# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-25-010006
**Filing Date:** 2025-11
**Character Count:** 37949
**Document Hash:** e8605ec35c9c062693f89835bb5b76e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010006.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010006

**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:** 251513944

**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 International Core Equity Series (Series ID: S000006225)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017159 | Service      |  |
| C000246484 | Standard     |  |

## Nport-Ex

## Schedule of investments
Macquarie VIP International Core Equity Series

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.53%Δ** | &nbsp;&nbsp;**Common Stocks — 97.53%Δ** | &nbsp;&nbsp;**Common Stocks — 97.53%Δ** |
| &nbsp;&nbsp;Austria — 1.55% | &nbsp;&nbsp;Austria — 1.55% | &nbsp;&nbsp;Austria — 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondi | &nbsp;&nbsp;&nbsp;&nbsp;876536 | $12124326 |
|  |  | &nbsp;&nbsp; 12124326 |
| &nbsp;&nbsp;Brazil — 7.56% | &nbsp;&nbsp;Brazil — 7.56% | &nbsp;&nbsp;Brazil — 7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 2588038 | &nbsp;&nbsp; 10697888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;11197 | &nbsp;&nbsp; 26166717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale ADR | &nbsp;&nbsp;&nbsp;&nbsp;803923 | &nbsp;&nbsp; 8730604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP Class A | &nbsp;&nbsp;&nbsp;&nbsp;713844 | &nbsp;&nbsp; 13413129 |
|  |  | &nbsp;&nbsp; 59008338 |
| &nbsp;&nbsp;Canada — 3.43% | &nbsp;&nbsp;Canada — 3.43% | &nbsp;&nbsp;Canada — 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;297104 | &nbsp;&nbsp; 15851097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;116140 | &nbsp;&nbsp; 10935536 |
|  |  | &nbsp;&nbsp; 26786633 |
| &nbsp;&nbsp;China — 7.45% | &nbsp;&nbsp;China — 7.45% | &nbsp;&nbsp;China — 7.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Class H | 2538500 | &nbsp;&nbsp; 15192861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastroc Beverage Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;402700 | &nbsp;&nbsp; 17208424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 1042890 | &nbsp;&nbsp; 10664728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp; 15082100 |
|  |  | &nbsp;&nbsp; 58148113 |
| &nbsp;&nbsp;Denmark — 1.21% | &nbsp;&nbsp;Denmark — 1.21% | &nbsp;&nbsp;Denmark — 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;47441 | &nbsp;&nbsp; 9431745 |
|  |  | &nbsp;&nbsp; 9431745 |
| &nbsp;&nbsp;Finland — 0.66% | &nbsp;&nbsp;Finland — 0.66% | &nbsp;&nbsp;Finland — 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;147201 | &nbsp;&nbsp; 5115235 |
|  |  | &nbsp;&nbsp; 5115235 |
| &nbsp;&nbsp;France — 5.15% | &nbsp;&nbsp;France — 5.15% | &nbsp;&nbsp;France — 5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;81471 | &nbsp;&nbsp; 19025596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;&nbsp;16898 | &nbsp;&nbsp; 7341963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci | &nbsp;&nbsp;&nbsp;&nbsp;99204 | &nbsp;&nbsp; 13786575 |
|  |  | &nbsp;&nbsp; 40154134 |
| &nbsp;&nbsp;Germany — 9.73% | &nbsp;&nbsp;Germany — 9.73% | &nbsp;&nbsp;Germany — 9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech ADR † | &nbsp;&nbsp;&nbsp;&nbsp;60918 | &nbsp;&nbsp; 6007733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;232768 | &nbsp;&nbsp; 7930282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KION Group | &nbsp;&nbsp;&nbsp;&nbsp;141766 | &nbsp;&nbsp; 9618193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;74513 | &nbsp;&nbsp; 19952140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;70731 | &nbsp;&nbsp; 19095816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Healthineers 144A # | &nbsp;&nbsp;&nbsp;&nbsp;245667 | &nbsp;&nbsp; 13306847 |
|  |  | &nbsp;&nbsp; 75911011 |
| &nbsp;&nbsp;Hong Kong — 3.32% | &nbsp;&nbsp;Hong Kong — 3.32% | &nbsp;&nbsp;Hong Kong — 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson Land Development | 3292000 | &nbsp;&nbsp; 11595937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential | 1021684 | &nbsp;&nbsp; 14303292 |
|  |  | &nbsp;&nbsp; 25899229 |
| &nbsp;&nbsp;India — 5.25% | &nbsp;&nbsp;India — 5.25% | &nbsp;&nbsp;India — 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 1017649 | &nbsp;&nbsp; 12964285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;878019 | &nbsp;&nbsp; 18569655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | &nbsp;&nbsp;&nbsp;&nbsp;877513 | &nbsp;&nbsp; 9404049 |
|  |  | &nbsp;&nbsp; 40937989 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Ireland — 3.94% | &nbsp;&nbsp;Ireland — 3.94% | &nbsp;&nbsp;Ireland — 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | &nbsp;&nbsp;&nbsp;&nbsp;367118 | $18439299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON † | &nbsp;&nbsp;&nbsp;&nbsp;70270 | &nbsp;&nbsp; 12297250 |
|  |  | &nbsp;&nbsp; 30736549 |
| &nbsp;&nbsp;Japan — 9.71% | &nbsp;&nbsp;Japan — 9.71% | &nbsp;&nbsp;Japan — 9.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Makita | &nbsp;&nbsp;&nbsp;&nbsp;441900 | &nbsp;&nbsp; 14322602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marubeni | &nbsp;&nbsp;&nbsp;&nbsp;688800 | &nbsp;&nbsp; 17187087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 1247200 | &nbsp;&nbsp; 20119055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo | &nbsp;&nbsp;&nbsp;&nbsp;183900 | &nbsp;&nbsp; 15910890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;26500 | &nbsp;&nbsp; 8190944 |
|  |  | &nbsp;&nbsp; 75730578 |
| &nbsp;&nbsp;Luxembourg — 0.95% | &nbsp;&nbsp;Luxembourg — 0.95% | &nbsp;&nbsp;Luxembourg — 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific | &nbsp;&nbsp;&nbsp;&nbsp;102211 | &nbsp;&nbsp; 7453879 |
|  |  | &nbsp;&nbsp; 7453879 |
| &nbsp;&nbsp;Netherlands — 7.74% | &nbsp;&nbsp;Netherlands — 7.74% | &nbsp;&nbsp;Netherlands — 7.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;10117 | &nbsp;&nbsp; 16279050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMCD | &nbsp;&nbsp;&nbsp;&nbsp;115548 | &nbsp;&nbsp; 11976255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;875251 | &nbsp;&nbsp; 22945367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;255878 | &nbsp;&nbsp; 9177689 |
|  |  | &nbsp;&nbsp; 60378361 |
| &nbsp;&nbsp;Norway — 1.49% | &nbsp;&nbsp;Norway — 1.49% | &nbsp;&nbsp;Norway — 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | 1113318 | &nbsp;&nbsp; 11639548 |
|  |  | &nbsp;&nbsp; 11639548 |
| &nbsp;&nbsp;Singapore — 4.11% | &nbsp;&nbsp;Singapore — 4.11% | &nbsp;&nbsp;Singapore — 4.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Class A † | 2336239 | &nbsp;&nbsp; 14064159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;100585 | &nbsp;&nbsp; 17977557 |
|  |  | &nbsp;&nbsp; 32041716 |
| &nbsp;&nbsp;South Korea — 3.92% | &nbsp;&nbsp;South Korea — 3.92% | &nbsp;&nbsp;South Korea — 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;97418 | &nbsp;&nbsp; 8040482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;146246 | &nbsp;&nbsp; 8767495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;55574 | &nbsp;&nbsp; 13776683 |
|  |  | &nbsp;&nbsp; 30584660 |
| &nbsp;&nbsp;Spain — 2.03% | &nbsp;&nbsp;Spain — 2.03% | &nbsp;&nbsp;Spain — 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;&nbsp;821212 | &nbsp;&nbsp; 15824454 |
|  |  | &nbsp;&nbsp; 15824454 |
| &nbsp;&nbsp;Switzerland — 2.23% | &nbsp;&nbsp;Switzerland — 2.23% | &nbsp;&nbsp;Switzerland — 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon | &nbsp;&nbsp;&nbsp;&nbsp;123199 | &nbsp;&nbsp; 9179558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont Class A | &nbsp;&nbsp;&nbsp;&nbsp;42871 | &nbsp;&nbsp; 8229792 |
|  |  | &nbsp;&nbsp; 17409350 |
| &nbsp;&nbsp;Taiwan — 5.53% | &nbsp;&nbsp;Taiwan — 5.53% | &nbsp;&nbsp;Taiwan — 5.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;993000 | &nbsp;&nbsp; 43133762 |
|  |  | &nbsp;&nbsp; 43133762 |
| &nbsp;&nbsp;United Kingdom — 10.11% | &nbsp;&nbsp;United Kingdom — 10.11% | &nbsp;&nbsp;United Kingdom — 10.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca ADR | &nbsp;&nbsp;&nbsp;&nbsp;122284 | &nbsp;&nbsp; 9381629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;561919 | &nbsp;&nbsp; 15641819 |

---

NQ- IV085 [0925] 1125 (4967872) 1

------

Macquarie VIP International Core Equity Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group | &nbsp;&nbsp;&nbsp;&nbsp;434461 | $14808934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;48429 | &nbsp;&nbsp; 12300966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon | 3592907 | &nbsp;&nbsp; 16168736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries | 1282507 | &nbsp;&nbsp; 10558718 |
|  |  | &nbsp;&nbsp; 78860802 |
| &nbsp;&nbsp;United States — 0.46% | &nbsp;&nbsp;United States — 0.46% | &nbsp;&nbsp;United States — 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger | &nbsp;&nbsp;&nbsp;&nbsp;103557 | &nbsp;&nbsp; 3559254 |
|  |  | &nbsp;&nbsp; 3559254 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $645,465,012)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $645,465,012)** | &nbsp;&nbsp;**760869666** |
| &nbsp;&nbsp;**Preferred Stock — 0.99%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.99%Δ** | &nbsp;&nbsp;**Preferred Stock — 0.99%Δ** |
| &nbsp;&nbsp;Germany — 0.99% | &nbsp;&nbsp;Germany — 0.99% | &nbsp;&nbsp;Germany — 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henkel & Co. 2.93% ω | &nbsp;&nbsp;&nbsp;&nbsp;95393 | &nbsp;&nbsp; 7696911 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $7,949,491)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $7,949,491)** | &nbsp;&nbsp; **7696911** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Short-Term Investments — 3.04%** | &nbsp;&nbsp;**Short-Term Investments — 3.04%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 3.04% | &nbsp;&nbsp;Money Market Mutual Funds — 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 5919701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 5919702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 5919702 |

---

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 5919703 | $5919703 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $23,678,808)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $23,678,808)** | &nbsp;&nbsp; **23678808** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—101.56%<br> (cost $677,093,311)** |  | &nbsp;&nbsp;**792245385** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets — (1.56%)** |  | &nbsp;&nbsp;&nbsp;**(12136902)** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 40,874,055 Shares Outstanding — 100.00%** | **$780108483** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| Non-income producing security. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of Rule 144A securities was $29,585,897, which represents 3.79% of the Series' net assets. |
| Perpetual security with no stated maturity date. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

2 NQ- IV085 [0925] 1125 (4967872)

## 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 International Core Equity Series

- **b. EDGAR series identifier (if any):** S000006225

- **c. LEI of Series:** KUNXJZNR9Y2ZBTGW9Z22

**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:** $790669421.05

**Total Liabilities:** $10145461.79

**Net Assets:** $780523959.26

**Cash Not Reported:** $673318.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246484 | -2.71%               | 2.57%                | 1.55%                |
| Class ID C000017159 | -2.75%               | 2.56%                | 1.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6737389.23              | $-28869749.50                              |
| Month 2  | $4746198.40              | $14214629.11                               |
| Month 3  | $2662523.35              | $8699092.12                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Melrose Industries PLC                         | Melrose Industries PLC                         | CUSIP: 000000000<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |   1282507 | NS      | $10558718.34  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                              | Compass Group PLC                              | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    434461 | NS      | $14808933.47  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                         | KB Financial Group Inc                         | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     97418 | NS      | $8040481.74   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                         | SAP SE                                         | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     74513 | NS      | $19952139.75  | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| HENDERSON LAND                                 | Henderson Land Development Co Ltd              | CUSIP: 000000000<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |   3292000 | NS      | $11595937.22  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp                                    | Makita Corp                                    | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |    441900 | NS      | $14322601.73  | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                        | IMCD NV                                        | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |    115548 | NS      | $11976255.19  | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    146246 | NS      | $8767495.63   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc                                         | XP Inc                                         | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | BR        |    713844 | NS      | $13413128.76  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC                                | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    122284 | NS      | $9381628.48   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                            | Ascendis Pharma A/S                            | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     47441 | NS      | $9431745.21   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   5919701 | NS      | $5919701.30   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA                                           | Banco Bilbao Vizcaya Argentaria SA             | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    821212 | NS      | $15824454.13  | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                     | Haleon PLC                                     | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |   3592907 | NS      | $16168735.98  | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                                  | Axis Bank Ltd                                  | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   1017649 | NS      | $12964284.91  | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   5919702 | NS      | $5919702.34   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                           | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    177000 | NS      | $15082099.59  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                      | Airbus SE                                      | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |     81471 | NS      | $19025595.81  | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                   | Experian PLC                                   | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | IE        |    367118 | NS      | $18439298.94  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                | BAE Systems PLC                                | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    561919 | NS      | $15641819.40  | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                       | Alcon AG                                       | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    123199 | NS      | $9179557.49   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastroc Beverage Group Co Ltd                  | Eastroc Beverage Group Co Ltd                  | CUSIP: 000000000<br>LEI: 836800LQ338417RCIL29 | Long             | EC               | CORP              | CN        |    402700 | NS      | $17208424.33  | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                            | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    232768 | NS      | $7930282.23   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                   | SK Hynix Inc                                   | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     55574 | NS      | $13776682.75  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                        | Sea Ltd                                        | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    100585 | NS      | $17977557.05  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                       | Adyen NV                                       | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     10117 | NS      | $16279050.11  | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| KION Group AG                                  | KION Group AG                                  | CUSIP: 000000000<br>LEI: 5299005KY91C4C6U9H17 | Long             | EC               | CORP              | DE        |    141766 | NS      | $9618193.32   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                      | Mondi PLC                                      | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |    876536 | NS      | $12124325.48  | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                    | Cie Financiere Richemont SA                    | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     42871 | NS      | $8229792.03   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   5919702 | NS      | $5919702.31   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                  | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    877513 | NS      | $9404049.08   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd                              | Grab Holdings Ltd                              | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | SG        |   2336239 | NS      | $14064158.78  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd                                | Nintendo Co Ltd                                | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    183900 | NS      | $15910890.24  | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                       | Vinci SA                                       | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     99204 | NS      | $13786574.47  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                   | ING Groep NV                                   | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    875251 | NS      | $22945366.44  | 2.94%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                               | MercadoLibre Inc                               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     11197 | NS      | $26166717.18  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                        | Vale SA                                        | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    803923 | NS      | $8730603.78   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Orkla ASA                                      | Orkla ASA                                      | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |   1113318 | NS      | $11639548.45  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC                      | Flutter Entertainment PLC                      | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | US        |     48429 | NS      | $12300966.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd                             | Midea Group Co Ltd                             | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   1042890 | NS      | $10664727.68  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                                       | ICON PLC                                       | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     70270 | NS      | $12297250.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                    | BioNTech SE                                    | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     60918 | NS      | $6007733.16   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                     | L'Oreal SA                                     | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     16898 | NS      | $7341963.41   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    993000 | NS      | $43133762.40  | 5.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                   | Alimentation Couche-Tard Inc                   | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |    297104 | NS      | $15851097.22  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    255878 | NS      | $9177689.41   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                              | Bharti Airtel Ltd                              | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    877871 | NS      | $18566524.68  | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                        | Siemens Healthineers AG                        | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |    245667 | NS      | $13306846.64  | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                    | China Merchants Bank Co Ltd                    | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |   2538500 | NS      | $15192861.58  | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                         | Eurofins Scientific SE                         | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |    102211 | NS      | $7453878.94   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                       | SMC Corp                                       | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     26500 | NS      | $8190943.88   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger NV                                | Schlumberger NV                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    103557 | NS      | $3559254.09   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group                 | Mitsubishi UFJ Financial Group Inc             | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |   1247200 | NS      | $20119055.35  | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                     | Siemens AG                                     | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     70731 | NS      | $19095816.14  | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Descartes Systems Group Inc/Th                 | Descartes Systems Group Inc/The                | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |    116140 | NS      | $10935536.11  | 1.40%             |  |  |  | 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        |   5919702 | NS      | $5919702.31   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                 | Prudential PLC                                 | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | HK        |   1021684 | NS      | $14303291.72  | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                                  | Marubeni Corp                                  | CUSIP: 000000000<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |    688800 | NS      | $17187086.76  | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                            | Henkel AG & Co KGaA                            | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |     95393 | NS      | $7696910.88   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil SA                             | Banco do Brasil SA                             | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |   2588038 | NS      | $10697888.30  | 1.37%             |  |  |  | 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