# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-008515
**Filing Date:** 2026-2
**Character Count:** 20218
**Document Hash:** c59cb3801445b7276eea94980f64b571
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008515.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008515

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26685267

**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

### Nomura VIP Natural Resources Series (Series ID: S000006240)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017174 | Service      |  |

## 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:** Nomura VIP Natural Resources Series

- **b. EDGAR series identifier (if any):** S000006240

- **c. LEI of Series:** 549300B5IBATN68SK387

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $88079804.70

**Total Liabilities:** $151569.41

**Net Assets:** $87928235.29

**Cash Not Reported:** $20196.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017174 | -0.35%               | 4.93%                | 2.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2010418.25              | $-2097095.28                               |
| Month 2  | $1519560.51              | $2257843.03                                |
| Month 3  | $1727865.99              | $658099.57                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     23850 | NS      | $2232598.50   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc                     | Core Natural Resources Inc                     | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |     26370 | NS      | $2334008.70   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc                                   | Metallus Inc                                   | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     77876 | NS      | $1336352.16   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                             | Steel Dynamics Inc                             | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     22877 | NS      | $3876507.65   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Canfor Corp                                    | Canfor Corp                                    | CUSIP: 137576104<br>LEI: 549300DRE7WBHY02BD70 | Long             | EC               | CORP              | CA        |     98851 | NS      | $844794.16    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp                               | HF Sinclair Corp                               | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     16240 | NS      | $748339.20    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Methanex Corp                                  | Methanex Corp                                  | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |     40614 | NS      | $1613188.08   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                         | BP PLC                                         | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     50010 | NS      | $1736847.30   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Unit Corp                                      | Unit Corp                                      | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               | CORP              | US        |     37975 | NS      | $1171528.75   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                             | Valero Energy Corp                             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     12614 | NS      | $2053433.06   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                        | CRH PLC                                        | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     24485 | NS      | $3042542.76   | 3.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Louisiana-Pacific Corp                         | Louisiana-Pacific Corp                         | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     13251 | NS      | $1070150.76   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    212506 | NS      | $212505.92    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp                            | Peabody Energy Corp                            | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     60375 | NS      | $1793137.50   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan SA                                       | Titan SA                                       | CUSIP: 000000000<br>LEI: 213800H2CDP9I374WH83 | Long             | EC               | CORP              | BE        |     18390 | NS      | $1133045.24   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                         | Diamondback Energy Inc                         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     17287 | NS      | $2598754.71   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Parex Resources Inc                            | Parex Resources Inc                            | CUSIP: 69946Q104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     82708 | NS      | $1111771.96   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp                            | Barrick Mining Corp                            | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     33740 | NS      | $1469377.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| China Metal Recycling Holdings                 | China Metal Recycling Holdings Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   1900000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Expand Energy Corp                             | Expand Energy Corp                             | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     12400 | NS      | $1368464.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                               | Coeur Mining Inc                               | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    156314 | NS      | $2787078.62   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    212506 | NS      | $212505.84    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                   | Newmont Corp                                   | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     41818 | NS      | $4175527.30   | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                   | Wheaton Precious Metals Corp                   | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     23332 | NS      | $2741976.64   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    212506 | NS      | $212505.92    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                         | International Paper Co                         | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     69022 | NS      | $2718776.58   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals Inc                            | Hudbay Minerals Inc                            | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |    166925 | NS      | $3313461.25   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                                     | Alcoa Corp                                     | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     50314 | NS      | $2673685.96   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                         | Permian Resources Corp                         | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     85211 | NS      | $1195510.33   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                    | Corteva Inc                                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     29334 | NS      | $1966258.02   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                     | Arcosa Inc                                     | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     17474 | NS      | $1857835.68   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd                      | West Fraser Timber Co Ltd                      | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     28007 | NS      | $1713415.02   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                     | CF Industries Holdings Inc                     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     30470 | NS      | $2356549.80   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                             | Anglo American PLC                             | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     69499 | NS      | $2874653.66   | 3.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimbell Royalty Partners LP                    | Kimbell Royalty Partners LP                    | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |    153650 | NS      | $1806924.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd                          | Valterra Platinum Ltd                          | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     36107 | NS      | $3013401.24   | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Teck Resources Ltd                             | Teck Resources Ltd                             | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     23213 | NS      | $1111308.32   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                                 | SSR Mining Inc                                 | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |     55314 | NS      | $1212632.15   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    116380 | NS      | $4288864.94   | 4.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                    | Nutrien Ltd                                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     62556 | NS      | $3860956.32   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc                               | DHT Holdings Inc                               | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | BM        |     69532 | NS      | $848985.72    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd                              | ARC Resources Ltd                              | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    111289 | NS      | $2087859.64   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                              | Chord Energy Corp                              | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     10774 | NS      | $998749.80    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                | First Solar Inc                                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      7961 | NS      | $2079652.03   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                          | Helmerich & Payne Inc                          | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     72628 | NS      | $2082971.04   | 2.37%             |  |  |  | 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        |    212506 | NS      | $212505.92    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                | Bunge Global SA                                | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        |     20148 | NS      | $1794783.84   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

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

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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