# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-25-010021
**Filing Date:** 2025-11
**Character Count:** 13925
**Document Hash:** 0556e7c2c91450df4190a761c24e8afa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010021.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010021

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ivy Variable Insurance Portfolios
- **CENTRAL INDEX KEY:** 0000810016

**ORGANIZATION NAME:**
- **EIN:** 481146010
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05017
- **FILM NUMBER:** 251513959

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** (800) 523-1918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios
- **DATE OF NAME CHANGE:** 20100301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios, Inc.
- **DATE OF NAME CHANGE:** 20080819

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 20001026

## Series and Classes Contracts Data

### Macquarie VIP Pathfinder Moderately Conservative - Managed Volatility Series (Series ID: S000041734)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129562 | Service      |  |

## Nport-Ex

## Schedule of investments
Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 92.47%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 92.47%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 92.47%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 43.60% | &nbsp;&nbsp;Fixed Income Funds — 43.60% | &nbsp;&nbsp;Fixed Income Funds — 43.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series – Service Class | 1324346 | $6184697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;73270 | &nbsp;&nbsp; 211750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;666337 | &nbsp;&nbsp;&nbsp; 3111796 |
|  |  | &nbsp;&nbsp; 9508243 |
| &nbsp;&nbsp;Global / International Equity Fund — 14.42% | &nbsp;&nbsp;Global / International Equity Fund — 14.42% | &nbsp;&nbsp;Global / International Equity Fund — 14.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;165074 | &nbsp;&nbsp; 3144653 |
|  |  | &nbsp;&nbsp; 3144653 |
| &nbsp;&nbsp;US Equity Funds — 34.45% | &nbsp;&nbsp;US Equity Funds — 34.45% | &nbsp;&nbsp;US Equity Funds — 34.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;250842 | &nbsp;&nbsp; 3499250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;71756 | &nbsp;&nbsp; 2513603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;44475 | &nbsp;&nbsp; 570171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;215913 | &nbsp;&nbsp; 930584 |
|  |  | &nbsp;&nbsp; 7513608 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $22,538,311)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $22,538,311)** | &nbsp;&nbsp;**20166504** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 5.69%<<** | &nbsp;&nbsp;**Exchange-Traded Funds — 5.69%<<** | &nbsp;&nbsp;**Exchange-Traded Funds — 5.69%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144 | &nbsp;&nbsp; 81591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp; 1159930 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $1,225,931)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $1,225,931)** | &nbsp;&nbsp; **1241521** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 2.38%** | &nbsp;&nbsp;**Short-Term Investments — 2.38%** | &nbsp;&nbsp;**Short-Term Investments — 2.38%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.38% | &nbsp;&nbsp;Money Market Mutual Funds — 2.38% | &nbsp;&nbsp;Money Market Mutual Funds — 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | &nbsp;&nbsp;&nbsp;&nbsp;129666 | $129666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | &nbsp;&nbsp;&nbsp;&nbsp;129667 | &nbsp;&nbsp; 129667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | &nbsp;&nbsp;&nbsp;&nbsp;129667 | &nbsp;&nbsp; 129667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | &nbsp;&nbsp;&nbsp;&nbsp;129667 | &nbsp;&nbsp; 129667 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $518,667)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $518,667)** | &nbsp;&nbsp; **518667** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.54%<br> (cost $24,282,909)** |  | &nbsp;&nbsp;**21926692** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.54%)** |  | &nbsp;&nbsp;&nbsp; **(118836)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 6,252,587 Shares Outstanding — 100.00%** |  | **$21807856** |

---

<< Affiliated company.

---

| |
|:---|
| **Summary of abbreviations:** |
| ETF – Exchange-Traded Fund |

---

NQ- IV044 [0925] 1125 (4967872) 1

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ivy Variable Insurance Portfolios

- **b. Investment Company Act file number:** 811-05017

- **c. CIK number of Registrant:** 0000810016

- **d. LEI of Registrant:** 72XHPUAYSOH6ROSGJT53

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 215-255-1200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Macquarie VIP Pathfinder Moderately Conservative - Managed Volatility Series

- **b. EDGAR series identifier (if any):** S000041734

- **c. LEI of Series:** 549300WNKCLPX74VSX84

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $21871710.83

**Total Liabilities:** $42001.25

**Net Assets:** $21829709.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129562 | 0.00%                | 1.78%                | 1.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24103.15                | $-14478.14                                 |
| Month 2  | $14416.10                | $377733.10                                 |
| Month 3  | $-417294.06              | $768782.81                                 |

**Designated Index Information**

- **Index Name:** 40% RS3000 / 30% LEH_CREDIT USD Index

- **Index Identifier:** RUOBBGUSD

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Macquarie Focused Large Growth ETF             | Macquarie Focused Large Growth ETF             | CUSIP: 555927409<br>LEI: 254900MZL9N2UVO5W196 | Long             | EC               | RF                | US        |     38600 | NS      | $1159930.00   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP International Core Equity Series | Macquarie VIP International Core Equity Series | CUSIP: 000000000<br>LEI: KUNXJZNR9Y2ZBTGW9Z22 | Long             | EC               | CORP              | US        |    165239 | NS      | $3147796.28   | 14.42%            |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    129667 | NS      | $129666.83    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Corporate Bond Series            | Macquarie VIP Corporate Bond Series            | CUSIP: 46600H307<br>LEI: 80M6N2TK2SP4KMW7RP03 | Long             | EC               | RF                | US        |   1325674 | NS      | $6190898.27   | 28.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP High Income Series               | Macquarie VIP High Income Series               | CUSIP: 46600H620<br>LEI: N/A                  | Long             | EC               | RF                | US        |     73270 | NS      | $211750.41    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Value Series                     | Macquarie VIP Value Series                     | CUSIP: 46600H760<br>LEI: AWONQDLF30HQ3RDWG969 | Long             | EC               | RF                | US        |    216129 | NS      | $931514.95    | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    129667 | NS      | $129666.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Core Equity Series               | Macquarie VIP Core Equity Series               | CUSIP: 46600H406<br>LEI: 1O0KE92B2QJ305IPCS48 | Long             | EC               | RF                | US        |    251093 | NS      | $3502752.00   | 16.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Focused International Core ETF       | Macquarie Focused International Core ETF       | CUSIP: 555927607<br>LEI: 254900QDNMJZ954GCT23 | Long             | EC               | RF                | US        |         1 | NS      | $25.95        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Limited-Term Bond Series         | Macquarie VIP Limited-Term Bond Series         | CUSIP: 46600H687<br>LEI: 549300IQNBLPUI8O5C25 | Long             | EC               | RF                | US        |    667005 | NS      | $3114915.40   | 14.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    129667 | NS      | $129666.83    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    129667 | NS      | $129666.83    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Growth and Income Series         | Macquarie VIP Growth and Income Series         | CUSIP: 000000000<br>LEI: 5493001WPRSYIVK9CR96 | Long             | EC               | CORP              | US        |     71827 | NS      | $2516089.76   | 11.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Smid Cap Core Series             | Macquarie VIP Smid Cap Core Series             | CUSIP: 000000000<br>LEI: ZRJY0CYFDPH4SGPRYA91 | Long             | EC               | RF                | US        |     44519 | NS      | $570735.03    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Ivy Variable Insurance Portfolio

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration