# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-25-010019
**Filing Date:** 2025-11
**Character Count:** 18878
**Document Hash:** 1c1ab32bc1290f6adfb63431d6138ac1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010019.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010019

**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:** 251513957

**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 Energy Series (Series ID: S000011749)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032174 | Service      |  |
| C000190650 | Standard     |  |

## Nport-Ex

## Schedule of investments
Macquarie VIP Energy Series

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 92.97%♣** | &nbsp;&nbsp;**Common Stocks — 92.97%♣** | &nbsp;&nbsp;**Common Stocks — 92.97%♣** |
| &nbsp;&nbsp;Energy — 89.70% | &nbsp;&nbsp;Energy — 89.70% | &nbsp;&nbsp;Energy — 89.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | 181326 | $3306786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes | 45456 | &nbsp;&nbsp; 2214616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco | &nbsp;&nbsp;&nbsp;&nbsp;4483 | &nbsp;&nbsp; 375944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | 114441 | &nbsp;&nbsp; 3659283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | 30082 | &nbsp;&nbsp; 2989248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 37904 | &nbsp;&nbsp; 3585339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings | 158058 | &nbsp;&nbsp; 1888793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | 26212 | &nbsp;&nbsp; 3750937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources | 29728 | &nbsp;&nbsp; 3333103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT | 63085 | &nbsp;&nbsp; 3433717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | 32303 | &nbsp;&nbsp; 3431871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil | 38870 | &nbsp;&nbsp; 4382593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | 155755 | &nbsp;&nbsp; 3440628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair | 68548 | &nbsp;&nbsp; 3587802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | 225638 | &nbsp;&nbsp; 3043857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources | 222697 | &nbsp;&nbsp; 2910727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy | 41881 | &nbsp;&nbsp; 1110684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | 235895 | &nbsp;&nbsp; 3019456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | 125012 | &nbsp;&nbsp; 4455558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies | 46223 | &nbsp;&nbsp; 2815380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | 61533 | &nbsp;&nbsp; 1845067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | 22343 | &nbsp;&nbsp; 3804119 |
|  |  | &nbsp;&nbsp;66385508 |
| &nbsp;&nbsp;Industrials — 0.86% | &nbsp;&nbsp;Industrials — 0.86% | &nbsp;&nbsp;Industrials — 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp; 351108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp; 289267 |
|  |  | &nbsp;&nbsp; 640375 |
| &nbsp;&nbsp;Information Technology — 1.46% | &nbsp;&nbsp;Information Technology — 1.46% | &nbsp;&nbsp;Information Technology — 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | &nbsp;&nbsp;&nbsp;&nbsp;4893 | &nbsp;&nbsp; 1079053 |
|  |  | &nbsp;&nbsp; 1079053 |
| &nbsp;&nbsp;Utilities — 0.95% | &nbsp;&nbsp;Utilities — 0.95% | &nbsp;&nbsp;Utilities — 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy | &nbsp;&nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp; 356712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra | &nbsp;&nbsp;&nbsp;&nbsp;1778 | &nbsp;&nbsp; 348346 |
|  |  | &nbsp;&nbsp; 705058 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $67,583,667)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $67,583,667)** | &nbsp;&nbsp;**68809994** |
| &nbsp;&nbsp;**Master Limited Partnerships — 3.66%** | &nbsp;&nbsp;**Master Limited Partnerships — 3.66%** | &nbsp;&nbsp;**Master Limited Partnerships — 3.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorchester Minerals | 11736 | &nbsp;&nbsp; 303845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer | 55552 | &nbsp;&nbsp; 953272 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Master Limited Partnerships (continued)** | &nbsp;&nbsp;**Master Limited Partnerships (continued)** | &nbsp;&nbsp;**Master Limited Partnerships (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners | 46410 | $1451241 |
| &nbsp;&nbsp;&nbsp;**Total Master Limited Partnerships<br> (cost $2,500,226)** | &nbsp;&nbsp;&nbsp;**Total Master Limited Partnerships<br> (cost $2,500,226)** | &nbsp;&nbsp; **2708358** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—96.63%<br> (cost $70,083,893)** |  | &nbsp;&nbsp;**71518352** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—3.37%** |  | &nbsp;&nbsp; **2490929** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 14,783,222 Shares Outstanding—100.00%** |  | **$74009281** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

| |
|:---|
| **Summary of abbreviations:** |
| GE – General Electric |

---

NQ- IV073 [0925] 1125 (4967872) 1

------

Macquarie VIP Energy Series

September 30, 2025 (Unaudited)

NQ- IV073 [0925] 1125 (4967872) 2

## 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 Energy Series

- **b. EDGAR series identifier (if any):** S000011749

- **c. LEI of Series:** 5493006FF0XNUYIPIR72

**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:** $74155758.57

**Total Liabilities:** $135157.13

**Net Assets:** $74020601.44

**Cash Not Reported:** $2530590.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032174 | 2.78%                | 3.53%                | 0.60%                |
| Class ID C000190650 | 2.80%                | 3.56%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $639538.49               | $1386334.71                                |
| Month 2  | $38886.81                | $2066540.90                                |
| Month 3  | $1375795.13              | $-1174309.89                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Energy Transfer LP             | Energy Transfer LP              | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     55552 | NS      | $953272.32    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc               | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     29728 | NS      | $3333103.36   | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd  | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    114441 | NS      | $3659283.25   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L | Enterprise Products Partners LP | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |     46410 | NS      | $1451240.70   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     38870 | NS      | $4382592.50   | 5.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp         | Permian Resources Corp          | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    235895 | NS      | $3019456.00   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp              | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     22343 | NS      | $3804119.18   | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Unit Corp                      | Unit Corp                       | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               | CORP              | US        |     61533 | NS      | $1845067.01   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc          | Helmerich & Payne Inc           | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |    155755 | NS      | $3440627.95   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp       | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1084 | NS      | $356711.88    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp               | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     30082 | NS      | $2989248.34   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Parex Resources Inc            | Parex Resources Inc             | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |    222697 | NS      | $2910726.76   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                       | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    125012 | NS      | $4455557.55   | 6.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Expand Energy Corp             | Expand Energy Corp              | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     32303 | NS      | $3431870.72   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners LP    | Kimbell Royalty Partners LP     | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |    225638 | NS      | $3043856.62   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc          | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     26212 | NS      | $3750937.20   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp               | HF Sinclair Corp                | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     68548 | NS      | $3587802.32   | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     46223 | NS      | $2815379.84   | 3.80%             |  |  |  | No            |                  2 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                  | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     37904 | NS      | $3585339.36   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                     | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |      4483 | NS      | $375944.38    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorchester Minerals LP         | Dorchester Minerals LP          | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |     11736 | NS      | $303845.04    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co                 | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45456 | NS      | $2214616.32   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                        | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     63085 | NS      | $3433716.55   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar Inc                 | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      4893 | NS      | $1079053.29   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc           | Generac Holdings Inc            | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      1728 | NS      | $289267.20    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd              | ARC Resources Ltd               | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    181326 | NS      | $3306785.86   | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc               | DHT Holdings Inc                | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | BM        |    158058 | NS      | $1888793.10   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                     | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      1778 | NS      | $348345.76    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                  | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       571 | NS      | $351107.90    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp            | Peabody Energy Corp             | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     41881 | NS      | $1110684.12   | 1.50%             |  |  |  | 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