# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-25-010020
**Filing Date:** 2025-11
**Character Count:** 13916
**Document Hash:** 1231dac744e939e7438d2c7027e2730d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010020.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010020

**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:** 251513958

**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 Aggressive - Managed Volatility Series (Series ID: S000041733)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129561 | Service      |  |

## Nport-Ex

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

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 90.79%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 90.79%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 90.79%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 24.04% | &nbsp;&nbsp;Fixed Income Funds — 24.04% | &nbsp;&nbsp;Fixed Income Funds — 24.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series – Service Class | 2009811 | $9385818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;82791 | &nbsp;&nbsp; 239267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;484889 | &nbsp;&nbsp; 2264429 |
|  |  | &nbsp;&nbsp;11889514 |
| &nbsp;&nbsp;Global / International Equity Fund — 23.98% | &nbsp;&nbsp;Global / International Equity Fund — 23.98% | &nbsp;&nbsp;Global / International Equity Fund — 23.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;622692 | &nbsp;&nbsp;11862285 |
|  |  | &nbsp;&nbsp;11862285 |
| &nbsp;&nbsp;US Equity Funds — 42.77% | &nbsp;&nbsp;US Equity Funds — 42.77% | &nbsp;&nbsp;US Equity Funds — 42.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;707541 | &nbsp;&nbsp; 9870201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;200965 | &nbsp;&nbsp; 7039796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;122672 | &nbsp;&nbsp; 1572650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;620064 | &nbsp;&nbsp; 2672475 |
|  |  | &nbsp;&nbsp;21155122 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $47,620,155)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $47,620,155)** | &nbsp;&nbsp;**44906921** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 7.30%<<** | &nbsp;&nbsp;**Exchange-Traded Funds — 7.30%<<** | &nbsp;&nbsp;**Exchange-Traded Funds — 7.30%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;11862 | &nbsp;&nbsp; 307833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;109900 | &nbsp;&nbsp; 3302495 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $3,565,623)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $3,565,623)** | &nbsp;&nbsp; **3610328** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 2.57%** | &nbsp;&nbsp;**Short-Term Investments — 2.57%** | &nbsp;&nbsp;**Short-Term Investments — 2.57%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.57% | &nbsp;&nbsp;Money Market Mutual Funds — 2.57% | &nbsp;&nbsp;Money Market Mutual Funds — 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | &nbsp;&nbsp;&nbsp;&nbsp;317318 | $317318 |
| &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;317318 | &nbsp;&nbsp; 317318 |
| &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;317317 | &nbsp;&nbsp; 317317 |
| &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;317317 | &nbsp;&nbsp; 317317 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,269,270)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,269,270)** | &nbsp;&nbsp; **1269270** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.66%<br> (cost $52,455,048)** |  | &nbsp;&nbsp;**49786519** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.66%)** |  | &nbsp;&nbsp;&nbsp; **(324511)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 10,104,433 Shares Outstanding — 100.00%** |  | **$49462008** |

---

<< Affiliated company.

---

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

---

NQ- IV043 [0925] 1125 (4967853) 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 Aggressive - Managed Volatility Series

- **b. EDGAR series identifier (if any):** S000041733

- **c. LEI of Series:** 549300J4Y5SUMAK5ZO86

**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:** $49584578.99

**Total Liabilities:** $50717.77

**Net Assets:** $49533861.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129561 | -0.21%               | 2.12%                | 1.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $84228.72                | $-160405.11                                |
| Month 2  | $98183.51                | $942245.85                                 |
| Month 3  | $-995814.23              | $1892674.02                                |

**Designated Index Information**

- **Index Name:** 50% RS3000 / 25% MS_EAFE / 20% LEH_CREDIT USD Index

- **Index Identifier:** RUBBGVUSD

### 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 VIP Smid Cap Core Series             | Macquarie VIP Smid Cap Core Series             | CUSIP: 000000000<br>LEI: ZRJY0CYFDPH4SGPRYA91 | Long             | EC               | RF                | US        |    122938 | NS      | $1576060.63   | 3.18%             |  |  |  | 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        |    485939 | NS      | $2269337.42   | 4.58%             |  |  |  | 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      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    317317 | NS      | $317317.44    | 0.64%             |  |  |  | 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        |    201400 | NS      | $7055033.98   | 14.24%            |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    317318 | NS      | $317317.55    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Corporate Bond Series            | Macquarie VIP Corporate Bond Series            | CUSIP: 46600H307<br>LEI: 80M6N2TK2SP4KMW7RP03 | Long             | EC               | RF                | US        |   2014171 | NS      | $9406179.11   | 18.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    317318 | NS      | $317317.55    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Core Equity Series               | Macquarie VIP Core Equity Series               | CUSIP: 46600H406<br>LEI: 1O0KE92B2QJ305IPCS48 | Long             | EC               | RF                | US        |    709075 | NS      | $9891600.11   | 19.97%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    317318 | NS      | $317317.55    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Focused Large Growth ETF             | Macquarie Focused Large Growth ETF             | CUSIP: 555927409<br>LEI: 254900MZL9N2UVO5W196 | Long             | EC               | RF                | US        |    109900 | NS      | $3302495.00   | 6.67%             |  |  |  | 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        |     82970 | NS      | $239783.89    | 0.48%             |  |  |  | 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        |    624042 | NS      | $11888002.16  | 24.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Value Series                     | Macquarie VIP Value Series                     | CUSIP: 46600H760<br>LEI: AWONQDLF30HQ3RDWG969 | Long             | EC               | RF                | US        |    621409 | NS      | $2678271.95   | 5.41%             |  |  |  | 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