads – 2.9%
Norfolk Southern Corp.	49	13,081
Total Industrials - 12.4%		54,948
Information Technology
Data Processing & Outsourced Services – 2.9%
Fidelity National Information Services, Inc.	93	13,053
Semiconductors – 5.3%
Broadcom Corp., Class A	25	11,507
NXP Semiconductors N.V.	59	11,844
		23,351
Technology Hardware, Storage & Peripherals – 1.4%
Seagate Technology	80	6,137
Total Information Technology - 9.6%		42,541
Materials
Diversified Metals & Mining – 2.3%
BHP Billiton Ltd. ADR(B)	144	10,013
Paper Packaging – 2.4%
Graphic Packaging Holding Co.	592	10,750
Total Materials - 4.7%		20,763
Real Estate
Health Care REITs – 3.1%
Welltower, Inc.	194	13,892
Total Real Estate - 3.1%		13,892

Utilities
Electric Utilities – 4.6%
Entergy Corp.	112	11,154
Evergy, Inc.(C)	151	8,974
		20,128
Multi-Utilities – 0.6%
Public Service Enterprise Group, Inc.	44	2,656
Total Utilities - 5.2%		22,784
TOTAL COMMON STOCKS – 98.2%		$434,243
(Cost: $340,356)
SHORT-TERM SECURITIES
Money Market Funds(E) – 2.9%
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 0.010%, (D)	2,335	2,334
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.040%	10,439	10,439
		12,773
TOTAL SHORT-TERM SECURITIES – 2.9%		$12,773
(Cost: $12,773)
TOTAL INVESTMENT SECURITIES – 101.1%		$447,016
(Cost: $353,129)
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)%		(4,703)
NET ASSETS – 100.0%		$442,313

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) All or a portion of securities with an aggregate value of $9,419 are on loan.

(C) All or a portion of securities with an aggregate value of $167 are held in collateralized accounts to cover potential obligations with respect to outstanding written options.

(D) Investment made with cash collateral received from securities on loan.

(E) Rate shown is the annualized 7-day yield at March 31, 2021.

The following written options were outstanding at March 31, 2021 (contracts and exercise prices unrounded):    

Underlying Security	Counterparty, if OTC		Type		Number of Contracts		Notional Amount		Expiration Month		Exercise Price		Premium Received		Value
Broadcom Corp., Class A		N/A		Call		32		3		April 2021		$470.00		$88	$(27)
Magna International, Inc.		N/A		Call		160		16		June 2021		90.00		129	(77)
Reinsurance Group of America, Inc.		JPMorgan Chase Bank N.A.		Put		84		8		April 2021		140.00		318	(113)
Seagate Technology		N/A		Put		266		27		April 2021		60.00		25	(15)
														$560	$(232)

Each Portfolio’s investments are reported at fair value. Fair value is defined as the price that each Portfolio would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Portfolio.

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

• Level 1 - Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of March 31, 2021:

	Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	434,243	$	—	$	—
Short-Term Securities		12,773		—		—
Total	$	447,016	$	—	$	—
Liabilities
Written Options	$	104	$	128	$	—

The following acronyms are used throughout this schedule:

ADR = American Depositary Receipt

OTC = Over the Counter

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at March 31, 2021 and the related unrealized appreciation (depreciation) were as follows:
Cost	$353,129
Gross unrealized appreciation	99,592
Gross unrealized depreciation	(5,705)
Net unrealized appreciation	$93,887