# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0001193125-25-194883
**Filing Date:** 2025-9
**Character Count:** 1375203
**Document Hash:** 6c0202b44c00a64994e609513c740049
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-194883.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-194883

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05017
- **FILM NUMBER:** 251289079

**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 Asset Strategy Series (Series ID: S000006224)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017158 | Service      |  |
| C000190645 | Standard     |  |

### Macquarie VIP International Core Equity Series (Series ID: S000006225)

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

### Macquarie VIP Mid Cap Growth Series (Series ID: S000006228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017162 | Service      |  |
| C000190647 | Standard     |  |

### Macquarie VIP Science and Technology Series (Series ID: S000006232)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017166 | Service      |  |
| C000190648 | Standard     |  |

### Macquarie VIP Small Cap Growth Series (Series ID: S000006233)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017167 | Service      |  |
| C000203521 | Standard     |  |

### Macquarie VIP Smid Cap Core Series (Series ID: S000006234)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017168 | Service      |  |

### Macquarie VIP Balanced Series (Series ID: S000006235)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017169 | Service      |  |

### Macquarie VIP Value Series (Series ID: S000006236)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017170 | Service      |  |

### Macquarie VIP Corporate Bond Series (Series ID: S000006237)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017171 | Service      |  |

### Macquarie VIP Core Equity Series (Series ID: S000006238)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017172 | Service      |  |

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

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

### Macquarie VIP Growth Series (Series ID: S000006241)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017175 | Service      |  |

### Macquarie VIP High Income Series (Series ID: S000006242)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017176 | Service      |  |
| C000190649 | Standard     |  |

### Macquarie VIP Global Growth Series (Series ID: S000006243)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017177 | Service      |  |

### Macquarie VIP Energy Series (Series ID: S000011749)

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

### Macquarie VIP Pathfinder Aggressive Series (Series ID: S000020588)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057543 | Service      |  |

### Macquarie VIP Pathfinder Moderately Aggressive Series (Series ID: S000020589)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057544 | Service      |  |

### Macquarie VIP Pathfinder Moderate Series (Series ID: S000020590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057545 | Service      |  |

### Macquarie VIP Pathfinder Moderately Conservative Series (Series ID: S000020591)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057546 | Service      |  |

### Macquarie VIP Pathfinder Conservative Series (Series ID: S000020592)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000057547 | Service      |  |

### Macquarie VIP Limited-Term Bond Series (Series ID: S000029766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000091476 | Service      |  |

### Macquarie VIP Pathfinder Moderate - Managed Volatility Series (Series ID: S000041732)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129560 | Service      |  |

### Macquarie VIP Pathfinder Moderately Aggressive - Managed Volatility Series (Series ID: S000041733)

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

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

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

?xml version='1.0' encoding='ASCII'? Ivy Variable Insurance Portfolios

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-05017

#### Ivy Variable Insurance Portfolios
(Exact name of registrant as specified in charter)

------

610 Market Street

Philadelphia, PA 19106

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp; (800) 523-1918

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Asset Strategy Series

**Standard Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Asset Strategy Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$31 | &nbsp;&nbsp;0.60% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $579128353 |
| Total number of portfolio holdings | 462 |
| Total advisory fees paid | $1473257 |
| Portfolio turnover rate | 38% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 58.70% |
| Corporate Bonds | 10.45% |
| Agency Mortgage-Backed Securities | 8.97% |
| Bullion | 6.09% |
| US Treasury Obligations | 3.98% |
| Exchange-Traded Funds | 3.85% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.89% |
| Non-Agency Asset-Backed Securities | 1.43% |
| Short-Term Investments | 1.38% |
| Non-Agency Collateralized Mortgage Obligations | 0.76% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.52% |
| NVIDIA | 2.67% |
| Amazon.com | 2.23% |
| Taiwan Semiconductor Manufacturing | 2.02% |
| Apple | 1.60% |
| Mastercard Class A | 1.37% |
| Howmet Aerospace | 1.34% |
| SAP | 1.33% |
| BAE Systems | 1.28% |
| KLA | 1.22% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H646-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Asset Strategy Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Asset Strategy Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$44 | &nbsp;&nbsp;0.85% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $579128353 |
| Total number of portfolio holdings | 462 |
| Total advisory fees paid | $1473257 |
| Portfolio turnover rate | 38% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 58.70% |
| Corporate Bonds | 10.45% |
| Agency Mortgage-Backed Securities | 8.97% |
| Bullion | 6.09% |
| US Treasury Obligations | 3.98% |
| Exchange-Traded Funds | 3.85% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.89% |
| Non-Agency Asset-Backed Securities | 1.43% |
| Short-Term Investments | 1.38% |
| Non-Agency Collateralized Mortgage Obligations | 0.76% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 3.52% |
| NVIDIA | 2.67% |
| Amazon.com | 2.23% |
| Taiwan Semiconductor Manufacturing | 2.02% |
| Apple | 1.60% |
| Mastercard Class A | 1.37% |
| Howmet Aerospace | 1.34% |
| SAP | 1.33% |
| BAE Systems | 1.28% |
| KLA | 1.22% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H109-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Balanced Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Balanced Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$52 | &nbsp;&nbsp;1.02% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $222484376 |
| Total number of portfolio holdings | 419 |
| Total advisory fees paid | $726522 |
| Portfolio turnover rate | 33% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Common Stocks | 59.37% |
| Corporate Bonds | 11.00% |
| Agency Mortgage-Backed Securities | 8.99% |
| Exchange-Traded Funds | 7.73% |
| US Treasury Obligations | 5.35% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.76% |
| Short-Term Investments | 1.95% |
| Non-Agency Asset-Backed Securities | 1.19% |
| Non-Agency Collateralized Mortgage Obligations | 0.75% |
| Loan Agreements | 0.51% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 4.43% |
| NVIDIA | 3.35% |
| Amazon.com | 2.77% |
| Howmet Aerospace | 2.20% |
| Taiwan Semiconductor Manufacturing ADR | 2.06% |
| Apple | 1.85% |
| Meta Platforms Class A | 1.75% |
| Costco Wholesale | 1.61% |
| Abbott Laboratories | 1.43% |
| CME Group | 1.42% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H208-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Core Equity Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Core Equity Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$49 | &nbsp;&nbsp;0.95% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $690427415 |
| Total number of portfolio holdings | 51 |
| Total advisory fees paid | $2120555 |
| Portfolio turnover rate | 19% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 30.30% |
| Financials | 22.41% |
| Industrials | 11.40% |
| Communication Services | 10.70% |
| Consumer Discretionary | 8.48% |
| Healthcare | 5.97% |
| Materials | 4.71% |
| Consumer Staples | 2.65% |
| Utilities | 0.86% |
| Energy | 0.47% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 7.28% |
| NVIDIA | 5.54% |
| Amazon.com | 4.59% |
| Howmet Aerospace | 3.64% |
| Taiwan Semiconductor Manufacturing ADR | 3.41% |
| Alphabet Class A | 3.39% |
| Apple | 3.07% |
| Meta Platforms Class A | 2.90% |
| Costco Wholesale | 2.66% |
| Abbott Laboratories | 2.40% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4707417) TSSR-46600H406-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Corporate Bond Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Corporate Bond Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$39 | &nbsp;&nbsp;0.78% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $474593620 |
| Total number of portfolio holdings | 215 |
| Total advisory fees paid | $1101414 |
| Portfolio turnover rate | 88% |

---

**Series holdings** (as of June 30, 2025)

The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation

---

| | |
|:---|:---|
| Banking | 23.87% |
| Electric | 10.11% |
| Consumer Non-Cyclical | 9.42% |
| Capital Goods | 9.26% |
| Communications | 7.84% |
| Technology | 6.70% |
| Energy | 6.64% |
| Insurance | 6.45% |
| Finance Companies | 3.73% |
| Real Estate Investment Trusts | 3.28% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4707417) TSSR-46600H307-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Energy Series

**Standard Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Energy Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$45 | &nbsp;&nbsp;0.90% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $71825784 |
| Total number of portfolio holdings | 33 |
| Total advisory fees paid | $250592 |
| Portfolio turnover rate | 28% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Energy | 88.38% |
| Industrials | 1.92% |
| Information Technology | 1.62% |
| Utilities | 1.16% |
| Consumer Staples | 1.14% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 7.72% |
| Valero Energy | 5.52% |
| HF Sinclair | 5.51% |
| ARC Resources | 5.19% |
| Expand Energy | 4.99% |
| ConocoPhillips | 4.89% |
| Kimbell Royalty Partners | 4.50% |
| Tourmaline Oil | 4.50% |
| Exxon Mobil | 4.19% |
| Permian Resources | 4.05% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H638-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Energy Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Energy Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$57 | &nbsp;&nbsp;1.15% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $71825784 |
| Total number of portfolio holdings | 33 |
| Total advisory fees paid | $250592 |
| Portfolio turnover rate | 28% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Energy | 88.38% |
| Industrials | 1.92% |
| Information Technology | 1.62% |
| Utilities | 1.16% |
| Consumer Staples | 1.14% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 7.72% |
| Valero Energy | 5.52% |
| HF Sinclair | 5.51% |
| ARC Resources | 5.19% |
| Expand Energy | 4.99% |
| ConocoPhillips | 4.89% |
| Kimbell Royalty Partners | 4.50% |
| Tourmaline Oil | 4.50% |
| Exxon Mobil | 4.19% |
| Permian Resources | 4.05% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H604-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Global Growth Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Global Growth Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$55 | &nbsp;&nbsp;1.04% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $166230466 |
| Total number of portfolio holdings | 58 |
| Total advisory fees paid | $519161 |
| Portfolio turnover rate | 17% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Country allocation

---

| | |
|:---|:---|
| United States | 60.04% |
| Germany | 6.47% |
| United Kingdom | 4.40% |
| Japan | 3.63% |
| India | 3.54% |
| Taiwan | 3.41% |
| South Korea | 2.70% |
| France | 2.05% |
| Singapore | 1.84% |
| Spain | 1.74% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 27.26% |
| Financials | 16.62% |
| Industrials | 13.38% |
| Consumer Discretionary | 11.32% |
| Communication Services | 9.15% |
| Healthcare | 8.22% |
| Consumer Staples | 7.37% |
| Materials | 2.51% |
| Utilities | 1.58% |
| Energy | 1.49% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 5.93% |
| NVIDIA | 4.49% |
| Amazon.com | 3.75% |
| Taiwan Semiconductor Manufacturing | 3.41% |
| Apple | 2.69% |
| Mastercard Class A | 2.30% |
| Howmet Aerospace | 2.26% |
| SAP | 2.23% |
| BAE Systems | 2.16% |
| KLA | 2.06% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4707417) TSSR-46600H877-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Growth Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Growth Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$51 | &nbsp;&nbsp;1.01% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $607932267 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $2224935 |
| Portfolio turnover rate | 15% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 47.61% |
| Financials | 15.05% |
| Healthcare | 9.92% |
| Consumer Discretionary | 9.70% |
| Industrials | 7.80% |
| Real Estate | 3.78% |
| Communication Services | 3.54% |
| Consumer Staples | 1.98% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft | 15.51% |
| NVIDIA | 12.50% |
| Apple | 6.71% |
| Amazon.com | 6.63% |
| Visa Class A | 4.83% |
| Intercontinental Exchange | 3.55% |
| Alphabet Class A | 3.54% |
| Intuit | 2.88% |
| Mastercard Class A | 2.70% |
| Waste Connections | 2.50% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H802-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP High Income Series

**Standard Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP High Income Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$34 | &nbsp;&nbsp;0.68% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $779851325 |
| Total number of portfolio holdings | 292 |
| Total advisory fees paid | $2374177 |
| Portfolio turnover rate | 24% |

---

**Series holdings** (as of June 30, 2025)

The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.39% |
| Media | 8.33% |
| Capital Goods | 7.22% |
| Healthcare | 6.98% |
| Telecommunications | 6.11% |
| Financial Services | 5.85% |
| Leisure | 5.64% |
| Basic Industry | 5.06% |
| Technology & Electronics | 4.75% |
| Retail | 4.50% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H620-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP High Income Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP High Income Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$47 | &nbsp;&nbsp;0.93% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $779851325 |
| Total number of portfolio holdings | 292 |
| Total advisory fees paid | $2374177 |
| Portfolio turnover rate | 24% |

---

**Series holdings** (as of June 30, 2025)

The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation

---

| | |
|:---|:---|
| Energy | 11.39% |
| Media | 8.33% |
| Capital Goods | 7.22% |
| Healthcare | 6.98% |
| Telecommunications | 6.11% |
| Financial Services | 5.85% |
| Leisure | 5.64% |
| Basic Industry | 5.06% |
| Technology & Electronics | 4.75% |
| Retail | 4.50% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H885-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP International Core Equity Series

**Standard Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP International Core Equity Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$47 | &nbsp;&nbsp;0.86% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $797535611 |
| Total number of portfolio holdings | 62 |
| Total advisory fees paid | $2968376 |
| Portfolio turnover rate | 34% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Country allocation

---

| | |
|:---|:---|
| Japan | 14.18% |
| Germany | 13.28% |
| United Kingdom | 10.60% |
| Netherlands | 6.67% |
| India | 6.32% |
| China | 5.89% |
| Brazil | 4.63% |
| Taiwan | 4.49% |
| France | 4.44% |
| South Korea | 3.86% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Financials | 17.90% |
| Information Technology | 16.52% |
| Industrials | 16.07% |
| Communication Services | 10.89% |
| Consumer Discretionary | 10.02% |
| Healthcare | 9.94% |
| Materials | 6.40% |
| Consumer Staples | 5.92% |
| Energy | 1.56% |
| Utilities | 0.85% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 4.49% |
| MercadoLibre | 2.96% |
| Deutsche Telekom | 2.94% |
| SK Hynix | 2.87% |
| Heidelberg Materials | 2.63% |
| SAP | 2.39% |
| ING Groep | 2.39% |
| Airbus | 2.23% |
| Alcon | 2.22% |
| Mitsubishi UFJ Financial Group | 2.14% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H562-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP International Core Equity Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP International Core Equity Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$61 | &nbsp;&nbsp;1.11% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $797535611 |
| Total number of portfolio holdings | 62 |
| Total advisory fees paid | $2968376 |
| Portfolio turnover rate | 34% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Country allocation

---

| | |
|:---|:---|
| Japan | 14.18% |
| Germany | 13.28% |
| United Kingdom | 10.60% |
| Netherlands | 6.67% |
| India | 6.32% |
| China | 5.89% |
| Brazil | 4.63% |
| Taiwan | 4.49% |
| France | 4.44% |
| South Korea | 3.86% |

---

Sector allocation\*

---

| | |
|:---|:---|
| Financials | 17.90% |
| Information Technology | 16.52% |
| Industrials | 16.07% |
| Communication Services | 10.89% |
| Consumer Discretionary | 10.02% |
| Healthcare | 9.94% |
| Materials | 6.40% |
| Consumer Staples | 5.92% |
| Energy | 1.56% |
| Utilities | 0.85% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 4.49% |
| MercadoLibre | 2.96% |
| Deutsche Telekom | 2.94% |
| SK Hynix | 2.87% |
| Heidelberg Materials | 2.63% |
| SAP | 2.39% |
| ING Groep | 2.39% |
| Airbus | 2.23% |
| Alcon | 2.22% |
| Mitsubishi UFJ Financial Group | 2.14% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H869-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Limited-Term Bond Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Limited-Term Bond Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$40 | &nbsp;&nbsp;0.79% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $158623500 |
| Total number of portfolio holdings | 188 |
| Total advisory fees paid | $343892 |
| Portfolio turnover rate | 120% |

---

**Series holdings** (as of June 30, 2025)

The table below shows the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Corporate Bonds | 32.39% |
| US Treasury Obligation | 29.18% |
| Non-Agency Asset-Backed Securities | 17.25% |
| Collateralized Loan Obligations | 7.47% |
| Agency Mortgage-Backed Securities | 6.95% |
| Non-Agency Collateralized Mortgage Obligations | 3.58% |
| Agency Commercial Mortgage-Backed Securities | 1.65% |
| Government Agency Obligations | 0.34% |
| Sovereign Bond | 0.21% |
| Agency Collateralized Mortgage Obligations | 0.18% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4707417) TSSR-46600H687-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Mid Cap Growth Series

**Standard Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Mid Cap Growth Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$43 | &nbsp;&nbsp;0.85% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $389424952 |
| Total number of portfolio holdings | 66 |
| Total advisory fees paid | $1480302 |
| Portfolio turnover rate | 28% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 25.68% |
| Industrials | 20.30% |
| Consumer Discretionary | 16.82% |
| Healthcare | 16.38% |
| Financials | 9.62% |
| Real Estate | 3.37% |
| Communication Services | 3.01% |
| Materials | 1.72% |
| Consumer Staples | 1.16% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.50% |
| CoStar Group | 3.37% |
| Royal Caribbean Cruises | 3.07% |
| Cloudflare Class A | 2.57% |
| Insulet | 2.57% |
| Fastenal | 2.52% |
| Datadog Class A | 2.38% |
| Howmet Aerospace | 2.29% |
| HEICO Class A | 2.12% |
| LPL Financial Holdings | 2.04% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H596-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Mid Cap Growth Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Mid Cap Growth Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$55 | &nbsp;&nbsp;1.10% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $389424952 |
| Total number of portfolio holdings | 66 |
| Total advisory fees paid | $1480302 |
| Portfolio turnover rate | 28% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 25.68% |
| Industrials | 20.30% |
| Consumer Discretionary | 16.82% |
| Healthcare | 16.38% |
| Financials | 9.62% |
| Real Estate | 3.37% |
| Communication Services | 3.01% |
| Materials | 1.72% |
| Consumer Staples | 1.16% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| IDEXX Laboratories | 3.50% |
| CoStar Group | 3.37% |
| Royal Caribbean Cruises | 3.07% |
| Cloudflare Class A | 2.57% |
| Insulet | 2.57% |
| Fastenal | 2.52% |
| Datadog Class A | 2.38% |
| Howmet Aerospace | 2.29% |
| HEICO Class A | 2.12% |
| LPL Financial Holdings | 2.04% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H851-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Natural Resources Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Natural Resources Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$66 | &nbsp;&nbsp;1.27% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $75208870 |
| Total number of portfolio holdings | 43 |
| Total advisory fees paid | $300021 |
| Portfolio turnover rate | 22% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Materials | 61.17% |
| Energy | 30.87% |
| Consumer Staples | 3.10% |
| Industrials | 2.04% |
| Information Technology | 1.79% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Shell | 6.45% |
| Nutrien | 4.57% |
| Hudbay Minerals | 4.54% |
| Newmont | 4.08% |
| CF Industries Holdings | 3.94% |
| Wheaton Precious Metals | 3.87% |
| Steel Dynamics | 3.68% |
| Expand Energy | 3.65% |
| Valero Energy | 3.63% |
| ERO Copper | 3.39% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H703-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Pathfinder Aggressive Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Pathfinder Aggressive Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$9 | &nbsp;&nbsp;0.17% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $49744866 |
| Total number of portfolio holdings | 9 |
| Total advisory fees paid | $0 |
| Portfolio turnover rate | 20% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 99.81% |
| &nbsp;&nbsp;Fixed Income Funds | 14.64% |
| &nbsp;&nbsp;Global / International Equity Fund | 29.92% |
| &nbsp;&nbsp;US Equity Funds | 55.25% |
| Short-Term Investments | 0.24% |

---

Top underlying funds

---

| | |
|:---|:---|
| Macquarie VIP International Core Equity Series Standard Class | 29.92% |
| Macquarie VIP Core Equity Series Service Class | 22.28% |
| Macquarie VIP Growth and Income Series Standard Class | 15.98% |
| Macquarie VIP Corporate Bond Series Service Class | 14.14% |
| Macquarie VIP Growth Series Service Class | 7.29% |
| Macquarie VIP Value Series Service Class | 6.05% |
| Macquarie VIP Smid Cap Core Series Service Class | 3.65% |
| Macquarie VIP High Income Series Standard Class | 0.25% |
| Macquarie VIP Limited-Term Bond Series Service Class | 0.25% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4702798) TSSR-46600H752-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Pathfinder Conservative Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Pathfinder Conservative Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$7 | &nbsp;&nbsp;0.14% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $65065853 |
| Total number of portfolio holdings | 9 |
| Total advisory fees paid | $0 |
| Portfolio turnover rate | 18% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 99.78% |
| &nbsp;&nbsp;Fixed Income Funds | 54.40% |
| &nbsp;&nbsp;Global / International Equity Fund | 10.02% |
| &nbsp;&nbsp;US Equity Funds | 35.36% |
| Short-Term Investments | 0.25% |

---

Top underlying funds

---

| | |
|:---|:---|
| Macquarie VIP Corporate Bond Series Service Class | 33.67% |
| Macquarie VIP Limited-Term Bond Series Service Class | 19.48% |
| Macquarie VIP Core Equity Series Service Class | 14.25% |
| Macquarie VIP Growth and Income Series Standard Class | 10.21% |
| Macquarie VIP International Core Equity Series Standard Class | 10.02% |
| Macquarie VIP Growth Series Service Class | 4.72% |
| Macquarie VIP Value Series Service Class | 3.89% |
| Macquarie VIP Smid Cap Core Series Service Class | 2.29% |
| Macquarie VIP High Income Series Standard Class | 1.25% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4702798) TSSR-46600H711-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Pathfinder Moderate Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Pathfinder Moderate Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$3 | &nbsp;&nbsp;0.06% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $367869459 |
| Total number of portfolio holdings | 9 |
| Total advisory fees paid | $0 |
| Portfolio turnover rate | 20% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 99.77% |
| &nbsp;&nbsp;Fixed Income Funds | 34.46% |
| &nbsp;&nbsp;Global / International Equity Fund | 19.99% |
| &nbsp;&nbsp;US Equity Funds | 45.32% |
| Short-Term Investments | 0.25% |

---

Top underlying funds

---

| | |
|:---|:---|
| Macquarie VIP Corporate Bond Series Service Class | 24.12% |
| Macquarie VIP International Core Equity Series Standard Class | 19.99% |
| Macquarie VIP Core Equity Series Service Class | 18.28% |
| Macquarie VIP Growth and Income Series Standard Class | 13.10% |
| Macquarie VIP Limited-Term Bond Series Service Class | 9.59% |
| Macquarie VIP Growth Series Service Class | 6.00% |
| Macquarie VIP Value Series Service Class | 4.97% |
| Macquarie VIP Smid Cap Core Series Service Class | 2.97% |
| Macquarie VIP High Income Series Standard Class | 0.75% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4702798) TSSR-46600H737-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Pathfinder Moderately Aggressive Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Pathfinder Moderately Aggressive Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$3 | &nbsp;&nbsp;0.06% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $448104386 |
| Total number of portfolio holdings | 9 |
| Total advisory fees paid | $0 |
| Portfolio turnover rate | 20% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 99.77% |
| &nbsp;&nbsp;Fixed Income Funds | 24.54% |
| &nbsp;&nbsp;Global / International Equity Fund | 24.95% |
| &nbsp;&nbsp;US Equity Funds | 50.28% |
| Short-Term Investments | 0.25% |

---

Top underlying funds

---

| | |
|:---|:---|
| Macquarie VIP International Core Equity Series Standard Class | 24.95% |
| Macquarie VIP Core Equity Series Service Class | 20.28% |
| Macquarie VIP Corporate Bond Series Service Class | 19.37% |
| Macquarie VIP Growth and Income Series Standard Class | 14.49% |
| Macquarie VIP Growth Series Service Class | 6.69% |
| Macquarie VIP Value Series Service Class | 5.56% |
| Macquarie VIP Limited-Term Bond Series Service Class | 4.67% |
| Macquarie VIP Smid Cap Core Series Service Class | 3.26% |
| Macquarie VIP High Income Series Standard Class | 0.50% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4702798) TSSR-46600H745-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Pathfinder Moderately Conservative Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Pathfinder Moderately Conservative Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$5 | &nbsp;&nbsp;0.10% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $116712026 |
| Total number of portfolio holdings | 9 |
| Total advisory fees paid | $0 |
| Portfolio turnover rate | 19% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 99.78% |
| &nbsp;&nbsp;Fixed Income Funds | 44.42% |
| &nbsp;&nbsp;Global / International Equity Fund | 15.01% |
| &nbsp;&nbsp;US Equity Funds | 40.35% |
| Short-Term Investments | 0.25% |

---

Top underlying funds

---

| | |
|:---|:---|
| Macquarie VIP Corporate Bond Series Service Class | 28.89% |
| Macquarie VIP Core Equity Series Service Class | 16.27% |
| Macquarie VIP International Core Equity Series Standard Class | 15.01% |
| Macquarie VIP Limited-Term Bond Series Service Class | 14.53% |
| Macquarie VIP Growth and Income Series Standard Class | 11.71% |
| Macquarie VIP Growth Series Service Class | 5.31% |
| Macquarie VIP Value Series Service Class | 4.38% |
| Macquarie VIP Smid Cap Core Series Service Class | 2.68% |
| Macquarie VIP High Income Series Standard Class | 1.00% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4702798) TSSR-46600H729-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Pathfinder Moderate – Managed Volatility Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Pathfinder Moderate – Managed Volatility Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$12 | &nbsp;&nbsp;0.24% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $355103857 |
| Total number of portfolio holdings | 9 |
| Total advisory fees paid | $318064 |
| Portfolio turnover rate | 22% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 98.03% |
| &nbsp;&nbsp;Fixed Income Funds | 33.87% |
| &nbsp;&nbsp;Global / International Equity Fund | 19.65% |
| &nbsp;&nbsp;US Equity Funds | 44.51% |
| Short-Term Investments | 1.99% |

---

Top underlying funds

---

| | |
|:---|:---|
| Macquarie VIP Corporate Bond Series Service Class | 23.70% |
| Macquarie VIP International Core Equity Series Standard Class | 19.65% |
| Macquarie VIP Core Equity Series Service Class | 17.95% |
| Macquarie VIP Growth and Income Series Standard Class | 12.87% |
| Macquarie VIP Limited-Term Bond Series Service Class | 9.43% |
| Macquarie VIP Growth Series Service Class | 5.89% |
| Macquarie VIP Value Series Service Class | 4.88% |
| Macquarie VIP Smid Cap Core Series Service Class | 2.92% |
| Macquarie VIP High Income Series Standard Class | 0.74% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4702798) TSSR-46600H679-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$12 | &nbsp;&nbsp;0.24% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $50411787 |
| Total number of portfolio holdings | 9 |
| Total advisory fees paid | $13719 |
| Portfolio turnover rate | 24% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 98.06% |
| &nbsp;&nbsp;Fixed Income Funds | 24.12% |
| &nbsp;&nbsp;Global / International Equity Fund | 24.53% |
| &nbsp;&nbsp;US Equity Funds | 49.41% |
| Short-Term Investments | 1.99% |

---

Top underlying funds

---

| | |
|:---|:---|
| Macquarie VIP International Core Equity Series Standard Class | 24.53% |
| Macquarie VIP Core Equity Series Service Class | 19.93% |
| Macquarie VIP Corporate Bond Series Service Class | 19.04% |
| Macquarie VIP Growth and Income Series Standard Class | 14.24% |
| Macquarie VIP Growth Series Service Class | 6.58% |
| Macquarie VIP Value Series Service Class | 5.46% |
| Macquarie VIP Limited-Term Bond Series Service Class | 4.59% |
| Macquarie VIP Smid Cap Core Series Service Class | 3.20% |
| Macquarie VIP High Income Series Standard Class | 0.49% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4702798) TSSR-46600H661-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$12 | &nbsp;&nbsp;0.24% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $22680866 |
| Total number of portfolio holdings | 9 |
| Total advisory fees paid | $0 |
| Portfolio turnover rate | 26% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Portfolio composition

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 98.10% |
| &nbsp;&nbsp;Fixed Income Funds | 43.66% |
| &nbsp;&nbsp;Global / International Equity Fund | 14.77% |
| &nbsp;&nbsp;US Equity Funds | 39.67% |
| Short-Term Investments | 2.00% |

---

Top underlying funds

---

| | |
|:---|:---|
| Macquarie VIP Corporate Bond Series Service Class | 28.40% |
| Macquarie VIP Core Equity Series Service Class | 16.00% |
| Macquarie VIP International Core Equity Series Standard Class | 14.77% |
| Macquarie VIP Limited-Term Bond Series Service Class | 14.28% |
| Macquarie VIP Growth and Income Series Standard Class | 11.51% |
| Macquarie VIP Growth Series Service Class | 5.22% |
| Macquarie VIP Value Series Service Class | 4.31% |
| Macquarie VIP Smid Cap Core Series Service Class | 2.63% |
| Macquarie VIP High Income Series Standard Class | 0.98% |

---

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4702798) TSSR-46600H653-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Science and Technology Series

**Standard Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Science and Technology Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$48 | &nbsp;&nbsp;0.90% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $715307649 |
| Total number of portfolio holdings | 38 |
| Total advisory fees paid | $2668993 |
| Portfolio turnover rate | 29% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 62.07% |
| Communication Services | 13.27% |
| Consumer Discretionary | 11.60% |
| Industrials | 5.08% |
| Healthcare | 4.00% |
| Financials | 1.45% |
| Real Estate | 0.47% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 7.78% |
| Seagate Technology Holdings | 7.76% |
| Meta Platforms Class A | 7.52% |
| Microsoft | 5.51% |
| Broadcom | 4.92% |
| Taiwan Semiconductor Manufacturing ADR | 4.88% |
| Amazon.com | 3.85% |
| SAP ADR | 3.48% |
| CDW | 2.75% |
| Lam Research | 2.72% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H588-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Science and Technology Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Science and Technology Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$62 | &nbsp;&nbsp;1.15% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $715307649 |
| Total number of portfolio holdings | 38 |
| Total advisory fees paid | $2668993 |
| Portfolio turnover rate | 29% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Information Technology | 62.07% |
| Communication Services | 13.27% |
| Consumer Discretionary | 11.60% |
| Industrials | 5.08% |
| Healthcare | 4.00% |
| Financials | 1.45% |
| Real Estate | 0.47% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| NVIDIA | 7.78% |
| Seagate Technology Holdings | 7.76% |
| Meta Platforms Class A | 7.52% |
| Microsoft | 5.51% |
| Broadcom | 4.92% |
| Taiwan Semiconductor Manufacturing ADR | 4.88% |
| Amazon.com | 3.85% |
| SAP ADR | 3.48% |
| CDW | 2.75% |
| Lam Research | 2.72% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H794-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Small Cap Growth Series

**Standard Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Small Cap Growth Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Standard Class | &nbsp;&nbsp;$45 | &nbsp;&nbsp;0.89% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $190610108 |
| Total number of portfolio holdings | 86 |
| Total advisory fees paid | $761572 |
| Portfolio turnover rate | 36% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 24.03% |
| Information Technology | 23.30% |
| Healthcare | 22.84% |
| Consumer Discretionary | 12.20% |
| Financials | 9.06% |
| Consumer Staples | 3.48% |
| Communication Services | 2.12% |
| Energy | 1.06% |
| Materials | 0.91% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 2.94% |
| Universal Technical Institute | 2.65% |
| IMAX | 2.12% |
| American Superconductor | 2.11% |
| Encompass Health | 2.07% |
| Lumentum Holdings | 2.00% |
| Ollie's Bargain Outlet Holdings | 1.99% |
| Construction Partners Class A | 1.97% |
| Tarsus Pharmaceuticals | 1.96% |
| Integer Holdings | 1.93% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H570-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Small Cap Growth Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Small Cap Growth Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$58 | &nbsp;&nbsp;1.14% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $190610108 |
| Total number of portfolio holdings | 86 |
| Total advisory fees paid | $761572 |
| Portfolio turnover rate | 36% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 24.03% |
| Information Technology | 23.30% |
| Healthcare | 22.84% |
| Consumer Discretionary | 12.20% |
| Financials | 9.06% |
| Consumer Staples | 3.48% |
| Communication Services | 2.12% |
| Energy | 1.06% |
| Materials | 0.91% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| OSI Systems | 2.94% |
| Universal Technical Institute | 2.65% |
| IMAX | 2.12% |
| American Superconductor | 2.11% |
| Encompass Health | 2.07% |
| Lumentum Holdings | 2.00% |
| Ollie's Bargain Outlet Holdings | 1.99% |
| Construction Partners Class A | 1.97% |
| Tarsus Pharmaceuticals | 1.96% |
| Integer Holdings | 1.93% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H786-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Smid Cap Core Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Smid Cap Core Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$59 | &nbsp;&nbsp;1.19% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $176077348 |
| Total number of portfolio holdings | 123 |
| Total advisory fees paid | $792164 |
| Portfolio turnover rate | 9% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Industrials | 23.30% |
| Financials | 17.24% |
| Information Technology | 13.53% |
| Healthcare | 12.83% |
| Consumer Discretionary | 9.01% |
| Real Estate | 6.08% |
| Materials | 4.07% |
| Consumer Staples | 3.80% |
| Energy | 3.74% |
| Communication Services | 2.36% |
| Utilities | 1.78% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| East West Bancorp | 2.08% |
| Casey's General Stores | 1.93% |
| Axis Capital Holdings | 1.79% |
| Guidewire Software | 1.78% |
| Webster Financial | 1.65% |
| Reliance | 1.47% |
| Dick's Sporting Goods | 1.45% |
| Pinnacle Financial Partners | 1.42% |
| Reinsurance Group of America | 1.35% |
| Kemper | 1.34% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4706984) TSSR-46600H778-0825

![Macquarie Logo](g847441images_28505.jpg)

Macquarie VIP Value Series

**Service Class**

#### Semiannual shareholder report \| June 30, 2025
This semiannual shareholder report contains important information about Macquarie VIP Value Series (Series) for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Series at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### What were the Series' costs for the last six months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment<sup>^</sup> |
| &nbsp;&nbsp;Service Class | &nbsp;&nbsp;$50 | &nbsp;&nbsp;0.99% |

---

<sup><sup>^</sup></sup> Annualized.

**Series statistics** (as of June 30, 2025)

---

| | |
|:---|:---|
| Series net assets | $186530691 |
| Total number of portfolio holdings | 33 |
| Total advisory fees paid | $596273 |
| Portfolio turnover rate | 19% |

---

**Series holdings** (as of June 30, 2025)

The tables below show the investment makeup of the Series, with each category representing a percentage of the total net assets of the Series.

Sector allocation\*

---

| | |
|:---|:---|
| Financials | 18.71% |
| Healthcare | 14.11% |
| Information Technology | 12.81% |
| Industrials | 12.35% |
| Communication Services | 9.63% |
| Consumer Discretionary | 9.17% |
| Consumer Staples | 8.18% |
| Energy | 5.97% |
| Real Estate | 2.93% |
| Utilities | 2.80% |
| Materials | 2.64% |

---

Top 10 equity holdings

---

| | |
|:---|:---|
| Cisco Systems | 3.52% |
| Charles Schwab | 3.35% |
| Alphabet Class A | 3.34% |
| Analog Devices | 3.33% |
| Bank of America | 3.30% |
| CSX | 3.24% |
| Walt Disney | 3.21% |
| Travelers | 3.20% |
| Genuine Parts | 3.18% |
| Exxon Mobil | 3.17% |

---

\* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

#### Availability of additional information
You can access additional information about the Series, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/vip-literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Series. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - VIP Funds](g847441images_28594.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/vip-literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4707417) TSSR-46600H760-0825

------

(b) Not applicable

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

------

![](g847441imgd82f84c01.gif)

#### Ivy Variable Insurance Portfolios
Macquarie VIP Asset Strategy Series

Macquarie VIP Balanced Series

Macquarie VIP Energy Series

Macquarie VIP Growth Series

Macquarie VIP High Income Series

Macquarie VIP International Core Equity Series

Macquarie VIP Mid Cap Growth Series

Macquarie VIP Natural Resources Series

Macquarie VIP Science and Technology Series

Macquarie VIP Small Cap Growth Series

Macquarie VIP Smid Cap Core Series

Financial statements and other information

For the six months ended June 30, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated schedule of investments](#xx_b49e11e3-a070-4678-a1ed-04b32a9f17f2_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_b49e11e3-a070-4678-a1ed-04b32a9f17f2_13)<br>| &nbsp;&nbsp;&nbsp;**13** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_6506a002-004a-46f3-b8a0-9fe8360272c8_1)<br>| &nbsp;&nbsp;&nbsp;**44** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_6506a002-004a-46f3-b8a0-9fe8360272c8_5)<br>| &nbsp;&nbsp;&nbsp;**48** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_6506a002-004a-46f3-b8a0-9fe8360272c8_9)<br>| &nbsp;&nbsp;&nbsp;**52** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_582c8cfe-4333-4742-a9f3-703705a82bb2_1)<br>| &nbsp;&nbsp;&nbsp;**58** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_a91857df-a72c-4299-bfaa-82c555b5ccd1_1)<br>| &nbsp;&nbsp;&nbsp;**76** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Series information](#xx_4a5ede09-c73f-4413-bb9c-c30fbb838aa4_1)<br>| &nbsp;&nbsp;&nbsp;**104** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
Each Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Series' Form N-PORT, as well as a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Series' most recent Form N-PORT are available without charge on the Series' website at macquarie.com/mam/vip-literature.

Information (if any) regarding how each Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series' website at macquarie.com/mam/proxy; and (ii) on the SEC's website at sec.gov.

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

## Consolidated schedule of investments
Macquarie VIP Asset Strategy Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.11%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.11%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-18 NS 1.70% (6.01% minus SOFR, Cap 6.12%) 4/25/45 Σ, =, • | &nbsp;&nbsp;&nbsp;&nbsp;784056 | $77189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-37 SB 1.20% (5.51% minus SOFR, Cap 5.62%) 6/25/45 Σ, =, • | 1569422 | &nbsp;&nbsp; 147349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-48 US 1.68% (5.99% minus SOFR, Cap 6.10%) 8/25/46 Σ, =, • | 1615057 | &nbsp;&nbsp; 114127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-33 AI 4.50% 5/25/47 Σ, = | &nbsp;&nbsp;&nbsp;&nbsp;703566 | &nbsp;&nbsp; 83608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-13 IP 5.00% 3/25/49 Σ, = | &nbsp;&nbsp;&nbsp;&nbsp;529953 | &nbsp;&nbsp; 107158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4740 SB 1.732% (6.04% minus SOFR, Cap 6.15%) 11/15/47 Σ, =, • | &nbsp;&nbsp;&nbsp;&nbsp;810611 | &nbsp;&nbsp; 87525 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $1,195,621)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $1,195,621)** | &nbsp;&nbsp; **616956** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.20%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.20%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Series 2017-M2 A2 2.907% 2/25/27 • | 1058687 | &nbsp;&nbsp; 1037213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured<br> Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K103 X1 0.753% 11/25/29 =, ♦, • | 1982385 | &nbsp;&nbsp; 45863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K115 X1 1.419% 6/25/30 =, ♦, • | 1772305 | &nbsp;&nbsp; 92805 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $1,173,892)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $1,173,892)** | &nbsp;&nbsp; **1175881** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.97%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.97%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/36 | 1375772 | &nbsp;&nbsp; 1291988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;220499 | &nbsp;&nbsp; 214002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;405258 | &nbsp;&nbsp; 413011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/1/50 | 2416146 | &nbsp;&nbsp; 1931612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | 2331623 | &nbsp;&nbsp; 1855328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;440672 | &nbsp;&nbsp; 371866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;762461 | &nbsp;&nbsp; 634156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;332924 | &nbsp;&nbsp; 276806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;611947 | &nbsp;&nbsp; 539201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;813631 | &nbsp;&nbsp; 712339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 2/1/52 | 1770567 | &nbsp;&nbsp; 1546520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;236401 | &nbsp;&nbsp; 206560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;232555 | &nbsp;&nbsp; 201418 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;244878 | $227394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 | 5185008 | &nbsp;&nbsp; 4676887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/52 | 1436352 | &nbsp;&nbsp; 1309038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 3/1/47 | 1498783 | &nbsp;&nbsp; 1420618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;78491 | &nbsp;&nbsp; 74248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;173957 | &nbsp;&nbsp; 162087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;127897 | &nbsp;&nbsp; 118970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;900300 | &nbsp;&nbsp; 862826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 2/1/53 | 1681222 | &nbsp;&nbsp; 1611361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;719248 | &nbsp;&nbsp; 710103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/52 | 1036487 | &nbsp;&nbsp; 1042136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;735319 | &nbsp;&nbsp; 741549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/53 | 1362133 | &nbsp;&nbsp; 1365019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;134733 | &nbsp;&nbsp; 134915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/55 | 1877720 | &nbsp;&nbsp; 1880393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;30527 | &nbsp;&nbsp; 30533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;992165 | &nbsp;&nbsp; 1013160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;297552 | &nbsp;&nbsp; 303810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;70062 | &nbsp;&nbsp; 71338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;354684 | &nbsp;&nbsp; 365781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;440766 | &nbsp;&nbsp; 448587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/54 | 1927589 | &nbsp;&nbsp; 1959280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 20 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/42 | 1729428 | &nbsp;&nbsp; 1491693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;743325 | &nbsp;&nbsp; 661767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;463092 | &nbsp;&nbsp; 411965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;523791 | &nbsp;&nbsp; 496218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | 3037706 | &nbsp;&nbsp; 2566110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 1283383 | &nbsp;&nbsp; 1078746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/52 | 1271635 | &nbsp;&nbsp; 1100940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;790064 | &nbsp;&nbsp; 739337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | 1108064 | &nbsp;&nbsp; 1034197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;93572 | &nbsp;&nbsp; 89998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;819017 | &nbsp;&nbsp; 789254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | 1514454 | &nbsp;&nbsp; 1451363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/1/52 | 1465264 | &nbsp;&nbsp; 1404327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;474530 | &nbsp;&nbsp; 470949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;910054 | &nbsp;&nbsp; 899187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;134701 | &nbsp;&nbsp; 132655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;164975 | &nbsp;&nbsp; 162239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | 1759111 | &nbsp;&nbsp; 1727763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;833808 | &nbsp;&nbsp; 839392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;636691 | &nbsp;&nbsp; 641337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;331737 | &nbsp;&nbsp; 335126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;687361 | &nbsp;&nbsp; 692209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;23794 | &nbsp;&nbsp; 23799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;357156 | &nbsp;&nbsp; 357223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;28503 | &nbsp;&nbsp; 28508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;411232 | $363902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;380680 | &nbsp;&nbsp; 336963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;573271 | &nbsp;&nbsp; 566211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;364309 | &nbsp;&nbsp; 367159 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $52,866,661)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $52,866,661)** | &nbsp;&nbsp; **51985377** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 0.46%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.46%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 17 Series 2022-17A AR 144A 5.219% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 348333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 15 Series 2021-15A D1R 144A 7.034% (TSFR03M + 2.75%, Floor 2.75%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 123912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18 Series 2021-18A C1R 144A 6.071% (TSFR03M + 2.85%, Floor 2.85%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 100305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO 2019-2 Series 2019-2A AR2 144A 5.266% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 199676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO 2020-2 Series 2020-2A AR2 144A 5.286% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 249404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAMR Series 2021-15A D1R 144A 7.204% (TSFR03M + 2.90%, Floor 2.90%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 99680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding Series 2025-1A D1 144A 6.746% (TSFR03M + 2.50%, Floor 2.50%) 4/23/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 148834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 109 CLO Series 2022-109A DR 144A 6.956% (TSFR03M + 2.70%, Floor 2.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 149732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 22 Series 2023-1A D1R 144A 7.084% (TSFR03M + 2.80%, Floor 2.80%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 100362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXVII Series 2018-27A D1R 144A 7.167% (TSFR03M + 2.85%, Floor 2.85%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 150238 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XlV Series 2025-45A D1 144A 6.785% (TSFR03M + 2.50%, Floor 2.50%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | $99026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO 2020-1 Series 2020-1A D1RR 144A 6.856% (TSFR03M + 2.60%, Floor 2.60%) 1/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 147791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFSI BSL XII Series 2023-12A D1R 144A 7.469% (TSFR03M + 3.20%, Floor 3.20%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 98886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO 2019-2 Series 2019-2A D1R2 144A 7.317% (TSFR03M + 3.00%, Floor 3.00%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 146469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16 Series 2020-16A A1R2 144A 5.399% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 499859 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $2,675,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $2,675,000)** | &nbsp;&nbsp; **2662507** |
| &nbsp;&nbsp;**Corporate Bonds — 10.45%** | &nbsp;&nbsp;**Corporate Bonds — 10.45%** | &nbsp;&nbsp;**Corporate Bonds — 10.45%** |
| &nbsp;&nbsp;Banking — 2.63% | &nbsp;&nbsp;Banking — 2.63% | &nbsp;&nbsp;Banking — 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 1/27/27 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 44268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.162% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 261427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 295137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;519000 | &nbsp;&nbsp; 540741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 395547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 134960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.942% 2/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 204284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 3/20/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 175068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas 144A 7.45% 6/27/35 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 201700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE 144A 5.936% 5/30/35 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 256304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.438% 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 251993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.488% 12/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 325163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57% 4/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 375142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.612% 3/4/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 157160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 174666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 201973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 121172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole 144A 5.222% 5/27/31 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 254750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 172702 |

---

2&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72% 1/18/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $210142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 186770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 153819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp 6.361% 10/27/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;627000 | &nbsp;&nbsp; 653778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.016% 10/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp; 276732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 266612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.561% 11/19/45 μ | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 221668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.734% 1/28/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 265199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 249317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.208% 8/21/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 241383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.012% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 173169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 225513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 153859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 193974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572% 4/22/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 295469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp; 95677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp 6.401% 3/6/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 138727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group 5.721% 6/5/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 207771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank 5.179% 7/8/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 137273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 179440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.516% 11/19/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 190709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.664% 4/17/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 139946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831% 4/19/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;619000 | &nbsp;&nbsp; 648755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 135589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp; 233389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 164206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 111423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 139194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.676% 1/22/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 150710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 273982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 138215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.834% 4/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 122256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.993% 3/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 218189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.58% 5/9/36 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 204600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp; 473238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 199456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.491% 11/3/36 μ | 1245000 | &nbsp;&nbsp; 1057055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% 2/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp; 168123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 203657 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.384% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;65000 | $66937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.424% 2/12/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 112133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.678% 1/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 150591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.727% 10/21/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp; 37126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 97819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank 4.73% 5/15/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 251339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 159048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 4/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 304619 |
|  |  | &nbsp;&nbsp; 15222753 |
| &nbsp;&nbsp;Basic Industry — 0.47% | &nbsp;&nbsp;Basic Industry — 0.47% | &nbsp;&nbsp;Basic Industry — 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 171903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp; 344528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical 5.95% 3/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 233732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 144A 5.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 379978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan 5.45% 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp; 397169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 179317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 206147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor 5.10% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 240860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano Austria 2.50% 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 558065 |
|  |  | &nbsp;&nbsp; 2732185 |
| &nbsp;&nbsp;Brokerage — 0.21% | &nbsp;&nbsp;Brokerage — 0.21% | &nbsp;&nbsp;Brokerage — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 263956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 5.00% 8/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 193483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp; 548410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp; 220951 |
|  |  | &nbsp;&nbsp; 1226800 |
| &nbsp;&nbsp;Capital Goods — 0.76% | &nbsp;&nbsp;Capital Goods — 0.76% | &nbsp;&nbsp;Capital Goods — 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America 144A 5.50% 3/17/35 # | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 137030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol 2.20% 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 170855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.196% 2/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 379045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp; 706720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier 144A 7.25% 7/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 378342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar 5.20% 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 224374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 193320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 78374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 57665 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | $49788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 209864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A 6.375% 3/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 144052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp; 88812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp; 379525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.60% 5/28/30 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 202113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.90% 5/28/32 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 203002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Industries 144A 4.375% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;483000 | &nbsp;&nbsp; 457626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.375% 5/31/33 # | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 341158 |
|  |  | &nbsp;&nbsp; 4401665 |
| &nbsp;&nbsp;Communications — 0.85% | &nbsp;&nbsp;Communications — 0.85% | &nbsp;&nbsp;Communications — 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp; 86585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 8/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp; 86805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 43228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating 3.85% 4/1/61 | 1360000 | &nbsp;&nbsp; 872069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications 144A 6.50% 10/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 96927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle 1.05% 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp; 399795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 168362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 117113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 397321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp; 655945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 392132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp; 310000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp; 370000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 273815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 76512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 99532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 225066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 84167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/2/35 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 151306 |
|  |  | &nbsp;&nbsp; 4906680 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Cyclical — 0.46% | &nbsp;&nbsp;Consumer Cyclical — 0.46% | &nbsp;&nbsp;Consumer Cyclical — 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding 2.125% 2/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | $442801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 4.00% 8/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 279122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% 5/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 206759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 202770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 6/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 66322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 80972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875% 9/15/31 | 1000000 | &nbsp;&nbsp; 861187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 6/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 71139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 12/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp; 83543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 286792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 95911 |
|  |  | &nbsp;&nbsp; 2677318 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.66% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.66% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide 5.55% 1/23/49 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 446970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp; 326417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita 144A 6.75% 7/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;216000 | &nbsp;&nbsp; 223176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. 5.50% 2/12/55 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 140980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 90771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 92198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA 5.45% 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 272453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 1/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 190398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 3/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 175800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.80% 3/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 268594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.20% 3/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 237933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 5/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 160481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.70% 5/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 184680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle Holdings 144A 1.875% 9/14/31 # | 1000000 | &nbsp;&nbsp; 868329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 128128 |
|  |  | &nbsp;&nbsp; 3807308 |
| &nbsp;&nbsp;Electric — 0.57% | &nbsp;&nbsp;Electric — 0.57% | &nbsp;&nbsp;Electric — 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power 4.50% 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 341603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy 2.85% 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 98241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 5.75% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp; 274626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 147519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 189452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy 5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 188712 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon 5.45% 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | $97536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fells Point Funding Trust 144A 3.046% 1/31/27 # | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 376802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada Power 5.90% 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 258948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 202239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 92223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 6.25% 11/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 234479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power 6.20% 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 46125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 45899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 81177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 71854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Electric and Power 2.45% 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp; 269648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 83147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.95% 10/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 219795 |
|  |  | &nbsp;&nbsp; 3320025 |
| &nbsp;&nbsp;Energy — 1.27% | &nbsp;&nbsp;Energy — 1.27% | &nbsp;&nbsp;Energy — 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 96853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.721% 1/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 192321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.227% 11/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 391919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 199953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 453119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 180462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 111144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 182709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 172889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp; 454216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 113679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 138062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 192402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 367801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 172124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 186464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 124625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 46656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/16/55 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 120717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp; 260245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp; 87251 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 7/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | $101918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | &nbsp;&nbsp;&nbsp;&nbsp;405200 | &nbsp;&nbsp; 359870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I 144A 6.25% 4/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 358418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan 5.95% 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 545282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 145554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 77892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 120105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 770648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass 144A 3.875% 11/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 455161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Finance 5.70% 5/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 188444 |
|  |  | &nbsp;&nbsp; 7368903 |
| &nbsp;&nbsp;Finance Companies — 1.01% | &nbsp;&nbsp;Finance Companies — 1.01% | &nbsp;&nbsp;Finance Companies — 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC 2.45% 10/29/26 | 2155000 | &nbsp;&nbsp; 2100207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 12/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;639000 | &nbsp;&nbsp; 621145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp; 154070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp; 113471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 30672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp; 686066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund 5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 120879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 425835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 164673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 7.125% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 362782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.875% 5/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 368314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket 144A 6.375% 8/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp; 471247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.625% 2/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 225445 |
|  |  | &nbsp;&nbsp; 5844806 |
| &nbsp;&nbsp;Insurance — 0.43% | &nbsp;&nbsp;Insurance — 0.43% | &nbsp;&nbsp;Insurance — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon 5.00% 9/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp; 644968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America 5.30% 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 129373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. 5.00% 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 197807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 244892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% 5/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 123881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 10/15/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 152970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 185639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | $164604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 296734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan 5.35% 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp; 324743 |
|  |  | &nbsp;&nbsp; 2465611 |
| &nbsp;&nbsp;Natural Gas — 0.13% | &nbsp;&nbsp;Natural Gas — 0.13% | &nbsp;&nbsp;Natural Gas — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 92767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 270287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra 6.40% 10/1/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 356935 |
|  |  | &nbsp;&nbsp; 719989 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.06% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.06% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp; 315023 |
|  |  | &nbsp;&nbsp; 315023 |
| &nbsp;&nbsp;Technology — 0.81% | &nbsp;&nbsp;Technology — 0.81% | &nbsp;&nbsp;Technology — 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 154039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp; 708517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/4/34 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp; 613354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp; 375898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom 5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp; 645372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 530782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group 144A 6.50% 3/31/29 # | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 267639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 148475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco 144A 6.10% 1/25/36 # | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 217518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 183843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 355588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp; 49699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 230889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 109907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys 5.70% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 124371 |
|  |  | &nbsp;&nbsp; 4715891 |
| &nbsp;&nbsp;Transportation — 0.13% | &nbsp;&nbsp;Transportation — 0.13% | &nbsp;&nbsp;Transportation — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe 5.80% 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 303847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 193324 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | $278790 |
|  |  | &nbsp;&nbsp; 775961 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $60,317,077)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $60,317,077)** | &nbsp;&nbsp; **60500918** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.14%** | &nbsp;&nbsp;**Government Agency Obligations — 0.14%** | &nbsp;&nbsp;**Government Agency Obligations — 0.14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeropuerto Internacional de Tocumen 144A 4.00% 8/11/41 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 376750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comision Federal de Electricidad 144A 3.875% 7/26/33 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 425524 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $1,000,000)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $1,000,000)** | &nbsp;&nbsp; **802274** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.43%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.43%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 354446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Issuer Series 2024-1 A2 144A 6.19% 6/20/54 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 205944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | 1000000 | &nbsp;&nbsp; 1014566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust Series 2024-C A3 144A 4.62% 4/17/28 # | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 351636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 1000000 | &nbsp;&nbsp; 1010726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porsche Innovative Lease Owner Trust Series 2024-1A A3 144A 4.67% 11/22/27 # | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp; 526611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Series 2025-1 D 5.43% 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 203192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 785338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30 | 1000000 | &nbsp;&nbsp; 1021080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | 1000000 | &nbsp;&nbsp; 1008905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Series 2023-C A3 5.15% 11/15/28 | 1788045 | &nbsp;&nbsp; 1795850 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $8,196,800)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $8,196,800)** | &nbsp;&nbsp; **8278294** |

---

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.76%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.76%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Series 2025-R01 1M2 144A 5.806% (SOFR + 1.50%) 1/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | $100186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.805% (SOFR + 1.50%) 10/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;904859 | &nbsp;&nbsp; 907662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02 1M2 144A 5.906% (SOFR + 1.60%) 2/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp; 561227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03 2M1 144A 5.905% (SOFR + 1.60%) 3/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;180261 | &nbsp;&nbsp; 181162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 1M2 144A 5.805% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp; 365174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 6.155% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;362714 | &nbsp;&nbsp; 367023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-DNA3 M2 144A 5.755% (SOFR + 1.45%) 10/25/44 #, • | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 771109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M2 144A 5.805% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 130084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, φ | 1039809 | &nbsp;&nbsp; 1016719 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $4,366,900)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $4,366,900)** | &nbsp;&nbsp; **4400346** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.89%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.89%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN21 A5 2.851% 10/17/52 | 1465000 | &nbsp;&nbsp; 1350980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN25 A5 2.649% 1/15/63 | 1000000 | &nbsp;&nbsp; 910575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BNK47 A5 5.716% 6/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 788720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | 1000000 | &nbsp;&nbsp; 886317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18 A5 1.925% 7/15/53 | 2000000 | &nbsp;&nbsp; 1742464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B19 A5 1.85% 9/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 389445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B21 A5 1.978% 12/17/53 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 216645 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24 A5 2.584% 3/15/54 | 2000000 | $1755524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 A5 2.577% 4/15/54 | 2000000 | &nbsp;&nbsp; 1759966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 • | 2000000 | &nbsp;&nbsp; 1831067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K60 B 144A 3.663% 12/25/49 #, • | 2751000 | &nbsp;&nbsp; 2697832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K73 B 144A 3.981% 2/25/51 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 588153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust Series 2020-GC47 A5 2.377% 5/12/53 | 2000000 | &nbsp;&nbsp; 1802825 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $16,707,892)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $16,707,892)** | &nbsp;&nbsp; **16720513** |
| &nbsp;&nbsp;**Loan Agreements — 0.49%** | &nbsp;&nbsp;**Loan Agreements — 0.49%** | &nbsp;&nbsp;**Loan Agreements — 0.49%** |
| &nbsp;&nbsp;Basic Industry — 0.02% | &nbsp;&nbsp;Basic Industry — 0.02% | &nbsp;&nbsp;Basic Industry — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-Ap Buyer 7.077% (SOFR01M + 2.75%) 9/9/31 • | &nbsp;&nbsp;&nbsp;&nbsp;124375 | &nbsp;&nbsp; 124064 |
|  |  | &nbsp;&nbsp; 124064 |
| &nbsp;&nbsp;Brokerage — 0.04% | &nbsp;&nbsp;Brokerage — 0.04% | &nbsp;&nbsp;Brokerage — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 7.322% (SOFR01M + 3.00%) 10/21/31 • | &nbsp;&nbsp;&nbsp;&nbsp;91540 | &nbsp;&nbsp; 91426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June Purchaser 7.467% (SOFR03M + 3.25%) 11/28/31 • | &nbsp;&nbsp;&nbsp;&nbsp;158175 | &nbsp;&nbsp; 158990 |
|  |  | &nbsp;&nbsp; 250416 |
| &nbsp;&nbsp;Capital Goods — 0.13% | &nbsp;&nbsp;Capital Goods — 0.13% | &nbsp;&nbsp;Capital Goods — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Laundry Systems Tranche B 6.827% (SOFR01M + 2.50%) 8/19/31 • | &nbsp;&nbsp;&nbsp;&nbsp;136000 | &nbsp;&nbsp; 136354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Soar TLB Finance 7.818% (SOFR03M + 3.50%) 10/18/29 • | &nbsp;&nbsp;&nbsp;&nbsp;89325 | &nbsp;&nbsp; 89660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings Tranche B-3 6.577% (SOFR01M + 2.25%) 2/10/32 • | &nbsp;&nbsp;&nbsp;&nbsp;234412 | &nbsp;&nbsp; 234371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Buyer Tranche C 7.577% (SOFR01M + 3.25%) 10/19/29 • | &nbsp;&nbsp;&nbsp;&nbsp;308450 | &nbsp;&nbsp; 306865 |
|  |  | &nbsp;&nbsp; 767250 |
| &nbsp;&nbsp;Communications — 0.03% | &nbsp;&nbsp;Communications — 0.03% | &nbsp;&nbsp;Communications — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 6.818% (SOFR01M + 2.50%) 8/16/31 • | &nbsp;&nbsp;&nbsp;&nbsp;166740 | &nbsp;&nbsp; 167504 |
|  |  | &nbsp;&nbsp; 167504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.04% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.04% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti 7.079% (SOFR01M + 2.75%) 3/26/32 • | &nbsp;&nbsp;&nbsp;&nbsp;236000 | $235262 |
|  |  | &nbsp;&nbsp; 235262 |
| &nbsp;&nbsp;Electric — 0.04% | &nbsp;&nbsp;Electric — 0.04% | &nbsp;&nbsp;Electric — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power Tranche B 6.546% (SOFR03M + 2.25%) 8/18/31 • | &nbsp;&nbsp;&nbsp;&nbsp;207952 | &nbsp;&nbsp; 208602 |
|  |  | &nbsp;&nbsp; 208602 |
| &nbsp;&nbsp;Financial Services — 0.03% | &nbsp;&nbsp;Financial Services — 0.03% | &nbsp;&nbsp;Financial Services — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon Buyer 8.046% (SOFR03M + 3.75%) 9/30/31 • | &nbsp;&nbsp;&nbsp;&nbsp;189050 | &nbsp;&nbsp; 189594 |
|  |  | &nbsp;&nbsp; 189594 |
| &nbsp;&nbsp;Insurance — 0.05% | &nbsp;&nbsp;Insurance — 0.05% | &nbsp;&nbsp;Insurance — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmWINS Group 6.577% (SOFR01M + 2.25%) 1/30/32 • | &nbsp;&nbsp;&nbsp;&nbsp;278600 | &nbsp;&nbsp; 279035 |
|  |  | &nbsp;&nbsp; 279035 |
| &nbsp;&nbsp;Technology — 0.07% | &nbsp;&nbsp;Technology — 0.07% | &nbsp;&nbsp;Technology — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 6.577% (SOFR01M + 2.25%) 9/29/31 • | &nbsp;&nbsp;&nbsp;&nbsp;236042 | &nbsp;&nbsp; 235968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I 7.205% (SOFR06M + 3.00%) 11/13/31 • | &nbsp;&nbsp;&nbsp;&nbsp;139650 | &nbsp;&nbsp; 139964 |
|  |  | &nbsp;&nbsp; 375932 |
| &nbsp;&nbsp;Transportation — 0.04% | &nbsp;&nbsp;Transportation — 0.04% | &nbsp;&nbsp;Transportation — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Nile Parent 6.980% (SOFR03M + 2.75%) 4/9/32 • | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 241013 |
|  |  | &nbsp;&nbsp; 241013 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $2,825,582)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $2,825,582)** | &nbsp;&nbsp; **2838672** |
| &nbsp;&nbsp;**Sovereign Bond — 0.07%Δ** | &nbsp;&nbsp;**Sovereign Bond — 0.07%Δ** | &nbsp;&nbsp;**Sovereign Bond — 0.07%Δ** |
| &nbsp;&nbsp;Mexico — 0.07% | &nbsp;&nbsp;Mexico — 0.07% | &nbsp;&nbsp;Mexico — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government International Bond<br> 5.00% 4/27/51 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 389000 |
|  |  | &nbsp;&nbsp; 389000 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bond<br> (cost $577,787)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bond<br> (cost $577,787)** | &nbsp;&nbsp; **389000** |
| &nbsp;&nbsp;**US Treasury Obligations — 3.98%** | &nbsp;&nbsp;**US Treasury Obligations — 3.98%** | &nbsp;&nbsp;**US Treasury Obligations — 3.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% 2/15/42 | 3050000 | &nbsp;&nbsp; 2219828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp; 412781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 2/15/43 | 1595000 | &nbsp;&nbsp; 1428273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 174881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 2/15/55 | 1335000 | &nbsp;&nbsp; 1299956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 5/15/55 | 1740000 | &nbsp;&nbsp; 1730485 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**US Treasury Obligations (continued)** | &nbsp;&nbsp;**US Treasury Obligations (continued)** | &nbsp;&nbsp;**US Treasury Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | $349324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Floating Rate Notes<br> 4.441% (USBMMY3M + 0.16%) 4/30/27 • | 3565000 | &nbsp;&nbsp; 3565386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 8/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 214521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 6/30/30 | 7535000 | &nbsp;&nbsp; 7564139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 5/15/35 | 1560000 | &nbsp;&nbsp; 1562559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 12/31/31 | 2450000 | &nbsp;&nbsp; 2526754 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $23,717,632)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $23,717,632)** | &nbsp;&nbsp; **23048887** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 58.70%♣** | &nbsp;&nbsp;**Common Stocks — 58.70%♣** | &nbsp;&nbsp;**Common Stocks — 58.70%♣** |
| &nbsp;&nbsp;Communication Services — 5.43% | &nbsp;&nbsp;Communication Services — 5.43% | &nbsp;&nbsp;Communication Services — 5.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;13430 | &nbsp;&nbsp;&nbsp;&nbsp;2366769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;196113 | &nbsp;&nbsp;&nbsp;&nbsp;5675510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;86837 | &nbsp;&nbsp;&nbsp;&nbsp;3167910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9460 | &nbsp;&nbsp;&nbsp;&nbsp;6982332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;&nbsp;6944728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;39624 | &nbsp;&nbsp;&nbsp;&nbsp;6337463 |
|  |  | 31474712 |
| &nbsp;&nbsp;Consumer Discretionary — 6.72% | &nbsp;&nbsp;Consumer Discretionary — 6.72% | &nbsp;&nbsp;Consumer Discretionary — 6.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;58778 | 12895306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;125066 | &nbsp;&nbsp;&nbsp;&nbsp;4847558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;11146 | &nbsp;&nbsp;&nbsp;&nbsp;5463156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;20520 | &nbsp;&nbsp;&nbsp;&nbsp;5465297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;16172 | &nbsp;&nbsp;&nbsp;&nbsp;5929302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;427700 | &nbsp;&nbsp;&nbsp;&nbsp;4309530 |
|  |  | 38910149 |
| &nbsp;&nbsp;Consumer Staples — 4.37% | &nbsp;&nbsp;Consumer Staples — 4.37% | &nbsp;&nbsp;Consumer Staples — 4.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;46958 | &nbsp;&nbsp;&nbsp;&nbsp;5063481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;11488 | &nbsp;&nbsp;&nbsp;&nbsp;5861982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | &nbsp;&nbsp;&nbsp;&nbsp;71519 | &nbsp;&nbsp;&nbsp;&nbsp;5059969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo | &nbsp;&nbsp;&nbsp;&nbsp;160899 | &nbsp;&nbsp;&nbsp;&nbsp;4037284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | &nbsp;&nbsp;&nbsp;&nbsp;485695 | &nbsp;&nbsp;&nbsp;&nbsp;5281284 |
|  |  | 25304000 |
| &nbsp;&nbsp;Energy — 0.89% | &nbsp;&nbsp;Energy — 0.89% | &nbsp;&nbsp;Energy — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | &nbsp;&nbsp;&nbsp;&nbsp;85752 | &nbsp;&nbsp;&nbsp;&nbsp;2692613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;27342 | &nbsp;&nbsp;&nbsp;&nbsp;2453671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5146284 |
| &nbsp;&nbsp;Financials — 9.86% | &nbsp;&nbsp;Financials — 9.86% | &nbsp;&nbsp;Financials — 9.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;24384 | &nbsp;&nbsp;&nbsp;&nbsp;4908743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;12110 | &nbsp;&nbsp;&nbsp;&nbsp;4320364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;&nbsp;387119 | &nbsp;&nbsp;&nbsp;&nbsp;5953169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;&nbsp;249140 | &nbsp;&nbsp;&nbsp;&nbsp;4785979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | &nbsp;&nbsp;&nbsp;&nbsp;289935 | &nbsp;&nbsp;&nbsp;&nbsp;6766615 |

---

8&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;209346 | $4593155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;35267 | &nbsp;&nbsp; 6470436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;64223 | &nbsp;&nbsp; 5277364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;14085 | &nbsp;&nbsp; 7914925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;43325 | &nbsp;&nbsp; 6102760 |
|  |  | &nbsp;&nbsp; 57094622 |
| &nbsp;&nbsp;Healthcare — 4.88% | &nbsp;&nbsp;Healthcare — 4.88% | &nbsp;&nbsp;Healthcare — 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca | &nbsp;&nbsp;&nbsp;&nbsp;26203 | &nbsp;&nbsp; 3639916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;11957 | &nbsp;&nbsp; 2361986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975 | &nbsp;&nbsp; 6216752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | &nbsp;&nbsp;&nbsp;&nbsp;118433 | &nbsp;&nbsp; 5954208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | &nbsp;&nbsp;&nbsp;&nbsp;47700 | &nbsp;&nbsp; 5682396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299 | &nbsp;&nbsp; 2148533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7191 | &nbsp;&nbsp; 2243376 |
|  |  | &nbsp;&nbsp; 28247167 |
| &nbsp;&nbsp;Industrials — 7.94% | &nbsp;&nbsp;Industrials — 7.94% | &nbsp;&nbsp;Industrials — 7.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;33798 | &nbsp;&nbsp; 7057138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;286838 | &nbsp;&nbsp; 7427682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;81096 | &nbsp;&nbsp; 5935416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | &nbsp;&nbsp;&nbsp;&nbsp;132093 | &nbsp;&nbsp; 4310194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiroc Class A | &nbsp;&nbsp;&nbsp;&nbsp;185096 | &nbsp;&nbsp; 4018510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;41637 | &nbsp;&nbsp; 7749895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;&nbsp;49099 | &nbsp;&nbsp; 4084055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;21165 | &nbsp;&nbsp; 5426300 |
|  |  | &nbsp;&nbsp; 46009190 |
| &nbsp;&nbsp;Information Technology — 16.18% | &nbsp;&nbsp;Information Technology — 16.18% | &nbsp;&nbsp;Information Technology — 16.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;45120 | &nbsp;&nbsp; 9257270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;16545 | &nbsp;&nbsp; 4560629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;19550 | &nbsp;&nbsp; 3491435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7893 | &nbsp;&nbsp; 7070076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;40984 | &nbsp;&nbsp; 20385742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;97788 | &nbsp;&nbsp; 15449526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp; 3478490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;24310 | &nbsp;&nbsp; 6629094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;25257 | &nbsp;&nbsp; 7680345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;18488 | &nbsp;&nbsp; 4000071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;322450 | &nbsp;&nbsp; 11700568 |
|  |  | &nbsp;&nbsp; 93703246 |
| &nbsp;&nbsp;Materials — 1.49% | &nbsp;&nbsp;Materials — 1.49% | &nbsp;&nbsp;Materials — 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;15250 | &nbsp;&nbsp; 5236240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | &nbsp;&nbsp;&nbsp;&nbsp;101900 | &nbsp;&nbsp; 3376736 |
|  |  | &nbsp;&nbsp; 8612976 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Utilities — 0.94% | &nbsp;&nbsp;Utilities — 0.94% | &nbsp;&nbsp;Utilities — 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 1392004 | $5435892 |
|  |  | &nbsp;&nbsp; 5435892 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $247,371,895)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $247,371,895)** | &nbsp;&nbsp;**339938238** |
| &nbsp;&nbsp;**Preferred Stock — 0.03%♣** | &nbsp;&nbsp;**Preferred Stock — 0.03%♣** | &nbsp;&nbsp;**Preferred Stock — 0.03%♣** |
| &nbsp;&nbsp;Financials — 0.03% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp; 206700 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $197,630)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $197,630)** | &nbsp;&nbsp; **206700** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 3.85%** | &nbsp;&nbsp;**Exchange-Traded Funds — 3.85%** | &nbsp;&nbsp;**Exchange-Traded Funds — 3.85%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares US Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;329317 | &nbsp;&nbsp; 7567705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Russell 1000 Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;172810 | &nbsp;&nbsp; 14725140 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $21,226,004)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $21,226,004)** | &nbsp;&nbsp; **22292845** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** |  |
| &nbsp;&nbsp;**Limited Liability Corporation — 0.01%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.01%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H = | &nbsp;&nbsp;&nbsp;&nbsp;31963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series T = | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807 |
| &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $30,538,846)** | &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $30,538,846)** | **67432** |

---

---

| | | |
|:---|:---|:---|
|  | **Troy<br> Ounces** |  |
| &nbsp;&nbsp;**Bullion — 6.09%** | &nbsp;&nbsp;**Bullion — 6.09%** | &nbsp;&nbsp;**Bullion — 6.09%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;&nbsp;10663 | 35280782 |
| &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $12,870,226)** | &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $12,870,226)** | **35280782** |

---

---

| | |
|:---|:---|
|  | **Number of<br> shares** |
| &nbsp;&nbsp;**Short-Term Investments — 1.38%** | &nbsp;&nbsp;**Short-Term Investments — 1.38%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.38% | &nbsp;&nbsp;Money Market Mutual Funds — 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 1995828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 1995828 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 1995828 | $1995828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 1995828 | &nbsp;&nbsp; 1995828 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,983,312)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,983,312)** | &nbsp;&nbsp; **7983312** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.01%<br> (cost $495,808,757)** |  | **$579188934** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

---

| | |
|:---|:---|
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $28,754,900, which represents 4.97% of the Series' net assets. See Note 10 in "Notes to financial statements." |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| φ | Step coupon bond. Stated rate in effect at June 30, 2025 through maturity date. |
| Δ | Securities have been classified by country of risk. |
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| † | Non-income producing security. |
| X | This loan will settle after June 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |

---

#### Unfunded Loan Commitments
The Series may invest in floating rate loans. In connection with these investments, the Series may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Series to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Series earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal<br> Amount | Value | Commitment | Unrealized<br> Appreciation<br> (Depreciation) |
| June Purchaser TBD 11/28/31 X | $26429 | $26565 | $26429 | $136 |

---

10&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

The following futures contracts and swap contracts were outstanding at June 30, 2025:<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to<br> Buy (Sell) | Contracts to<br> Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 146 | US Treasury 2 yr Notes | &nbsp;&nbsp;$30371422 | $30254284 | 9/30/25 | $117138 | $— | $7984 |
| (162) | US Treasury 5 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17658000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17462711) | 10/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21515) |
| (5) | US Treasury 10 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550573) | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1563) |
| 107 | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12226422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11974508 | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51829 |
| 109 | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12586094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12133345 | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 |
| (14) | US Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1667750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1616903) | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18812) |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $34731950 |  | $821801 | $(256188) | $126923 |

---

#### Swap Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> |
| Counterparty/<br> Reference Obligation/<br> Termination Date/<br> Payment Frequency | Notional<br> Amount<sup>3</sup> | Annual Protection<br> Payments | Value | Amortized<br> Upfront<br> Payments<br> Paid<br> (Received) | Unrealized<br> Appreciation | Variation Margin<br> Due from<br> (Due to) Brokers |
| **Centrally Cleared:** |  |  |  |  |  |  |
| **Protection Sold/Moody's Ratings:** |  |  |  |  |  |  |
| CDX.NA.HY.43.V1<sup>4</sup> 12/20/29-Quarterly | 2800000 | 5.000% | $209700 | $162158 | $47542 | $9070 |

---

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the consolidated financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 8 in "Notes to financial statements."

<sup>2</sup> A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.

<sup>3</sup> Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

<sup>4</sup> Markit's North America High Yield Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| FREMF – Freddie Mac Multifamily |

---

&nbsp;&nbsp;&nbsp;&nbsp;11

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

## Consolidated schedule of investments
Macquarie VIP Asset Strategy Series

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| GE – General Electric |
| GNMA – Government National Mortgage Association |
| GS – Goldman Sachs |
| REMIC – Real Estate Mortgage Investment Conduit |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SOFR06M – Secured Overnight Financing Rate 6 Month |
| TBD – To be determined |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
| yr – Year |

---

See accompanying notes, which are an integral part of the financial statements.

12&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Balanced Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.31%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.31%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-36 VB 3.50% 6/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;209362 | $208003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-71 NB 3.00% 10/25/46 | &nbsp;&nbsp;&nbsp;&nbsp;332583 | &nbsp;&nbsp; 313179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4616 HW 3.00% 6/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;175197 | &nbsp;&nbsp; 170565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendee Mortgage Trust Series 1997-1 3A 8.293% 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp; 2291 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $739,488)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $739,488)** | &nbsp;&nbsp; **694038** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.24%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.24%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.24%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured<br> Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K144 A2 2.45% 4/25/32 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp; 288940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K150 A2 3.71% 9/25/32 ♦, • | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 134017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K753 A2 4.40% 10/25/30 ♦ | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 100812 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $519,767)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $519,767)** | &nbsp;&nbsp; **523769** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.99%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.99%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 8.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;324244 | &nbsp;&nbsp; 297736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;270457 | &nbsp;&nbsp; 252749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;84191 | &nbsp;&nbsp; 81710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;154159 | &nbsp;&nbsp; 157109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 20 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;192856 | &nbsp;&nbsp; 165805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;267441 | &nbsp;&nbsp; 258068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;963637 | &nbsp;&nbsp; 770389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;230381 | &nbsp;&nbsp; 183319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;162527 | &nbsp;&nbsp; 137150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;83645 | &nbsp;&nbsp; 70222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;99915 | &nbsp;&nbsp; 83200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;313432 | &nbsp;&nbsp; 262403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;141533 | &nbsp;&nbsp; 117676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;303636 | &nbsp;&nbsp; 254017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;499324 | &nbsp;&nbsp; 437161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;124053 | &nbsp;&nbsp; 108355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;269673 | &nbsp;&nbsp; 235632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;110293 | &nbsp;&nbsp; 95525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;128222 | &nbsp;&nbsp; 120631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;18636 | &nbsp;&nbsp; 17305 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 7/1/50 | 1118343 | $1039746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;345639 | &nbsp;&nbsp; 313572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;87573 | &nbsp;&nbsp; 78991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;822046 | &nbsp;&nbsp; 749183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;20976 | &nbsp;&nbsp; 19842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;170260 | &nbsp;&nbsp; 158652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;49344 | &nbsp;&nbsp; 45977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;80545 | &nbsp;&nbsp; 74923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;154429 | &nbsp;&nbsp; 149441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;177013 | &nbsp;&nbsp; 175097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;205503 | &nbsp;&nbsp; 196949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;182592 | &nbsp;&nbsp; 175004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;366786 | &nbsp;&nbsp; 361861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;425749 | &nbsp;&nbsp; 428078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;235327 | &nbsp;&nbsp; 237317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;58580 | &nbsp;&nbsp; 58659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;288698 | &nbsp;&nbsp; 294807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 5/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;120238 | &nbsp;&nbsp; 122767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;110624 | &nbsp;&nbsp; 112638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;136352 | &nbsp;&nbsp; 140619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;932387 | &nbsp;&nbsp; 948932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 20 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;702319 | &nbsp;&nbsp; 604941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;300259 | &nbsp;&nbsp; 267315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;224840 | &nbsp;&nbsp; 200017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;200567 | &nbsp;&nbsp; 190009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;49647 | &nbsp;&nbsp; 41765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;151488 | &nbsp;&nbsp; 127565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 1225684 | &nbsp;&nbsp; 1029069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;47951 | &nbsp;&nbsp; 39890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;29488 | &nbsp;&nbsp; 25775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;952370 | &nbsp;&nbsp; 824531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 4/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;147559 | &nbsp;&nbsp; 133802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;225641 | &nbsp;&nbsp; 213139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;631730 | &nbsp;&nbsp; 591169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;367242 | &nbsp;&nbsp; 342544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;19175 | &nbsp;&nbsp; 18442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;313631 | &nbsp;&nbsp; 302234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;544839 | &nbsp;&nbsp; 522141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;254498 | &nbsp;&nbsp; 243914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;190844 | &nbsp;&nbsp; 189403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;372214 | &nbsp;&nbsp; 367769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;52889 | &nbsp;&nbsp; 52085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;73983 | &nbsp;&nbsp; 72757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;671835 | &nbsp;&nbsp; 659862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;268127 | &nbsp;&nbsp; 270032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;180106 | &nbsp;&nbsp; 181421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;274510 | &nbsp;&nbsp; 277315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;263145 | &nbsp;&nbsp; 265001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;13

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

## Schedules of investments
Macquarie VIP Balanced Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;902490 | $902660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;139230 | &nbsp;&nbsp; 123206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;192897 | &nbsp;&nbsp; 170745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;183009 | &nbsp;&nbsp; 180755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;425312 | &nbsp;&nbsp; 427971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;162441 | &nbsp;&nbsp; 163712 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $20,557,489)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $20,557,489)** | &nbsp;&nbsp; **20012173** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 11.00%** | &nbsp;&nbsp;**Corporate Bonds — 11.00%** | &nbsp;&nbsp;**Corporate Bonds — 11.00%** |
| &nbsp;&nbsp;Banking — 2.53% | &nbsp;&nbsp;Banking — 2.53% | &nbsp;&nbsp;Banking — 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/20/25 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.942% 2/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 3/20/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank 5.57% 4/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.612% 3/4/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank 6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp 6.361% 10/27/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.016% 10/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.561% 11/19/45 μ | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.734% 1/28/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 6.208% 8/21/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.012% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572% 4/22/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank 5.85% 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank 5.179% 7/8/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55926 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;70000 | $71776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.516% 11/19/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 78239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.664% 4/17/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 57015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831% 4/19/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp; 143586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 150654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp; 91689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 95345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 45582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 56709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.676% 1/22/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 62363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 184518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 53160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.834% 4/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 50940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.993% 3/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 96409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group 144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 201378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.653% 2/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp; 68457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 81463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.384% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 30894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.424% 2/12/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 45873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.678% 1/23/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 67506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 133858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 61567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 4/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 123913 |
|  |  | &nbsp;&nbsp; 5638519 |
| &nbsp;&nbsp;Basic Industry — 0.31% | &nbsp;&nbsp;Basic Industry — 0.31% | &nbsp;&nbsp;Basic Industry — 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 8194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp; 67750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 136867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical 5.95% 3/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 62011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 144A 5.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 151991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan 5.45% 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 70783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 86294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor 5.10% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 100359 |
|  |  | &nbsp;&nbsp; 688977 |
| &nbsp;&nbsp;Brokerage — 0.14% | &nbsp;&nbsp;Brokerage — 0.14% | &nbsp;&nbsp;Brokerage — 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 104586 |

---

14&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group 5.875% 7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;201000 | $208504 |
|  |  | &nbsp;&nbsp; 313090 |
| &nbsp;&nbsp;Capital Goods — 0.77% | &nbsp;&nbsp;Capital Goods — 0.77% | &nbsp;&nbsp;Capital Goods — 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America 144A 5.50% 3/17/35 # | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 55827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol 2.20% 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 227807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.196% 2/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 172293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 284879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier 144A 7.25% 7/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 147133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp; 86690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 59843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 31349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 18105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 93273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A 6.375% 3/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 56592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 36144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 148733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Industries 144A 4.375% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp; 131698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 144A 6.375% 5/31/33 # | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 135460 |
|  |  | &nbsp;&nbsp; 1706795 |
| &nbsp;&nbsp;Communications — 1.22% | &nbsp;&nbsp;Communications — 1.22% | &nbsp;&nbsp;Communications — 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 125317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 8/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 48631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 4.25% 1/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 200433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating 3.85% 4/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 134658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 72155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp; 361099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 158929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 265382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 156853 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 118116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 281742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 30605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 36670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 90026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 99753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/2/35 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 65566 |
|  |  | &nbsp;&nbsp; 2717330 |
| &nbsp;&nbsp;Consumer Cyclical — 0.26% | &nbsp;&nbsp;Consumer Cyclical — 0.26% | &nbsp;&nbsp;Consumer Cyclical — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 4.00% 8/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 78350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit 6.95% 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 202770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 6/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 30488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 6/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 75945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 12/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 34400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 105660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 40384 |
|  |  | &nbsp;&nbsp; 567997 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.49% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.49% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie 5.35% 3/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 39237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 93968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita 144A 6.75% 7/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp; 90924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/12/35 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 82028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/12/55 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 55385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA 5.45% 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 116045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 1/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 75157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 3/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 70320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.80% 3/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 111492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.20% 3/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 96186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 5/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 65195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.70% 5/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 74870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 51251 |
|  |  | &nbsp;&nbsp; 1093213 |
| &nbsp;&nbsp;Electric — 1.16% | &nbsp;&nbsp;Electric — 1.16% | &nbsp;&nbsp;Electric — 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas 5.40% 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 30451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power 4.50% 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 185442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;15

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Balanced Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy 2.85% 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | $159642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison 2.20% 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 319070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 5.75% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 102985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 61042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 73676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy 5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 81605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 217201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 89521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon 5.45% 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fells Point Funding Trust 144A 3.046% 1/31/27 # | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 161486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Power & Light 3.15% 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 287512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp; 81858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 8/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 66401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 163707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 35515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 28742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 36377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.95% 10/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 274744 |
|  |  | &nbsp;&nbsp; 2573769 |
| &nbsp;&nbsp;Energy — 1.41% | &nbsp;&nbsp;Energy — 1.41% | &nbsp;&nbsp;Energy — 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets 4.875% 3/22/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 134023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 269936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 71235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 45468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 81204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 71190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/8/33 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 129657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 7/15/80 μ | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 89845 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | $57129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 157629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 4/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 138247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 11/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 120836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 75593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 49850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 264386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/16/55 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 48287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp; 105313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp; 34495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 7/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 40767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I 144A 6.25% 4/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 143367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 60229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 34078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 249449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp; 410345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass 144A 3.875% 11/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 183815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Finance 5.70% 5/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 81489 |
|  |  | &nbsp;&nbsp; 3147862 |
| &nbsp;&nbsp;Finance Companies — 0.94% | &nbsp;&nbsp;Finance Companies — 0.94% | &nbsp;&nbsp;Finance Companies — 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC 6.50% 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 400259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 55385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp; 39868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 275466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.50% 11/1/27 # | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 185230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 76417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 4.95% 1/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 55312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund 5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 151099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 170334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 66898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund 5.95% 4/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp; 42803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 7.125% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 145113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.875% 5/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 148349 |

---

16&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket 144A 6.375% 8/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;185000 | $189523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.625% 2/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 80158 |
|  |  | &nbsp;&nbsp; 2082214 |
| &nbsp;&nbsp;Insurance — 0.60% | &nbsp;&nbsp;Insurance — 0.60% | &nbsp;&nbsp;Insurance — 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon 5.00% 9/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 248846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 62099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 3/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 19732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. 5.55% 2/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 148776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding 144A 1.985% 8/19/28 # | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 55398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% 5/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 95412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% 5/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 46013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 10/15/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 64149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 72193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp; 64844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 115676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan 5.35% 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp; 334584 |
|  |  | &nbsp;&nbsp; 1327722 |
| &nbsp;&nbsp;Natural Gas — 0.08% | &nbsp;&nbsp;Natural Gas — 0.08% | &nbsp;&nbsp;Natural Gas — 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy 2.85% 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 34014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra 6.40% 10/1/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 142774 |
|  |  | &nbsp;&nbsp; 176788 |
| &nbsp;&nbsp;Technology — 0.95% | &nbsp;&nbsp;Technology — 0.95% | &nbsp;&nbsp;Technology — 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 149070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 297280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/4/34 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 116829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 149329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.187% 11/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 128558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 117806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 33473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group 144A 6.50% 3/31/29 # | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 106046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris 144A 4.75% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 54441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos 5.50% 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 147315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp; 112698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 41047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 44962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys 5.70% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 49748 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Global 144A 1.75% 4/23/28 # | &nbsp;&nbsp;&nbsp;&nbsp;600000 | $560203 |
|  |  | &nbsp;&nbsp; 2108805 |
| &nbsp;&nbsp;Transportation — 0.14% | &nbsp;&nbsp;Transportation — 0.14% | &nbsp;&nbsp;Transportation — 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe 5.80% 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 128749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 76312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 114503 |
|  |  | &nbsp;&nbsp; 319564 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $24,605,859)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $24,605,859)** | &nbsp;&nbsp; **24462645** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.19%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.19%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 126588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Issuer Series 2024-1 A2 144A 6.19% 6/20/54 # | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 102972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 507283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 1000000 | &nbsp;&nbsp; 1010726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Series 2025-1 D 5.43% 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 101596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 304002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 504453 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $2,624,841)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $2,624,841)** | &nbsp;&nbsp; **2657620** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.75%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.75%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 0.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01 1M2 144A 6.205% (SOFR + 1.90%) 12/25/41 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 252020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.805% (SOFR + 1.50%) 10/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;372589 | &nbsp;&nbsp; 373743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 1M2 144A 5.805% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 150072 |

---

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Balanced Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA2 M2 144A 6.355% (SOFR + 2.05%) 12/25/33 #, • | &nbsp;&nbsp;&nbsp;&nbsp;408525 | $418227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 6.155% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;136018 | &nbsp;&nbsp; 137634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M2 144A 5.805% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 55035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust Series 2020-7 A3 144A 3.00% 1/25/51 #, • | &nbsp;&nbsp;&nbsp;&nbsp;325345 | &nbsp;&nbsp; 280493 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $1,645,306)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $1,645,306)** | &nbsp;&nbsp; **1667224** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.76%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.76%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 2.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN32 A5 2.643% 4/15/54 • | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp; 652663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN36 A5 2.47% 9/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp; 664062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 B 3.347% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 87648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK39 C 3.378% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp; 37777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 A4 3.504% 3/15/64 • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 780920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK40 B 3.504% 3/15/64 • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 87422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp; 304007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24 A5 2.584% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 658321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 A5 2.577% 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 439992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 A5 3.002% 1/15/55 • | 1000000 | &nbsp;&nbsp; 879180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 B 3.202% 1/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 80943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B32 C 3.571% 1/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 94652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 A5 3.458% 3/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 822731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 B 3.734% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 43272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B33 C 3.734% 3/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 39229 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | $457767 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $6,777,534)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $6,777,534)** | &nbsp;&nbsp; **6130586** |
| &nbsp;&nbsp;**Loan Agreements — 0.51%** | &nbsp;&nbsp;**Loan Agreements — 0.51%** | &nbsp;&nbsp;**Loan Agreements — 0.51%** |
| &nbsp;&nbsp;Basic Industry — 0.02% | &nbsp;&nbsp;Basic Industry — 0.02% | &nbsp;&nbsp;Basic Industry — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-Ap Buyer 7.077% (SOFR01M + 2.75%) 9/9/31 • | &nbsp;&nbsp;&nbsp;&nbsp;49750 | &nbsp;&nbsp; 49626 |
|  |  | &nbsp;&nbsp; 49626 |
| &nbsp;&nbsp;Brokerage — 0.05% | &nbsp;&nbsp;Brokerage — 0.05% | &nbsp;&nbsp;Brokerage — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 7.322% (SOFR01M + 3.00%) 10/21/31 • | &nbsp;&nbsp;&nbsp;&nbsp;36815 | &nbsp;&nbsp; 36769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June Purchaser 7.467% (SOFR03M + 3.25%) 11/28/31 • | &nbsp;&nbsp;&nbsp;&nbsp;64125 | &nbsp;&nbsp; 64456 |
|  |  | &nbsp;&nbsp; 101225 |
| &nbsp;&nbsp;Capital Goods — 0.14% | &nbsp;&nbsp;Capital Goods — 0.14% | &nbsp;&nbsp;Capital Goods — 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Laundry Systems Tranche B 6.827% (SOFR01M + 2.50%) 8/19/31 • | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp; 52135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Soar TLB Finance 7.818% (SOFR03M + 3.50%) 10/18/29 • | &nbsp;&nbsp;&nbsp;&nbsp;34738 | &nbsp;&nbsp; 34868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings Tranche B-3 6.577% (SOFR01M + 2.25%) 2/10/32 • | &nbsp;&nbsp;&nbsp;&nbsp;94762 | &nbsp;&nbsp; 94745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Buyer Tranche C 7.577% (SOFR01M + 3.25%) 10/19/29 • | &nbsp;&nbsp;&nbsp;&nbsp;124375 | &nbsp;&nbsp; 123736 |
|  |  | &nbsp;&nbsp; 305484 |
| &nbsp;&nbsp;Communications — 0.03% | &nbsp;&nbsp;Communications — 0.03% | &nbsp;&nbsp;Communications — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 6.818% (SOFR01M + 2.50%) 8/16/31 • | &nbsp;&nbsp;&nbsp;&nbsp;66498 | &nbsp;&nbsp; 66802 |
|  |  | &nbsp;&nbsp; 66802 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.04% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.04% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti 7.079% (SOFR01M + 2.75%) 3/26/32 • | &nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp; 95700 |
|  |  | &nbsp;&nbsp; 95700 |
| &nbsp;&nbsp;Electric — 0.04% | &nbsp;&nbsp;Electric — 0.04% | &nbsp;&nbsp;Electric — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power Tranche B 6.546% (SOFR03M + 2.25%) 8/18/31 • | &nbsp;&nbsp;&nbsp;&nbsp;83579 | &nbsp;&nbsp; 83840 |
|  |  | &nbsp;&nbsp; 83840 |
| &nbsp;&nbsp;Financial Services — 0.03% | &nbsp;&nbsp;Financial Services — 0.03% | &nbsp;&nbsp;Financial Services — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon Buyer 8.046% (SOFR03M + 3.75%) 9/30/31 • | &nbsp;&nbsp;&nbsp;&nbsp;74625 | &nbsp;&nbsp; 74839 |
|  |  | &nbsp;&nbsp; 74839 |

---

18&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Insurance — 0.05% | &nbsp;&nbsp;Insurance — 0.05% | &nbsp;&nbsp;Insurance — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmWINS Group 6.577% (SOFR01M + 2.25%) 1/30/32 • | &nbsp;&nbsp;&nbsp;&nbsp;114425 | $114604 |
|  |  | &nbsp;&nbsp; 114604 |
| &nbsp;&nbsp;Technology — 0.07% | &nbsp;&nbsp;Technology — 0.07% | &nbsp;&nbsp;Technology — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 6.577% (SOFR01M + 2.25%) 9/29/31 • | &nbsp;&nbsp;&nbsp;&nbsp;94417 | &nbsp;&nbsp; 94387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I 7.205% (SOFR06M + 3.00%) 11/13/31 • | &nbsp;&nbsp;&nbsp;&nbsp;54862 | &nbsp;&nbsp; 54986 |
|  |  | &nbsp;&nbsp; 149373 |
| &nbsp;&nbsp;Transportation — 0.04% | &nbsp;&nbsp;Transportation — 0.04% | &nbsp;&nbsp;Transportation — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Nile Parent 6.98% (SOFR03M + 2.75%) 4/9/32 • | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 95401 |
|  |  | &nbsp;&nbsp; 95401 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $1,131,681)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $1,131,681)** | &nbsp;&nbsp; **1136894** |
| &nbsp;&nbsp;**US Treasury Obligations — 5.35%** | &nbsp;&nbsp;**US Treasury Obligations — 5.35%** | &nbsp;&nbsp;**US Treasury Obligations — 5.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp; 502191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 2/15/43 | 1445000 | &nbsp;&nbsp; 1293952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 265769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 284766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 194313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 517156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 231170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 165271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 6/30/30 | 2550000 | &nbsp;&nbsp; 2559861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 7/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 3/31/29 | 2740000 | &nbsp;&nbsp; 2777675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp; 265435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 12/31/31 | 2750000 | &nbsp;&nbsp; 2836152 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $12,034,393)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $12,034,393)** | &nbsp;&nbsp; **11898759** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 59.37%♣** | &nbsp;&nbsp;**Common Stocks — 59.37%♣** | &nbsp;&nbsp;**Common Stocks — 59.37%♣** |
| &nbsp;&nbsp;Communication Services — 6.48% | &nbsp;&nbsp;Communication Services — 6.48% | &nbsp;&nbsp;Communication Services — 6.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;11803 | &nbsp;&nbsp;&nbsp;&nbsp;2080043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class C | &nbsp;&nbsp;&nbsp;&nbsp;14155 | &nbsp;&nbsp;&nbsp;&nbsp;2510955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;108909 | &nbsp;&nbsp;&nbsp;&nbsp;3151827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421 | &nbsp;&nbsp;&nbsp;&nbsp;1122649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271 | &nbsp;&nbsp;&nbsp;&nbsp;3890472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp;1657843 |
|  |  | 14413789 |
| &nbsp;&nbsp;Consumer Discretionary — 5.12% | &nbsp;&nbsp;Consumer Discretionary — 5.12% | &nbsp;&nbsp;Consumer Discretionary — 5.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;28097 | &nbsp;&nbsp;&nbsp;&nbsp;6164201 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Consumer Discretionary (continued) | &nbsp;&nbsp;Consumer Discretionary (continued) | &nbsp;&nbsp;Consumer Discretionary (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | $2925237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271 | &nbsp;&nbsp; 2299199 |
|  |  | &nbsp;&nbsp; 11388637 |
| &nbsp;&nbsp;Consumer Staples — 1.61% | &nbsp;&nbsp;Consumer Staples — 1.61% | &nbsp;&nbsp;Consumer Staples — 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613 | &nbsp;&nbsp; 3576653 |
|  |  | &nbsp;&nbsp; 3576653 |
| &nbsp;&nbsp;Energy — 0.28% | &nbsp;&nbsp;Energy — 0.28% | &nbsp;&nbsp;Energy — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6862 | &nbsp;&nbsp; 615796 |
|  |  | &nbsp;&nbsp; 615796 |
| &nbsp;&nbsp;Financials — 13.66% | &nbsp;&nbsp;Financials — 13.66% | &nbsp;&nbsp;Financials — 13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;11442 | &nbsp;&nbsp; 2303389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;41707 | &nbsp;&nbsp; 1624488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7821 | &nbsp;&nbsp; 2494743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572 | &nbsp;&nbsp; 1631107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;11916 | &nbsp;&nbsp; 1782395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;13323 | &nbsp;&nbsp; 2834601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;11448 | &nbsp;&nbsp; 3155298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv † | &nbsp;&nbsp;&nbsp;&nbsp;17220 | &nbsp;&nbsp; 2968900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9070 | &nbsp;&nbsp; 2629484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. | &nbsp;&nbsp;&nbsp;&nbsp;16184 | &nbsp;&nbsp; 2152958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4293 | &nbsp;&nbsp; 2412408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;14573 | &nbsp;&nbsp; 2052753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8819 | &nbsp;&nbsp; 2353438 |
|  |  | &nbsp;&nbsp; 30396485 |
| &nbsp;&nbsp;Healthcare — 3.58% | &nbsp;&nbsp;Healthcare — 3.58% | &nbsp;&nbsp;Healthcare — 3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;23449 | &nbsp;&nbsp; 3189299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065 | &nbsp;&nbsp; 1000540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284 | &nbsp;&nbsp; 1641200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589 | &nbsp;&nbsp; 807690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959 | &nbsp;&nbsp; 1317347 |
|  |  | &nbsp;&nbsp; 7956076 |
| &nbsp;&nbsp;Industrials — 6.96% | &nbsp;&nbsp;Industrials — 6.96% | &nbsp;&nbsp;Industrials — 6.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | &nbsp;&nbsp;&nbsp;&nbsp;55307 | &nbsp;&nbsp; 2895874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;23180 | &nbsp;&nbsp; 2435523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698 | &nbsp;&nbsp; 1538595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7193 | &nbsp;&nbsp; 2567829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;26244 | &nbsp;&nbsp; 4884796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517 | &nbsp;&nbsp; 1165723 |
|  |  | &nbsp;&nbsp; 15488340 |
| &nbsp;&nbsp;Information Technology — 18.35% | &nbsp;&nbsp;Information Technology — 18.35% | &nbsp;&nbsp;Information Technology — 18.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9041 | &nbsp;&nbsp; 1282918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;20078 | &nbsp;&nbsp; 4119403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;13555 | &nbsp;&nbsp; 2481514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;10912 | &nbsp;&nbsp; 3007893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;19805 | &nbsp;&nbsp; 9851205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;47129 | &nbsp;&nbsp; 7445911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;19

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Balanced Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | $2426941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6834 | &nbsp;&nbsp; 2078219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8051 | &nbsp;&nbsp; 1162001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;20262 | &nbsp;&nbsp; 4589140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316 | &nbsp;&nbsp; 727980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5389 | &nbsp;&nbsp; 1661752 |
|  |  | &nbsp;&nbsp; 40834877 |
| &nbsp;&nbsp;Materials — 2.82% | &nbsp;&nbsp;Materials — 2.82% | &nbsp;&nbsp;Materials — 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;16034 | &nbsp;&nbsp; 1651182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646 | &nbsp;&nbsp; 2179810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp; 1548210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417 | &nbsp;&nbsp; 891222 |
|  |  | &nbsp;&nbsp; 6270424 |
| &nbsp;&nbsp;Utilities — 0.51% | &nbsp;&nbsp;Utilities — 0.51% | &nbsp;&nbsp;Utilities — 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;16442 | &nbsp;&nbsp; 1141404 |
|  |  | &nbsp;&nbsp; 1141404 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $92,587,997)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $92,587,997)** | &nbsp;&nbsp;**132082481** |
| &nbsp;&nbsp;**Preferred Stock — 0.04%** | &nbsp;&nbsp;**Preferred Stock — 0.04%** | &nbsp;&nbsp;**Preferred Stock — 0.04%** |
| &nbsp;&nbsp;Financials — 0.04% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp; 97520 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $93,026)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $93,026)** | &nbsp;&nbsp; **97520** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 7.73%** | &nbsp;&nbsp;**Exchange-Traded Funds — 7.73%** | &nbsp;&nbsp;**Exchange-Traded Funds — 7.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares US Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;505817 | &nbsp;&nbsp; 11623675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Russell 1000 Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;65496 | &nbsp;&nbsp; 5580914 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $16,762,838)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $16,762,838)** | &nbsp;&nbsp; **17204589** |
| &nbsp;&nbsp;**Short-Term Investments — 1.95%** | &nbsp;&nbsp;**Short-Term Investments — 1.95%** | &nbsp;&nbsp;**Short-Term Investments — 1.95%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.95% | &nbsp;&nbsp;Money Market Mutual Funds — 1.95% | &nbsp;&nbsp;Money Market Mutual Funds — 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 1087475 | &nbsp;&nbsp; 1087475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 1087475 | &nbsp;&nbsp; 1087475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 1087475 | &nbsp;&nbsp; 1087475 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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 4.23%) | 1087475 | $1087475 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,349,900)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,349,900)** | &nbsp;&nbsp; **4349900** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.19%<br> (cost $184,430,119)** |  | **$222918198** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $9,077,190, which represents 4.08% of the Series' net assets. See Note 10 in "Notes to financial statements." |
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| † | Non-income producing security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |

---

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X This loan will settle after June 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.

#### Unfunded Loan Commitments
The Series may invest in floating rate loans. In connection with these investments, the Series may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Series to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Series earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal<br> Amount | Value | Commitment | Unrealized<br> Appreciation<br> (Depreciation) |
| June Purchaser TBD 11/28/31 X | $10714 | $10770 | $10714 | $56 |

---

The following futures contracts and swap contracts were outstanding at June 30, 2025:<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to<br> Buy (Sell) | Contracts to<br> Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 85 | US Treasury 2 yr Notes | &nbsp;&nbsp;$17681992 | $17613795 | 9/30/25 | $68197 | $— | $4648 |
| (124) | US Treasury 5 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13516000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13366519) | 10/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16468) |
| 28 | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153758 | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13563 |
| 37 | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118659 | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 |
| 3 | US Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342192 | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $11861885 |  | $282745 | $(149481) | $42774 |

---

#### Swap Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> | CDS Contracts<sup>2</sup> |
| Counterparty/<br> Reference Obligation/<br> Termination Date/<br> Payment Frequency | Notional<br> Amount<sup>3</sup> | Annual Protection<br> Payments | Value | Amortized<br> Upfront<br> Payments<br> Paid<br> (Received) | Unrealized<br> Appreciation | Variation Margin<br> Due from<br> (Due to) Brokers |
| **Centrally Cleared:** |  |  |  |  |  |  |
| **Protection Sold/Moody's Ratings:** |  |  |  |  |  |  |
| CDX.NA.HY.43.V1<sup>4</sup> 12/20/29-Quarterly | 1100000 | 5.000% | $82382 | $63705 | $18677 | $3563 |

---

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 8 in "Notes to financial statements."

&nbsp;&nbsp;&nbsp;&nbsp;21

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## Schedules of investments
Macquarie VIP Balanced Series

<sup>2</sup> A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.

<sup>3</sup> Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

<sup>4</sup> Markit's North America High Yield Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| GE – General Electric |
| GNMA – Government National Mortgage Association |
| REMIC – Real Estate Mortgage Investment Conduit |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SOFR06M – Secured Overnight Financing Rate 6 Month |
| TBD – To be determined |
| yr – Year |

---

See accompanying notes, which are an integral part of the financial statements.

22&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie VIP Energy Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 94.22%♣** | &nbsp;&nbsp;**Common Stocks — 94.22%♣** | &nbsp;&nbsp;**Common Stocks — 94.22%♣** |
| &nbsp;&nbsp;Consumer Staples — 1.14% | &nbsp;&nbsp;Consumer Staples — 1.14% | &nbsp;&nbsp;Consumer Staples — 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients † | 21615 | $820073 |
|  |  | &nbsp;&nbsp; 820073 |
| &nbsp;&nbsp;Energy — 88.38% | &nbsp;&nbsp;Energy — 88.38% | &nbsp;&nbsp;Energy — 88.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | 176768 | &nbsp;&nbsp; 3726829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes | 47073 | &nbsp;&nbsp; 1804779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco | 10146 | &nbsp;&nbsp; 753138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | 88326 | &nbsp;&nbsp; 2776099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | 26082 | &nbsp;&nbsp; 2526042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 39169 | &nbsp;&nbsp; 3515026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings | 98364 | &nbsp;&nbsp; 1063315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | 18688 | &nbsp;&nbsp; 2567731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources | 20114 | &nbsp;&nbsp; 2405836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT | 35662 | &nbsp;&nbsp; 2079808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | 30649 | &nbsp;&nbsp; 3584094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil | 27888 | &nbsp;&nbsp; 3006326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | 87420 | &nbsp;&nbsp; 1325287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess | &nbsp;&nbsp;&nbsp;&nbsp;7441 | &nbsp;&nbsp; 1030876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair | 96343 | &nbsp;&nbsp; 3957770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | 231707 | &nbsp;&nbsp; 3234630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum | 12940 | &nbsp;&nbsp; 2149463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources | 230626 | &nbsp;&nbsp; 2355798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | 213741 | &nbsp;&nbsp; 2911152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | 158253 | &nbsp;&nbsp; 5546865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies | 37481 | &nbsp;&nbsp; 2300254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourmaline Oil | 66994 | &nbsp;&nbsp; 3232242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | 63723 | &nbsp;&nbsp; 1663808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | 29482 | &nbsp;&nbsp; 3962970 |
|  |  | &nbsp;&nbsp;63480138 |
| &nbsp;&nbsp;Industrials — 1.92% | &nbsp;&nbsp;Industrials — 1.92% | &nbsp;&nbsp;Industrials — 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova | &nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp; 551374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;5770 | &nbsp;&nbsp; 826322 |
|  |  | &nbsp;&nbsp; 1377696 |
| &nbsp;&nbsp;Information Technology — 1.62% | &nbsp;&nbsp;Information Technology — 1.62% | &nbsp;&nbsp;Information Technology — 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | &nbsp;&nbsp;&nbsp;&nbsp;7033 | &nbsp;&nbsp; 1164243 |
|  |  | &nbsp;&nbsp; 1164243 |
| &nbsp;&nbsp;Utilities — 1.16% | &nbsp;&nbsp;Utilities — 1.16% | &nbsp;&nbsp;Utilities — 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy | &nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp; 391185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra | &nbsp;&nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp; 445376 |
|  |  | &nbsp;&nbsp; 836561 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $68,452,832)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $68,452,832)** | &nbsp;&nbsp;**67678711** |
| &nbsp;&nbsp;**Master Limited Partnerships — 4.00%** | &nbsp;&nbsp;**Master Limited Partnerships — 4.00%** | &nbsp;&nbsp;**Master Limited Partnerships — 4.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorchester Minerals | 12154 | &nbsp;&nbsp; 338610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer | 57529 | &nbsp;&nbsp; 1043001 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | 48062 | $1490403 |
| &nbsp;&nbsp;&nbsp;**Total Master Limited Partnerships<br> (cost $2,637,173)** | &nbsp;&nbsp;&nbsp;**Total Master Limited Partnerships<br> (cost $2,637,173)** | &nbsp;&nbsp; **2872014** |
| &nbsp;&nbsp;**Short-Term Investments — 1.68%** | &nbsp;&nbsp;**Short-Term Investments — 1.68%** | &nbsp;&nbsp;**Short-Term Investments — 1.68%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.68% | &nbsp;&nbsp;Money Market Mutual Funds — 1.68% | &nbsp;&nbsp;Money Market Mutual Funds — 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 300970 | &nbsp;&nbsp; 300970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 300971 | &nbsp;&nbsp; 300971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 300971 | &nbsp;&nbsp; 300971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 300970 | &nbsp;&nbsp; 300970 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,203,882)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,203,882)** | &nbsp;&nbsp; **1203882** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.90%<br> (cost $72,293,887)** |  | **$71754607** |

---

♣ 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 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;23

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Macquarie VIP Growth Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.38%♣** | &nbsp;&nbsp;**Common Stocks — 99.38%♣** | &nbsp;&nbsp;**Common Stocks — 99.38%♣** |
| &nbsp;&nbsp;Communication Services — 3.54% | &nbsp;&nbsp;Communication Services — 3.54% | &nbsp;&nbsp;Communication Services — 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 122278 | $21549052 |
|  |  | &nbsp;&nbsp; 21549052 |
| &nbsp;&nbsp;Consumer Discretionary — 9.70% | &nbsp;&nbsp;Consumer Discretionary — 9.70% | &nbsp;&nbsp;Consumer Discretionary — 9.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 183847 | &nbsp;&nbsp; 40334193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;1736 | &nbsp;&nbsp; 10050121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | 17489 | &nbsp;&nbsp; 8582552 |
|  |  | &nbsp;&nbsp; 58966866 |
| &nbsp;&nbsp;Consumer Staples — 1.98% | &nbsp;&nbsp;Consumer Staples — 1.98% | &nbsp;&nbsp;Consumer Staples — 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | 170071 | &nbsp;&nbsp; 12032523 |
|  |  | &nbsp;&nbsp; 12032523 |
| &nbsp;&nbsp;Financials — 15.05% | &nbsp;&nbsp;Financials — 15.05% | &nbsp;&nbsp;Financials — 15.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 117497 | &nbsp;&nbsp; 21557175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | 29200 | &nbsp;&nbsp; 16408648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI | 24828 | &nbsp;&nbsp; 14319301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global | 18741 | &nbsp;&nbsp; 9881942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Class A | 82625 | &nbsp;&nbsp; 29336006 |
|  |  | &nbsp;&nbsp; 91503072 |
| &nbsp;&nbsp;Healthcare — 9.92% | &nbsp;&nbsp;Healthcare — 9.92% | &nbsp;&nbsp;Healthcare — 9.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper † | 93764 | &nbsp;&nbsp; 6672246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | 74732 | &nbsp;&nbsp; 14762559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;9701 | &nbsp;&nbsp; 5203035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | 18747 | &nbsp;&nbsp; 10187307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | 41589 | &nbsp;&nbsp; 12974520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | 36419 | &nbsp;&nbsp; 10487944 |
|  |  | &nbsp;&nbsp; 60287611 |
| &nbsp;&nbsp;Industrials — 7.80% | &nbsp;&nbsp;Industrials — 7.80% | &nbsp;&nbsp;Industrials — 7.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | 35454 | &nbsp;&nbsp; 8616386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax | 44021 | &nbsp;&nbsp; 11417727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 38900 | &nbsp;&nbsp; 6313470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics | 18664 | &nbsp;&nbsp; 5813836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections | 81549 | &nbsp;&nbsp; 15226829 |
|  |  | &nbsp;&nbsp; 47388248 |
| &nbsp;&nbsp;Information Technology — 47.61% | &nbsp;&nbsp;Information Technology — 47.61% | &nbsp;&nbsp;Information Technology — 47.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 198734 | &nbsp;&nbsp; 40774255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk † | 23848 | &nbsp;&nbsp; 7382625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | 36021 | &nbsp;&nbsp; 9929189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | 34180 | &nbsp;&nbsp; 6104206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | 22255 | &nbsp;&nbsp; 17528706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 189522 | &nbsp;&nbsp; 94270138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions | &nbsp;&nbsp;&nbsp;&nbsp;9798 | &nbsp;&nbsp; 4119667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 480888 | &nbsp;&nbsp; 75975495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | 39921 | &nbsp;&nbsp; 10886058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys † | 11461 | &nbsp;&nbsp; 5875825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 46427 | &nbsp;&nbsp; 10515251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign | 20946 | &nbsp;&nbsp; 6049205 |
|  |  | &nbsp;&nbsp;289410620 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Real Estate — 3.78% | &nbsp;&nbsp;Real Estate — 3.78% | &nbsp;&nbsp;Real Estate — 3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | 120853 | $9716581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | 16696 | &nbsp;&nbsp; 13281167 |
|  |  | &nbsp;&nbsp; 22997748 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $364,715,819)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $364,715,819)** | &nbsp;&nbsp;**604135740** |
| &nbsp;&nbsp;**Short-Term Investments — 0.51%** | &nbsp;&nbsp;**Short-Term Investments — 0.51%** | &nbsp;&nbsp;**Short-Term Investments — 0.51%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.51% | &nbsp;&nbsp;Money Market Mutual Funds — 0.51% | &nbsp;&nbsp;Money Market Mutual Funds — 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 780530 | &nbsp;&nbsp; 780530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 780530 | &nbsp;&nbsp; 780530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 780530 | &nbsp;&nbsp; 780530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 780530 | &nbsp;&nbsp; 780530 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,122,120)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,122,120)** | &nbsp;&nbsp; **3122120** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.89%<br> (cost $367,837,939)** |  | **$607257860** |

---

♣ 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:** |
| ADR – American Depositary Receipt |
| MSCI – Morgan Stanley Capital International |
| S&P – Standard & Poor's Financial Services LLC |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;24

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP High Income Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 5.66%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.66%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 East CLO 2022-I Series 2022-1A ER 144A 10.169% (TSFR03M + 5.90%, Floor 5.90%) 1/20/38 #, • | 1000000 | $986920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A DRR 144A 8.419% (TSFR03M + 4.15%, Floor 4.15%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 250316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A ERR 144A 11.769% (TSFR03M + 7.50%, Floor 7.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 588841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 3 Series 2020-3A ER 144A 9.506% (TSFR03M + 5.25%, Floor 5.25%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp; 996175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 32 Series 2024-32A E 144A 10.019% (TSFR03M + 5.75%, Floor 5.75%) 7/21/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 551224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimco CLO 15 Series 2021-15A ER 144A 8.884% (TSFR03M + 4.60%, Floor 4.60%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 647936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 18 Series 2022-18A ER 144A 9.769% (TSFR03M + 5.50%, Floor 5.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 300689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimco CLO 19 Series 2024-19A E 144A 9.269% (TSFR03M + 5.00%, Floor 5.00%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 593905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES Loan Funding III Series 2022-ALF3A ER 144A 10.382% (TSFR03M + 6.10%, Floor 6.10%) 7/25/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 499825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XX Series 2022-20A D1R 144A 8.119% (TSFR03M + 3.85%, Floor 3.85%) 10/19/37 #, • | 1000000 | &nbsp;&nbsp; 1005678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2017-2 Series 2017-2A ER3 144A 11.622% (TSFR03M + 7.34%, Floor 7.34%) 7/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 549116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18 Series 2021-18A DR 144A 8.971% (TSFR03M + 5.75%, Floor 5.75%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp; 963750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 25 Series 2023-25A DR 144A 9.082% (TSFR03M + 4.80%, Floor 4.80%) 1/25/38 #, • | 1000000 | &nbsp;&nbsp; 999412 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO 2018-II Series 2018-2A ER 144A 11.156% (TSFR03M + 6.90%, Floor 6.90%) 7/15/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | $548260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO 2024-II Series 2024-2A E 144A 10.156% (TSFR03M + 5.90%, Floor 5.90%) 7/15/39 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 598423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO 2024-V Series 2024-5A D2 144A 8.453% (TSFR03M + 4.10%, Floor 4.10%) 7/15/38 #, • | 1000000 | &nbsp;&nbsp; 1004843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBAM US CLO III Series 2023-3A D 144A 12.856% (TSFR03M + 8.60%, Floor 8.60%) 10/15/38 #, • | 1200000 | &nbsp;&nbsp; 1206199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Mountain Park CLO Series 2022-1A ER 144A 10.206% (TSFR03M + 5.95%, Floor 5.95%) 7/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 450176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO Series 2015-6BR ER 144A 9.033% (TSFR03M + 4.75%, Floor 4.75%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp; 856797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XII-B Series 2017-12BRA E 144A 10.506% (TSFR03M + 6.25%, Floor 6.25%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 750727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookhaven Park CLO Series 2024-1A E 144A 10.769% (TSFR03M + 6.50%, Floor 6.50%) 4/19/37 #, • | 1250000 | &nbsp;&nbsp; 1246116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2021-11 Series 2021-11A ER 144A 10.782% (TSFR03M + 6.50%, Floor 6.50%) 7/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 548834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2024-1 Series 2024-1A E 144A 11.176% (TSFR03M + 6.92%, Floor 6.92%) 4/15/37 #, • | 1000000 | &nbsp;&nbsp; 1004447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2024-5 Series 2024-5A E 144A 9.932% (TSFR03M + 5.65%, Floor 5.65%) 10/25/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 551283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAMR Series 2021-15A ER 144A 9.804% (TSFR03M + 5.50%, Floor 5.50%) 1/20/38 #, • | 1000000 | &nbsp;&nbsp; 983612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding IX CLO Series 2018-9A ER 144A 11.799% (TSFR03M + 7.53%, Floor 7.53%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp; 989343 |

---

&nbsp;&nbsp;&nbsp;&nbsp;25

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover CLO 2021-3 LLC Series 2021-3A ER 144A 9.182% (TSFR03M + 4.90%, Floor 4.90%) 1/25/35 #, • | 1000000 | $990192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 109 CLO Series 2022-109A ER 144A 9.606% (TSFR03M + 5.35%, Floor 5.35%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp; 999393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 17 Series 2022-4A ER 144A 9.98% (TSFR03M + 5.70%, Floor 5.70%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 550248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO IX Series 2021-2A ER 144A 8.972% (TSFR03M + 4.65%, Floor 4.65%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 690332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower CLO 2022-1 Series 2022-1A ER 144A 10.169% (TSFR03M + 5.90%, Floor 5.90%) 10/20/37 #, • | 1000000 | &nbsp;&nbsp; 999831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 62B Series 2022-62A ER 144A 10.656% (TSFR03M + 6.40%, Floor 6.40%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 350762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 76 B Series 2024-76A E 144A 10.032% (TSFR03M + 5.75%, Floor 5.75%) 10/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 349724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco US CLO 2023-4 Series 2023-4A E 144A 12.279% (TSFR03M + 8.01%, Floor 8.01%) 1/18/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 404091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco US CLO 2024-3 Series 2024-3A E 144A 10.769% (TSFR03M + 6.50%, Floor 6.50%) 7/20/37 #, • | 1250000 | &nbsp;&nbsp; 1247941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 27 Series 27A ER2 144A 10.506% (TSFR03M + 6.25%, Floor 6.25%) 1/15/35 #, • | 1000000 | &nbsp;&nbsp; 963750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXX Series 2018-30A ER 144A 10.661% (TSFR03M + 6.40%, Floor 6.40%) 7/16/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 599469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XLV Series 2025-45A E 144A 8.785% (TSFR03M + 4.50%, Floor 4.50%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp; 995038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO 2025-21 Series 2025-21A E 144A 8.815% (TSFR03M + 4.70%, Floor 4.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 435829 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman CLO XX Series 2015-20A ER3 144A 9.068% (TSFR03M + 4.75%, Floor 4.75%) 4/15/39 #, • | 1250000 | $1224712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO 2019-3 Series 2019-3A ER2 144A 11.019% (TSFR03M + 6.75%, Floor 6.75%) 1/20/38 #, • | 1000000 | &nbsp;&nbsp; 995515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO 2020-1 Series 2020-1A ERR 144A 9.256% (TSFR03M + 5.00%, Floor 5.00%) 1/15/38 #, • | 1000000 | &nbsp;&nbsp; 999408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO 2019-17 Series 2019-17A ER2 144A 10.519% (TSFR03M + 6.25%, Floor 6.25%) 7/20/37 #, • | 1050000 | &nbsp;&nbsp; 1047823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFSI BSL XIV CLO Series 2024-14A E 144A 12.009% (TSFR03M + 7.74%, Floor 7.74%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 599005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9A ER 144A 9.769% (TSFR03M + 5.50%, Floor 5.50%) 10/19/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 779749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-11A ER 144A 9.669% (TSFR03M + 5.40%, Floor 5.40%) 7/19/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 651516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO 2024-2 Series 2024-2A D2 144A 8.619% (TSFR03M + 4.35%, Floor 4.35%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp; 998878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO 2022-1 Series 2022-1A ER 144A 11.359% (TSFR03M + 7.09%, Floor 7.09%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 650566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR Series 2024-28RA DR 144A 11.256% (TSFR03M + 7.00%, Floor 7.00%) 4/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 599661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Point Clo 5 Series 2024-5A E 144A 10.669% (TSFR03M + 6.40%, Floor 6.40%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 902261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO 2025R-1 Series 2025-1RA E 144A 11.902% (TSFR03M + 7.58%, Floor 7.58%) 2/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 499477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm King Park CLO Series 2022-1A ER 144A 10.406% (TSFR03M + 6.15%, Floor 6.15%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 851914 |

---

26&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO 39 Series 2023-39A ER 144A 9.782% (TSFR03M + 5.50%, Floor 5.50%) 1/25/38 #, • | 1250000 | $1249101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO 2022-1 Series 2022-1A ER 144A 10.822% (TSFR03M + 6.50%, Floor 6.50%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 751570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO 2024-2 Series 2024-2A E 144A 11.53% (TSFR03M + 7.25%, Floor 7.25%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 701308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO 2024-3 Series 2024-3A E 144A 10.869% (TSFR03M + 6.60%, Floor 6.60%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 701576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO 2022-1 Series 2022-1A ER 144A 12.006% (TSFR03M + 7.75%, Floor 7.75%) 7/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 672633 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $44,549,262)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $44,549,262)** | &nbsp;&nbsp; **44126120** |
| &nbsp;&nbsp;**Convertible Bond — 0.45%** | &nbsp;&nbsp;**Convertible Bond — 0.45%** | &nbsp;&nbsp;**Convertible Bond — 0.45%** |
| &nbsp;&nbsp;Leisure — 0.45% | &nbsp;&nbsp;Leisure — 0.45% | &nbsp;&nbsp;Leisure — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 =, >>, π | 3805197 | &nbsp;&nbsp; 3548930 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $3,758,412)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $3,758,412)** | &nbsp;&nbsp; **3548930** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 76.30%** | &nbsp;&nbsp;**Corporate Bonds — 76.30%** | &nbsp;&nbsp;**Corporate Bonds — 76.30%** |
| &nbsp;&nbsp;Automotive — 3.60% | &nbsp;&nbsp;Automotive — 3.60% | &nbsp;&nbsp;Automotive — 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission 144A 3.75% 1/30/31 # | 6885000 | &nbsp;&nbsp;&nbsp;&nbsp;6314965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 144A 6.75% 2/15/30 # | 2984000 | &nbsp;&nbsp;&nbsp;&nbsp;3105112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings 144A 7.75% 5/31/32 # | 5970000 | &nbsp;&nbsp;&nbsp;&nbsp;6221009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire and Rubber 6.625% 7/15/30 | 2695000 | &nbsp;&nbsp;&nbsp;&nbsp;2751032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phinia 144A 6.625% 10/15/32 # | 1948000 | &nbsp;&nbsp;&nbsp;&nbsp;1979749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wand NewCo 3 144A 7.625% 1/30/32 # | 3798000 | &nbsp;&nbsp;&nbsp;&nbsp;3994846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital 144A 6.75% 4/23/30 # | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp;3702040 |
|  |  | 28068753 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking — 1.94% | &nbsp;&nbsp;Banking — 1.94% | &nbsp;&nbsp;Banking — 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 5800000 | $6141469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | 2850000 | &nbsp;&nbsp; 2949990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 5415000 | &nbsp;&nbsp; 6028021 |
|  |  | &nbsp;&nbsp; 15119480 |
| &nbsp;&nbsp;Basic Industry — 4.17% | &nbsp;&nbsp;Basic Industry — 4.17% | &nbsp;&nbsp;Basic Industry — 4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 2340000 | &nbsp;&nbsp; 2500150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | 5490000 | &nbsp;&nbsp; 5182073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 144A 5.875% 4/15/30 # | 3340000 | &nbsp;&nbsp; 3384335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K Hovnanian Enterprises 144A 11.75% 9/30/29 # | 2460000 | &nbsp;&nbsp; 2669863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources 144A 9.25% 10/1/28 # | 1105000 | &nbsp;&nbsp; 1132247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals 144A 9.00% 2/15/30 # | 3950000 | &nbsp;&nbsp; 4270769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 765630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 11/15/28 # | 4136000 | &nbsp;&nbsp; 4360502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A 6.75% 3/1/33 # | 3985000 | &nbsp;&nbsp; 4114317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Building Solutions 144A 6.50% 8/15/32 # | 4030000 | &nbsp;&nbsp; 4131894 |
|  |  | &nbsp;&nbsp; 32511780 |
| &nbsp;&nbsp;Capital Goods — 6.03% | &nbsp;&nbsp;Capital Goods — 6.03% | &nbsp;&nbsp;Capital Goods — 6.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | 3275000 | &nbsp;&nbsp; 3372785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa 144A 6.875% 8/15/32 # | 2025000 | &nbsp;&nbsp; 2102851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 192888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/31 # | 1905000 | &nbsp;&nbsp; 2002060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 11/15/30 # | 3370000 | &nbsp;&nbsp; 3652504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 2415000 | &nbsp;&nbsp; 2471786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esab 144A 6.25% 4/15/29 # | 4000000 | &nbsp;&nbsp; 4100444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | 1915000 | &nbsp;&nbsp; 1948465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc 144A 9.25% 10/1/31 # | 2035000 | &nbsp;&nbsp; 2144265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions<br> Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/27 # | 2725000 | &nbsp;&nbsp; 2773074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/27 # | 1945000 | &nbsp;&nbsp; 1932792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 7/15/32 # | 1445000 | &nbsp;&nbsp; 1498303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp; 1027385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex 144A 6.25% 10/15/32 # | 3885000 | &nbsp;&nbsp; 3895474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toucan FinCo 144A 9.50% 5/15/30 # | 2075000 | &nbsp;&nbsp; 2122886 |

---

&nbsp;&nbsp;&nbsp;&nbsp;27

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 3/1/32 # | 3260000 | $3379458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 12/15/30 # | 6450000 | &nbsp;&nbsp; 6697053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.25% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 899514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 12.25% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 804528 |
|  |  | &nbsp;&nbsp; 47018515 |
| &nbsp;&nbsp;Consumer Goods — 1.20% | &nbsp;&nbsp;Consumer Goods — 1.20% | &nbsp;&nbsp;Consumer Goods — 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 9.375% 10/3/31 # | 4105000 | &nbsp;&nbsp; 4264972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 3/1/31 # | 1919000 | &nbsp;&nbsp; 2038544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.625% 9/15/32 # | 2860000 | &nbsp;&nbsp; 3024930 |
|  |  | &nbsp;&nbsp; 9328446 |
| &nbsp;&nbsp;Electric — 2.82% | &nbsp;&nbsp;Electric — 2.82% | &nbsp;&nbsp;Electric — 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power 144A 7.25% 8/15/32 # | 4895000 | &nbsp;&nbsp; 5154928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 6.25% 11/1/34 # | 4090000 | &nbsp;&nbsp; 4169645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 12/15/26 #, μ, ψ | 8025000 | &nbsp;&nbsp; 8126741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 10/15/26 #, μ, ψ | 3650000 | &nbsp;&nbsp; 3740786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners 144A 8.375% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp; 780285 |
|  |  | &nbsp;&nbsp; 21972385 |
| &nbsp;&nbsp;Energy — 11.34% | &nbsp;&nbsp;Energy — 11.34% | &nbsp;&nbsp;Energy — 11.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | 3970000 | &nbsp;&nbsp; 4047425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources 144A 9.625% 6/15/33 # | 3645000 | &nbsp;&nbsp; 3739482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Energy Finance 144A 8.375% 1/15/34 # | 1749000 | &nbsp;&nbsp; 1751290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% 2/1/28 | 1975000 | &nbsp;&nbsp; 2005560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp; 978170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Operating 144A 6.75% 9/1/29 # | 4050000 | &nbsp;&nbsp; 4155716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/30 # | 5220000 | &nbsp;&nbsp; 5079419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 2248000 | &nbsp;&nbsp; 2176355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 2665000 | &nbsp;&nbsp; 2547159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources 144A 6.25% 4/15/33 # | 2870000 | &nbsp;&nbsp; 2855957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.875% 8/15/31 # | 1615000 | &nbsp;&nbsp; 1200911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.125% 1/31/30 # | 2925000 | &nbsp;&nbsp; 2803008 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | 3860000 | $3874757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II 144A 8.00% 4/15/30 # | 3040000 | &nbsp;&nbsp; 3097997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuStar Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/26 | 4126000 | &nbsp;&nbsp; 4144253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 10/1/30 | 3742000 | &nbsp;&nbsp; 3880267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 1/15/32 # | 1490000 | &nbsp;&nbsp; 1545587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.875% 7/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp; 756351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 8/1/29 # | 1405000 | &nbsp;&nbsp; 1401057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 8/1/32 # | 1771000 | &nbsp;&nbsp; 1746963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco 144A 7.25% 5/1/32 # | 2210000 | &nbsp;&nbsp; 2321995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 2/1/27 # | 4626000 | &nbsp;&nbsp; 4560213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 5/15/31 # | 3750000 | &nbsp;&nbsp; 3350506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 9/1/27 | 5090000 | &nbsp;&nbsp; 5103420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 3/15/29 # | 1550000 | &nbsp;&nbsp; 1589613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 9.875% 2/1/32 # | 5420000 | &nbsp;&nbsp; 5856787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG 144A 7.75% 5/1/35 # | 2630000 | &nbsp;&nbsp; 2849058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Energy 144A 7.875% 4/15/32 # | 3855000 | &nbsp;&nbsp; 3299092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International 144A 8.625% 4/30/30 # | 5505000 | &nbsp;&nbsp; 5677787 |
|  |  | &nbsp;&nbsp; 88396155 |
| &nbsp;&nbsp;Financial Services — 5.85% | &nbsp;&nbsp;Financial Services — 5.85% | &nbsp;&nbsp;Financial Services — 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.65% 6/15/26 μ, ψ | 3715000 | &nbsp;&nbsp; 3702873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 4195000 | &nbsp;&nbsp; 4378103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 6.50% 5/15/32 | 2955000 | &nbsp;&nbsp; 3050677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer 144A 6.375% 2/15/32 # | 2768000 | &nbsp;&nbsp; 2774975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners 144A 6.75% 9/15/31 # | 3930000 | &nbsp;&nbsp; 4014255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure Investors 144A 7.00% 6/15/32 # | 3990000 | &nbsp;&nbsp; 4122540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 8/15/28 # | 2165000 | &nbsp;&nbsp; 2094455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 10/15/31 # | 4000000 | &nbsp;&nbsp; 3989308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/29 | 2811000 | &nbsp;&nbsp; 2890554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;947000 | &nbsp;&nbsp; 981584 |

---

28&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 5/15/32 # | 1915000 | $1959227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 2/15/33 # | 2800000 | &nbsp;&nbsp; 2873500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket 144A 6.375% 8/1/33 # | 3860000 | &nbsp;&nbsp; 3954379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp; 830683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 8/10/34 #, μ, ψ | 2900000 | &nbsp;&nbsp; 2895329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.625% 2/1/30 # | 1129000 | &nbsp;&nbsp; 1131234 |
|  |  | &nbsp;&nbsp; 45643676 |
| &nbsp;&nbsp;Healthcare — 5.22% | &nbsp;&nbsp;Healthcare — 5.22% | &nbsp;&nbsp;Healthcare — 5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC 144A 10.00% 4/15/32 # | 1705000 | &nbsp;&nbsp; 1721181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group 144A 6.50% 2/15/30 # | 2060000 | &nbsp;&nbsp; 2029544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding 144A 3.875% 11/1/29 # | 4315000 | &nbsp;&nbsp; 4088835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 4525000 | &nbsp;&nbsp; 4377082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/15/31 # | 3000000 | &nbsp;&nbsp; 2567183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/15/30 # | 1600000 | &nbsp;&nbsp; 1420316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;978000 | &nbsp;&nbsp; 724098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp; 782216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.75% 2/15/31 # | 2425000 | &nbsp;&nbsp; 2207249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 6/1/30 # | 1475000 | &nbsp;&nbsp; 1414225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA 144A 6.25% 6/1/32 # | 2000000 | &nbsp;&nbsp; 2054936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health 144A 11.00% 10/15/30 # | 1730000 | &nbsp;&nbsp; 1910692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower 144A 5.25% 10/1/29 # | 2925000 | &nbsp;&nbsp; 2904334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. 144A 5.125% 4/30/31 # | 4595000 | &nbsp;&nbsp; 3991611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners 144A 8.50% 7/15/32 # | 1265000 | &nbsp;&nbsp; 1269529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings 144A 6.875% 11/15/31 # | 3180000 | &nbsp;&nbsp; 3188084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings 144A 7.25% 4/15/32 # | 4010000 | &nbsp;&nbsp; 4091251 |
|  |  | &nbsp;&nbsp; 40742366 |
| &nbsp;&nbsp;Insurance — 3.71% | &nbsp;&nbsp;Insurance — 3.71% | &nbsp;&nbsp;Insurance — 3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco 144A 7.75% 2/15/31 # | 4595000 | &nbsp;&nbsp; 4807468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | 2540000 | &nbsp;&nbsp; 2632233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 2/15/32 # | 2325000 | &nbsp;&nbsp; 2429634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/30 # | 1880000 | &nbsp;&nbsp; 1966048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 1/31/32 # | 3810000 | &nbsp;&nbsp; 3988892 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 5715000 | $6061661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panther Escrow Issuer 144A 7.125% 6/1/31 # | 3905000 | &nbsp;&nbsp; 4058880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USI 144A 7.50% 1/15/32 # | 2845000 | &nbsp;&nbsp; 3005484 |
|  |  | &nbsp;&nbsp; 28950300 |
| &nbsp;&nbsp;Leisure — 4.44% | &nbsp;&nbsp;Leisure — 4.44% | &nbsp;&nbsp;Leisure — 4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 2/15/32 # | 1900000 | &nbsp;&nbsp; 1950808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/15/30 # | 2675000 | &nbsp;&nbsp; 2771854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 7/1/27 # | 3850000 | &nbsp;&nbsp; 3853561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 3/1/27 # | 1028000 | &nbsp;&nbsp; 1037130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 6/15/31 # | 1235000 | &nbsp;&nbsp; 1258928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 5/1/29 # | 4306000 | &nbsp;&nbsp; 4353654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 2/15/33 # | 2919000 | &nbsp;&nbsp; 2988405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time 144A 6.00% 11/15/31 # | 4075000 | &nbsp;&nbsp; 4142543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 1880000 | &nbsp;&nbsp; 1938056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority 144A 8.25% 4/15/30 # | 1041000 | &nbsp;&nbsp; 1075294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 4964000 | &nbsp;&nbsp; 5028870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment 144A 6.625% 5/1/32 # | 2945000 | &nbsp;&nbsp; 3039416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent 144A 9.25% 7/1/32 # | 1150000 | &nbsp;&nbsp; 1197209 |
|  |  | &nbsp;&nbsp; 34635728 |
| &nbsp;&nbsp;Media — 8.14% | &nbsp;&nbsp;Media — 8.14% | &nbsp;&nbsp;Media — 8.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 4400000 | &nbsp;&nbsp; 3433694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 2/15/29 | 2099000 | &nbsp;&nbsp; 1683534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 10.25% 1/15/29 # | 1835000 | &nbsp;&nbsp; 1903813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # | 2374000 | &nbsp;&nbsp; 2185520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 8/15/30 # | 2924000 | &nbsp;&nbsp; 2789509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/1/32 # | 3290000 | &nbsp;&nbsp; 3122710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 9/1/29 # | 6850000 | &nbsp;&nbsp; 6992181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress 144A 7.375% 9/15/32 # | 2850000 | &nbsp;&nbsp; 2723894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 6/18/29 # | 4406000 | &nbsp;&nbsp; 4164389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 11/15/31 # | 3015000 | &nbsp;&nbsp; 2124188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 11/15/31 # | 2381000 | &nbsp;&nbsp;&nbsp; 1113118 |

---

&nbsp;&nbsp;&nbsp;&nbsp;29

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 8.00% 7/1/29 # | 3871000 | $1093558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv Financing 144A 8.875% 2/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp; 790099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 10/15/30 # | 5150000 | &nbsp;&nbsp; 3901125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 11/15/31 # | 5459000 | &nbsp;&nbsp; 4098051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education 144A 7.375% 9/1/31 # | 4808000 | &nbsp;&nbsp; 5019077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 3855000 | &nbsp;&nbsp; 4084465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap 144A 6.875% 3/1/33 # | 3965000 | &nbsp;&nbsp; 4071068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # | 4180000 | &nbsp;&nbsp; 4002620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 144A 7.375% 6/30/30 # | 4225000 | &nbsp;&nbsp; 4155309 |
|  |  | &nbsp;&nbsp; 63451922 |
| &nbsp;&nbsp;Real Estate — 0.73% | &nbsp;&nbsp;Real Estate — 0.73% | &nbsp;&nbsp;Real Estate — 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandywine Operating Partnership 8.875% 4/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp; 780090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital 144A 7.375% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp; 789308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHP Hotel Properties 144A 7.25% 7/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp; 787202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust 8.875% 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp; 818125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust 144A 6.50% 7/1/30 # | 1251000 | &nbsp;&nbsp; 1292952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group 144A 10.50% 2/15/28 # | 1164000 | &nbsp;&nbsp; 1234763 |
|  |  | &nbsp;&nbsp; 5702440 |
| &nbsp;&nbsp;Retail — 4.22% | &nbsp;&nbsp;Retail — 4.22% | &nbsp;&nbsp;Retail — 4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group 4.75% 3/1/30 | 4450930 | &nbsp;&nbsp; 4312722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works 6.875% 11/1/35 | 6070000 | &nbsp;&nbsp; 6303829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK 144A 9.00% 6/1/30 #, > | 1501650 | &nbsp;&nbsp; 1580124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK 144A 9.00% 6/1/31 #, >> | 1499819 | &nbsp;&nbsp; 1778248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance 144A 12.00% 11/30/28 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp; 762436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.875% 6/1/29 # | 1666000 | &nbsp;&nbsp; 1590171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 1/15/31 # | 1271000 | &nbsp;&nbsp; 1209426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | 2865000 | &nbsp;&nbsp; 2703915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil USA 4.75% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp; 968924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart 144A 7.75% 2/15/29 # | 5149000 | &nbsp;&nbsp; 5008546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group 144A 11.25% 2/15/27 # | 1440000 | &nbsp;&nbsp; 1566892 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 4890000 | $5129023 |
|  |  | &nbsp;&nbsp; 32914256 |
| &nbsp;&nbsp;Services — 3.12% | &nbsp;&nbsp;Services — 3.12% | &nbsp;&nbsp;Services — 3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 144A 7.00% 5/21/30 # | 1895000 | &nbsp;&nbsp; 1938637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Car Rental<br> 144A 5.75% 7/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp; 962267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | 1260000 | &nbsp;&nbsp; 1316678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp; 906910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 3412000 | &nbsp;&nbsp; 3499832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings 144A 8.375% 10/1/31 # | 2865000 | &nbsp;&nbsp; 2802293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 144A 10.75% 9/1/29 # | 3825000 | &nbsp;&nbsp; 3639201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Pro USA 144A 7.00% 2/1/33 # | 1950000 | &nbsp;&nbsp; 2029205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Buyer 144A 6.875% 10/15/28 # | 4435000 | &nbsp;&nbsp; 4431643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Scotsman 144A 6.625% 4/15/30 # | 2725000 | &nbsp;&nbsp; 2832831 |
|  |  | &nbsp;&nbsp; 24359497 |
| &nbsp;&nbsp;Technology & Electronics — 2.99% | &nbsp;&nbsp;Technology & Electronics — 2.99% | &nbsp;&nbsp;Technology & Electronics — 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Borrower 144A 8.00% 6/15/30 # | 1657000 | &nbsp;&nbsp; 1725789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 3/31/29 # | 1950000 | &nbsp;&nbsp; 1969418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 9/30/29 # | 3730000 | &nbsp;&nbsp; 3869709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope 144A 8.25% 3/1/27 # | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 847379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Technologies 144A 5.00% 3/15/27 # | 1275000 | &nbsp;&nbsp; 1242939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 4/15/29 # | 2121000 | &nbsp;&nbsp; 2099431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.95% 6/15/30 # | 1860000 | &nbsp;&nbsp; 1891367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;959000 | &nbsp;&nbsp; 990361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Data Storage Technology 144A 5.75% 12/1/34 # | 2155000 | &nbsp;&nbsp; 2150108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG 144A 6.875% 2/1/31 # | 5160000 | &nbsp;&nbsp; 5357112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies 144A 6.50% 6/1/32 # | 1120000 | &nbsp;&nbsp; 1152426 |
|  |  | &nbsp;&nbsp; 23296039 |
| &nbsp;&nbsp;Telecommunications — 6.11% | &nbsp;&nbsp;Telecommunications — 6.11% | &nbsp;&nbsp;Telecommunications — 6.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 4480000 | &nbsp;&nbsp; 4508573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications 144A 6.50% 10/1/28 # | 9238000 | &nbsp;&nbsp; 9425376 |

---

30&nbsp;&nbsp;&nbsp;&nbsp;

------

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---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Telecommunications (continued) | &nbsp;&nbsp;Telecommunications (continued) | &nbsp;&nbsp;Telecommunications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/1/29 | 1011498 | $1022382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 1/15/30 # | 8965000 | &nbsp;&nbsp; 9088295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 5/1/29 # | 3287000 | &nbsp;&nbsp; 3332282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | 5850000 | &nbsp;&nbsp; 6262571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 7.125% 4/15/55 μ | 3405000 | &nbsp;&nbsp; 3453059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 4100000 | &nbsp;&nbsp; 4114461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 7.75% 4/15/32 # | 3770000 | &nbsp;&nbsp; 3922297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 5.00% 1/15/32 # | 2805000 | &nbsp;&nbsp; 2497708 |
|  |  | &nbsp;&nbsp; 47627004 |
| &nbsp;&nbsp;Total Non-Electric Utilities — 0.15% | &nbsp;&nbsp;Total Non-Electric Utilities — 0.15% | &nbsp;&nbsp;Total Non-Electric Utilities — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners 144A 9.50% 6/1/30 # | 1155000 | &nbsp;&nbsp; 1199171 |
|  |  | &nbsp;&nbsp; 1199171 |
| &nbsp;&nbsp;Transportation — 0.52% | &nbsp;&nbsp;Transportation — 0.52% | &nbsp;&nbsp;Transportation — 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee & Wyoming 144A 6.25% 4/15/32 # | 4005000 | &nbsp;&nbsp; 4091600 |
|  |  | &nbsp;&nbsp; 4091600 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $589,436,019)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $589,436,019)** | &nbsp;&nbsp;**595029513** |
| &nbsp;&nbsp;**Loan Agreements — 7.27%** | &nbsp;&nbsp;**Loan Agreements — 7.27%** | &nbsp;&nbsp;**Loan Agreements — 7.27%** |
| &nbsp;&nbsp;Automotive — 0.45% | &nbsp;&nbsp;Automotive — 0.45% | &nbsp;&nbsp;Automotive — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 7.077% (SOFR01M + 2.75%) 1/28/32 • | 1510000 | &nbsp;&nbsp; 1510944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco Tranche B 9.422% (SOFR03M + 5.10%) 11/17/28 • | 2004340 | &nbsp;&nbsp; 1965089 |
|  |  | &nbsp;&nbsp; 3476033 |
| &nbsp;&nbsp;Basic Industry — 0.89% | &nbsp;&nbsp;Basic Industry — 0.89% | &nbsp;&nbsp;Basic Industry — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies 10.019% (SOFR03M + 5.75%) 7/19/30 • | 1772000 | &nbsp;&nbsp; 1643530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Holding Tranche B-1 7.546% (SOFR03M + 3.25%) 1/17/32 • | 1838169 | &nbsp;&nbsp; 1829361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Tranche B 8.577% (SOFR01M + 4.25%) 10/1/31 • | 1945125 | &nbsp;&nbsp; 1774926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usalco 8.327% (SOFR01M + 4.00%) 9/30/31 • | 1695874 | &nbsp;&nbsp; 1706473 |
|  |  | &nbsp;&nbsp; 6954290 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Capital Goods — 1.19% | &nbsp;&nbsp;Capital Goods — 1.19% | &nbsp;&nbsp;Capital Goods — 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.577% (SOFR01M + 3.25%) 4/1/32 • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9492 | $284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tranche B 7.577% (SOFR01M + 3.25%) 4/1/32 • | &nbsp;&nbsp;&nbsp;&nbsp;542947 | &nbsp;&nbsp; 541444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lsf12 Crown US Commercial Bidco 8.579% (SOFR01M + 4.25%) 12/2/31 • | 2226000 | &nbsp;&nbsp; 2240607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Flow Tranche B 7.327% (SOFR01M + 3.00%) 4/5/29 • | 2565000 | &nbsp;&nbsp; 2576022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunSource Borrower 8.427% (SOFR01M + 4.10%) 3/25/31 • | 3974688 | &nbsp;&nbsp; 3920862 |
|  |  | &nbsp;&nbsp; 9279219 |
| &nbsp;&nbsp;Healthcare — 1.76% | &nbsp;&nbsp;Healthcare — 1.76% | &nbsp;&nbsp;Healthcare — 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb 8.571% (SOFR01M + 4.25%) 1/15/31 • | 3845795 | &nbsp;&nbsp; 3845315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti 7.625% 5/1/31 | 3918000 | &nbsp;&nbsp; 3942488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 8.827% (SOFR01M + 4.50%) 4/28/28 • | 5920063 | &nbsp;&nbsp; 5932222 |
|  |  | &nbsp;&nbsp; 13720025 |
| &nbsp;&nbsp;Leisure — 0.75% | &nbsp;&nbsp;Leisure — 0.75% | &nbsp;&nbsp;Leisure — 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings 7.285% (SOFR03M + 3.00%) 4/4/29 • | 5865227 | &nbsp;&nbsp; 5864617 |
|  |  | &nbsp;&nbsp; 5864617 |
| &nbsp;&nbsp;Media — 0.19% | &nbsp;&nbsp;Media — 0.19% | &nbsp;&nbsp;Media — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DirectV Financing Tranche B 9.827% (SOFR01M + 5.50%) 2/17/31 • | 1146800 | &nbsp;&nbsp; 1100928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 1st Lien 8.546% (SOFR03M + 4.25%) 6/24/29 • | &nbsp;&nbsp;&nbsp;&nbsp;340129 | &nbsp;&nbsp; 341405 |
|  |  | &nbsp;&nbsp; 1442333 |
| &nbsp;&nbsp;Retail — 0.28% | &nbsp;&nbsp;Retail — 0.28% | &nbsp;&nbsp;Retail — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group 8.077% (SOFR01M + 3.75%) 1/28/32 • | 2210460 | &nbsp;&nbsp; 2210460 |
|  |  | &nbsp;&nbsp; 2210460 |
| &nbsp;&nbsp;Technology & Electronics — 1.76% | &nbsp;&nbsp;Technology & Electronics — 1.76% | &nbsp;&nbsp;Technology & Electronics — 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 8.796% (SOFR03M + 4.50%) 2/23/32 • | 3716000 | &nbsp;&nbsp; 3821092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover Holdings 2 7.75% 12/9/31 | 4480000 | &nbsp;&nbsp; 4530400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commscope 9.577% (SOFR01M + 5.25%) 12/17/29 • | 3855000 | &nbsp;&nbsp; 3908488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I 9.205% (SOFR06M + 5.00%) 11/12/32 • | 1442000 | &nbsp;&nbsp; 1458673 |
|  |  | &nbsp;&nbsp; 13718653 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $56,534,602)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $56,534,602)** | &nbsp;&nbsp; **56665630** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 0.55%♣** | &nbsp;&nbsp;**Common Stocks — 0.55%♣** | &nbsp;&nbsp;**Common Stocks — 0.55%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 0.35% | &nbsp;&nbsp;Consumer Discretionary — 0.35% | &nbsp;&nbsp;Consumer Discretionary — 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG Warrant =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings †, π | &nbsp;&nbsp;&nbsp;&nbsp;581459 | &nbsp;&nbsp; 1846132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;271628 | &nbsp;&nbsp; 862419 |
|  |  | &nbsp;&nbsp; 2708551 |
| &nbsp;&nbsp;Energy — 0.05% | &nbsp;&nbsp;Energy — 0.05% | &nbsp;&nbsp;Energy — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIS Industries Holdings =, †, π | 1604602 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy =, † | &nbsp;&nbsp;&nbsp;&nbsp;185515 | &nbsp;&nbsp; 435498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Oil & Gas Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp; 429 |
|  |  | &nbsp;&nbsp; 436253 |
| &nbsp;&nbsp;Financials — 0.15% | &nbsp;&nbsp;Financials — 0.15% | &nbsp;&nbsp;Financials — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, †, π | 3072567 | &nbsp;&nbsp; 1146256 |
|  |  | &nbsp;&nbsp; 1146256 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $39,312,843)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $39,312,843)** | &nbsp;&nbsp; **4291060** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 4.14%** | &nbsp;&nbsp;**Exchange-Traded Funds — 4.14%** | &nbsp;&nbsp;**Exchange-Traded Funds — 4.14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp;&nbsp;424157 | &nbsp;&nbsp; 8873364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 23388500 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $33,375,158)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $33,375,158)** | &nbsp;&nbsp; **32261864** |
| &nbsp;&nbsp;**Short-Term Investments — 5.09%** | &nbsp;&nbsp;**Short-Term Investments — 5.09%** | &nbsp;&nbsp;**Short-Term Investments — 5.09%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 5.09% | &nbsp;&nbsp;Money Market Mutual Funds — 5.09% | &nbsp;&nbsp;Money Market Mutual Funds — 5.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 9925675 | &nbsp;&nbsp; 9925675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 9925675 | &nbsp;&nbsp; 9925675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 9925675 | &nbsp;&nbsp; 9925675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 9925675 | &nbsp;&nbsp; 9925675 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $39,702,700)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $39,702,700)** | &nbsp;&nbsp; **39702700** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.46%<br> (cost $806,668,996)** |  | **$775625817** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $575,205,098, which represents 73.76% of the Series' net assets. See Note 10 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| >> | PIK. 100% of the income received was in the form of principal. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| > | PIK. 100% of the income received was in the form of cash. |
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| † | Non-income producing security. |
| X | This loan will settle after June 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |
| π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2025, the aggregate value of restricted securities was $6,541,747, which represented 0.84% of the Fund's net assets. See Note 8 in "Notes to financial statements" and the table on the next page for additional details on restricted securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

32&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| ASG Warrant | &nbsp;&nbsp;&nbsp;5/30/18 | $72000 | $0 |
| BIS Industries Holdings | 12/22/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| New Cotai | &nbsp;&nbsp;&nbsp;9/29/20 | &nbsp;&nbsp;&nbsp;28520069 | &nbsp;&nbsp;&nbsp;1146256 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;3758412 | &nbsp;&nbsp;&nbsp;3548930 |
| Studio City International Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8/5/20 | &nbsp;&nbsp;&nbsp;&nbsp;3522480 | &nbsp;&nbsp;&nbsp;1846132 |
| Westmoreland Coal | &nbsp;&nbsp;&nbsp;3/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
| Total |  | $36024410 | $6541747 |

---

#### Unfunded Loan Commitments
The Series may invest in floating rate loans. In connection with these investments, the Series may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Series to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Series earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal<br> Amount | Value | Commitment | Unrealized<br> Appreciation<br> (Depreciation) |
| Clydesdale Acquisition Holdings TBD 4/1/32 X | $9492 | $9182 | $9207 | $(25) |
| Usalco TBD 9/30/31 X | &nbsp;&nbsp;175604 | &nbsp;&nbsp;176702 | &nbsp;&nbsp;175605 | &nbsp;&nbsp;1097 |
| Total | $185096 | $185884 | $184812 | $1072 |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| CLO – Collateralized Loan Obligation |
| ETF – Exchange-Traded Fund |
| LLC – Limited Liability Corporation |
| LNG – Liquefied Natural Gas |
| PIK – Payment-in-kind |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SOFR06M – Secured Overnight Financing Rate 6 Month |
| TBD – To be determined |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;33

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

## Schedules of investments
Macquarie VIP International Core Equity Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 96.07%Δ** | &nbsp;&nbsp;**Common Stocks — 96.07%Δ** | &nbsp;&nbsp;**Common Stocks — 96.07%Δ** |
| &nbsp;&nbsp;Austria — 1.78% | &nbsp;&nbsp;Austria — 1.78% | &nbsp;&nbsp;Austria — 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondi | &nbsp;&nbsp;&nbsp;&nbsp;869940 | $14204095 |
|  |  | &nbsp;&nbsp; 14204095 |
| &nbsp;&nbsp;Brazil — 4.63% | &nbsp;&nbsp;Brazil — 4.63% | &nbsp;&nbsp;Brazil — 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 1367520 | &nbsp;&nbsp; 5580225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031 | &nbsp;&nbsp; 23603692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale ADR | &nbsp;&nbsp;&nbsp;&nbsp;797874 | &nbsp;&nbsp; 7747357 |
|  |  | &nbsp;&nbsp; 36931274 |
| &nbsp;&nbsp;Canada — 1.47% | &nbsp;&nbsp;Canada — 1.47% | &nbsp;&nbsp;Canada — 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;115267 | &nbsp;&nbsp;&nbsp; 11709113 |
|  |  | &nbsp;&nbsp; 11709113 |
| &nbsp;&nbsp;China — 5.89% | &nbsp;&nbsp;China — 5.89% | &nbsp;&nbsp;China — 5.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Class H | 1848000 | &nbsp;&nbsp; 12912541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastroc Beverage Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;282600 | &nbsp;&nbsp; 12385811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 1030090 | &nbsp;&nbsp; 10379247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;175700 | &nbsp;&nbsp; 11258301 |
|  |  | &nbsp;&nbsp; 46935900 |
| &nbsp;&nbsp;Denmark — 1.59% | &nbsp;&nbsp;Denmark — 1.59% | &nbsp;&nbsp;Denmark — 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;34672 | &nbsp;&nbsp; 5984387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk Class B | &nbsp;&nbsp;&nbsp;&nbsp;96859 | &nbsp;&nbsp; 6722592 |
|  |  | &nbsp;&nbsp; 12706979 |
| &nbsp;&nbsp;France — 4.44% | &nbsp;&nbsp;France — 4.44% | &nbsp;&nbsp;France — 4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;85213 | &nbsp;&nbsp; 17792765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hermes International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | &nbsp;&nbsp; 4240896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;&nbsp;18525 | &nbsp;&nbsp; 7923395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci | &nbsp;&nbsp;&nbsp;&nbsp;37273 | &nbsp;&nbsp; 5492607 |
|  |  | &nbsp;&nbsp; 35449663 |
| &nbsp;&nbsp;Germany — 13.28% | &nbsp;&nbsp;Germany — 13.28% | &nbsp;&nbsp;Germany — 13.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech ADR † | &nbsp;&nbsp;&nbsp;&nbsp;44204 | &nbsp;&nbsp; 4706400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;643119 | &nbsp;&nbsp; 23461696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heidelberg Materials | &nbsp;&nbsp;&nbsp;&nbsp;89255 | &nbsp;&nbsp; 20969760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KION Group | &nbsp;&nbsp;&nbsp;&nbsp;218407 | &nbsp;&nbsp; 12153554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;62767 | &nbsp;&nbsp; 19086678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;46877 | &nbsp;&nbsp; 12018364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Healthineers 144A # | &nbsp;&nbsp;&nbsp;&nbsp;243819 | &nbsp;&nbsp; 13515942 |
|  |  | &nbsp;&nbsp;105912394 |
| &nbsp;&nbsp;Hong Kong — 1.59% | &nbsp;&nbsp;Hong Kong — 1.59% | &nbsp;&nbsp;Hong Kong — 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential | 1013995 | &nbsp;&nbsp; 12702116 |
|  |  | &nbsp;&nbsp; 12702116 |
| &nbsp;&nbsp;India — 6.32% | &nbsp;&nbsp;India — 6.32% | &nbsp;&nbsp;India — 6.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 1009990 | &nbsp;&nbsp; 14122901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;662559 | &nbsp;&nbsp; 15525636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | &nbsp;&nbsp;&nbsp;&nbsp;599235 | &nbsp;&nbsp; 13985178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 1733234 | &nbsp;&nbsp; 6768425 |
|  |  | &nbsp;&nbsp; 50402140 |
| &nbsp;&nbsp;Ireland — 2.89% | &nbsp;&nbsp;Ireland — 2.89% | &nbsp;&nbsp;Ireland — 2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | &nbsp;&nbsp;&nbsp;&nbsp;309664 | &nbsp;&nbsp; 15948262 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Ireland (continued) | &nbsp;&nbsp;Ireland (continued) | &nbsp;&nbsp;Ireland (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON † | &nbsp;&nbsp;&nbsp;&nbsp;48641 | $7074833 |
|  |  | &nbsp;&nbsp; 23023095 |
| &nbsp;&nbsp;Japan — 14.18% | &nbsp;&nbsp;Japan — 14.18% | &nbsp;&nbsp;Japan — 14.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Makita | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp; 15615881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marubeni | &nbsp;&nbsp;&nbsp;&nbsp;683600 | &nbsp;&nbsp; 13828178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 1237800 | &nbsp;&nbsp; 17044946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo | &nbsp;&nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp; 16963856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics | 1225600 | &nbsp;&nbsp; 15225849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seven & i Holdings | &nbsp;&nbsp;&nbsp;&nbsp;557800 | &nbsp;&nbsp; 8998086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | &nbsp;&nbsp;&nbsp;&nbsp;243700 | &nbsp;&nbsp; 8075667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokio Marine Holdings | &nbsp;&nbsp;&nbsp;&nbsp;191122 | &nbsp;&nbsp; 8110458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron | &nbsp;&nbsp;&nbsp;&nbsp;47900 | &nbsp;&nbsp; 9207125 |
|  |  | &nbsp;&nbsp;113070046 |
| &nbsp;&nbsp;Netherlands — 6.67% | &nbsp;&nbsp;Netherlands — 6.67% | &nbsp;&nbsp;Netherlands — 6.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp; 16980385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;10305 | &nbsp;&nbsp; 8225234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;868665 | &nbsp;&nbsp; 19058941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;253953 | &nbsp;&nbsp; 8971327 |
|  |  | &nbsp;&nbsp; 53235887 |
| &nbsp;&nbsp;Norway — 0.98% | &nbsp;&nbsp;Norway — 0.98% | &nbsp;&nbsp;Norway — 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | &nbsp;&nbsp;&nbsp;&nbsp;715566 | &nbsp;&nbsp; 7780824 |
|  |  | &nbsp;&nbsp; 7780824 |
| &nbsp;&nbsp;Singapore — 3.60% | &nbsp;&nbsp;Singapore — 3.60% | &nbsp;&nbsp;Singapore — 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Class A † | 2318656 | &nbsp;&nbsp; 11662840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;106423 | &nbsp;&nbsp; 17021294 |
|  |  | &nbsp;&nbsp; 28684134 |
| &nbsp;&nbsp;South Korea — 3.86% | &nbsp;&nbsp;South Korea — 3.86% | &nbsp;&nbsp;South Korea — 3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;96685 | &nbsp;&nbsp; 7944848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;105641 | &nbsp;&nbsp; 22856529 |
|  |  | &nbsp;&nbsp; 30801377 |
| &nbsp;&nbsp;Spain — 1.80% | &nbsp;&nbsp;Spain — 1.80% | &nbsp;&nbsp;Spain — 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;&nbsp;932828 | &nbsp;&nbsp; 14345157 |
|  |  | &nbsp;&nbsp; 14345157 |
| &nbsp;&nbsp;Switzerland — 3.22% | &nbsp;&nbsp;Switzerland — 3.22% | &nbsp;&nbsp;Switzerland — 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon | &nbsp;&nbsp;&nbsp;&nbsp;200462 | &nbsp;&nbsp; 17696785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont Class A | &nbsp;&nbsp;&nbsp;&nbsp;42548 | &nbsp;&nbsp; 8014114 |
|  |  | &nbsp;&nbsp; 25710899 |
| &nbsp;&nbsp;Taiwan — 4.49% | &nbsp;&nbsp;Taiwan — 4.49% | &nbsp;&nbsp;Taiwan — 4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;986000 | &nbsp;&nbsp; 35778447 |
|  |  | &nbsp;&nbsp; 35778447 |
| &nbsp;&nbsp;United Kingdom — 10.60% | &nbsp;&nbsp;United Kingdom — 10.60% | &nbsp;&nbsp;United Kingdom — 10.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca ADR | &nbsp;&nbsp;&nbsp;&nbsp;121365 | &nbsp;&nbsp; 8480986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;557691 | &nbsp;&nbsp; 14441432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group | &nbsp;&nbsp;&nbsp;&nbsp;389874 | &nbsp;&nbsp; 13202411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo | &nbsp;&nbsp;&nbsp;&nbsp;403690 | &nbsp;&nbsp; 10129406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;34

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **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;Flutter Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;48788 | $13941659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon | 2932723 | &nbsp;&nbsp; 15071855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries | 1267912 | &nbsp;&nbsp; 9238040 |
|  |  | &nbsp;&nbsp; 84505789 |
| &nbsp;&nbsp;United States — 2.79% | &nbsp;&nbsp;United States — 2.79% | &nbsp;&nbsp;United States — 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freshworks Class A † | &nbsp;&nbsp;&nbsp;&nbsp;646803 | &nbsp;&nbsp; 9643833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica † | &nbsp;&nbsp;&nbsp;&nbsp;27571 | &nbsp;&nbsp; 6550318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger | &nbsp;&nbsp;&nbsp;&nbsp;102779 | &nbsp;&nbsp; 3473930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp; 2608956 |
|  |  | &nbsp;&nbsp; 22277037 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $645,056,251)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $645,056,251)** | &nbsp;&nbsp;**766166366** |
| &nbsp;&nbsp;**Short-Term Investments — 3.93%** | &nbsp;&nbsp;**Short-Term Investments — 3.93%** | &nbsp;&nbsp;**Short-Term Investments — 3.93%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 3.93% | &nbsp;&nbsp;Money Market Mutual Funds — 3.93% | &nbsp;&nbsp;Money Market Mutual Funds — 3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 7842826 | &nbsp;&nbsp; 7842826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 7842827 | &nbsp;&nbsp; 7842827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 7842826 | &nbsp;&nbsp; 7842826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 7842827 | &nbsp;&nbsp; 7842827 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $31,371,306)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $31,371,306)** | &nbsp;&nbsp; **31371306** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.00%<br> (cost $676,427,557)** |  | **$797537672** |

---

---

| |
|:---|
| 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 June 30, 2025, the aggregate value of Rule 144A securities was $30,496,327, which represents 3.82% of the Series' net assets. See Note 10 in "Notes to financial statements." |

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;35

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Mid Cap Growth Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.06%♣** | &nbsp;&nbsp;**Common Stocks — 98.06%♣** | &nbsp;&nbsp;**Common Stocks — 98.06%♣** |
| &nbsp;&nbsp;Communication Services — 3.01% | &nbsp;&nbsp;Communication Services — 3.01% | &nbsp;&nbsp;Communication Services — 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest Class A † | &nbsp;&nbsp;&nbsp;&nbsp;165666 | $5940783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk Class A † | &nbsp;&nbsp;&nbsp;&nbsp;80162 | &nbsp;&nbsp; 5770862 |
|  |  | &nbsp;&nbsp; 11711645 |
| &nbsp;&nbsp;Consumer Discretionary — 16.82% | &nbsp;&nbsp;Consumer Discretionary — 16.82% | &nbsp;&nbsp;Consumer Discretionary — 16.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;35060 | &nbsp;&nbsp; 5329120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros Class A † | &nbsp;&nbsp;&nbsp;&nbsp;54330 | &nbsp;&nbsp; 3714542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group | &nbsp;&nbsp;&nbsp;&nbsp;34475 | &nbsp;&nbsp; 5815243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;96613 | &nbsp;&nbsp; 7338724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Holding Class A † | &nbsp;&nbsp;&nbsp;&nbsp;131588 | &nbsp;&nbsp; 6849155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool | &nbsp;&nbsp;&nbsp;&nbsp;23866 | &nbsp;&nbsp; 6956462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | &nbsp;&nbsp;&nbsp;&nbsp;38198 | &nbsp;&nbsp; 11961322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | &nbsp;&nbsp;&nbsp;&nbsp;64861 | &nbsp;&nbsp; 6420590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry | &nbsp;&nbsp;&nbsp;&nbsp;56522 | &nbsp;&nbsp; 4963197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | &nbsp;&nbsp;&nbsp;&nbsp;116872 | &nbsp;&nbsp; 6167335 |
|  |  | &nbsp;&nbsp; 65515690 |
| &nbsp;&nbsp;Consumer Staples — 1.16% | &nbsp;&nbsp;Consumer Staples — 1.16% | &nbsp;&nbsp;Consumer Staples — 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8833 | &nbsp;&nbsp; 4507215 |
|  |  | &nbsp;&nbsp; 4507215 |
| &nbsp;&nbsp;Financials — 9.62% | &nbsp;&nbsp;Financials — 9.62% | &nbsp;&nbsp;Financials — 9.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | &nbsp;&nbsp;&nbsp;&nbsp;305615 | &nbsp;&nbsp; 5870864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;&nbsp;51428 | &nbsp;&nbsp; 5701822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay † | &nbsp;&nbsp;&nbsp;&nbsp;22389 | &nbsp;&nbsp; 7429118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group | &nbsp;&nbsp;&nbsp;&nbsp;12325 | &nbsp;&nbsp; 5964068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings | &nbsp;&nbsp;&nbsp;&nbsp;21145 | &nbsp;&nbsp; 7928741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast Class A † | &nbsp;&nbsp;&nbsp;&nbsp;102734 | &nbsp;&nbsp; 4550089 |
|  |  | &nbsp;&nbsp; 37444702 |
| &nbsp;&nbsp;Healthcare — 16.38% | &nbsp;&nbsp;Healthcare — 16.38% | &nbsp;&nbsp;Healthcare — 16.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology † | &nbsp;&nbsp;&nbsp;&nbsp;29501 | &nbsp;&nbsp; 5585424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;19527 | &nbsp;&nbsp; 6367559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | &nbsp;&nbsp;&nbsp;&nbsp;101321 | &nbsp;&nbsp; 5212966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences † | &nbsp;&nbsp;&nbsp;&nbsp;56145 | &nbsp;&nbsp; 4391100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;25402 | &nbsp;&nbsp; 13624109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | &nbsp;&nbsp;&nbsp;&nbsp;26227 | &nbsp;&nbsp; 3403478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet † | &nbsp;&nbsp;&nbsp;&nbsp;31819 | &nbsp;&nbsp; 9996893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;80419 | &nbsp;&nbsp; 3177355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;26114 | &nbsp;&nbsp; 7520310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Holding † | &nbsp;&nbsp;&nbsp;&nbsp;110782 | &nbsp;&nbsp; 4527660 |
|  |  | &nbsp;&nbsp; 63806854 |
| &nbsp;&nbsp;Industrials — 20.30% | &nbsp;&nbsp;Industrials — 20.30% | &nbsp;&nbsp;Industrials — 20.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding | &nbsp;&nbsp;&nbsp;&nbsp;37548 | &nbsp;&nbsp; 3909873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies | &nbsp;&nbsp;&nbsp;&nbsp;34888 | &nbsp;&nbsp; 5025965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart † | &nbsp;&nbsp;&nbsp;&nbsp;87880 | &nbsp;&nbsp; 4312272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp; 625821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | &nbsp;&nbsp;&nbsp;&nbsp;233521 | &nbsp;&nbsp; 9807882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;45381 | &nbsp;&nbsp; 6499013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Class A | &nbsp;&nbsp;&nbsp;&nbsp;31862 | &nbsp;&nbsp; 8244292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;47833 | &nbsp;&nbsp; 8903156 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;44600 | $2071670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;31837 | &nbsp;&nbsp; 6600447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;&nbsp;29546 | &nbsp;&nbsp; 4795316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding † | &nbsp;&nbsp;&nbsp;&nbsp;26840 | &nbsp;&nbsp; 4863140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | &nbsp;&nbsp; 1181122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | &nbsp;&nbsp;&nbsp;&nbsp;113948 | &nbsp;&nbsp; 6428946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641 | &nbsp;&nbsp; 610523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex † | &nbsp;&nbsp;&nbsp;&nbsp;95368 | &nbsp;&nbsp; 5186112 |
|  |  | &nbsp;&nbsp; 79065550 |
| &nbsp;&nbsp;Information Technology — 25.68% | &nbsp;&nbsp;Information Technology — 25.68% | &nbsp;&nbsp;Information Technology — 25.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfolio Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359 | &nbsp;&nbsp; 773511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Class A † | &nbsp;&nbsp;&nbsp;&nbsp;12222 | &nbsp;&nbsp; 4278678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems Class B | &nbsp;&nbsp;&nbsp;&nbsp;77125 | &nbsp;&nbsp; 4162436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;25946 | &nbsp;&nbsp; 4633696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;149409 | &nbsp;&nbsp; 3276539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Class A † | &nbsp;&nbsp;&nbsp;&nbsp;51077 | &nbsp;&nbsp; 10002409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | &nbsp;&nbsp;&nbsp;&nbsp;69132 | &nbsp;&nbsp; 6167266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software † | &nbsp;&nbsp;&nbsp;&nbsp;12241 | &nbsp;&nbsp; 4980618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Class A † | &nbsp;&nbsp;&nbsp;&nbsp;68956 | &nbsp;&nbsp; 9262859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot † | &nbsp;&nbsp;&nbsp;&nbsp;12465 | &nbsp;&nbsp; 6938393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | &nbsp;&nbsp;&nbsp;&nbsp;33678 | &nbsp;&nbsp; 4433035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor † | &nbsp;&nbsp;&nbsp;&nbsp;42857 | &nbsp;&nbsp; 2099564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;33764 | &nbsp;&nbsp; 4838044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates † | &nbsp;&nbsp;&nbsp;&nbsp;10151 | &nbsp;&nbsp; 2004518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com † | &nbsp;&nbsp;&nbsp;&nbsp;15219 | &nbsp;&nbsp; 4786071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems | &nbsp;&nbsp;&nbsp;&nbsp;10768 | &nbsp;&nbsp; 7875500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta † | &nbsp;&nbsp;&nbsp;&nbsp;45214 | &nbsp;&nbsp; 5829441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;34725 | &nbsp;&nbsp; 7770413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9965 | &nbsp;&nbsp; 5907651 |
|  |  | &nbsp;&nbsp;100020642 |
| &nbsp;&nbsp;Materials — 1.72% | &nbsp;&nbsp;Materials — 1.72% | &nbsp;&nbsp;Materials — 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;&nbsp;12191 | &nbsp;&nbsp; 6692371 |
|  |  | &nbsp;&nbsp; 6692371 |
| &nbsp;&nbsp;Real Estate — 3.37% | &nbsp;&nbsp;Real Estate — 3.37% | &nbsp;&nbsp;Real Estate — 3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | &nbsp;&nbsp;&nbsp;&nbsp;163132 | &nbsp;&nbsp; 13115813 |
|  |  | &nbsp;&nbsp; 13115813 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $333,988,749)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $333,988,749)** | &nbsp;&nbsp;**381880482** |
| &nbsp;&nbsp;**Short-Term Investments — 1.55%** | &nbsp;&nbsp;**Short-Term Investments — 1.55%** | &nbsp;&nbsp;**Short-Term Investments — 1.55%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.55% | &nbsp;&nbsp;Money Market Mutual Funds — 1.55% | &nbsp;&nbsp;Money Market Mutual Funds — 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 1506885 | &nbsp;&nbsp; 1506885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;36

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 1506885 | $1506885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 1506885 | &nbsp;&nbsp; 1506885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 1506885 | &nbsp;&nbsp; 1506885 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $6,027,540)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $6,027,540)** | &nbsp;&nbsp; **6027540** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.61%<br> (cost $340,016,289)** |  | **$387908022** |

---

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

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;37

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Natural Resources Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.97%♣** | &nbsp;&nbsp;**Common Stocks — 98.97%♣** | &nbsp;&nbsp;**Common Stocks — 98.97%♣** |
| &nbsp;&nbsp;Consumer Staples — 3.10% | &nbsp;&nbsp;Consumer Staples — 3.10% | &nbsp;&nbsp;Consumer Staples — 3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global | &nbsp;&nbsp;&nbsp;&nbsp;19357 | $1553980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients † | &nbsp;&nbsp;&nbsp;&nbsp;20428 | &nbsp;&nbsp; 775038 |
|  |  | &nbsp;&nbsp; 2329018 |
| &nbsp;&nbsp;Energy — 30.87% | &nbsp;&nbsp;Energy — 30.87% | &nbsp;&nbsp;Energy — 30.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Resources | &nbsp;&nbsp;&nbsp;&nbsp;101050 | &nbsp;&nbsp; 2130454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7383 | &nbsp;&nbsp; 715044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings | &nbsp;&nbsp;&nbsp;&nbsp;79770 | &nbsp;&nbsp; 862314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149 | &nbsp;&nbsp; 707473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;23460 | &nbsp;&nbsp; 2743412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne | &nbsp;&nbsp;&nbsp;&nbsp;46647 | &nbsp;&nbsp; 707169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair | &nbsp;&nbsp;&nbsp;&nbsp;35303 | &nbsp;&nbsp; 1450247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | &nbsp;&nbsp;&nbsp;&nbsp;148471 | &nbsp;&nbsp; 2072655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources | &nbsp;&nbsp;&nbsp;&nbsp;83888 | &nbsp;&nbsp; 856899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | &nbsp;&nbsp;&nbsp;&nbsp;60050 | &nbsp;&nbsp; 817881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;138391 | &nbsp;&nbsp; 4850690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourmaline Oil | &nbsp;&nbsp;&nbsp;&nbsp;31776 | &nbsp;&nbsp; 1533088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit | &nbsp;&nbsp;&nbsp;&nbsp;39799 | &nbsp;&nbsp; 1039152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | &nbsp;&nbsp;&nbsp;&nbsp;20334 | &nbsp;&nbsp; 2733296 |
|  |  | &nbsp;&nbsp;23219774 |
| &nbsp;&nbsp;Industrials — 2.04% | &nbsp;&nbsp;Industrials — 2.04% | &nbsp;&nbsp;Industrials — 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;17681 | &nbsp;&nbsp; 1533119 |
|  |  | &nbsp;&nbsp; 1533119 |
| &nbsp;&nbsp;Information Technology — 1.79% | &nbsp;&nbsp;Information Technology — 1.79% | &nbsp;&nbsp;Information Technology — 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8133 | &nbsp;&nbsp; 1346337 |
|  |  | &nbsp;&nbsp; 1346337 |
| &nbsp;&nbsp;Materials — 61.17% | &nbsp;&nbsp;Materials — 61.17% | &nbsp;&nbsp;Materials — 61.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | &nbsp;&nbsp;&nbsp;&nbsp;55475 | &nbsp;&nbsp; 1637067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | &nbsp;&nbsp;&nbsp;&nbsp;70670 | &nbsp;&nbsp; 2085611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canfor † | &nbsp;&nbsp;&nbsp;&nbsp;70823 | &nbsp;&nbsp; 735405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;32170 | &nbsp;&nbsp; 2959640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Metal Recycling<br> Holdings =, † | 1900000 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining † | &nbsp;&nbsp;&nbsp;&nbsp;127328 | &nbsp;&nbsp; 1128126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva | &nbsp;&nbsp;&nbsp;&nbsp;33496 | &nbsp;&nbsp; 2496457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH | &nbsp;&nbsp;&nbsp;&nbsp;24998 | &nbsp;&nbsp; 2303122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavour Mining | &nbsp;&nbsp;&nbsp;&nbsp;48601 | &nbsp;&nbsp; 1486347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERO Copper † | &nbsp;&nbsp;&nbsp;&nbsp;150917 | &nbsp;&nbsp; 2548993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals | &nbsp;&nbsp;&nbsp;&nbsp;321464 | &nbsp;&nbsp; 3410733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper | &nbsp;&nbsp;&nbsp;&nbsp;52996 | &nbsp;&nbsp; 2481803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | &nbsp;&nbsp;&nbsp;&nbsp;10370 | &nbsp;&nbsp; 891716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallus † | &nbsp;&nbsp;&nbsp;&nbsp;79734 | &nbsp;&nbsp; 1228701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Methanex | &nbsp;&nbsp;&nbsp;&nbsp;37858 | &nbsp;&nbsp; 1253100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MP Materials † | &nbsp;&nbsp;&nbsp;&nbsp;40407 | &nbsp;&nbsp; 1344341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont | &nbsp;&nbsp;&nbsp;&nbsp;52683 | &nbsp;&nbsp; 3069311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien | &nbsp;&nbsp;&nbsp;&nbsp;59055 | &nbsp;&nbsp; 3439363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSR Mining † | &nbsp;&nbsp;&nbsp;&nbsp;100638 | &nbsp;&nbsp; 1283703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics | &nbsp;&nbsp;&nbsp;&nbsp;21617 | &nbsp;&nbsp; 2767192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan | &nbsp;&nbsp;&nbsp;&nbsp;18476 | &nbsp;&nbsp; 835730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan America † | &nbsp;&nbsp;&nbsp;&nbsp;65675 | &nbsp;&nbsp; 819624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valterra Platinum † | &nbsp;&nbsp;&nbsp;&nbsp;27290 | &nbsp;&nbsp; 1198739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber | &nbsp;&nbsp;&nbsp;&nbsp;23080 | &nbsp;&nbsp; 1692505 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals | &nbsp;&nbsp;&nbsp;&nbsp;32401 | $2909610 |
|  |  | &nbsp;&nbsp;46006939 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $74,578,580)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $74,578,580)** | &nbsp;&nbsp;**74435187** |
| &nbsp;&nbsp;**Short-Term Investments — 1.01%** | &nbsp;&nbsp;**Short-Term Investments — 1.01%** | &nbsp;&nbsp;**Short-Term Investments — 1.01%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.01% | &nbsp;&nbsp;Money Market Mutual Funds — 1.01% | &nbsp;&nbsp;Money Market Mutual Funds — 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | &nbsp;&nbsp;&nbsp;&nbsp;190526 | &nbsp;&nbsp; 190526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;190525 | &nbsp;&nbsp; 190525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | &nbsp;&nbsp;&nbsp;&nbsp;190525 | &nbsp;&nbsp; 190525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;190526 | &nbsp;&nbsp; 190526 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $762,102)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $762,102)** | &nbsp;&nbsp; **762102** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.98%<br> (cost $75,340,682)** |  | **$75197289** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;38

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Science and Technology Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.94%♣** | &nbsp;&nbsp;**Common Stocks — 97.94%♣** | &nbsp;&nbsp;**Common Stocks — 97.94%♣** |
| &nbsp;&nbsp;Communication Services — 13.27% | &nbsp;&nbsp;Communication Services — 13.27% | &nbsp;&nbsp;Communication Services — 13.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;72857 | $53775023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;12898 | &nbsp;&nbsp; 17272099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software † | &nbsp;&nbsp;&nbsp;&nbsp;62881 | &nbsp;&nbsp; 15270651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZoomInfo Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;852009 | &nbsp;&nbsp; 8622331 |
|  |  | &nbsp;&nbsp; 94940104 |
| &nbsp;&nbsp;Consumer Discretionary — 11.60% | &nbsp;&nbsp;Consumer Discretionary — 11.60% | &nbsp;&nbsp;Consumer Discretionary — 11.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;125371 | &nbsp;&nbsp; 27505144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash Class A † | &nbsp;&nbsp;&nbsp;&nbsp;51919 | &nbsp;&nbsp; 12798553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;270184 | &nbsp;&nbsp; 11588192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6394 | &nbsp;&nbsp; 16711550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | &nbsp;&nbsp;&nbsp;&nbsp;145583 | &nbsp;&nbsp; 14411261 |
|  |  | &nbsp;&nbsp; 83014700 |
| &nbsp;&nbsp;Financials — 1.45% | &nbsp;&nbsp;Financials — 1.45% | &nbsp;&nbsp;Financials — 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global Class A † | &nbsp;&nbsp;&nbsp;&nbsp;29510 | &nbsp;&nbsp; 10342960 |
|  |  | &nbsp;&nbsp; 10342960 |
| &nbsp;&nbsp;Healthcare — 4.00% | &nbsp;&nbsp;Healthcare — 4.00% | &nbsp;&nbsp;Healthcare — 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;21653 | &nbsp;&nbsp; 7060827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific † | &nbsp;&nbsp;&nbsp;&nbsp;113445 | &nbsp;&nbsp; 12185127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | &nbsp;&nbsp;&nbsp;&nbsp;17203 | &nbsp;&nbsp; 9348282 |
|  |  | &nbsp;&nbsp; 28594236 |
| &nbsp;&nbsp;Industrials — 5.08% | &nbsp;&nbsp;Industrials — 5.08% | &nbsp;&nbsp;Industrials — 5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart † | &nbsp;&nbsp;&nbsp;&nbsp;115599 | &nbsp;&nbsp; 5672443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;75723 | &nbsp;&nbsp; 14094322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;177603 | &nbsp;&nbsp; 16570360 |
|  |  | &nbsp;&nbsp; 36337125 |
| &nbsp;&nbsp;Information Technology — 62.07% | &nbsp;&nbsp;Information Technology — 62.07% | &nbsp;&nbsp;Information Technology — 62.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;130729 | &nbsp;&nbsp; 18550445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices | &nbsp;&nbsp;&nbsp;&nbsp;31990 | &nbsp;&nbsp; 7614260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks † | &nbsp;&nbsp;&nbsp;&nbsp;138258 | &nbsp;&nbsp; 14145176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;19095 | &nbsp;&nbsp; 15302542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;127618 | &nbsp;&nbsp; 35177902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems † | &nbsp;&nbsp;&nbsp;&nbsp;45439 | &nbsp;&nbsp; 14002028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;109969 | &nbsp;&nbsp; 19639364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot † | &nbsp;&nbsp;&nbsp;&nbsp;10130 | &nbsp;&nbsp; 5638662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | &nbsp;&nbsp;&nbsp;&nbsp;19609 | &nbsp;&nbsp; 15444637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research | &nbsp;&nbsp;&nbsp;&nbsp;199990 | &nbsp;&nbsp; 19467026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology | &nbsp;&nbsp;&nbsp;&nbsp;136375 | &nbsp;&nbsp; 16808219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;79247 | &nbsp;&nbsp; 39418250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com † | &nbsp;&nbsp;&nbsp;&nbsp;27995 | &nbsp;&nbsp; 8803868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;352443 | &nbsp;&nbsp; 55682469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;81778 | &nbsp;&nbsp; 24868690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;384768 | &nbsp;&nbsp; 55533565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify Class A † | &nbsp;&nbsp;&nbsp;&nbsp;105936 | &nbsp;&nbsp; 12219717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;38922 | &nbsp;&nbsp; 8709576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;154053 | &nbsp;&nbsp; 34891464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unity Software † | &nbsp;&nbsp;&nbsp;&nbsp;376988 | &nbsp;&nbsp; 9123110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;42054 | &nbsp;&nbsp; 12967771 |
|  |  | &nbsp;&nbsp;444008741 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Real Estate — 0.47% | &nbsp;&nbsp;Real Estate — 0.47% | &nbsp;&nbsp;Real Estate — 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242 | $3374384 |
|  |  | &nbsp;&nbsp; 3374384 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $448,981,652)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $448,981,652)** | &nbsp;&nbsp;**700612250** |
| &nbsp;&nbsp;**Short-Term Investments — 2.15%** | &nbsp;&nbsp;**Short-Term Investments — 2.15%** | &nbsp;&nbsp;**Short-Term Investments — 2.15%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.15% | &nbsp;&nbsp;Money Market Mutual Funds — 2.15% | &nbsp;&nbsp;Money Market Mutual Funds — 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 3841793 | &nbsp;&nbsp; 3841793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 3841793 | &nbsp;&nbsp; 3841793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 3841793 | &nbsp;&nbsp; 3841793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 3841791 | &nbsp;&nbsp; 3841791 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $15,367,170)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $15,367,170)** | &nbsp;&nbsp; **15367170** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.09%<br> (cost $464,348,822)** |  | **$715979420** |

---

♣ 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:** |
| ADR – American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;39

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Small Cap Growth Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.98%♣** | &nbsp;&nbsp;**Common Stocks — 97.98%♣** | &nbsp;&nbsp;**Common Stocks — 97.98%♣** |
| &nbsp;&nbsp;Communication Services — 2.12% | &nbsp;&nbsp;Communication Services — 2.12% | &nbsp;&nbsp;Communication Services — 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | 144205 | $4031972 |
|  |  | &nbsp;&nbsp; 4031972 |
| &nbsp;&nbsp;Consumer Discretionary — 12.20% | &nbsp;&nbsp;Consumer Discretionary — 12.20% | &nbsp;&nbsp;Consumer Discretionary — 12.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | 13464 | &nbsp;&nbsp; 2427963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory | 13964 | &nbsp;&nbsp; 874984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products † | 21451 | &nbsp;&nbsp; 2631394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Sports † | 145052 | &nbsp;&nbsp; 1508541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings † | 58767 | &nbsp;&nbsp; 1782403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing † | 16898 | &nbsp;&nbsp; 1664453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings † | 28780 | &nbsp;&nbsp; 3792628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 69958 | &nbsp;&nbsp; 1426444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group Class A † | 74532 | &nbsp;&nbsp; 2092859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute † | 148933 | &nbsp;&nbsp; 5047339 |
|  |  | &nbsp;&nbsp; 23249008 |
| &nbsp;&nbsp;Consumer Staples — 3.48% | &nbsp;&nbsp;Consumer Staples — 3.48% | &nbsp;&nbsp;Consumer Staples — 3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse † | 45301 | &nbsp;&nbsp; 2890657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart | &nbsp;&nbsp;&nbsp;&nbsp;7279 | &nbsp;&nbsp; 764586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Farms † | 77225 | &nbsp;&nbsp; 2974707 |
|  |  | &nbsp;&nbsp; 6629950 |
| &nbsp;&nbsp;Energy — 1.06% | &nbsp;&nbsp;Energy — 1.06% | &nbsp;&nbsp;Energy — 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy † | 10007 | &nbsp;&nbsp; 2013108 |
|  |  | &nbsp;&nbsp; 2013108 |
| &nbsp;&nbsp;Financials — 8.04% | &nbsp;&nbsp;Financials — 8.04% | &nbsp;&nbsp;Financials — 8.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goosehead Insurance Class A | 11046 | &nbsp;&nbsp; 1165464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | 13528 | &nbsp;&nbsp; 1922599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | 15725 | &nbsp;&nbsp; 2829714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings † | 23101 | &nbsp;&nbsp; 3563329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remitly Global † | 46913 | &nbsp;&nbsp; 880557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking | 14273 | &nbsp;&nbsp; 394220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 30614 | &nbsp;&nbsp; 2387280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree | 190380 | &nbsp;&nbsp; 2191274 |
|  |  | &nbsp;&nbsp; 15334437 |
| &nbsp;&nbsp;Healthcare — 22.84% | &nbsp;&nbsp;Healthcare — 22.84% | &nbsp;&nbsp;Healthcare — 22.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics † | 146967 | &nbsp;&nbsp; 2676269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings † | 91003 | &nbsp;&nbsp; 1010133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals † | 45201 | &nbsp;&nbsp; 2949365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | 19012 | &nbsp;&nbsp; 1984663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareDx † | 59167 | &nbsp;&nbsp; 1156123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caris Life Sciences † | 14553 | &nbsp;&nbsp; 388856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals † | 102226 | &nbsp;&nbsp; 2218304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | 32193 | &nbsp;&nbsp; 3947827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings † | 34365 | &nbsp;&nbsp; 3172233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health † | &nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp; 294026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | 25194 | &nbsp;&nbsp; 1310592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings † | 15072 | &nbsp;&nbsp; 476275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity † | 17525 | &nbsp;&nbsp; 1835919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health † | 15747 | &nbsp;&nbsp; 784988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | 13359 | &nbsp;&nbsp; 1344450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings † | 29875 | &nbsp;&nbsp; 3673729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals † | 51600 | &nbsp;&nbsp; 2625924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEPT BioRobotics † | 16377 | &nbsp;&nbsp; 943315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals † | 92419 | &nbsp;&nbsp; 3743894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | 10599 | &nbsp;&nbsp; 1420372 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics † | 67605 | $1000554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veracyte † | 55691 | &nbsp;&nbsp; 1505328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel † | 72196 | &nbsp;&nbsp; 3071940 |
|  |  | &nbsp;&nbsp; 43535079 |
| &nbsp;&nbsp;Industrials — 24.03% | &nbsp;&nbsp;Industrials — 24.03% | &nbsp;&nbsp;Industrials — 24.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR † | 37559 | &nbsp;&nbsp; 2583684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACV Auctions Class A † | 190965 | &nbsp;&nbsp; 3097452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment † | &nbsp;&nbsp;&nbsp;&nbsp;5792 | &nbsp;&nbsp; 1650430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor † | 109360 | &nbsp;&nbsp; 4012418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | 37154 | &nbsp;&nbsp; 3207876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ † | 49450 | &nbsp;&nbsp; 3546060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries † | 16478 | &nbsp;&nbsp; 2713103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;9853 | &nbsp;&nbsp; 2277817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | 35270 | &nbsp;&nbsp; 3748496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group † | 49174 | &nbsp;&nbsp; 3124024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | 38675 | &nbsp;&nbsp; 1693578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | 10251 | &nbsp;&nbsp; 1090911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | 44382 | &nbsp;&nbsp; 2323398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | 18003 | &nbsp;&nbsp; 2071065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group † | 16158 | &nbsp;&nbsp; 2222371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | 13591 | &nbsp;&nbsp; 1541355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS | 59681 | &nbsp;&nbsp; 2773973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems † | 18532 | &nbsp;&nbsp; 998134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest † | 11040 | &nbsp;&nbsp; 1136789 |
|  |  | &nbsp;&nbsp; 45812934 |
| &nbsp;&nbsp;Information Technology — 23.30% | &nbsp;&nbsp;Information Technology — 23.30% | &nbsp;&nbsp;Information Technology — 23.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | 19979 | &nbsp;&nbsp; 2647218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys † | 17121 | &nbsp;&nbsp; 1962751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint † | 183295 | &nbsp;&nbsp; 3539426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Class A † | 129130 | &nbsp;&nbsp; 2831821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software † | &nbsp;&nbsp;&nbsp;&nbsp;2389 | &nbsp;&nbsp; 972036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | 20538 | &nbsp;&nbsp; 2087585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intapp † | 25679 | &nbsp;&nbsp; 1325550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | 25747 | &nbsp;&nbsp; 3389078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings † | 40003 | &nbsp;&nbsp; 3802685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | 20123 | &nbsp;&nbsp; 2883425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems † | 24886 | &nbsp;&nbsp; 5595866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | 13661 | &nbsp;&nbsp; 874577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | 20958 | &nbsp;&nbsp; 1877627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint † | 83839 | &nbsp;&nbsp; 1916560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | 23691 | &nbsp;&nbsp; 3491106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoundHound AI Class A † | 66685 | &nbsp;&nbsp; 715530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics † | 25131 | &nbsp;&nbsp; 1628991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Class A † | 53442 | &nbsp;&nbsp; 1888373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | 14468 | &nbsp;&nbsp; 990335 |
|  |  | &nbsp;&nbsp; 44420540 |

---

&nbsp;&nbsp;&nbsp;&nbsp;40

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Materials — 0.91% | &nbsp;&nbsp;Materials — 0.91% | &nbsp;&nbsp;Materials — 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River † | 21190 | $1729952 |
|  |  | &nbsp;&nbsp; 1729952 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $156,963,230)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $156,963,230)** | &nbsp;&nbsp;**186756980** |
| &nbsp;&nbsp;**Exchange-Traded Fund — 1.02%** | &nbsp;&nbsp;**Exchange-Traded Fund — 1.02%** | &nbsp;&nbsp;**Exchange-Traded Fund — 1.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;6807 | &nbsp;&nbsp; 1945849 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Fund<br> (cost $1,879,075)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Fund<br> (cost $1,879,075)** | &nbsp;&nbsp; **1945849** |
| &nbsp;&nbsp;**Short-Term Investments — 1.48%** | &nbsp;&nbsp;**Short-Term Investments — 1.48%** | &nbsp;&nbsp;**Short-Term Investments — 1.48%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.48% | &nbsp;&nbsp;Money Market Mutual Funds — 1.48% | &nbsp;&nbsp;Money Market Mutual Funds — 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 706294 | &nbsp;&nbsp; 706294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 706294 | &nbsp;&nbsp; 706294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 706294 | &nbsp;&nbsp; 706294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 706294 | &nbsp;&nbsp; 706294 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,825,176)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,825,176)** | &nbsp;&nbsp; **2825176** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.48%<br> (cost $161,667,481)** |  | **$191528005** |

---

♣ 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:** |
| ETF – Exchange-Traded Fund |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;41

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Smid Cap Core Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.74%♣** | &nbsp;&nbsp;**Common Stocks — 97.74%♣** | &nbsp;&nbsp;**Common Stocks — 97.74%♣** |
| &nbsp;&nbsp;Communication Services — 2.36% | &nbsp;&nbsp;Communication Services — 2.36% | &nbsp;&nbsp;Communication Services — 2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;50634 | $1415726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group | &nbsp;&nbsp;&nbsp;&nbsp;43575 | &nbsp;&nbsp; 1066716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 | &nbsp;&nbsp; 844861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp † | &nbsp;&nbsp;&nbsp;&nbsp;24325 | &nbsp;&nbsp; 833618 |
|  |  | &nbsp;&nbsp; 4160921 |
| &nbsp;&nbsp;Consumer Discretionary — 9.01% | &nbsp;&nbsp;Consumer Discretionary — 9.01% | &nbsp;&nbsp;Consumer Discretionary — 9.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;38367 | &nbsp;&nbsp; 1606426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner | &nbsp;&nbsp;&nbsp;&nbsp;31437 | &nbsp;&nbsp; 1052511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8399 | &nbsp;&nbsp; 1514592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;&nbsp;&nbsp;12909 | &nbsp;&nbsp; 2553529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;11501 | &nbsp;&nbsp; 609208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy | &nbsp;&nbsp;&nbsp;&nbsp;21744 | &nbsp;&nbsp; 808225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;25386 | &nbsp;&nbsp; 769957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malibu Boats Class A † | &nbsp;&nbsp;&nbsp;&nbsp;17352 | &nbsp;&nbsp; 543812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Madden | &nbsp;&nbsp;&nbsp;&nbsp;34811 | &nbsp;&nbsp; 834768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home † | &nbsp;&nbsp;&nbsp;&nbsp;12603 | &nbsp;&nbsp; 774076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;&nbsp;&nbsp;10345 | &nbsp;&nbsp; 1938756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers | &nbsp;&nbsp;&nbsp;&nbsp;10332 | &nbsp;&nbsp; 1179191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wendy's | &nbsp;&nbsp;&nbsp;&nbsp;48565 | &nbsp;&nbsp; 554612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;35478 | &nbsp;&nbsp; 1118267 |
|  |  | &nbsp;&nbsp; 15857930 |
| &nbsp;&nbsp;Consumer Staples — 3.80% | &nbsp;&nbsp;Consumer Staples — 3.80% | &nbsp;&nbsp;Consumer Staples — 3.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;21664 | &nbsp;&nbsp; 2336029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6646 | &nbsp;&nbsp; 3391254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8489 | &nbsp;&nbsp; 962738 |
|  |  | &nbsp;&nbsp; 6690021 |
| &nbsp;&nbsp;Energy — 3.74% | &nbsp;&nbsp;Energy — 3.74% | &nbsp;&nbsp;Energy — 3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;20122 | &nbsp;&nbsp; 2353067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Seaways | &nbsp;&nbsp;&nbsp;&nbsp;10980 | &nbsp;&nbsp; 400550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy | &nbsp;&nbsp;&nbsp;&nbsp;137287 | &nbsp;&nbsp; 1576055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | &nbsp;&nbsp;&nbsp;&nbsp;165165 | &nbsp;&nbsp; 2249547 |
|  |  | &nbsp;&nbsp; 6579219 |
| &nbsp;&nbsp;Financials — 17.24% | &nbsp;&nbsp;Financials — 17.24% | &nbsp;&nbsp;Financials — 17.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings | &nbsp;&nbsp;&nbsp;&nbsp;30331 | &nbsp;&nbsp; 3148965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System | &nbsp;&nbsp;&nbsp;&nbsp;85164 | &nbsp;&nbsp; 1991134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;36210 | &nbsp;&nbsp; 3656486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group | &nbsp;&nbsp;&nbsp;&nbsp;24168 | &nbsp;&nbsp; 1467723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7332 | &nbsp;&nbsp; 1042024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper | &nbsp;&nbsp;&nbsp;&nbsp;36624 | &nbsp;&nbsp; 2363713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;96113 | &nbsp;&nbsp; 2051051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners | &nbsp;&nbsp;&nbsp;&nbsp;22659 | &nbsp;&nbsp; 2501780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America | &nbsp;&nbsp;&nbsp;&nbsp;11997 | &nbsp;&nbsp; 2379725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState | &nbsp;&nbsp;&nbsp;&nbsp;24238 | &nbsp;&nbsp; 2230623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial | &nbsp;&nbsp;&nbsp;&nbsp;20300 | &nbsp;&nbsp; 2106734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial | &nbsp;&nbsp;&nbsp;&nbsp;16941 | &nbsp;&nbsp; 876697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial | &nbsp;&nbsp;&nbsp;&nbsp;53112 | &nbsp;&nbsp; 2899915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial | &nbsp;&nbsp;&nbsp;&nbsp;29914 | &nbsp;&nbsp; 1645270 |
|  |  | &nbsp;&nbsp; 30361840 |
| &nbsp;&nbsp;Healthcare — 12.83% | &nbsp;&nbsp;Healthcare — 12.83% | &nbsp;&nbsp;Healthcare — 12.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;71173 | &nbsp;&nbsp; 407821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;12166 | &nbsp;&nbsp; 1270009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | &nbsp;&nbsp;&nbsp;&nbsp;19595 | &nbsp;&nbsp; 1008163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines † | &nbsp;&nbsp;&nbsp;&nbsp;12068 | &nbsp;&nbsp; 1546876 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;16112 | $1975815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences † | &nbsp;&nbsp;&nbsp;&nbsp;22776 | &nbsp;&nbsp; 1210317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos † | &nbsp;&nbsp;&nbsp;&nbsp;10522 | &nbsp;&nbsp; 1086817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;25249 | &nbsp;&nbsp; 1313453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;22923 | &nbsp;&nbsp; 2306971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6037 | &nbsp;&nbsp; 783421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;13842 | &nbsp;&nbsp; 1133106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;12265 | &nbsp;&nbsp; 1394285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8709 | &nbsp;&nbsp; 1471298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences † | &nbsp;&nbsp;&nbsp;&nbsp;13667 | &nbsp;&nbsp; 1717805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 12.5 =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 15 =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9128 | &nbsp;&nbsp; 1135341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;29494 | &nbsp;&nbsp; 929651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9930 | &nbsp;&nbsp; 1330719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical † | &nbsp;&nbsp;&nbsp;&nbsp;15607 | &nbsp;&nbsp; 567471 |
|  |  | &nbsp;&nbsp; 22589339 |
| &nbsp;&nbsp;Industrials — 23.30% | &nbsp;&nbsp;Industrials — 23.30% | &nbsp;&nbsp;Industrials — 23.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries | &nbsp;&nbsp;&nbsp;&nbsp;25549 | &nbsp;&nbsp; 1206168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group † | &nbsp;&nbsp;&nbsp;&nbsp;17970 | &nbsp;&nbsp; 917369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644 | &nbsp;&nbsp; 1311948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;17894 | &nbsp;&nbsp; 1551589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp; 27283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219 | &nbsp;&nbsp; 297650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade | &nbsp;&nbsp;&nbsp;&nbsp;14422 | &nbsp;&nbsp; 1252118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396 | &nbsp;&nbsp; 894666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;13162 | &nbsp;&nbsp; 1518632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6549 | &nbsp;&nbsp; 1078293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431 | &nbsp;&nbsp; 1717899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;52138 | &nbsp;&nbsp; 2283123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;19037 | &nbsp;&nbsp; 2025918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299 | &nbsp;&nbsp; 379517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial † | &nbsp;&nbsp;&nbsp;&nbsp;51018 | &nbsp;&nbsp; 1174945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco | &nbsp;&nbsp;&nbsp;&nbsp;15917 | &nbsp;&nbsp; 1368384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 | &nbsp;&nbsp; 1176787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR | &nbsp;&nbsp;&nbsp;&nbsp;27098 | &nbsp;&nbsp; 1299078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | &nbsp;&nbsp;&nbsp;&nbsp;19421 | &nbsp;&nbsp; 2202536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings | &nbsp;&nbsp;&nbsp;&nbsp;27690 | &nbsp;&nbsp; 1224729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;10131 | &nbsp;&nbsp; 2100359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386 | &nbsp;&nbsp; 902099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8002 | &nbsp;&nbsp; 1159970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp; 507429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867 | &nbsp;&nbsp; 648419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass | &nbsp;&nbsp;&nbsp;&nbsp;10490 | &nbsp;&nbsp; 811506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech | &nbsp;&nbsp;&nbsp;&nbsp;39413 | &nbsp;&nbsp; 1417291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions Class A | &nbsp;&nbsp;&nbsp;&nbsp;12883 | &nbsp;&nbsp; 938655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International | &nbsp;&nbsp;&nbsp;&nbsp;11816 | &nbsp;&nbsp; 2188323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings | &nbsp;&nbsp;&nbsp;&nbsp;53700 | &nbsp;&nbsp; 1471380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;25866 | &nbsp;&nbsp; 1635766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6295 | &nbsp;&nbsp; 794996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | &nbsp;&nbsp;&nbsp;&nbsp;41969 | &nbsp;&nbsp; 1534806 |
|  |  | &nbsp;&nbsp; 41019631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;42

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---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology — 13.53% | &nbsp;&nbsp;Information Technology — 13.53% | &nbsp;&nbsp;Information Technology — 13.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN † | &nbsp;&nbsp;&nbsp;&nbsp;15469 | $772367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684 | &nbsp;&nbsp; 875627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box Class A † | &nbsp;&nbsp;&nbsp;&nbsp;26715 | &nbsp;&nbsp; 912852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | &nbsp;&nbsp;&nbsp;&nbsp;25735 | &nbsp;&nbsp; 2295819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace † | &nbsp;&nbsp;&nbsp;&nbsp;27021 | &nbsp;&nbsp; 1491829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software † | &nbsp;&nbsp;&nbsp;&nbsp;13330 | &nbsp;&nbsp; 3138549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;14669 | &nbsp;&nbsp; 2101921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;16785 | &nbsp;&nbsp; 1148430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 | &nbsp;&nbsp; 864285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;20802 | &nbsp;&nbsp; 1946859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7 † | &nbsp;&nbsp;&nbsp;&nbsp;17290 | &nbsp;&nbsp; 399918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8072 | &nbsp;&nbsp; 723170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech † | &nbsp;&nbsp;&nbsp;&nbsp;52044 | &nbsp;&nbsp; 2349266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9895 | &nbsp;&nbsp; 1458127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp; 811096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems † | &nbsp;&nbsp;&nbsp;&nbsp;36846 | &nbsp;&nbsp; 1869935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9706 | &nbsp;&nbsp; 664376 |
|  |  | &nbsp;&nbsp; 23824426 |
| &nbsp;&nbsp;Materials — 4.07% | &nbsp;&nbsp;Materials — 4.07% | &nbsp;&nbsp;Materials — 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 | &nbsp;&nbsp; 699518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntsman | &nbsp;&nbsp;&nbsp;&nbsp;89762 | &nbsp;&nbsp; 935320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;14937 | &nbsp;&nbsp; 1193467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies | &nbsp;&nbsp;&nbsp;&nbsp;31760 | &nbsp;&nbsp; 1749023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8258 | &nbsp;&nbsp; 2592186 |
|  |  | &nbsp;&nbsp; 7169514 |
| &nbsp;&nbsp;Real Estate — 6.08% | &nbsp;&nbsp;Real Estate — 6.08% | &nbsp;&nbsp;Real Estate — 6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group | &nbsp;&nbsp;&nbsp;&nbsp;66472 | &nbsp;&nbsp; 1730931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;17687 | &nbsp;&nbsp; 1993148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;35444 | &nbsp;&nbsp; 1705920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | &nbsp;&nbsp;&nbsp;&nbsp;76498 | &nbsp;&nbsp; 1339480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5373 | &nbsp;&nbsp; 1374306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;67898 | &nbsp;&nbsp; 1537889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty | &nbsp;&nbsp;&nbsp;&nbsp;18403 | &nbsp;&nbsp; 1031856 |
|  |  | &nbsp;&nbsp; 10713530 |
| &nbsp;&nbsp;Utilities — 1.78% | &nbsp;&nbsp;Utilities — 1.78% | &nbsp;&nbsp;Utilities — 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills | &nbsp;&nbsp;&nbsp;&nbsp;25076 | &nbsp;&nbsp; 1406763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire | &nbsp;&nbsp;&nbsp;&nbsp;23625 | &nbsp;&nbsp; 1724389 |
|  |  | &nbsp;&nbsp; 3131152 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $155,098,712)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $155,098,712)** | &nbsp;&nbsp;**172097523** |

---

---

| | | |
|:---|:---|:---|
|  | **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 4.22%) | 1045802 | $1045802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 1045805 | &nbsp;&nbsp; 1045805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 1045803 | &nbsp;&nbsp; 1045803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 1045805 | &nbsp;&nbsp; 1045805 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,183,215)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $4,183,215)** | &nbsp;&nbsp; **4183215** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.12%<br> (cost $159,281,927)** |  | **$176280738** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;43

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Variable Insurance Portfolios

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Macquarie VIP<br> Balanced Series | &nbsp;&nbsp;Macquarie VIP<br> Energy Series | &nbsp;&nbsp;Macquarie VIP<br> Growth Series |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$543908152 | &nbsp;&nbsp;$222918198 | &nbsp;&nbsp;$71754607 | &nbsp;&nbsp;$607257860 |
| &nbsp;&nbsp;&nbsp;Bullion, at value<sup>‡</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35280782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash collateral due from brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28189291 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214089 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24055 |
| &nbsp;&nbsp;&nbsp;Variation margin due from broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7124 |
| &nbsp;&nbsp;&nbsp;Variation margin due from broker on centrally cleared credit default swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643 |
| &nbsp;&nbsp;&nbsp;Due from brokers on centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on unfunded loan commitments\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584383624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224053068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71915592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635695704 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26584484 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549449 |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342082 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122172 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35734 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27453 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86066 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15997 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5255271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27763437 |
| **Total Net Assets** | &nbsp;&nbsp;$579128353 | &nbsp;&nbsp;$222484376 | &nbsp;&nbsp;$71825784 | &nbsp;&nbsp;$607932267 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$481237027 | &nbsp;&nbsp;$179193554 | &nbsp;&nbsp;$87400886 | &nbsp;&nbsp;$283020813 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97891326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43290822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15575102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324911454 |
| **Total Net Assets** | &nbsp;&nbsp;$579128353 | &nbsp;&nbsp;$222484376 | &nbsp;&nbsp;$71825784 | &nbsp;&nbsp;$607932267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;44

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Macquarie VIP<br> Balanced Series | &nbsp;&nbsp;Macquarie VIP<br> Energy Series | &nbsp;&nbsp;Macquarie VIP<br> Growth Series |
| **Net Asset Value** |  |  |  |  |
| **Standard Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$491720 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$610630 | &nbsp;&nbsp;$— |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value per share | &nbsp;&nbsp;$9.99 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$— |
| **Service Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$578636633 | &nbsp;&nbsp;$222484376 | &nbsp;&nbsp;$71215154 | &nbsp;&nbsp;$607932267 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58145687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35796512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15217424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66867963 |
| Net asset value per share | &nbsp;&nbsp;$9.95 | &nbsp;&nbsp;$6.22 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$9.09 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$482938531 | &nbsp;&nbsp;$184430119 | &nbsp;&nbsp;$72293887 | &nbsp;&nbsp;$367837939 |
| <sup>‡</sup>Bullion, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12870226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| \*\*See Note 10 in "Notes to financial statements." |  |  |  |  |

---

<sup>φ</sup>Consolidated statement of assets and liabilities.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;45

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP High<br> Income Series | &nbsp;&nbsp;Macquarie VIP<br> International Core<br> Equity Series | &nbsp;&nbsp;Macquarie VIP<br> Mid Cap<br> Growth Series | &nbsp;&nbsp;Macquarie<br> VIP Natural<br> Resources Series |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$775625817 | &nbsp;&nbsp;$797537672 | &nbsp;&nbsp;$387908022 | &nbsp;&nbsp;$75197289 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99139 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23550 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122688 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35253 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on unfunded loan commitments\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788164246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800474231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392567081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75478095 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117404 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7272786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49915 |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37959 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15396 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14817 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13895 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16684 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on unfunded loan commitments\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269225 |
| **Total Net Assets** | &nbsp;&nbsp;$779851325 | &nbsp;&nbsp;$797535611 | &nbsp;&nbsp;$389424952 | &nbsp;&nbsp;$75208870 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$994920471 | &nbsp;&nbsp;$635431646 | &nbsp;&nbsp;$357942680 | &nbsp;&nbsp;$113817106 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215069146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162103965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31482272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38608236) |
| **Total Net Assets** | &nbsp;&nbsp;$779851325 | &nbsp;&nbsp;$797535611 | &nbsp;&nbsp;$389424952 | &nbsp;&nbsp;$75208870 |
| **Net Asset Value** |  |  |  |  |
| **Standard Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$15103265 | &nbsp;&nbsp;$501211753 | &nbsp;&nbsp;$5045177 | &nbsp;&nbsp;$— |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26655741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value per share | &nbsp;&nbsp;$2.82 | &nbsp;&nbsp;$18.80 | &nbsp;&nbsp;$8.01 | &nbsp;&nbsp;$— |
| **Service Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$764748060 | &nbsp;&nbsp;$296323858 | &nbsp;&nbsp;$384379775 | &nbsp;&nbsp;$75208870 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271648314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15661706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49390140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15432884 |
| Net asset value per share | &nbsp;&nbsp;$2.82 | &nbsp;&nbsp;$18.92 | &nbsp;&nbsp;$7.78 | &nbsp;&nbsp;$4.87 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$806668996 | &nbsp;&nbsp;$676427557 | &nbsp;&nbsp;$340016289 | &nbsp;&nbsp;$75340682 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| \*\*See Note 10 in "Notes to financial statements." |  |  |  |  |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;46

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Science and<br> Technology Series | &nbsp;&nbsp;Macquarie VIP<br> Small Cap<br> Growth Series | &nbsp;&nbsp;Macquarie VIP<br> Smid Cap<br> Core Series |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$715979420 | &nbsp;&nbsp;$191528005 | &nbsp;&nbsp;$176280738 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124913 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716826441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191745443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176410445 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118992 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119525 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35710 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17468 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16725 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8305 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16372 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333097 |
| **Total Net Assets** | &nbsp;&nbsp;$715307649 | &nbsp;&nbsp;$190610108 | &nbsp;&nbsp;$176077348 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$414573142 | &nbsp;&nbsp;$160439432 | &nbsp;&nbsp;$149135251 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300734507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30170676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26942097 |
| **Total Net Assets** | &nbsp;&nbsp;$715307649 | &nbsp;&nbsp;$190610108 | &nbsp;&nbsp;$176077348 |
| **Net Asset Value** |  |  |  |
| **Standard Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;$3101564 | &nbsp;&nbsp;$1074229 | &nbsp;&nbsp;$— |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value per share | &nbsp;&nbsp;$29.21 | &nbsp;&nbsp;$6.98 | &nbsp;&nbsp;$— |
| **Service Class:** |  |  |  |
| Net assets | &nbsp;&nbsp;$712206085 | &nbsp;&nbsp;$189535879 | &nbsp;&nbsp;$176077348 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25023703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27736628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14203263 |
| Net asset value per share | &nbsp;&nbsp;$28.46 | &nbsp;&nbsp;$6.83 | &nbsp;&nbsp;$12.40 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$464348822 | &nbsp;&nbsp;$161667481 | &nbsp;&nbsp;$159281927 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;47

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

## Statements of operations
Ivy Variable Insurance Portfolios

Six months ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Macquarie VIP<br> Balanced Series | &nbsp;&nbsp;Macquarie VIP<br> Energy Series | &nbsp;&nbsp;Macquarie VIP<br> Growth Series |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$4216428 | &nbsp;&nbsp;$1733758 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;2999152 | &nbsp;&nbsp;&nbsp;1071731 | &nbsp;&nbsp;&nbsp;1097947 | &nbsp;&nbsp;&nbsp;2288270 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;(227994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54578) |
|  | &nbsp;&nbsp;&nbsp;6987586 | &nbsp;&nbsp;&nbsp;2789601 | &nbsp;&nbsp;&nbsp;1038127 | &nbsp;&nbsp;&nbsp;2233692 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;1959530 | &nbsp;&nbsp;&nbsp;&nbsp;754794 | &nbsp;&nbsp;&nbsp;&nbsp;296621 | &nbsp;&nbsp;&nbsp;2224935 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | &nbsp;&nbsp;&nbsp;&nbsp;699350 | &nbsp;&nbsp;&nbsp;&nbsp;269569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86657 | &nbsp;&nbsp;&nbsp;&nbsp;794620 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73257 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17583 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28941 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25040 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16352 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8158 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8186 |
|  | &nbsp;&nbsp;&nbsp;2889106 | &nbsp;&nbsp;&nbsp;1133467 | &nbsp;&nbsp;&nbsp;&nbsp;446842 | &nbsp;&nbsp;&nbsp;3203402 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;(486273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;2394346 | &nbsp;&nbsp;&nbsp;1099890 | &nbsp;&nbsp;&nbsp;&nbsp;400810 | &nbsp;&nbsp;&nbsp;3203399 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;4593240 | &nbsp;&nbsp;&nbsp;1689711 | &nbsp;&nbsp;&nbsp;&nbsp;637317 | &nbsp;&nbsp;&nbsp;&nbsp;(969707) |

---

&nbsp;&nbsp;&nbsp;&nbsp;48

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Macquarie VIP<br> Balanced Series | &nbsp;&nbsp;Macquarie VIP<br> Energy Series | &nbsp;&nbsp;Macquarie VIP<br> Growth Series |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>\*, 1</sup> | &nbsp;&nbsp;$14815779 | &nbsp;&nbsp;$3407949 | &nbsp;&nbsp;$(4913969) | &nbsp;&nbsp;$86558914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1009794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;13800621 | &nbsp;&nbsp;&nbsp;&nbsp;2972368 | &nbsp;&nbsp;&nbsp;(4927139) | &nbsp;&nbsp;&nbsp;&nbsp;86558914 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;34325889 | &nbsp;&nbsp;&nbsp;&nbsp;8484583 | &nbsp;&nbsp;&nbsp;&nbsp;4936631 | &nbsp;&nbsp;&nbsp;(76168143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;35182401 | &nbsp;&nbsp;&nbsp;&nbsp;8687397 | &nbsp;&nbsp;&nbsp;&nbsp;4938013 | &nbsp;&nbsp;&nbsp;(76168143) |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;48983022 | &nbsp;&nbsp;&nbsp;11659765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10874 | &nbsp;&nbsp;&nbsp;&nbsp;10390771 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$53576262 | &nbsp;&nbsp;$13349476 | &nbsp;&nbsp;$648191 | &nbsp;&nbsp;$9421064 |

---

<sup>\*</sup> Includes $422,523 in proceeds received from the settlement of class action litigation for Macquarie VIP Asset Strategy Series.

<sup>1</sup> Includes $(36072) capital gains taxes paid for Macquarie VIP Asset Strategy Series.

<sup>2</sup> Includes net change of $(42771) on capital gains taxes accrued for Macquarie VIP Asset Strategy Series.

φ Consolidated statement of operations.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;49

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP High<br> Income Series | &nbsp;&nbsp;Macquarie VIP<br> International Core<br> Equity Series | &nbsp;&nbsp;Macquarie VIP<br> Mid Cap<br> Growth Series | &nbsp;&nbsp;Macquarie<br> VIP Natural<br> Resources Series |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$26052416 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;1432430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902098 | &nbsp;&nbsp;&nbsp;&nbsp;1043686 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(997053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42415) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;27484846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8743094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902098 | &nbsp;&nbsp;&nbsp;&nbsp;1001271 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;2374177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189657 | &nbsp;&nbsp;&nbsp;&nbsp;1614023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305448 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89838 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29771 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19625 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4678 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3576350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802303 | &nbsp;&nbsp;&nbsp;&nbsp;2205251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461221 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5427) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;3567404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580980 | &nbsp;&nbsp;&nbsp;&nbsp;2071526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455792 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;23917442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5162114 | &nbsp;&nbsp;&nbsp;&nbsp;(1169428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545479 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;(16655041) | &nbsp;&nbsp;&nbsp;&nbsp;38122161 | &nbsp;&nbsp;&nbsp;(15175553) | &nbsp;&nbsp;&nbsp;(1786023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;(16651653) | &nbsp;&nbsp;&nbsp;&nbsp;38694263 | &nbsp;&nbsp;&nbsp;(15175553) | &nbsp;&nbsp;&nbsp;(1781778) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14711534 | &nbsp;&nbsp;&nbsp;100863647 | &nbsp;&nbsp;&nbsp;&nbsp;22201825 | &nbsp;&nbsp;&nbsp;&nbsp;7904307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;14711534 | &nbsp;&nbsp;&nbsp;101103557 | &nbsp;&nbsp;&nbsp;&nbsp;22201825 | &nbsp;&nbsp;&nbsp;&nbsp;7905038 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;(1940119) | &nbsp;&nbsp;&nbsp;139797820 | &nbsp;&nbsp;&nbsp;&nbsp;7026272 | &nbsp;&nbsp;&nbsp;&nbsp;6123260 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$21977323 | &nbsp;&nbsp;$144959934 | &nbsp;&nbsp;$5856844 | &nbsp;&nbsp;$6668739 |

---

<sup>1</sup> Includes $(458518) capital gains taxes paid for Macquarie VIP International Core Equity Series.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Includes net change of $(900071) on capital gains taxes accrued for Macquarie VIP International Core Equity Series.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;50

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---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Science and<br> Technology Series | &nbsp;&nbsp;Macquarie VIP<br> Small Cap<br> Growth Series | &nbsp;&nbsp;Macquarie VIP<br> Smid Cap<br> Core Series |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$1934418 | &nbsp;&nbsp;$245016 | &nbsp;&nbsp;$1280375 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax claims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245016 | &nbsp;&nbsp;&nbsp;&nbsp;1280375 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795090 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233850 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35444 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8397 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7942 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18003 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4332 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623226 | &nbsp;&nbsp;&nbsp;&nbsp;1117913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115691 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2926) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623222 | &nbsp;&nbsp;&nbsp;&nbsp;1071272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112762 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;(1612498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(826256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167613 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;50747746 | &nbsp;&nbsp;&nbsp;13136108 | &nbsp;&nbsp;&nbsp;&nbsp;9916556 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;51248116 | &nbsp;&nbsp;&nbsp;&nbsp;(6843019) | &nbsp;&nbsp;&nbsp;(14063314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;51252931 | &nbsp;&nbsp;&nbsp;&nbsp;(6843019) | &nbsp;&nbsp;&nbsp;(14063314) |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;102000677 | &nbsp;&nbsp;&nbsp;&nbsp;6293089 | &nbsp;&nbsp;&nbsp;&nbsp;(4146758) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$100388179 | &nbsp;&nbsp;$5466833 | &nbsp;&nbsp;$(3979145) |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;51

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

## Statements of changes in net assets
Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Macquarie<br> VIP Asset<br> Strategy Series<sup>φ</sup> | &nbsp;&nbsp;Macquarie VIP<br> Balanced Series | &nbsp;&nbsp;Macquarie VIP<br> Balanced Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$4593240 | &nbsp;&nbsp;$9703443 | &nbsp;&nbsp;$1689711 | &nbsp;&nbsp;$3015979 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;13800621 | &nbsp;&nbsp;&nbsp;&nbsp;47076491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972368 | &nbsp;&nbsp;&nbsp;&nbsp;13123619 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;35182401 | &nbsp;&nbsp;&nbsp;&nbsp;12155181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687397 | &nbsp;&nbsp;&nbsp;&nbsp;16291623 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;53576262 | &nbsp;&nbsp;&nbsp;&nbsp;68935115 | &nbsp;&nbsp;&nbsp;&nbsp;13349476 | &nbsp;&nbsp;&nbsp;&nbsp;32431221 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(14399147) | &nbsp;&nbsp;&nbsp;&nbsp;(32268875) | &nbsp;&nbsp;&nbsp;&nbsp;(11130766) | &nbsp;&nbsp;&nbsp;&nbsp;(2922492) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(14410818) | &nbsp;&nbsp;&nbsp;&nbsp;(32292794) | &nbsp;&nbsp;&nbsp;&nbsp;(11130766) | &nbsp;&nbsp;&nbsp;&nbsp;(2922492) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17070448 | &nbsp;&nbsp;&nbsp;&nbsp;33388572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5223829 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14399147 | &nbsp;&nbsp;&nbsp;&nbsp;32268875 | &nbsp;&nbsp;&nbsp;&nbsp;11130766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;31543956 | &nbsp;&nbsp;&nbsp;&nbsp;65821453 | &nbsp;&nbsp;&nbsp;&nbsp;13417213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8146321 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1062427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(56846032) | &nbsp;&nbsp;&nbsp;(112794641) | &nbsp;&nbsp;&nbsp;&nbsp;(15131207) | &nbsp;&nbsp;&nbsp;&nbsp;(31485154) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(56859760) | &nbsp;&nbsp;&nbsp;(113857068) | &nbsp;&nbsp;&nbsp;&nbsp;(15131207) | &nbsp;&nbsp;&nbsp;&nbsp;(31485154) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(25315804) | &nbsp;&nbsp;&nbsp;&nbsp;(48035615) | &nbsp;&nbsp;&nbsp;&nbsp;(1713994) | &nbsp;&nbsp;&nbsp;&nbsp;(23338833) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;13849640 | &nbsp;&nbsp;&nbsp;&nbsp;(11393294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169896 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;565278713 | &nbsp;&nbsp;&nbsp;&nbsp;576672007 | &nbsp;&nbsp;&nbsp;221979660 | &nbsp;&nbsp;&nbsp;215809764 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$579128353 | &nbsp;&nbsp;$565278713 | &nbsp;&nbsp;$222484376 | &nbsp;&nbsp;$221979660 |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

<sup>φ</sup> Consolidated statements of changes in net assets.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;52

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Energy Series | &nbsp;&nbsp;Macquarie VIP<br> Energy Series | &nbsp;&nbsp;Macquarie VIP<br> Growth Series | &nbsp;&nbsp;Macquarie VIP<br> Growth Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$637317 | &nbsp;&nbsp;$1355256 | &nbsp;&nbsp;$(969707) | &nbsp;&nbsp;$(2637608) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4927139) | &nbsp;&nbsp;&nbsp;&nbsp;2563920 | &nbsp;&nbsp;&nbsp;&nbsp;86558914 | &nbsp;&nbsp;&nbsp;&nbsp;104466948 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;4938013 | &nbsp;&nbsp;&nbsp;&nbsp;(7861769) | &nbsp;&nbsp;&nbsp;&nbsp;(76168143) | &nbsp;&nbsp;&nbsp;&nbsp;52381990 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648191 | &nbsp;&nbsp;&nbsp;&nbsp;(3942593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9421064 | &nbsp;&nbsp;&nbsp;&nbsp;154211330 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713936) | &nbsp;&nbsp;&nbsp;&nbsp;(2397691) | &nbsp;&nbsp;&nbsp;(103397773) | &nbsp;&nbsp;&nbsp;&nbsp;(94108766) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723623) | &nbsp;&nbsp;&nbsp;&nbsp;(2411968) | &nbsp;&nbsp;&nbsp;(103397773) | &nbsp;&nbsp;&nbsp;&nbsp;(94108766) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9313052 | &nbsp;&nbsp;&nbsp;&nbsp;16443294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9961152 | &nbsp;&nbsp;&nbsp;&nbsp;20764193 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713936 | &nbsp;&nbsp;&nbsp;&nbsp;2397691 | &nbsp;&nbsp;&nbsp;&nbsp;103397773 | &nbsp;&nbsp;&nbsp;&nbsp;94108766 |
|  | &nbsp;&nbsp;&nbsp;10256755 | &nbsp;&nbsp;&nbsp;&nbsp;19199432 | &nbsp;&nbsp;&nbsp;&nbsp;113358925 | &nbsp;&nbsp;&nbsp;&nbsp;114872959 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9830588) | &nbsp;&nbsp;&nbsp;(27104422) | &nbsp;&nbsp;&nbsp;(123231887) | &nbsp;&nbsp;&nbsp;(161731041) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(9862025) | &nbsp;&nbsp;&nbsp;(27505777) | &nbsp;&nbsp;&nbsp;(123231887) | &nbsp;&nbsp;&nbsp;(161731041) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394730 | &nbsp;&nbsp;&nbsp;&nbsp;(8306345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9872962) | &nbsp;&nbsp;&nbsp;&nbsp;(46858082) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319298 | &nbsp;&nbsp;&nbsp;(14660906) | &nbsp;&nbsp;&nbsp;(103849671) | &nbsp;&nbsp;&nbsp;&nbsp;13244482 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;71506486 | &nbsp;&nbsp;&nbsp;&nbsp;86167392 | &nbsp;&nbsp;&nbsp;&nbsp;711781938 | &nbsp;&nbsp;&nbsp;&nbsp;698537456 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$71825784 | &nbsp;&nbsp;$71506486 | &nbsp;&nbsp;$607932267 | &nbsp;&nbsp;$711781938 |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;53

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP High<br> Income Series | &nbsp;&nbsp;Macquarie<br> VIP High<br> Income Series | &nbsp;&nbsp;Macquarie VIP<br> International Core<br> Equity Series | &nbsp;&nbsp;Macquarie VIP<br> International Core<br> Equity Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$23917442 | &nbsp;&nbsp;$51735165 | &nbsp;&nbsp;$5162114 | &nbsp;&nbsp;$9938910 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(16655041)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(11156689) | &nbsp;&nbsp;&nbsp;&nbsp;38694263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47180711 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;14711534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378632 | &nbsp;&nbsp;&nbsp;101103557 | &nbsp;&nbsp;&nbsp;&nbsp;(30553347) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;21977323 | &nbsp;&nbsp;&nbsp;&nbsp;47957108 | &nbsp;&nbsp;&nbsp;144959934 | &nbsp;&nbsp;&nbsp;&nbsp;26566274 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1014405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1044830) | &nbsp;&nbsp;&nbsp;&nbsp;(30003800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7921066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(49997166) | &nbsp;&nbsp;&nbsp;&nbsp;(50765621) | &nbsp;&nbsp;&nbsp;&nbsp;(15010806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4187898) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(51011571) | &nbsp;&nbsp;&nbsp;&nbsp;(51810451) | &nbsp;&nbsp;&nbsp;&nbsp;(45014606) | &nbsp;&nbsp;&nbsp;&nbsp;(12108964) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8389568 | &nbsp;&nbsp;&nbsp;&nbsp;382166541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36808899 | &nbsp;&nbsp;&nbsp;&nbsp;91048499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11470508 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>5</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;173766356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193393 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044830 | &nbsp;&nbsp;&nbsp;&nbsp;30003800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49997166 | &nbsp;&nbsp;&nbsp;&nbsp;50765621 | &nbsp;&nbsp;&nbsp;&nbsp;15010806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187898 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;88391456 | &nbsp;&nbsp;&nbsp;&nbsp;145296486 | &nbsp;&nbsp;&nbsp;&nbsp;56663734 | &nbsp;&nbsp;&nbsp;&nbsp;580705762 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1683298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3065807) | &nbsp;&nbsp;&nbsp;&nbsp;(56825989) | &nbsp;&nbsp;&nbsp;(107504381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(71154843) | &nbsp;&nbsp;&nbsp;(139288732) | &nbsp;&nbsp;&nbsp;&nbsp;(21236477) | &nbsp;&nbsp;&nbsp;(416237823) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(72838141) | &nbsp;&nbsp;&nbsp;(142354539) | &nbsp;&nbsp;&nbsp;&nbsp;(78062466) | &nbsp;&nbsp;&nbsp;(523742204) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;15553315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941947 | &nbsp;&nbsp;&nbsp;&nbsp;(21398732) | &nbsp;&nbsp;&nbsp;&nbsp;56963558 |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(13480933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(911396) | &nbsp;&nbsp;&nbsp;&nbsp;78546596 | &nbsp;&nbsp;&nbsp;&nbsp;71420868 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;793332258 | &nbsp;&nbsp;&nbsp;&nbsp;794243654 | &nbsp;&nbsp;&nbsp;718989015 | &nbsp;&nbsp;&nbsp;&nbsp;647568147 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$779851325 | &nbsp;&nbsp;$793332258 | &nbsp;&nbsp;$797535611 | &nbsp;&nbsp;$718989015 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares.

<sup>4</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

<sup>5</sup> See Note 5 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;54

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Mid Cap<br> Growth Series | &nbsp;&nbsp;Macquarie VIP<br> Mid Cap<br> Growth Series | &nbsp;&nbsp;Macquarie<br> VIP Natural<br> Resources Series | &nbsp;&nbsp;Macquarie<br> VIP Natural<br> Resources Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(1169428) | &nbsp;&nbsp;$(2782749) | &nbsp;&nbsp;$545479 | &nbsp;&nbsp;$612888 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15175553) | &nbsp;&nbsp;&nbsp;&nbsp;87961590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1781778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172204) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;22201825 | &nbsp;&nbsp;&nbsp;&nbsp;(73761871) | &nbsp;&nbsp;&nbsp;&nbsp;7905038 | &nbsp;&nbsp;&nbsp;&nbsp;(1197794) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5856844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11416970 | &nbsp;&nbsp;&nbsp;&nbsp;6668739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757110) |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1089991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2599972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(85683795) | &nbsp;&nbsp;&nbsp;&nbsp;(11806161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4081399) |
| &nbsp;&nbsp;&nbsp;Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365645) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(86773786) | &nbsp;&nbsp;&nbsp;&nbsp;(14406133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4447044) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21489763 | &nbsp;&nbsp;&nbsp;&nbsp;29515922 | &nbsp;&nbsp;&nbsp;&nbsp;3180769 | &nbsp;&nbsp;&nbsp;&nbsp;7975706 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85683795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11806161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4447044 |
|  | &nbsp;&nbsp;&nbsp;108708553 | &nbsp;&nbsp;&nbsp;&nbsp;45134149 | &nbsp;&nbsp;&nbsp;&nbsp;3180769 | &nbsp;&nbsp;&nbsp;&nbsp;12422750 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(13949614) | &nbsp;&nbsp;&nbsp;&nbsp;(83997226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(27898816) | &nbsp;&nbsp;&nbsp;&nbsp;(69131098) | &nbsp;&nbsp;&nbsp;&nbsp;(7564037) | &nbsp;&nbsp;&nbsp;(26571914) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(41848430) | &nbsp;&nbsp;&nbsp;(153128324) | &nbsp;&nbsp;&nbsp;&nbsp;(7564037) | &nbsp;&nbsp;&nbsp;(26571914) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;66860123 | &nbsp;&nbsp;&nbsp;(107994175) | &nbsp;&nbsp;&nbsp;&nbsp;(4383268) | &nbsp;&nbsp;&nbsp;(14149164) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(14056819) | &nbsp;&nbsp;&nbsp;(110983338) | &nbsp;&nbsp;&nbsp;&nbsp;2285471 | &nbsp;&nbsp;&nbsp;(19353318) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;403481771 | &nbsp;&nbsp;&nbsp;&nbsp;514465109 | &nbsp;&nbsp;&nbsp;72923399 | &nbsp;&nbsp;&nbsp;&nbsp;92276717 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$389424952 | &nbsp;&nbsp;$403481771 | &nbsp;&nbsp;$75208870 | &nbsp;&nbsp;$72923399 |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;55

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Science and<br> Technology Series | &nbsp;&nbsp;Macquarie VIP<br> Science and<br> Technology Series | &nbsp;&nbsp;Macquarie VIP<br> Small Cap<br> Growth Series | &nbsp;&nbsp;Macquarie VIP<br> Small Cap<br> Growth Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(1612498) | &nbsp;&nbsp;$(3430175) | &nbsp;&nbsp;$(826256) | &nbsp;&nbsp;$(1724170) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;50747746 | &nbsp;&nbsp;&nbsp;&nbsp;106126724 | &nbsp;&nbsp;&nbsp;&nbsp;13136108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136349 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;51252931 | &nbsp;&nbsp;&nbsp;&nbsp;62364032 | &nbsp;&nbsp;&nbsp;&nbsp;(6843019) | &nbsp;&nbsp;&nbsp;&nbsp;26292603 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;100388179 | &nbsp;&nbsp;&nbsp;&nbsp;165060581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466833 | &nbsp;&nbsp;&nbsp;&nbsp;28704782 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;(102254563) | &nbsp;&nbsp;&nbsp;&nbsp;(18898066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;(102688443) | &nbsp;&nbsp;&nbsp;&nbsp;(18976607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19887061 | &nbsp;&nbsp;&nbsp;&nbsp;46736663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924030 | &nbsp;&nbsp;&nbsp;&nbsp;10144656 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102254563 | &nbsp;&nbsp;&nbsp;&nbsp;18898066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;122729496 | &nbsp;&nbsp;&nbsp;&nbsp;65976604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100752 | &nbsp;&nbsp;&nbsp;&nbsp;11284181 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375316) | &nbsp;&nbsp;&nbsp;&nbsp;(14117846) | &nbsp;&nbsp;&nbsp;&nbsp;(7122921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(54283558) | &nbsp;&nbsp;&nbsp;(130596116) | &nbsp;&nbsp;&nbsp;&nbsp;(12499955) | &nbsp;&nbsp;&nbsp;&nbsp;(34633528) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(54563737) | &nbsp;&nbsp;&nbsp;(130971432) | &nbsp;&nbsp;&nbsp;&nbsp;(26617801) | &nbsp;&nbsp;&nbsp;&nbsp;(41756449) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;68165759 | &nbsp;&nbsp;&nbsp;&nbsp;(64994828) | &nbsp;&nbsp;&nbsp;&nbsp;(22517049) | &nbsp;&nbsp;&nbsp;&nbsp;(30472268) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;65865495 | &nbsp;&nbsp;&nbsp;&nbsp;81089146 | &nbsp;&nbsp;&nbsp;&nbsp;(17050216) | &nbsp;&nbsp;&nbsp;&nbsp;(1767486) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;649442154 | &nbsp;&nbsp;&nbsp;&nbsp;568353008 | &nbsp;&nbsp;&nbsp;207660324 | &nbsp;&nbsp;&nbsp;209427810 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$715307649 | &nbsp;&nbsp;$649442154 | &nbsp;&nbsp;$190610108 | &nbsp;&nbsp;$207660324 |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;56

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Smid Cap<br> Core Series | &nbsp;&nbsp;Macquarie VIP<br> Smid Cap<br> Core Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$167613 | &nbsp;&nbsp;$253930 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9916556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7742015 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(14063314) | &nbsp;&nbsp;&nbsp;&nbsp;21168467 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(3979145) | &nbsp;&nbsp;&nbsp;&nbsp;29164412 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7847086) | &nbsp;&nbsp;&nbsp;&nbsp;(1035868) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(7847086) | &nbsp;&nbsp;&nbsp;&nbsp;(1035868) |
| **Capital Share Transactions (See Note 4):** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8181332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693046 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7847086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;16028418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728914 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(35489406) | &nbsp;&nbsp;&nbsp;&nbsp;(54010994) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(19460988) | &nbsp;&nbsp;&nbsp;&nbsp;(45282080) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(31287219) | &nbsp;&nbsp;&nbsp;&nbsp;(17153536) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;207364567 | &nbsp;&nbsp;&nbsp;224518103 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$176077348 | &nbsp;&nbsp;$207364567 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;57

------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

## Financial highlights
Macquarie VIP Asset Strategy Series Standard Class<sup>φ</sup>

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$8.76 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$10.20 | &nbsp;&nbsp;$10.45 | &nbsp;&nbsp;$9.50 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.99 | &nbsp;&nbsp;$9.32 | &nbsp;&nbsp;$8.76 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$10.20 | &nbsp;&nbsp;$10.45 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;10.00%<sup>3, 6</sup> | &nbsp;&nbsp;&nbsp;12.75%<sup>6</sup> | &nbsp;&nbsp;&nbsp;14.22%<sup>6</sup> | &nbsp;&nbsp;&nbsp;(14.54%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;10.72%<sup>6</sup> | &nbsp;&nbsp;&nbsp;14.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$492 | &nbsp;&nbsp;$400 | &nbsp;&nbsp;$1179 | &nbsp;&nbsp;$1011 | &nbsp;&nbsp;$1<sup>7</sup> | &nbsp;&nbsp;$—<sup>7, 8</sup> |
| Ratio of expenses to average net assets<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Ratio of expenses to average net assets prior to fees waived<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.11%. |
| <sup>4</sup> | Amount is less than $(0.005) per share. |
| <sup>5</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |
| <sup>6</sup> | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
| <sup>7</sup> | Net assets reported in millions. |
| <sup>8</sup> | Rounds to less than $500 thousands. |
| <sup>9</sup> | Expense ratios do not include expenses of any investment companies in which the Series invests. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;58

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Asset Strategy Series Service Class<sup>φ</sup>

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;$8.76 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$10.19 | &nbsp;&nbsp;$10.44 | &nbsp;&nbsp;$9.50 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.95 | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;$8.76 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$10.19 | &nbsp;&nbsp;$10.44 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.92%<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12.44%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13.90%<sup>6</sup> | &nbsp;&nbsp;&nbsp;(14.71%)<sup>6</sup> | &nbsp;&nbsp;&nbsp;10.44%<sup>6</sup> | &nbsp;&nbsp;&nbsp;13.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$578636 | &nbsp;&nbsp;$564879 | &nbsp;&nbsp;$575493 | &nbsp;&nbsp;$565362 | &nbsp;&nbsp;$743<sup>7</sup> | &nbsp;&nbsp;$764<sup>7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% |

---

---

| | |
|:---|:---|
| <sup>φ</sup> | Consolidated financial highlights. |
| <sup>1</sup> | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
| <sup>2</sup> | Calculated using average shares outstanding. |
| <sup>3</sup> | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.11%. |
| <sup>4</sup> | Amount is less than $(0.005) per share. |
| <sup>5</sup> | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. |
| <sup>6</sup> | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
| <sup>7</sup> | Net assets reported in millions. |
| <sup>8</sup> | Expense ratios do not include expenses of any investment companies in which the Series invests. |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;59

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Balanced Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$5.40 | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$9.39 | &nbsp;&nbsp;$8.71 | &nbsp;&nbsp;$8.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| **Net asset value, end of period** | &nbsp;&nbsp;$6.22 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$5.40 | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$9.39 | &nbsp;&nbsp;$8.71 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.48%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15.60% | &nbsp;&nbsp;&nbsp;&nbsp;16.09%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(16.11%) | &nbsp;&nbsp;&nbsp;15.97% | &nbsp;&nbsp;&nbsp;14.11% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$222484 | &nbsp;&nbsp;$221980 | &nbsp;&nbsp;$215810 | &nbsp;&nbsp;$208628 | &nbsp;&nbsp;$271<sup>6</sup> | &nbsp;&nbsp;$344<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.004 and total return by 0.09%.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

60&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Energy Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.67 | &nbsp;&nbsp;$5.09 | &nbsp;&nbsp;$5.07 | &nbsp;&nbsp;$3.48 | &nbsp;&nbsp;$2.48 | &nbsp;&nbsp;$4.02 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$4.67 | &nbsp;&nbsp;$5.09 | &nbsp;&nbsp;$5.07 | &nbsp;&nbsp;$3.48 | &nbsp;&nbsp;$2.48 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;1.30%<sup>5</sup> | &nbsp;&nbsp;&nbsp;(5.38%)<sup>5</sup> | &nbsp;&nbsp;&nbsp;4.24% | &nbsp;&nbsp;&nbsp;50.85% | &nbsp;&nbsp;&nbsp;42.33% | &nbsp;&nbsp;&nbsp;(36.67%)<sup>5</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$611 | &nbsp;&nbsp;$394 | &nbsp;&nbsp;$472 | &nbsp;&nbsp;$447 | &nbsp;&nbsp;$—<sup>6, 7</sup> | &nbsp;&nbsp;$—<sup>6, 7</sup> |
| Ratio of expenses to average net assets<sup>8</sup> | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Ratio of expenses to average net assets prior to fees waived<sup>8</sup> | &nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount is less than $0.005 per share.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>5</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Rounds to less than $500 thousands.

<sup>8</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;61

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Energy Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$5.10 | &nbsp;&nbsp;$5.07 | &nbsp;&nbsp;$3.47 | &nbsp;&nbsp;$2.48 | &nbsp;&nbsp;$4.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$5.10 | &nbsp;&nbsp;$5.07 | &nbsp;&nbsp;$3.47 | &nbsp;&nbsp;$2.48 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;(5.60%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.06% | &nbsp;&nbsp;&nbsp;&nbsp;50.42% | &nbsp;&nbsp;&nbsp;42.00% | &nbsp;&nbsp;&nbsp;(36.83%)<sup>4</sup> |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$71215 | &nbsp;&nbsp;$71112 | &nbsp;&nbsp;$85695 | &nbsp;&nbsp;$123594 | &nbsp;&nbsp;$74<sup>5</sup> | &nbsp;&nbsp;$44<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;4.68% | &nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;4.68% | &nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

62&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Growth Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$14.85 | &nbsp;&nbsp;$12.70 | &nbsp;&nbsp;$11.33 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) |
| **Net asset value, end of period** | &nbsp;&nbsp;$9.09 | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$14.85 | &nbsp;&nbsp;$12.70 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;23.89% | &nbsp;&nbsp;&nbsp;&nbsp;38.00% | &nbsp;&nbsp;&nbsp;&nbsp;(27.24%) | &nbsp;&nbsp;&nbsp;30.03% | &nbsp;&nbsp;&nbsp;30.55% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$607932 | &nbsp;&nbsp;$711782 | &nbsp;&nbsp;$698537 | &nbsp;&nbsp;$628211 | &nbsp;&nbsp;$1023<sup>4</sup> | &nbsp;&nbsp;$896<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;63

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP High Income Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$2.94 | &nbsp;&nbsp;$2.96 | &nbsp;&nbsp;$2.82 | &nbsp;&nbsp;$3.40 | &nbsp;&nbsp;$3.41 | &nbsp;&nbsp;$3.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Net asset value, end of period** | &nbsp;&nbsp;$2.82 | &nbsp;&nbsp;$2.94 | &nbsp;&nbsp;$2.96 | &nbsp;&nbsp;$2.82 | &nbsp;&nbsp;$3.40 | &nbsp;&nbsp;$3.41 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.98%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.44% | &nbsp;&nbsp;&nbsp;12.22% | &nbsp;&nbsp;&nbsp;&nbsp;(10.91%) | &nbsp;&nbsp;&nbsp;6.33% | &nbsp;&nbsp;&nbsp;6.30% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$15103 | &nbsp;&nbsp;$15787 | &nbsp;&nbsp;$15460 | &nbsp;&nbsp;$15093 | &nbsp;&nbsp;$19<sup>5</sup> | &nbsp;&nbsp;$20<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.69% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.69% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.45% | &nbsp;&nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;7.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40% | &nbsp;&nbsp;&nbsp;6.11% | &nbsp;&nbsp;&nbsp;6.54% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.45% | &nbsp;&nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;7.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40% | &nbsp;&nbsp;&nbsp;6.11% | &nbsp;&nbsp;&nbsp;6.54% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

64&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP High Income Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$2.93 | &nbsp;&nbsp;$2.95 | &nbsp;&nbsp;$2.81 | &nbsp;&nbsp;$3.39 | &nbsp;&nbsp;$3.40 | &nbsp;&nbsp;$3.47 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| **Net asset value, end of period** | &nbsp;&nbsp;$2.82 | &nbsp;&nbsp;$2.93 | &nbsp;&nbsp;$2.95 | &nbsp;&nbsp;$2.81 | &nbsp;&nbsp;$3.39 | &nbsp;&nbsp;$3.40 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.10%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.20% | &nbsp;&nbsp;&nbsp;&nbsp;12.15% | &nbsp;&nbsp;&nbsp;&nbsp;(11.28%) | &nbsp;&nbsp;&nbsp;6.06% | &nbsp;&nbsp;&nbsp;6.03% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$764748 | &nbsp;&nbsp;$777545 | &nbsp;&nbsp;$778784 | &nbsp;&nbsp;$736612 | &nbsp;&nbsp;$892<sup>6</sup> | &nbsp;&nbsp;$859<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;0.94% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;0.94% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;6.20% | &nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;7.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15% | &nbsp;&nbsp;&nbsp;5.85% | &nbsp;&nbsp;&nbsp;6.28% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;6.20% | &nbsp;&nbsp;&nbsp;&nbsp;6.43% | &nbsp;&nbsp;&nbsp;&nbsp;7.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15% | &nbsp;&nbsp;&nbsp;5.85% | &nbsp;&nbsp;&nbsp;6.28% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount is less than $0.005 per share.

<sup>4</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;65

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP International Core Equity Series Standard Class

Selected data for each share of the Series outstanding throughout the period were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>2</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/28/24<sup>1</sup> to<br> 12/31/24** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>2</sup><br> (Unaudited)** | &nbsp;&nbsp;**3/28/24<sup>1</sup> to<br> 12/31/24** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$16.54 | &nbsp;&nbsp;$17.14 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Net asset value, end of period** | &nbsp;&nbsp;$18.80 | &nbsp;&nbsp;$16.54 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;21.01% | &nbsp;&nbsp;&nbsp;&nbsp;(1.92%) |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$501212 | &nbsp;&nbsp;$457619 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>6</sup> |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>6</sup> |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77%<sup>7</sup> |

---

<sup>1</sup> Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>3</sup> Calculated using average shares outstanding.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>6</sup> Includes non-recurring expenses of 0.02% for the year ended December 31, 2024.

<sup>7</sup> Portfolio turnover is representative of the Series for the period ended December 31, 2024.

See accompanying notes, which are an integral part of the financial statements.

66&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP International Core Equity Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$16.51 | &nbsp;&nbsp;$16.15 | &nbsp;&nbsp;$14.12 | &nbsp;&nbsp;$18.47 | &nbsp;&nbsp;$16.35 | &nbsp;&nbsp;$15.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$18.92 | &nbsp;&nbsp;$16.51 | &nbsp;&nbsp;$16.15 | &nbsp;&nbsp;$14.12 | &nbsp;&nbsp;$18.47 | &nbsp;&nbsp;$16.35 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;21.08%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.73%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.20% | &nbsp;&nbsp;&nbsp;(14.72%)<sup>4,7</sup> | &nbsp;&nbsp;&nbsp;14.18% | &nbsp;&nbsp;&nbsp;7.19% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$296324 | &nbsp;&nbsp;$261370 | &nbsp;&nbsp;$647568 | &nbsp;&nbsp;$484020 | &nbsp;&nbsp;$621<sup>8</sup> | &nbsp;&nbsp;$649<sup>8</sup> |
| Ratio of expenses to average net assets<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;1.17% |
| Ratio of expenses to average net assets prior to fees waived<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.19%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;1.17% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;1.10% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;1.10% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount is less than $0.005 per share.

<sup>4</sup> During the year ended December 31, 2022, Delaware Management Company reimbursed the Series $20,014 for losses related to a reclaim payment error. Total return for the year ended December 31, 2022 includes the impact of the capital contribution, which was not material to the total return.

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>6</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>7</sup> Total return for the year ended December 31, 2022 includes the impact of the refund of previously paid foreign taxes. Total return would have been lower by 0.38% excluding refund of previously paid foreign taxes.

<sup>8</sup> Net assets reported in millions.

<sup>9</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>10</sup> Includes non-recurring expenses of 0.02% for the year ended December 31, 2024.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;67

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Mid Cap Growth Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$9.60 | &nbsp;&nbsp;$17.99 | &nbsp;&nbsp;$17.60 | &nbsp;&nbsp;$12.77 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| **Net asset value, end of period** | &nbsp;&nbsp;$8.01 | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$9.60 | &nbsp;&nbsp;$17.99 | &nbsp;&nbsp;$17.60 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;19.90% | &nbsp;&nbsp;&nbsp;&nbsp;(30.62%) | &nbsp;&nbsp;&nbsp;16.65% | &nbsp;&nbsp;&nbsp;49.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$5045 | &nbsp;&nbsp;$20435 | &nbsp;&nbsp;$101493 | &nbsp;&nbsp;$105164 | &nbsp;&nbsp;$212<sup>4</sup> | &nbsp;&nbsp;$246<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

68&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Mid Cap Growth Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$17.84 | &nbsp;&nbsp;$17.48 | &nbsp;&nbsp;$12.69 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) |
| **Net asset value, end of period** | &nbsp;&nbsp;$7.78 | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$17.84 | &nbsp;&nbsp;$17.48 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;19.59% | &nbsp;&nbsp;&nbsp;&nbsp;(30.78%) | &nbsp;&nbsp;&nbsp;16.36% | &nbsp;&nbsp;&nbsp;49.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$384380 | &nbsp;&nbsp;$383047 | &nbsp;&nbsp;$412972 | &nbsp;&nbsp;$355030 | &nbsp;&nbsp;$519<sup>4</sup> | &nbsp;&nbsp;$444<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;69

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Natural Resources Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.45 | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.77 | &nbsp;&nbsp;$4.12 | &nbsp;&nbsp;$3.30 | &nbsp;&nbsp;$3.84 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.45 | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.77 | &nbsp;&nbsp;$4.12 | &nbsp;&nbsp;$3.30 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.44%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;17.72% | &nbsp;&nbsp;&nbsp;26.68% | &nbsp;&nbsp;&nbsp;&nbsp;(11.99%) |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$75209 | &nbsp;&nbsp;$72923 | &nbsp;&nbsp;$92277 | &nbsp;&nbsp;$109522 | &nbsp;&nbsp;$91<sup>5</sup> | &nbsp;&nbsp;$75<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;121% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

70&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Science and Technology Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$29.70 | &nbsp;&nbsp;$23.38 | &nbsp;&nbsp;$17.71 | &nbsp;&nbsp;$29.81 | &nbsp;&nbsp;$36.13 | &nbsp;&nbsp;$29.94 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;(11.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.98) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;(11.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.98) |
| **Net asset value, end of period** | &nbsp;&nbsp;$29.21 | &nbsp;&nbsp;$29.70 | &nbsp;&nbsp;$23.38 | &nbsp;&nbsp;$17.71 | &nbsp;&nbsp;$29.81 | &nbsp;&nbsp;$36.13 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;16.36% | &nbsp;&nbsp;&nbsp;30.92%<sup>3</sup> | &nbsp;&nbsp;&nbsp;39.38%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(31.67%) | &nbsp;&nbsp;&nbsp;15.45% | &nbsp;&nbsp;&nbsp;35.70% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$3102 | &nbsp;&nbsp;$2796 | &nbsp;&nbsp;$2231 | &nbsp;&nbsp;$1331 | &nbsp;&nbsp;$2<sup>5</sup> | &nbsp;&nbsp;$2<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.26%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.26%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 for the year ended December 31, 2024 and 2023, and total return by 0.09% and 0.11%, for the year ended December 31, 2024 and 2023, respectively.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;71

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Science and Technology Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$29.09 | &nbsp;&nbsp;$22.97 | &nbsp;&nbsp;$17.45 | &nbsp;&nbsp;$29.51 | &nbsp;&nbsp;$35.87 | &nbsp;&nbsp;$29.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;(11.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.98) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;(11.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.98) |
| **Net asset value, end of period** | &nbsp;&nbsp;$28.46 | &nbsp;&nbsp;$29.09 | &nbsp;&nbsp;$22.97 | &nbsp;&nbsp;$17.45 | &nbsp;&nbsp;$29.51 | &nbsp;&nbsp;$35.87 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;16.21% | &nbsp;&nbsp;&nbsp;&nbsp;30.59%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39.04%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(31.83%) | &nbsp;&nbsp;&nbsp;15.17% | &nbsp;&nbsp;&nbsp;35.36% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$712206 | &nbsp;&nbsp;$646646 | &nbsp;&nbsp;$566122 | &nbsp;&nbsp;$450560 | &nbsp;&nbsp;$707<sup>5</sup> | &nbsp;&nbsp;$676<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.51%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.02 for the year ended December 31, 2024 and 2023, and total return by 0.09% and 0.11%, for the year ended December 31, 2024 and 2023, respectively.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

72&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Macquarie VIP Small Cap Growth Series Standard Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$6.70 | &nbsp;&nbsp;$5.85 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$11.01 | &nbsp;&nbsp;$12.15 | &nbsp;&nbsp;$8.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$6.98 | &nbsp;&nbsp;$6.70 | &nbsp;&nbsp;$5.85 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$11.01 | &nbsp;&nbsp;$12.15 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;14.53% | &nbsp;&nbsp;&nbsp;13.36%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(26.61%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;38.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$1074 | &nbsp;&nbsp;$16833 | &nbsp;&nbsp;$20157 | &nbsp;&nbsp;$17454 | &nbsp;&nbsp;$47<sup>6</sup> | &nbsp;&nbsp;$59<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.16%.

<sup>4</sup> During the year ended December 31, 2022, Delaware Management Company reimbursed the Series $5,772,824 for losses related to a trade error. Total return for the year ended December 31, 2022 includes the impact of the payment from affiliate. Total return would have been lower by 1.09% excluding payment from affiliate.

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie VIP Small Cap Growth Series Service Class

Selected data for each share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$6.57 | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$6.04 | &nbsp;&nbsp;$10.94 | &nbsp;&nbsp;$12.08 | &nbsp;&nbsp;$8.77 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment loss<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period** | &nbsp;&nbsp;$6.83 | &nbsp;&nbsp;$6.57 | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$6.04 | &nbsp;&nbsp;$10.94 | &nbsp;&nbsp;$12.08 |
| **Total return<sup>5</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.96% | &nbsp;&nbsp;&nbsp;&nbsp;14.26% | &nbsp;&nbsp;&nbsp;&nbsp;13.11%<sup>3</sup> | &nbsp;&nbsp;&nbsp;(26.83%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.99% | &nbsp;&nbsp;&nbsp;37.66% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$189536 | &nbsp;&nbsp;$190827 | &nbsp;&nbsp;$189271 | &nbsp;&nbsp;$181456 | &nbsp;&nbsp;$391<sup>6</sup> | &nbsp;&nbsp;$406<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.88%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71%) |
| Ratio of net investment loss to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.87%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.81%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.17%.

<sup>4</sup> During the year ended December 31, 2022, Delaware Management Company reimbursed the Series $5,772,824 for losses related to a trade error. Total return for the year ended December 31, 2022 includes the impact of the payment from affiliate. Total return would have been lower by 1.28% excluding payment from affiliate.

<sup>5</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

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Macquarie VIP Smid Cap Core Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$13.10 | &nbsp;&nbsp;$11.52 | &nbsp;&nbsp;$11.14 | &nbsp;&nbsp;$16.73 | &nbsp;&nbsp;$13.85 | &nbsp;&nbsp;$13.71 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| **Net asset value, end of period** | &nbsp;&nbsp;$12.40 | &nbsp;&nbsp;$13.10 | &nbsp;&nbsp;$11.52 | &nbsp;&nbsp;$11.14 | &nbsp;&nbsp;$16.73 | &nbsp;&nbsp;$13.85 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(0.74%)<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.26% | &nbsp;&nbsp;&nbsp;&nbsp;15.71% | &nbsp;&nbsp;&nbsp;&nbsp;(14.84%) | &nbsp;&nbsp;&nbsp;20.78% | &nbsp;&nbsp;&nbsp;&nbsp;7.03% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$176077 | &nbsp;&nbsp;$207365 | &nbsp;&nbsp;$224518 | &nbsp;&nbsp;$158111 | &nbsp;&nbsp;$182<sup>5</sup> | &nbsp;&nbsp;$183<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14%) |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

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## Notes to financial statements
Ivy Variable Insurance Portfolios

June 30, 2025 (Unaudited)

Ivy Variable Insurance Portfolios (Trust) is organized as a Delaware statutory trust and offers 24 series. These financial statements and the related notes pertain to 11 series: Macquarie VIP Asset Strategy Series, Macquarie VIP Balanced Series, Macquarie VIP Energy Series, Macquarie VIP Growth Series, Macquarie VIP High Income Series, Macquarie VIP International Core Equity Series, Macquarie VIP Mid Cap Growth Series, Macquarie VIP Natural Resources Series, Macquarie VIP Science and Technology Series, Macquarie VIP Small Cap Growth Series, and Macquarie VIP Smid Cap Core Series, (each, a Series and collectively, the Series). The Trust is an open-end investment company. Each of the Series (other than Macquarie VIP Energy Series, Macquarie VIP Growth Series, and Macquarie VIP Science and Technology Series) are diversified as defined in the Investment Company Act of 1940, as amended (1940 Act). Macquarie VIP Energy Series, Macquarie VIP Growth Series, and Macquarie VIP Science and Technology Series are non-diversified as defined in the 1940 Act.

Each Series offers Service class (formerly, Class II) shares. Macquarie VIP Asset Strategy Series, Macquarie VIP Energy Series, Macquarie VIP High Income Series, Macquarie VIP International Core Equity Series, Macquarie VIP Mid Cap Growth Series, Macquarie VIP Science and Technology Series, and Macquarie VIP Small Cap Growth Series also offer Standard class (formerly, Class I) shares. The Standard class shares do not carry a distribution and service (12b-1) fee and the Service class shares carry a 12b-1 fee. The shares of the Series are sold only to variable life insurance separate accounts and variable annuity separate accounts.

1. Significant Accounting Policies

Each Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Basis of Consolidation — Ivy VIP ASF II, Ltd. (the Subsidiary), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for Macquarie VIP Asset Strategy Series (referred to as the Series in this subsection). Ivy VIP ASF III (SBP), LLC (the Company), a Delaware limited liability company, was incorporated as a wholly owned company acting as an investment vehicle for the Series. The Subsidiary and the Company act as investment vehicles for the Series, in order to affect certain investments for the Series consistent with the Series' investment objectives and policies as specified in its prospectus and statement of additional information. The Series' investment portfolio has been consolidated and includes the portfolio holdings of the Series, its Subsidiary and the Company. The consolidated financial statements include the accounts of the Series, its Subsidiary and the Company. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Series and its Subsidiary and the Company comprising the entire issued share capital of the Subsidiary and the Company with the intent that the Series will remain the sole shareholder and retain all rights. Under the Articles of Association, shares issued by the Subsidiary and the Company confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and the Company and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary and the Company. The date of incorporation of the Subsidiary and Company was January 31, 2013 and April 9, 2013, respectively. As of June 30, 2025, the total net assets held by the Subsidiary is $35,403,157, or approximately 6.11% of the Series' net assets and the total net assets held by the Company is $122,937, or approximately 0.02% of the Series' net assets.**

**Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. The fair value of bullion is at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities and credit default swap (CDS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (Policy). Fixed income security and CDS contracts valuations are then reviewed by DMC as part of its duties as each Series' valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities,**

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and certain US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Series may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.

**Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Series evaluates tax positions taken or expected to be taken in the course of preparing each Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Series' tax positions taken or expected to be taken on each Series' federal income tax returns through the six months ended June 30, 2025, and for all open tax years (years ended December 31, 2021–December 31, 2024), and has concluded that no provision for federal income tax is required in each Series' financial statements. In regard to foreign taxes only, each Series has open tax years in certain foreign countries in which it invests that may date back to the inception of each Series. If applicable, each Series recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the six months ended June 30, 2025, the Series did not incur any interest or tax penalties.**

As a result of several court cases, in certain countries across the European Union, certain Series filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU tax reclaims). Income recognized, if any, for EU reclaims is reflected as "Foreign withholding tax claims" on the "Statements of operations." Any fees associated with these filings are included on the "Statements of operations" under "Foreign withholding tax claims." For US income tax purposes, EU reclaims received by the Series, if any, reduce the amount of foreign taxes Series shareholders can use as tax deductions or credits on their income tax returns.

The Company is subject to US federal and state income taxes. This taxable entity is not consolidated for income tax purposes and may generate income tax assets or liabilities that reflect the net tax effect of temporary differences between the carrying amount of the assets and liabilities for financial reporting and tax purposes and tax loss carryforwards.

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

The Company's income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):

---

| | | | |
|:---|:---|:---|:---|
| **Tax expense/(benefit):** | &nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;Deferred | &nbsp;&nbsp;&nbsp;Total |
| Federal | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$36132 | &nbsp;&nbsp;&nbsp;$36132 |
| State | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85424 |
| Valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(121556) | &nbsp;&nbsp;&nbsp;&nbsp;(121556) |
| Total tax expense/(benefit) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

Components of the Company's deferred tax assets and liabilities as of December 31, 2024 are as follows:

---

| | |
|:---|:---|
| **Deferred tax assets/(liabilities):** |  |
| Basis in partnerships | &nbsp;&nbsp;$4369608 |
| Net operating loss | &nbsp;&nbsp;&nbsp;&nbsp;4942794 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total net deferred tax asset/(liability) before valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;9312402 |
| Less: valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(9312402) |
| Net deferred tax asset/(liability) | &nbsp;&nbsp;$— |

---

Net operating loss carryforwards are available to offset future taxable income of the Company. The Company had cumulative net operating loss carryforwards as of its most recent tax year ending December 31, 2024, of $19,777,148. Net operating loss carryforwards from 2014 – 2017 expire within 20 years and net operating loss carryforwards originating in 2018 and forward do not expire. Net operating loss carryforwards in Kansas expire starting in 2024.

The difference between the statutory income tax rate, 21%, and the actual effective tax rate, as reported for the year ended December 31, 2024, are as follows:

---

| | |
|:---|:---|
| The Company's pre-tax income | &nbsp;&nbsp;$86723 |
| Pre-tax income/(loss) at the statutory rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18212 |
| Adjustments to prior year deferred taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17920 |
| State income tax expenses, net of federal benefit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85424 |
| Less: valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;(121556) |
| Total income tax expense/(benefit) | &nbsp;&nbsp;$— |

---

The Company recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Company's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on US tax returns filed since inception of the Company. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Tax years December 31, 2021 and later are open to examination by federal and state tax authorities under the applicable statute of limitations.

**Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of each Series on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.**

**Underlying Funds — Each Series may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Series may invest include ETFs. Each Series will indirectly bear the investment management fees and other expenses of the Underlying Funds.**

**To Be Announced Trades (TBA) — Macquarie VIP Asset Strategy Series and Macquarie VIP Balanced Series may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Series' ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Series to purchase or sell securities for a predetermined price or yield with payment and delivery**

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taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Series on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

**Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. Each Series generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of realized gains (losses), attributable to changes in foreign exchange rates, is included on the "Statements of operations" under "Net realized gain (loss) on foreign currencies." For foreign equity securities, the realized gains and losses are included on the "Statements of operations" under "Net realized gain (loss) on investments." Each Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.**

**Derivative Financial Instruments — Each Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, forward foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, each Series intends to either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.**

**Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, each Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of each Series under derivative contracts, if any, will be reported separately on the "Statements of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedules of investments."**

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to a Series are charged directly to that Series. Other expenses common to various funds within the Macquarie Funds are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any Underlying Funds in which each Series invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. When a loan agreement is purchased, certain Series may pay an assignment fee. On an ongoing basis, certain Series may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that each Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with each Series' understanding of the applicable country's tax rules and rates. Certain Series file withholding tax reclaims in certain jurisdictions to recover a**

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

portion of amounts previously withheld. The Series may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The "Statements of operations" include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Each Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Series will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. Each Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. Each Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, each Series' investment adviser, acts as each Series' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Series has a single operating segment since each Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Series' portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Series' financial statements. Adoption of the new standard impacted each Series' financial statements note disclosures only, and did not affect any Series' financial position or the results of its operations.

Each Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the six months ended June 30, 2025, certain Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Custody Credits |
| Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;$8481 |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;5302 |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;8940 |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

Each Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the six months ended June 30, 2025 each Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;$6 |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Macquarie VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;7 |

---

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---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;$4 |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Macquarie VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;3 |

---

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Series pays DMC, a series of Macquarie Investment Management Business Trust (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Series' average daily net assets as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Macquarie VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |
| Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets over $1.5 billion. |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |

---

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion and up to $5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% of net assets over $5 billion and up to $10 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets over $10 billion. |
| Macquarie VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |

---

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding the following percentages of certain Series' average daily net assets from January 1, 2025 (except as noted) through April 30, 2026. These waivers and reimbursements may only be terminated by agreement of DMC and each Series. The waivers and reimbursements are accrued daily and received monthly.

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as<br> a percentage<br> of average<br> daily net assets |
| Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;0.60% |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;0.77% |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;0.86%\* |
| Macquarie VIP Growth Series | &nbsp;&nbsp;&nbsp;0.76%\*\* |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;0.86% |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;0.85% |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;0.98%\*\* |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;0.89% |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;0.94%\*\* |

---

\* Effective May 1, 2025. Prior to May 1, 2025, the amount was 0.92%.

\*\* Effective May 1, 2025. Prior to May 1, 2025, the Series had no expense limitation.

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After consideration of class specific expenses, including 12b-1 fees (but excluding acquired fund fees and expenses), the class level operating expense limitation as a percentage of average daily net assets from January 1, 2025 (except as noted) through April 30, 2026, unless terminated by agreement of DMC and the Series, is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets | &nbsp;&nbsp;&nbsp;Operating expense limitation as a percentage of average daily net assets |
| Series | &nbsp;&nbsp;&nbsp;Standard Class | &nbsp;&nbsp;&nbsp;Service Class |
| Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;0.85% |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;1.02% |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;0.86%\* | &nbsp;&nbsp;&nbsp;1.11%\* |
| Macquarie VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;1.01%\*\* |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;1.11% |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;1.10% |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;1.23%\*\* |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;1.14% |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;n/a | &nbsp;&nbsp;&nbsp;1.19%\*\* |

---

\* Effective May 1, 2025. Prior to May 1, 2025, the amounts were as follows for Standard Class and Service Class, respectively: 0.92% and 1.17%.

\*\* Effective May 1, 2025. Prior to May 1, 2025, the Series had no expense limitation.

Macquarie VIP High Income Series, and Macquarie VIP Science and Technology Series did not have any expense limitation.

DMC entered into sub-advisory agreements with the following entities on behalf of the Series:

Each of Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL) are a part of Macquarie Asset Management (MAM) and an affiliate of DMC (the Affiliated Sub-Advisors). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. DMC and MIMAK are primarily responsible for the day-to-day management of the Macquarie VIP Asset Strategy Series and Macquarie VIP Balanced Series. In addition, DMC may also seek fixed income investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK's specialized market knowledge.

With respect to Macquarie VIP Asset Strategy Series, Macquarie VIP Balanced Series, and Macquarie VIP High Income Series, DMC has principal responsibility for the Series and DMC may seek investment advice and recommendations from MIMEL and may permit MIMEL to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMEL's specialized market knowledge.

With respect to Macquarie VIP Energy Series, Macquarie VIP Growth Series, Macquarie VIP International Core Equity Series, Macquarie VIP Mid Cap Growth Series, Macquarie VIP Natural Resources Series, Macquarie VIP Science and Technology Series, Macquarie VIP Small Cap Growth Series, and Macquarie VIP Smid Cap Core Series, DMC has principal responsibility for the Series and may seek quantitative support from MIMGL and may utilize MIMGL to execute Series security trades on behalf of DMC.

With respect to Macquarie VIP Asset Strategy Series, Macquarie VIP Balanced Series, and Macquarie VIP High Income Series, DMC has principal responsibility for the Series and may seek investment advice and recommendations from MIMGL and may permit MIMGL to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL's specialized market knowledge. In addition, with respect to Macquarie VIP Asset Strategy Series, and Macquarie VIP Balanced Series, MIMGL is responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

With respect to Macquarie VIP High Income Series, DMC may seek investment advice and recommendations from MIMAK, MIMEL and MIMGL and may permit each to execute Series security trades on behalf of DMC and exercise investment discretion in certain markets where DMC believes it will be beneficial to utilize the specialized market knowledge of each of MIMAK, MIMEL and/or MIMGL.

Pursuant to the terms of the relevant sub-advisory agreement, an investment sub-advisory fee is paid by DMC to each Affiliated Sub-Advisor.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the "Statements of operations" under "Accounting and administration expenses." For the six months ended June 30, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Asset Strategy Series | $14700 |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;6881 |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;3569 |
| Macquarie VIP Growth Series | &nbsp;&nbsp;16422 |
| Macquarie VIP High Income Series | &nbsp;&nbsp;19487 |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;19028 |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;10609 |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;3616 |
| Macquarie VIP Science and Technology Series | &nbsp;&nbsp;16247 |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;6303 |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;6233 |

---

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the six months ended June 30, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Asset Strategy Series | $20997 |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;8087 |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;2617 |
| Macquarie VIP Growth Series | &nbsp;&nbsp;23839 |
| Macquarie VIP High Income Series | &nbsp;&nbsp;28902 |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;28144 |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;14241 |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;2695 |
| Macquarie VIP Science and Technology Series | &nbsp;&nbsp;23550 |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;7131 |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;7015 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to each Series. Sub-transfer agency fees are paid by each Series and are also included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

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Pursuant to a distribution agreement and distribution plan, each Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly. Standard Class shares do not pay a 12b-1 fee.

As provided in the investment management agreement, each Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Series. These amounts are included on the "Statements of operations" under "Legal fees." For the six months ended June 30, 2025, each Series paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Asset Strategy Series | $8085 |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;17593 |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;1009 |
| Macquarie VIP Growth Series | &nbsp;&nbsp;&nbsp;9438 |
| Macquarie VIP High Income Series | &nbsp;&nbsp;17900 |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;10788 |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;5539 |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;1033 |
| Macquarie VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;8982 |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;2783 |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;2779 |

---

Trustees' fees include expenses accrued by each Series for each Trustee's retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

In addition to the management fees and other expenses of a Series, a Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

During the six months ended June 30, 2025, DMC reimbursed Macquarie Ivy VIP High Income Series $3,388 for commissions related to a trade error. This amount is included in "Net increase from payment by affiliates" in the "Statements of changes in net assets." Payment by affiliates had no impact on total return.

3. Investments

For the six months ended June 30, 2025, each Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Purchases<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Purchases of<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales of<br> US government<br> securities |
| Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;$120115001 | &nbsp;&nbsp;&nbsp;$93907273 | &nbsp;&nbsp;&nbsp;$134844590 | &nbsp;&nbsp;&nbsp;$109142616 |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49146072 | &nbsp;&nbsp;&nbsp;&nbsp;20568629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53106150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25341003 |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19625692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20441763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93410445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;205076665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;182357160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;208383673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;253182811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;340596452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;107691149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;134121666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15956399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19453561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;182054997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;221160862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67547961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91189447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16476050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42976947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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Ivy Variable Insurance Portfolios

3. Investments (continued)

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Series were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Cost of<br> investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments<br> and derivatives |
| Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;$495808757 | &nbsp;&nbsp;&nbsp;$145118140 | &nbsp;&nbsp;&nbsp;$(61124808) | &nbsp;&nbsp;&nbsp;$83993332 |
| Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;184430119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40659838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2019818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38640020 |
| Macquarie VIP Energy Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72293887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6399846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6939126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539280) |
| Macquarie VIP Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;367837939 | &nbsp;&nbsp;&nbsp;&nbsp;250231487 | &nbsp;&nbsp;&nbsp;&nbsp;(10811566) | &nbsp;&nbsp;&nbsp;&nbsp;239419921 |
| Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;806668996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792351 | &nbsp;&nbsp;&nbsp;&nbsp;(36835530) | &nbsp;&nbsp;&nbsp;&nbsp;(31043179) |
| Macquarie VIP International Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;676427557 | &nbsp;&nbsp;&nbsp;&nbsp;158336178 | &nbsp;&nbsp;&nbsp;&nbsp;(37226063) | &nbsp;&nbsp;&nbsp;&nbsp;121110115 |
| Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;340016289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73459259 | &nbsp;&nbsp;&nbsp;&nbsp;(25567526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47891733 |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75340682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8828323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8971716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143393) |
| Macquarie VIP Science and Technology Series | &nbsp;&nbsp;&nbsp;&nbsp;464348822 | &nbsp;&nbsp;&nbsp;&nbsp;258242985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6612387) | &nbsp;&nbsp;&nbsp;&nbsp;251630598 |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;161667481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35916067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6055543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29860524 |
| Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;159281927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34881652 | &nbsp;&nbsp;&nbsp;&nbsp;(17882841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16998811 |

---

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2024, certain Series had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Loss carryforward character | Loss carryforward character |  |
|  | Short-term | Long-term | Total |
| Macquarie VIP Energy Series\* | $1008203 | $8750585 | $9758788 |
| Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;15148787 | &nbsp;&nbsp;&nbsp;179982765 | &nbsp;&nbsp;&nbsp;195131552 |
| Macquarie VIP International Core Equity Series\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497714 |
| Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;37048335 | &nbsp;&nbsp;&nbsp;&nbsp;37048335 |
| Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;1257729 | &nbsp;&nbsp;&nbsp;&nbsp;10403486 | &nbsp;&nbsp;&nbsp;&nbsp;11661215 |

---

\* A portion of the Series' capital loss carryforward is subject to limitations under the Internal Revenue Code and related regulations.

US GAAP defines fair value as the price that each Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Series' investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default

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rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 - Significant unobservable inputs, including each Series' own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Series' investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Asset Strategy Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$616956 | &nbsp;&nbsp;&nbsp;&nbsp;$616956 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175881 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51985377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51985377 |
| Bullion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35280782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35280782 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662507 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31474712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31474712 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38910149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38910149 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25304000 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146284 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57093510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57094622 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28247167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28247167 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46009190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46009190 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93703246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93703246 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8612976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8612976 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435892 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60500918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60500918 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22292845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22292845 |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802274 |
| Limited Liability Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67432 |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838672 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8278294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8278294 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400346 |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16720513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16720513 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206700 |
| Sovereign Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389000 |

---

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Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Asset Strategy Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$23048887 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$23048887 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7983312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7983312 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$405494065 | &nbsp;&nbsp;&nbsp;&nbsp;$172870701 | &nbsp;&nbsp;&nbsp;&nbsp;$824168 | &nbsp;&nbsp;&nbsp;&nbsp;$579188934 |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$47542 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$47542 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821801 |
| Liabilities: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(256188) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(256188) |

---

<br> <sup>1</sup>Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Balanced Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$694038 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$694038 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523769 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20012173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20012173 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14413789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14413789 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11388637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11388637 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576653 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615796 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30395962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30396485 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7956076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7956076 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15488340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15488340 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40834877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40834877 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270424 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141404 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24462645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24462645 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17204589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17204589 |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136894 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657620 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667224 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Balanced Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Non-Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6130586 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6130586 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97520 |
| US Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11898759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11898759 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349900 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$153636447 | &nbsp;&nbsp;&nbsp;&nbsp;$69281228 | &nbsp;&nbsp;&nbsp;&nbsp;$523 | &nbsp;&nbsp;&nbsp;&nbsp;$222918198 |
| Derivatives<sup>1</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$18677 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$18677 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282745 |
| Liabilities: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(149481) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(149481) |

---

<br> <sup>1</sup>Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Energy Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$67678711 |
| Master Limited Partnerships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872014 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203882 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$71754607 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$604135740 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122120 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$607257860 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$44126120 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$44126120 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708551 |

---

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------

[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$436253<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$436253 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146256 |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548930 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595029513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595029513 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32261864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32261864 |
| Loan Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56665630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56665630 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39702700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39702700 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$74673115 | &nbsp;&nbsp;&nbsp;&nbsp;$695821263 | &nbsp;&nbsp;&nbsp;&nbsp;$5131439 | &nbsp;&nbsp;&nbsp;&nbsp;$775625817 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$766166366 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31371306 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$797537672 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Mid Cap Growth Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$381880482 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027540 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$387908022 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Natural Resources Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;$2329018 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2329018 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23219774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23219774 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533119 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346337 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46006939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46006939 |

---

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------

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---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Natural Resources Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Natural Resources Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;$762102 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$762102 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$75197289 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$75197289 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Science and Technology Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$700612250 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15367170 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$715979420 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Small Cap Growth Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$186756980 |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945849 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825176 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$191528005 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;$4160921 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4160921 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15857930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15857930 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690021 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6579219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6579219 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30361840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30361840 |
| &nbsp;&nbsp;&nbsp;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22589339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22589339 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41019631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41019631 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23824426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23824426 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7169514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7169514 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713530 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;91

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Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;$4183215 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4183215 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$176280738 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$176280738 |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be a Level 3 investment in this table.

During the six months ended June 30, 2025, Macquarie VIP Energy Series, Macquarie VIP Growth Series, Macquarie VIP High Income Series, Macquarie VIP International Core Equity Series, Macquarie VIP Mid Cap Growth Series, Macquarie VIP Natural Resources Series, Macquarie VIP Science and Technology Series, Macquarie VIP Small Cap Growth Series, and Macquarie VIP Smid Cap Core Series had no transfers into or out of Level 3 investments. During the six months ended June 30, 2025, Macquarie VIP Asset Strategy Series and Macquarie VIP Balanced Series had transfers into Level 3 investments. Each Series' policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Series' net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Macquarie VIP Asset Strategy Series, Macquarie VIP Balanced Series, Macquarie VIP Natural Resources Series, and Macquarie VIP Smid Cap Core Series' net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Macquarie VIP Asset Strategy Series, Macquarie VIP Balanced Series, Macquarie VIP Natural Resources Series, and Macquarie VIP Smid Cap Core Series' net assets at the end of the period. As of June 30, 2025, Macquarie VIP Energy Series, Macquarie VIP Growth Series, Macquarie VIP International Core Equity Series, Macquarie VIP Mid Cap Growth Series, Macquarie VIP Science and Technology Series, and Macquarie VIP Small Cap Growth Series had no Level 3 investments.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for Macquarie VIP High Income Series:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Common<br> Stocks | &nbsp;&nbsp;&nbsp;Convertible<br> Bond | &nbsp;&nbsp;&nbsp;Total |
| Balance as of 12/31/24 | $4953267 | &nbsp;&nbsp;&nbsp;$7688302 | &nbsp;&nbsp;&nbsp;$12641569 |
| Corporate actions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95825 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209297) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27199 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(3270648) | &nbsp;&nbsp;&nbsp;&nbsp;(4153209) | &nbsp;&nbsp;&nbsp;&nbsp;(7423857) |
| Balance as of 6/30/25 | $1582509 | &nbsp;&nbsp;&nbsp;$3548930 | &nbsp;&nbsp;&nbsp;$5131439 |
| Net change in unrealized appreciation (depreciation)<br> from Level 3 investments still held as of 6/30/25 | $(3270648) | &nbsp;&nbsp;&nbsp;$(4153209) | &nbsp;&nbsp;&nbsp;$(7423857) |

---

A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for Macquarie VIP High Income Series is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets | &nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;Valuation<br> Techniques | &nbsp;&nbsp;&nbsp;Unobservable<br> Inputs | &nbsp;&nbsp;&nbsp;Input<br> Value |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;$326 | &nbsp;&nbsp;&nbsp;Net asset value / Liquidation | &nbsp;&nbsp;&nbsp;Adjusted net asset value | &nbsp;&nbsp;&nbsp;$14.1 million |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;Market approach | &nbsp;&nbsp;&nbsp;Broker quotes | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435498 | &nbsp;&nbsp;&nbsp;Market approach | &nbsp;&nbsp;&nbsp;Sale price | &nbsp;&nbsp;&nbsp;$2.3475 |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;1146256 | &nbsp;&nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;Financial statements | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;3548930 | &nbsp;&nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;Financial statements | &nbsp;&nbsp;&nbsp;N/A |

---

Fair valued securities currently priced at zero on the "Schedules of investments" are excluded from the table above.

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[**Table of Contents**](#JOB_Ivy_D_1eae2237-8eb8-47cf-91f8-7ff59f1d758e_TOC_AltSty1)

When market quotations are not readily available for one or more portfolio securities, the Series' NAV shall be calculated by using the "fair value" of the securities as determined by the Pricing Committee. Such "fair value" is the amount that the Series might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security's disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/ dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company's financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Series' pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

4. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie VIP<br> Asset<br> Strategy Series | Macquarie VIP<br> Asset<br> Strategy Series | Macquarie VIP<br> Balanced Series | Macquarie VIP<br> Balanced Series | Macquarie VIP<br> Energy Series | Macquarie VIP<br> Energy Series |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;1790870 | &nbsp;&nbsp;&nbsp;3528469 | &nbsp;&nbsp;&nbsp;&nbsp;369649 | &nbsp;&nbsp;&nbsp;&nbsp;884368 | &nbsp;&nbsp;1961390 | &nbsp;&nbsp;3289954 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;1507764 | &nbsp;&nbsp;&nbsp;3467956 | &nbsp;&nbsp;1883378 | &nbsp;&nbsp;&nbsp;&nbsp;507377 | &nbsp;&nbsp;&nbsp;&nbsp;161524 | &nbsp;&nbsp;&nbsp;&nbsp;450694 |
|  | &nbsp;&nbsp;3306353 | &nbsp;&nbsp;&nbsp;7013852 | &nbsp;&nbsp;2253027 | &nbsp;&nbsp;1391745 | &nbsp;&nbsp;2176575 | &nbsp;&nbsp;3810459 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1424) | &nbsp;&nbsp;&nbsp;&nbsp;(109119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6683) | &nbsp;&nbsp;&nbsp;&nbsp;(78158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | (5951838) | (11867382) | (2463507) | (5374786) | (2097623) | (5365370) |
|  | (5953262) | (11976501) | (2463507) | (5374786) | (2104306) | (5443528) |
| Net increase (decrease) | (2646909) | &nbsp;&nbsp;(4962649) | &nbsp;&nbsp;&nbsp;(210480) | (3983041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72269 | (1633069) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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Ivy Variable Insurance Portfolios

4. Capital Shares (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie VIP<br> Growth Series | Macquarie VIP<br> Growth Series | Macquarie VIP<br> High Income<br> Series | Macquarie VIP<br> High Income<br> Series | Macquarie VIP<br> International Core<br> Equity Series | Macquarie VIP<br> International Core<br> Equity Series |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831517 | &nbsp;&nbsp;&nbsp;&nbsp;471609 | &nbsp;&nbsp;23243803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;1000186 | &nbsp;&nbsp;&nbsp;2003582 | &nbsp;&nbsp;12605521 | &nbsp;&nbsp;31179133 | &nbsp;&nbsp;&nbsp;&nbsp;185445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689480 |
| Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> | Shares from reorganization:<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10306427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70825 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369198 | &nbsp;&nbsp;1669660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;12009033 | &nbsp;&nbsp;&nbsp;9782616 | &nbsp;&nbsp;18180787 | &nbsp;&nbsp;17938382 | &nbsp;&nbsp;&nbsp;&nbsp;830244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244335 |
|  | &nbsp;&nbsp;13009219 | &nbsp;&nbsp;11786198 | &nbsp;&nbsp;31349284 | &nbsp;&nbsp;50318230 | &nbsp;&nbsp;3156958 | &nbsp;&nbsp;35016740 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(578963) | &nbsp;&nbsp;&nbsp;(1051348) | (3146317) | &nbsp;&nbsp;&nbsp;(6351311) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | (12719748) | (15599986) | (24412817) | (47530511) | (1185332) | (25270853) |
|  | (12719748) | (15599986) | (24991780) | (48581859) | (4331649) | (31622164) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289471 | &nbsp;&nbsp;&nbsp;(3813788) | &nbsp;&nbsp;&nbsp;6357504 | &nbsp;&nbsp;&nbsp;1736371 | (1174691) | &nbsp;&nbsp;&nbsp;3394576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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------

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie VIP<br> Mid Cap<br> Growth Series | Macquarie VIP<br> Mid Cap<br> Growth Series | Macquarie VIP<br> Natural Resources<br> Series | Macquarie VIP<br> Natural Resources<br> Series | Macquarie VIP<br> Science and<br> Technology Series | Macquarie VIP<br> Science and<br> Technology Series |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;2299697 | &nbsp;&nbsp;&nbsp;2955368 | &nbsp;&nbsp;&nbsp;&nbsp;704486 | &nbsp;&nbsp;1710168 | &nbsp;&nbsp;&nbsp;&nbsp;704928 | &nbsp;&nbsp;1759647 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;143231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | 11578890 | &nbsp;&nbsp;&nbsp;1148459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;909416 | &nbsp;&nbsp;4005270 | &nbsp;&nbsp;&nbsp;&nbsp;727969 |
|  | 14070128 | &nbsp;&nbsp;&nbsp;4468685 | &nbsp;&nbsp;&nbsp;&nbsp;704486 | &nbsp;&nbsp;2619584 | &nbsp;&nbsp;4732214 | &nbsp;&nbsp;2499888 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;(1576875) | &nbsp;&nbsp;&nbsp;(8323861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9986) | &nbsp;&nbsp;&nbsp;&nbsp;(13539) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;(3058746) | &nbsp;&nbsp;&nbsp;(6845225) | (1662517) | (5784063) | (1917868) | (4902486) |
|  | &nbsp;&nbsp;(4635621) | (15169086) | (1662517) | (5784063) | (1927854) | (4916025) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;9434507 | (10700401) | &nbsp;&nbsp;&nbsp;(958031) | (3164479) | &nbsp;&nbsp;2804360 | (2416137) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Macquarie VIP<br> Small Cap<br> Growth Series | Macquarie VIP<br> Small Cap<br> Growth Series | Macquarie VIP<br> Smid Cap<br> Core Series | Macquarie VIP<br> Smid Cap<br> Core Series |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28943 | &nbsp;&nbsp;&nbsp;&nbsp;180252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;623706 | &nbsp;&nbsp;1626074 | &nbsp;&nbsp;&nbsp;&nbsp;667864 | &nbsp;&nbsp;&nbsp;&nbsp;616807 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;663882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;652649 | &nbsp;&nbsp;1806326 | &nbsp;&nbsp;1331746 | &nbsp;&nbsp;&nbsp;&nbsp;702843 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Class<sup>1</sup> | (2388377) | (1112701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>2</sup> | (1954109) | (5485029) | (2961306) | (4356961) |
|  | (4342486) | (6597730) | (2961306) | (4356961) |
| Net decrease | (3689837) | (4791404) | (1629560) | (3654118) |

---

<sup>1</sup> Effective May 1, 2024, Class I shares were renamed Standard Class shares. <br> <sup>2</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares. <br> <sup>3</sup> See Note 5.

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Ivy Variable Insurance Portfolios

5. Reorganization

On January 16, 2024, the Board approved a proposal to reorganize Delaware VIP International Series (the "Acquired Series"), a series of Delaware VIP Trust, with and into Macquarie VIP International Core Equity Series (the "Acquiring Series"), a series of the Trust (the "Reorganization"). On April 26, 2024, the Acquired Series shareholders approved the Reorganization. Pursuant to an Agreement and Plan of Reorganization (the "Plan"): (i) all of the property and assets of the Acquired Series were acquired by the Acquiring Series and (ii) the Trust, on behalf of the Acquiring Series, assumed the liabilities of the Acquired Series in exchange for shares of the Acquiring Series. In accordance with the Plan, the Acquired Series liquidated and dissolved following the Reorganization. In approving the Reorganization, the Board considered various factors, including that the Acquiring Series and the Acquired Series share similar investment objectives, principal investment strategies and principal risks, and similar fundamental investment restrictions and that the Acquiring Series' overall total expense ratio is expected to be equal to the corresponding Acquired Series' total expense ratio following the Reorganization taking into account applicable expense limitation arrangements. The Reorganization was accomplished by a tax-free exchange of shares on April 26, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Series were recorded at fair value; however, the cost basis of the investments received from the Acquired Series was carried forward to align ongoing reporting of the Acquiring Series' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transaction information associated with the Acquired Series and the Acquiring Series on the Reorganization date were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Series<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Series Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Series | &nbsp;&nbsp;&nbsp;Acquiring<br> Series<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class I/Standard Class | &nbsp;&nbsp;$173766356 | &nbsp;&nbsp;&nbsp;10306427 | &nbsp;&nbsp;&nbsp;10306427 | &nbsp;&nbsp;&nbsp;$365889293 | &nbsp;&nbsp;&nbsp;1.0000 |
| Class II/Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70825 | &nbsp;&nbsp;&nbsp;&nbsp;282084657 | &nbsp;&nbsp;&nbsp;0.9964 |

---

The net assets of the Acquired Series before the Reorganization were $174,959,749. The net assets of the Acquiring Series immediately following the Reorganization were $822,933,699.

Assuming the Reorganization had been completed on January 1, 2024, the Acquiring Series' pro forma results of operations for the year ended December 31, 2024, would have been as follows:

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;$11410868 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;44412460 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(24337105) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$31486223 |

---

6. Line of Credit

Each Series, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 27, 2025.

Each Series had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

7. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes

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directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended June 30, 2025.

8. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At June 30, 2025, Macquarie VIP Asset Strategy Series posted $733,443 and Macquarie VIP Balanced Series posted $247,500 in cash as collateral for open futures contracts, which is included in "Cash collateral due from brokers" on the "Consolidated statement of assets and liabilities" and "Statements of assets and liabilities", respectively. Open futures contracts, if any, are disclosed on the "Schedules of investments."**

During the six months ended June 30, 2025, Macquarie VIP Asset Strategy Series and Macquarie VIP Balanced Series invested in futures contracts to hedge each Series' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

**Swap Contracts — Each Series may enter into CDS contracts in the normal course of pursuing its investment objective. Each Series may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Swap contracts are bilaterally negotiated agreements between a Series and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).**

*Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Series in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.*

During the six months ended June 30, 2025, Macquarie VIP Asset Strategy Series and Macquarie VIP Balanced Series entered into CDS contracts as a seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the

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Ivy Variable Insurance Portfolios

8. Derivatives (continued)

agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended June 30, 2025, each Series did not enter into any CDS contracts as a purchaser of protection.

As disclosed in the footnotes to the "Consolidated Schedule of investments" and "Schedules of investments," at June 30, 2025, the notional value of the protection sold was $2,800,000 and $1,100,000, which reflects the maximum potential amount Macquarie VIP Asset Strategy Series and Macquarie VIP Balanced Series, respectively, would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/ sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At June 30, 2025, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Series and other third parties which the Series can obtain in the occurrence of a credit event. At June 30, 2025, net unrealized appreciation of the protection sold was $47,542 and $18,677 for Macquarie VIP Asset Strategy Series and Macquarie VIP Balanced Series, respectively.

CDS contracts may involve greater risks than if the Series had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Series' maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series' exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended June 30, 2025, Macquarie VIP Asset Strategy Series and Macquarie VIP Balanced Series entered into CDS contracts to gain exposure to certain securities or markets.

At June 30, 2025, Macquarie VIP Asset Strategy Series posted $189,929 and Macquarie VIP Balanced Series posted $74,615 in cash as collateral for certain centrally cleared derivatives, which is included in "Cash collateral due from brokers" on the "Consolidated Statement of assets and liabilities." and "Statements of assets and liabilities", respectively.

Fair values of derivative instruments as of June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;Macquarie VIP Asset Strategy Series |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Credit<br> Contracts | &nbsp;&nbsp;Total |
| Variation margin due from broker on futures contracts\* | &nbsp;&nbsp;$821801 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$821801 |
| Variation margin due from broker on centrally cleared credit default swap contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47542 | &nbsp;&nbsp;&nbsp;&nbsp;47542 |
| Total | &nbsp;&nbsp;$821801 | &nbsp;&nbsp;$47542 | &nbsp;&nbsp;$869343 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Asset Strategy Series |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due from broker on futures contracts\* | &nbsp;&nbsp;$(256188) |

---

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---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;Macquarie VIP Balanced Series |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts | &nbsp;&nbsp;Credit<br> Contracts | &nbsp;&nbsp;Total |
| Variation margin due from broker on futures contracts\* | &nbsp;&nbsp;$282745 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$282745 |
| Variation margin due from broker on centrally cleared credit default swap contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18677 | &nbsp;&nbsp;&nbsp;&nbsp;18677 |
| Total | &nbsp;&nbsp;$282745 | &nbsp;&nbsp;$18677 | &nbsp;&nbsp;$301422 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Balanced Series |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statements of asset and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due from broker on futures contracts\* | &nbsp;&nbsp;$(149481) |

---

\*Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared CDS contracts from the date the contracts were opened through June 30, 2025. Only current day variation margin is reported on the Series' "Statements of assets and liabilities."

The effect of derivative instruments on the "Consolidated statement of operations" for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Asset Strategy Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Macquarie VIP Asset Strategy Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Macquarie VIP Asset Strategy Series<br> Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(1009794) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1009794) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26934 |
| Total | &nbsp;&nbsp;$(1009794) | &nbsp;&nbsp;$26934 | &nbsp;&nbsp;$(982860) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$784516 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$784516 |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47542 | &nbsp;&nbsp;&nbsp;&nbsp;47542 |
| Total | &nbsp;&nbsp;$784516 | &nbsp;&nbsp;$47542 | &nbsp;&nbsp;$832058 |

---

The effect of derivative instruments on the "Statements of operations" for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Balanced Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Macquarie VIP Balanced Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Macquarie VIP Balanced Series<br> Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(445989) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(445989) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10408 |
| Total | &nbsp;&nbsp;$(445989) | &nbsp;&nbsp;$10408 | &nbsp;&nbsp;$(435581) |

---

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Ivy Variable Insurance Portfolios

8. Derivatives (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$184137 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$184137 |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18677 | &nbsp;&nbsp;&nbsp;&nbsp;18677 |
| Total | &nbsp;&nbsp;$184137 | &nbsp;&nbsp;$18677 | &nbsp;&nbsp;$202814 |

---

The tables below summarize the average daily balance of derivative holdings by certain Series during the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume |
|  | &nbsp;&nbsp;Macquarie VIP Asset<br> Strategy Series | &nbsp;&nbsp;Macquarie VIP<br> Balanced Series |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;39688024 | $&nbsp;&nbsp;21866952 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Macquarie VIP Asset<br> Strategy Series | &nbsp;&nbsp;Macquarie VIP<br> Balanced Series |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;15156298 | $&nbsp;&nbsp;12513038 |
| CDS contracts (average notional amount)\* | &nbsp;&nbsp;&nbsp;&nbsp;1697638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666929 |

---

\* Long represents buying protection and short represents selling protection.

9. Securities Lending

Each Series, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Series of the Trust is generally invested in a series of individual separate accounts, each corresponding to a Series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each

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Series or, at the discretion of the lending agent, replace the loaned securities. Each Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Series, the security lending agent, and the borrower. Each Series records security lending income net of allocations to the security lending agent and the borrower.

Each Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Series' cash collateral account may be less than the amount each Series would be required to return to the borrowers of the securities and each Series would be required to make up for this shortfall.

During the six months ended June 30, 2025, each Series had no securities out on loan.

10. Credit and Market Risks

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which each Series invests will cause the NAV of each Series to fluctuate.

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series. In addition, recent trade tensions and the imposition of tariffs may disrupt markets and lead to heightened market volatility.

Certain Series invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Services LLC and Baa3 by Moody's Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Certain Series may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the

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Ivy Variable Insurance Portfolios

10. Credit and Market Risks (continued)

associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Series could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes "subprime" loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, a Series' investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause a Series to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

Certain Series invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Series will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Series more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Series may involve revolving credit facilities or other standby financing commitments that obligate the Series to pay additional cash on a certain date or on demand. These commitments may require each Series to increase its investment in a company at a time when the Series might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that each Series is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments.

As the Series may be required to rely upon another lending institution to collect and pass on to the Series amounts payable with respect to the loan and to enforce the Series' rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Series from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Series.

Certain Series invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Series will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Certain Series may invest in REITs and are subject to the risks associated with that industry. If a Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2025. The Series' REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Series also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Series will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the "Statements of assets and liabilities", if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate

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specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

Each Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 15% limit on investments in illiquid securities. Rule 144A and restricted securities have been identified on the "Consolidated schedule of investments" and "Schedules of investments".

11. Contractual Obligations

Each Series enters into contracts in the normal course of business that contain a variety of indemnifications. Each Series' maximum exposure under these arrangements is unknown. However, each Series has not had prior claims or losses pursuant to these contracts. Management has reviewed each Series' existing contracts and expects the risk of loss to be remote.

12. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on each Series financial statements.

13. Subsequent Events

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management's US and European public investments business. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close on or about October 31, 2025. This is subject to change.

The closing of this transaction will result in the automatic termination of each Series' investment advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation of the closing of the transaction, on June 18, 2025, the Board approved, and recommended shareholders approve, a new investment advisory agreement for each Series that, pending shareholder approval, would go into effect at the closing of the transaction. Shareholders of each Series were sent proxy materials for a special meeting of shareholders scheduled to be held on September 10, 2025, at which the approval of the new investment advisory agreement will be considered.

Management has determined that no other material events or transactions occurred subsequent to June 30, 2025, that would require recognition or disclosure in the Series' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;103

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;104

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(4706984) **SEMIANN-VIP1-0825**

------

![](g847441img2f7efbde1.gif)

#### Ivy Variable Insurance Portfolios
Macquarie VIP Core Equity Series

Macquarie VIP Corporate Bond Series

Macquarie VIP Global Growth Series

Macquarie VIP Limited-Term Bond Series

Macquarie VIP Value Series

Financial statements and other information

For the six months ended June 30, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_3fd14b08-b191-4daf-82a4-e487c3ca7d77_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_73217b24-8bf2-45d2-8da3-c4b60fcbaa4c_1)<br>| &nbsp;&nbsp;&nbsp;**17** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_73217b24-8bf2-45d2-8da3-c4b60fcbaa4c_2)<br>| &nbsp;&nbsp;&nbsp;**18** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_73217b24-8bf2-45d2-8da3-c4b60fcbaa4c_3)<br>| &nbsp;&nbsp;&nbsp;**19** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_107c0468-54ef-4445-b92e-0a44a3ee8255_1)<br>| &nbsp;&nbsp;&nbsp;**22** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_df0797bb-6177-4f58-b6be-42715d0ff93a_1)<br>| &nbsp;&nbsp;&nbsp;**27** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Series information](#xx_e79b0fc4-63f8-47ab-9d45-099dd57485a3_1)<br>| &nbsp;&nbsp;&nbsp;**45** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
Each Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Series' Form N-PORT, as well as a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Series' most recent Form N-PORT are available without charge on the Series' website at macquarie.com/mam/vip-literature.

Information (if any) regarding how each Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series' website at macquarie.com/mam/proxy; and (ii) on the SEC's website at sec.gov.

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

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## Schedules of investments
Macquarie VIP Core Equity Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.95%♣** | &nbsp;&nbsp;**Common Stocks — 97.95%♣** | &nbsp;&nbsp;**Common Stocks — 97.95%♣** |
| &nbsp;&nbsp;Communication Services — 10.70% | &nbsp;&nbsp;Communication Services — 10.70% | &nbsp;&nbsp;Communication Services — 10.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;132935 | $23427135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;&nbsp;559466 | &nbsp;&nbsp; 16190946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;38103 | &nbsp;&nbsp; 5764222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;27110 | &nbsp;&nbsp; 20009620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6326 | &nbsp;&nbsp; 8471336 |
|  |  | &nbsp;&nbsp; 73863259 |
| &nbsp;&nbsp;Consumer Discretionary — 8.48% | &nbsp;&nbsp;Consumer Discretionary — 8.48% | &nbsp;&nbsp;Consumer Discretionary — 8.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;144492 | &nbsp;&nbsp; 31700100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047 | &nbsp;&nbsp; 15023395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;32246 | &nbsp;&nbsp; 11822673 |
|  |  | &nbsp;&nbsp; 58546168 |
| &nbsp;&nbsp;Consumer Staples — 2.65% | &nbsp;&nbsp;Consumer Staples — 2.65% | &nbsp;&nbsp;Consumer Staples — 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;18519 | &nbsp;&nbsp; 18332699 |
|  |  | &nbsp;&nbsp; 18332699 |
| &nbsp;&nbsp;Energy — 0.47% | &nbsp;&nbsp;Energy — 0.47% | &nbsp;&nbsp;Energy — 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;35925 | &nbsp;&nbsp; 3223910 |
|  |  | &nbsp;&nbsp; 3223910 |
| &nbsp;&nbsp;Financials — 22.41% | &nbsp;&nbsp;Financials — 22.41% | &nbsp;&nbsp;Financials — 22.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;58859 | &nbsp;&nbsp; 11848905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | &nbsp;&nbsp;&nbsp;&nbsp;215234 | &nbsp;&nbsp; 8383364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;40346 | &nbsp;&nbsp; 12869567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;21791 | &nbsp;&nbsp; 7774157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;58281 | &nbsp;&nbsp; 8717672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;69902 | &nbsp;&nbsp; 14872350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;58831 | &nbsp;&nbsp; 16215000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv † | &nbsp;&nbsp;&nbsp;&nbsp;87648 | &nbsp;&nbsp;&nbsp; 15111392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;46443 | &nbsp;&nbsp; 13464290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. | &nbsp;&nbsp;&nbsp;&nbsp;79163 | &nbsp;&nbsp; 10531054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;21827 | &nbsp;&nbsp; 12265464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;73003 | &nbsp;&nbsp; 10283203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | &nbsp;&nbsp;&nbsp;&nbsp;46367 | &nbsp;&nbsp; 12373498 |
|  |  | &nbsp;&nbsp;154709916 |
| &nbsp;&nbsp;Healthcare — 5.97% | &nbsp;&nbsp;Healthcare — 5.97% | &nbsp;&nbsp;Healthcare — 5.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;121924 | &nbsp;&nbsp; 16582883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;26540 | &nbsp;&nbsp; 5242712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;21605 | &nbsp;&nbsp; 8276875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;13497 | &nbsp;&nbsp; 4210659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;15470 | &nbsp;&nbsp; 6887244 |
|  |  | &nbsp;&nbsp; 41200373 |
| &nbsp;&nbsp;Industrials — 11.40% | &nbsp;&nbsp;Industrials — 11.40% | &nbsp;&nbsp;Industrials — 11.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | &nbsp;&nbsp;&nbsp;&nbsp;268483 | &nbsp;&nbsp; 14057770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;118754 | &nbsp;&nbsp; 12477483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;24139 | &nbsp;&nbsp; 7905522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;36899 | &nbsp;&nbsp; 13172574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;134943 | &nbsp;&nbsp; 25116941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | &nbsp;&nbsp;&nbsp;&nbsp;12898 | &nbsp;&nbsp; 5973580 |
|  |  | &nbsp;&nbsp; 78703870 |
| &nbsp;&nbsp;Information Technology — 30.30% | &nbsp;&nbsp;Information Technology — 30.30% | &nbsp;&nbsp;Information Technology — 30.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;46297 | &nbsp;&nbsp; 6569544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;103288 | &nbsp;&nbsp; 21191599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;67539 | &nbsp;&nbsp; 12364365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;55738 | &nbsp;&nbsp; 15364179 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;101027 | $50251840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;242289 | &nbsp;&nbsp; 38279239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;45668 | &nbsp;&nbsp; 12453207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;35077 | &nbsp;&nbsp; 10666916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;42118 | &nbsp;&nbsp; 6078891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;104077 | &nbsp;&nbsp; 23572400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;22761 | &nbsp;&nbsp; 3839098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;27764 | &nbsp;&nbsp; 8561307 |
|  |  | &nbsp;&nbsp;209192585 |
| &nbsp;&nbsp;Materials — 4.71% | &nbsp;&nbsp;Materials — 4.71% | &nbsp;&nbsp;Materials — 4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;83795 | &nbsp;&nbsp; 8629209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde | &nbsp;&nbsp;&nbsp;&nbsp;23941 | &nbsp;&nbsp; 11232638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;23513 | &nbsp;&nbsp; 8073424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;17482 | &nbsp;&nbsp; 4559655 |
|  |  | &nbsp;&nbsp; 32494926 |
| &nbsp;&nbsp;Utilities — 0.86% | &nbsp;&nbsp;Utilities — 0.86% | &nbsp;&nbsp;Utilities — 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;85975 | &nbsp;&nbsp; 5968385 |
|  |  | &nbsp;&nbsp; 5968385 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $485,979,840)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $485,979,840)** | &nbsp;&nbsp;**676236091** |
| &nbsp;&nbsp;**Short-Term Investments — 2.19%** | &nbsp;&nbsp;**Short-Term Investments — 2.19%** | &nbsp;&nbsp;**Short-Term Investments — 2.19%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.19% | &nbsp;&nbsp;Money Market Mutual Funds — 2.19% | &nbsp;&nbsp;Money Market Mutual Funds — 2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 3781930 | &nbsp;&nbsp; 3781930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 3781928 | &nbsp;&nbsp; 3781928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 3781929 | &nbsp;&nbsp; 3781929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 3781929 | &nbsp;&nbsp; 3781929 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $15,127,716)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $15,127,716)** | &nbsp;&nbsp; **15127716** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.14%<br> (cost $501,107,556)** |  | **$691363807** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;1

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Macquarie VIP Core Equity Series

---

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

---

See accompanying notes, which are an integral part of the financial statements.

2&nbsp;&nbsp;&nbsp;&nbsp;

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Macquarie VIP Corporate Bond Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.00%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.00%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2005-23 IO 0.00% 6/17/45 =, • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237 | $0 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $11)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $11)** | &nbsp;&nbsp; **0** |
| &nbsp;&nbsp;**Corporate Bonds — 98.16%** | &nbsp;&nbsp;**Corporate Bonds — 98.16%** | &nbsp;&nbsp;**Corporate Bonds — 98.16%** |
| &nbsp;&nbsp;Banking — 23.87% | &nbsp;&nbsp;Banking — 23.87% | &nbsp;&nbsp;Banking — 23.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial 5.737% 5/15/29 μ | 2345000 | &nbsp;&nbsp; 2387246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | 4213000 | &nbsp;&nbsp; 4214953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | 4730000 | &nbsp;&nbsp; 4928144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp; 359115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | 1155000 | &nbsp;&nbsp; 1199067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.316% 6/6/36 μ | 1925000 | &nbsp;&nbsp; 1965826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 3/20/30 μ, ψ | 1545000 | &nbsp;&nbsp; 1591061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 2890000 | &nbsp;&nbsp; 3217171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas 144A 7.45% 6/27/35 #, μ, ψ | 1705000 | &nbsp;&nbsp; 1719492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank 4.914% 5/29/30 | 3435000 | &nbsp;&nbsp; 3501785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.952% 5/7/31 μ | 4120000 | &nbsp;&nbsp; 4168085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.612% 3/4/56 μ | 2643000 | &nbsp;&nbsp; 2596088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole 144A 5.222% 5/27/31 #, μ | 2075000 | &nbsp;&nbsp; 2114424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | 1460000 | &nbsp;&nbsp; 1483203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | 2061000 | &nbsp;&nbsp; 2199620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | 2185000 | &nbsp;&nbsp; 2240625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares 6.254% 3/12/40 μ | 3085000 | &nbsp;&nbsp; 3077419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.049% 7/23/30 μ | 2940000 | &nbsp;&nbsp; 2989503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | 2320000 | &nbsp;&nbsp; 2379001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.734% 1/28/56 μ | 1945000 | &nbsp;&nbsp; 1946458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | 2880000 | &nbsp;&nbsp; 3055462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | 1955000 | &nbsp;&nbsp; 2003989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.572% 4/22/36 μ | 1835000 | &nbsp;&nbsp; 1902407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | 3565000 | &nbsp;&nbsp; 3876016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group 6.068% 6/13/36 μ | 1920000 | &nbsp;&nbsp; 1974780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank 5.179% 7/8/31 μ | 1245000 | &nbsp;&nbsp; 1265960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ | 1565000 | &nbsp;&nbsp; 1604710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.516% 11/19/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp; 948653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.664% 4/17/36 μ | 1225000 | &nbsp;&nbsp; 1269879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.831% 4/19/35 μ | 2240000 | &nbsp;&nbsp; 2347677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | 2511000 | &nbsp;&nbsp; 2660137 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.627% 11/1/34 μ | 2720000 | $2999399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group 5.115% 5/23/31 μ | 2815000 | &nbsp;&nbsp; 2862079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets 144A 5.596% (SOFR + 1.19%) 3/21/30 #, • | 4730000 | &nbsp;&nbsp; 4806238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank 4.543% 5/13/27 μ | 2670000 | &nbsp;&nbsp; 2671705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp; 972423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | 2440000 | &nbsp;&nbsp; 2515811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | 3275000 | &nbsp;&nbsp; 3481948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street 6.123% 11/21/34 μ | 2005000 | &nbsp;&nbsp; 2143402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Bank 4.632% 9/17/29 μ | 1440000 | &nbsp;&nbsp; 1423959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial 4.95% 9/1/25 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp; 945540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.379% 9/6/45 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;498000 | &nbsp;&nbsp; 480416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.58% 5/9/36 #, μ | 1085000 | &nbsp;&nbsp; 1109957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 11/13/28 #, μ, ψ | 2525000 | &nbsp;&nbsp; 2762284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.491% 11/3/36 μ | 2300000 | &nbsp;&nbsp; 1952792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | 1825000 | &nbsp;&nbsp; 1858369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.424% 2/12/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp; 993905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | 2960000 | &nbsp;&nbsp; 3047840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank 4.73% 5/15/28 μ | 1680000 | &nbsp;&nbsp; 1689001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. 5.244% 1/24/31 μ | 1360000 | &nbsp;&nbsp; 1395516 |
|  |  | &nbsp;&nbsp;113300540 |
| &nbsp;&nbsp;Basic Industry — 3.22% | &nbsp;&nbsp;Basic Industry — 3.22% | &nbsp;&nbsp;Basic Industry — 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical 5.95% 3/15/55 | 2760000 | &nbsp;&nbsp; 2633060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor 5.10% 6/1/35 | 2455000 | &nbsp;&nbsp; 2463800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Finance USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 3/14/32 | 1165000 | &nbsp;&nbsp; 1185980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 3/14/35 | 3730000 | &nbsp;&nbsp; 3797257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 3/14/55 | 1938000 | &nbsp;&nbsp; 1942348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 5/15/35 | 1850000 | &nbsp;&nbsp; 1852770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% 5/15/55 | 1435000 | &nbsp;&nbsp; 1392312 |
|  |  | &nbsp;&nbsp; 15267527 |
| &nbsp;&nbsp;Brokerage — 2.68% | &nbsp;&nbsp;Brokerage — 2.68% | &nbsp;&nbsp;Brokerage — 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management 6.00% 12/15/54 μ | 1480000 | &nbsp;&nbsp; 1446900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGC Group 144A 6.15% 4/2/30 # | 1525000 | &nbsp;&nbsp; 1546695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | 2545000 | &nbsp;&nbsp; 2534971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.813% 3/3/55 | 3790000 | &nbsp;&nbsp; 3709039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp; 461612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 4/14/34 | 2095000 | &nbsp;&nbsp; 2192467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 1/20/43 | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp; 846669 |
|  |  | &nbsp;&nbsp; 12738353 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Corporate Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods — 9.26% | &nbsp;&nbsp;Capital Goods — 9.26% | &nbsp;&nbsp;Capital Goods — 9.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Capital 144A 1.50% 8/12/26 # | 3565000 | $3449877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems 144A 5.125% 3/26/29 # | 2855000 | &nbsp;&nbsp; 2927371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.196% 2/4/26 | 5620000 | &nbsp;&nbsp; 5533078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | 1760000 | &nbsp;&nbsp; 1928414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 5/15/35 | 4805000 | &nbsp;&nbsp; 4900524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp; 573497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Capital 4.45% 5/9/30 | 2050000 | &nbsp;&nbsp; 2060183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics 4.95% 8/15/35 | 4050000 | &nbsp;&nbsp; 4067426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital 4.90% 6/11/27 | 2425000 | &nbsp;&nbsp; 2466110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin 4.80% 8/15/34 | 1520000 | &nbsp;&nbsp; 1515923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% 10/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp; 606595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% 7/15/30 | 1575000 | &nbsp;&nbsp; 1589297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp; 475251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 6/1/54 | 1615000 | &nbsp;&nbsp; 1506354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 7/15/30 | 5175000 | &nbsp;&nbsp; 5274411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 3/15/35 | 1070000 | &nbsp;&nbsp; 1091491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.60% 5/28/30 # | 1070000 | &nbsp;&nbsp; 1081304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.90% 5/28/32 # | 1230000 | &nbsp;&nbsp; 1248463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management 5.35% 10/15/54 | 1735000 | &nbsp;&nbsp; 1671286 |
|  |  | &nbsp;&nbsp; 43966855 |
| &nbsp;&nbsp;Communications — 7.84% | &nbsp;&nbsp;Communications — 7.84% | &nbsp;&nbsp;Communications — 7.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower 5.20% 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp; 916198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/15/53 | 5230000 | &nbsp;&nbsp; 3542732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp; 799634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 8/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp; 796562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | 2845000 | &nbsp;&nbsp; 3074568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 8/15/32 | 3210000 | &nbsp;&nbsp; 3088240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 8/15/54 | 1395000 | &nbsp;&nbsp; 1361443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | 2430000 | &nbsp;&nbsp; 2433507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | 2760000 | &nbsp;&nbsp; 2760000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | 1975000 | &nbsp;&nbsp; 1975000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | 2740000 | &nbsp;&nbsp; 2942174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable 6.55% 5/1/37 | 2178000 | &nbsp;&nbsp; 2250609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp; 693707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | 2550000 | &nbsp;&nbsp; 2419477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | 2535000 | &nbsp;&nbsp; 2535739 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 11/20/50 | 1540000 | $960123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 4/2/35 | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp; 721227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/23/54 | 3420000 | &nbsp;&nbsp; 3307698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 5.00% 1/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp; 627766 |
|  |  | &nbsp;&nbsp; 37206404 |
| &nbsp;&nbsp;Consumer Cyclical — 2.15% | &nbsp;&nbsp;Consumer Cyclical — 2.15% | &nbsp;&nbsp;Consumer Cyclical — 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone 5.125% 6/15/30 | 2825000 | &nbsp;&nbsp; 2897444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial 5.625% 4/4/32 | 2335000 | &nbsp;&nbsp; 2363369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 12/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp; 791200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | 4135000 | &nbsp;&nbsp; 4161002 |
|  |  | &nbsp;&nbsp; 10213015 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 9.42% | &nbsp;&nbsp;Consumer Non-Cyclical — 9.42% | &nbsp;&nbsp;Consumer Non-Cyclical — 9.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide 5.55% 1/23/49 | 6105000 | &nbsp;&nbsp; 6063901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% 5/14/31 | 1285000 | &nbsp;&nbsp; 1163703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 9/17/29 | 3025000 | &nbsp;&nbsp; 2992155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated 5.25% 6/1/29 | 4910000 | &nbsp;&nbsp; 5061702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp; 827029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 6/15/35 | 3495000 | &nbsp;&nbsp; 3580342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/34 | 3035000 | &nbsp;&nbsp; 3062579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/1/54 | 2105000 | &nbsp;&nbsp; 2060905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp; 796275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA Holding Lux |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 1/15/36 # | 1720000 | &nbsp;&nbsp; 1723603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 3/1/56 # | 1610000 | &nbsp;&nbsp; 1617358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 4/15/66 # | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp; 882543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars 144A 4.80% 3/1/30 # | 2405000 | &nbsp;&nbsp; 2437621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma 1.20% 9/2/25 | 1575000 | &nbsp;&nbsp; 1564656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% 2/10/30 | 1110000 | &nbsp;&nbsp; 1132863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% 2/10/35 | 3710000 | &nbsp;&nbsp; 3782942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 9/23/30 | 3865000 | &nbsp;&nbsp; 3961717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/23/35 | 1975000 | &nbsp;&nbsp; 2010100 |
|  |  | &nbsp;&nbsp; 44721994 |
| &nbsp;&nbsp;Electric — 10.11% | &nbsp;&nbsp;Electric — 10.11% | &nbsp;&nbsp;Electric — 10.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas 5.45% 5/15/29 | 1239000 | &nbsp;&nbsp; 1279460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Illinois 5.625% 3/1/55 | 3625000 | &nbsp;&nbsp; 3585567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power 4.50% 8/1/32 | 3756000 | &nbsp;&nbsp; 3665890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baltimore Gas and Electric 4.25% 9/15/48 | 1500000 | &nbsp;&nbsp; 1218850 |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Power US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.257% 6/1/28 # | 2055000 | $2083252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.189% 6/1/35 # | 1870000 | &nbsp;&nbsp; 1930702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric 5.20% 10/1/28 | 2420000 | &nbsp;&nbsp; 2495912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison 5.95% 6/1/55 | 3055000 | &nbsp;&nbsp; 3166241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 5.75% 3/15/54 | 2755000 | &nbsp;&nbsp; 2702124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | 3195000 | &nbsp;&nbsp; 3362778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 7.00% 6/1/54 μ | &nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp; 616223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Mississippi 5.80% 4/15/55 | 3155000 | &nbsp;&nbsp; 3159715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fells Point Funding Trust 144A 3.046% 1/31/27 # | 4330000 | &nbsp;&nbsp; 4237794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern States Power 5.65% 5/15/55 | 3445000 | &nbsp;&nbsp; 3442199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 8/1/50 | 5485000 | &nbsp;&nbsp; 3833787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/47 | 1450000 | &nbsp;&nbsp; 1187481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp; 526716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Gas and Electric 5.80% 4/1/55 | 2440000 | &nbsp;&nbsp; 2437385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSEG Power 144A 5.20% 5/15/30 # | 1370000 | &nbsp;&nbsp; 1398617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations 144A 6.95% 10/15/33 # | 1505000 | &nbsp;&nbsp; 1653957 |
|  |  | &nbsp;&nbsp; 47984650 |
| &nbsp;&nbsp;Energy — 6.64% | &nbsp;&nbsp;Energy — 6.64% | &nbsp;&nbsp;Energy — 6.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners 144A 5.55% 10/30/35 # | 2105000 | &nbsp;&nbsp; 2122349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | 1835000 | &nbsp;&nbsp; 1742881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/54 | 3280000 | &nbsp;&nbsp; 3138029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | 1000000 | &nbsp;&nbsp; 1010401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | 1570000 | &nbsp;&nbsp; 1596681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10% 12/1/28 | 2210000 | &nbsp;&nbsp; 2322401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 4/1/55 | 1695000 | &nbsp;&nbsp; 1670017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 4/15/49 | 1405000 | &nbsp;&nbsp; 1387408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 11/15/26 μ, ψ | 3935000 | &nbsp;&nbsp; 3962419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating 4.60% 1/15/31 | 2350000 | &nbsp;&nbsp; 2368597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 7/15/32 | 2337000 | &nbsp;&nbsp; 2366507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp; 784245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 7/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp; 932553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK 5.70% 11/1/54 | 2510000 | &nbsp;&nbsp; 2318947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources 5.65% 2/15/36 | 2120000 | &nbsp;&nbsp; 2140857 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Finance 5.70% 5/19/32 | 1620000 | $1650154 |
|  |  | &nbsp;&nbsp; 31514446 |
| &nbsp;&nbsp;Finance Companies — 3.73% | &nbsp;&nbsp;Finance Companies — 3.73% | &nbsp;&nbsp;Finance Companies — 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC 3.85% 10/29/41 | 2065000 | &nbsp;&nbsp; 1652492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.125% 12/15/26 μ, ψ | 2453000 | &nbsp;&nbsp; 2384458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;683000 | &nbsp;&nbsp; 709974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90% 4/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp; 767561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.50% 9/1/30 | 2035000 | &nbsp;&nbsp; 2029232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Strategic Income Fund 5.70% 3/15/28 | 1385000 | &nbsp;&nbsp; 1396648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 1.95% 1/30/26 # | 3553000 | &nbsp;&nbsp; 3497336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 1.95% 9/20/26 # | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 246875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 5.375% 5/30/30 # | 1530000 | &nbsp;&nbsp; 1559213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund 5.60% 11/22/29 | 1160000 | &nbsp;&nbsp; 1168496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund 5.30% 6/30/30 | 1545000 | &nbsp;&nbsp; 1531344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income 6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp; 746173 |
|  |  | &nbsp;&nbsp; 17689802 |
| &nbsp;&nbsp;Insurance — 6.45% | &nbsp;&nbsp;Insurance — 6.45% | &nbsp;&nbsp;Insurance — 6.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding 144A 1.985% 8/19/28 # | 1635000 | &nbsp;&nbsp; 1509590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/19/55 | 1570000 | &nbsp;&nbsp; 1619186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 6/28/55 μ | 1485000 | &nbsp;&nbsp; 1481436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding 144A 5.00% 3/27/30 # | 1990000 | &nbsp;&nbsp; 2021124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | 2670000 | &nbsp;&nbsp; 2685695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan 5.35% 11/15/44 | 4765000 | &nbsp;&nbsp; 4689093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 144A 4.90% 1/9/30 # | 4730000 | &nbsp;&nbsp; 4828416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Life Insurance 144A 6.50% 4/30/55 #, μ | 1250000 | &nbsp;&nbsp; 1294920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding 144A 4.96% 1/13/30 # | 3710000 | &nbsp;&nbsp; 3790529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance 144A 6.17% 5/29/55 # | 1145000 | &nbsp;&nbsp; 1196643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pine Street Trust III 144A 6.223% 5/15/54 # | 1366000 | &nbsp;&nbsp; 1350329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial 5.20% 3/14/35 | 1785000 | &nbsp;&nbsp; 1805071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Corporate Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western-Southern Global Funding 144A 4.90% 5/1/30 # | 2295000 | $2317766 |
|  |  | &nbsp;&nbsp; 30589798 |
| &nbsp;&nbsp;Natural Gas — 0.33% | &nbsp;&nbsp;Natural Gas — 0.33% | &nbsp;&nbsp;Natural Gas — 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource 5.85% 4/1/55 | 1190000 | &nbsp;&nbsp; 1178762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra 4.875% 10/15/25 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 399351 |
|  |  | &nbsp;&nbsp; 1578113 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 3.28% | &nbsp;&nbsp;Real Estate Investment Trusts — 3.28% | &nbsp;&nbsp;Real Estate Investment Trusts — 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities 5.00% 1/8/35 | 3390000 | &nbsp;&nbsp; 3375319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Operating Partnership 5.20% 4/1/32 | 1545000 | &nbsp;&nbsp; 1558127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 6/15/35 | 3080000 | &nbsp;&nbsp; 3097830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lineage OP 144A 5.25% 7/15/30 # | 2105000 | &nbsp;&nbsp; 2118587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% 3/15/30 | 1210000 | &nbsp;&nbsp; 1232289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 4/15/35 | 4170000 | &nbsp;&nbsp; 4176999 |
|  |  | &nbsp;&nbsp; 15559151 |
| &nbsp;&nbsp;Technology — 6.70% | &nbsp;&nbsp;Technology — 6.70% | &nbsp;&nbsp;Technology — 6.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Capital 4.05% 10/4/29 | 3460000 | &nbsp;&nbsp; 3438540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet 5.25% 5/15/55 | 1755000 | &nbsp;&nbsp; 1729732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | 2715000 | &nbsp;&nbsp; 2596530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group 144A 2.80% 7/15/30 # | 2431000 | &nbsp;&nbsp; 2200216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco 144A 6.10% 1/25/36 # | 1900000 | &nbsp;&nbsp; 1968019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 | 1825000 | &nbsp;&nbsp; 1863965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/15/35 | 2370000 | &nbsp;&nbsp; 2407840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology 1.65% 4/15/26 | 2255000 | &nbsp;&nbsp; 2204239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp; 949212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/3/55 | 1045000 | &nbsp;&nbsp; 1044113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% 7/8/39 | 4070000 | &nbsp;&nbsp; 4277544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies 144A 3.75% 2/15/31 # | 1115000 | &nbsp;&nbsp; 1017423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys 5.70% 4/1/55 | 1130000 | &nbsp;&nbsp; 1124311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics 5.25% 3/15/35 | 4920000 | &nbsp;&nbsp; 4949912 |
|  |  | &nbsp;&nbsp; 31771596 |
| &nbsp;&nbsp;Transportation — 2.48% | &nbsp;&nbsp;Transportation — 2.48% | &nbsp;&nbsp;Transportation — 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe 5.80% 3/15/56 | 4635000 | &nbsp;&nbsp; 4773998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX 4.75% 5/30/42 | 2284000 | &nbsp;&nbsp; 2092995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 2/20/35 | 3045000 | &nbsp;&nbsp; 3098277 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 12/1/54 | 1820000 | $1812135 |
|  |  | &nbsp;&nbsp; 11777405 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $460,803,404)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $460,803,404)** | &nbsp;&nbsp;**465879649** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.28%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.28%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Issuer Series 2024-1 A2 144A 6.19% 6/20/54 # | 5900000 | &nbsp;&nbsp; 6075347 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $5,897,957)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $5,897,957)** | &nbsp;&nbsp; **6075347** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stock — 0.00%♣** | &nbsp;&nbsp;**Common Stock — 0.00%♣** | &nbsp;&nbsp;**Common Stock — 0.00%♣** |
| &nbsp;&nbsp;Financials — 0.00% | &nbsp;&nbsp;Financials — 0.00% | &nbsp;&nbsp;Financials — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp; 3796 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,760)** | &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,760)** | &nbsp;&nbsp; **3796** |
| &nbsp;&nbsp;**Preferred Stock — 0.15%♣** | &nbsp;&nbsp;**Preferred Stock — 0.15%♣** | &nbsp;&nbsp;**Preferred Stock — 0.15%♣** |
| &nbsp;&nbsp;Financials — 0.15% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp; 705430 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $674,477)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $674,477)** | &nbsp;&nbsp; **705430** |
| &nbsp;&nbsp;**Short-Term Investments — 2.35%** | &nbsp;&nbsp;**Short-Term Investments — 2.35%** | &nbsp;&nbsp;**Short-Term Investments — 2.35%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.35% | &nbsp;&nbsp;Money Market Mutual Funds — 2.35% | &nbsp;&nbsp;Money Market Mutual Funds — 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 2781548 | &nbsp;&nbsp; 2781548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 2781548 | &nbsp;&nbsp; 2781548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 2781548 | &nbsp;&nbsp; 2781548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 2781549 | &nbsp;&nbsp; 2781549 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $11,126,193)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $11,126,193)** | &nbsp;&nbsp; **11126193** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—101.94%<br> (cost $478,510,802)** |  | **$483790415** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

6&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

---

| |
|:---|
| Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| Perpetual security. Maturity date represents next call date. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $89,166,311, which represents 18.79% of the Series' net assets. See Note 10 in "Notes to financial statements." |
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |

---

The following futures contracts were outstanding at June 30, 2025:<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to<br> Buy (Sell) | Contracts to<br> Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| (227) | US Treasury 5 yr Notes | &nbsp;&nbsp;$(24743000) | $(24466353) | 10/5/25 | $— | $(276647) | $(30148) |
| 365 | US Treasury 10 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40925625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40258272 | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114063 |
| (383) | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43763736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43040130) | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172098) |
| (54) | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6235313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6126673) | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54000) |
| 92 | US Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10959500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10630903 | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123625 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(22743981) |  | $995950 | $(1108893) | $(18558) |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 8 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| DAC – Designated Activity Company |
| GE – General Electric |
| GNMA – Government National Mortgage Association |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |

---

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| USD – US Dollar |
| yr – Year |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Global Growth Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.90%Δ** | &nbsp;&nbsp;**Common Stocks — 98.90%Δ** | &nbsp;&nbsp;**Common Stocks — 98.90%Δ** |
| &nbsp;&nbsp;Canada — 0.78% | &nbsp;&nbsp;Canada — 0.78% | &nbsp;&nbsp;Canada — 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | 41357 | $1298610 |
|  |  | &nbsp;&nbsp; 1298610 |
| &nbsp;&nbsp;China — 1.25% | &nbsp;&nbsp;China — 1.25% | &nbsp;&nbsp;China — 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 206500 | &nbsp;&nbsp; 2080706 |
|  |  | &nbsp;&nbsp; 2080706 |
| &nbsp;&nbsp;Finland — 1.41% | &nbsp;&nbsp;Finland — 1.41% | &nbsp;&nbsp;Finland — 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | 60376 | &nbsp;&nbsp; 2340174 |
|  |  | &nbsp;&nbsp; 2340174 |
| &nbsp;&nbsp;France — 2.05% | &nbsp;&nbsp;France — 2.05% | &nbsp;&nbsp;France — 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | 16359 | &nbsp;&nbsp; 3415815 |
|  |  | &nbsp;&nbsp; 3415815 |
| &nbsp;&nbsp;Germany — 6.47% | &nbsp;&nbsp;Germany — 6.47% | &nbsp;&nbsp;Germany — 6.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | 42082 | &nbsp;&nbsp; 1535198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | 57407 | &nbsp;&nbsp; 2886132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | 12205 | &nbsp;&nbsp; 3711391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | 10244 | &nbsp;&nbsp; 2626365 |
|  |  | &nbsp;&nbsp; 10759086 |
| &nbsp;&nbsp;India — 3.54% | &nbsp;&nbsp;India — 3.54% | &nbsp;&nbsp;India — 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 139952 | &nbsp;&nbsp; 3266254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 671770 | &nbsp;&nbsp; 2623318 |
|  |  | &nbsp;&nbsp; 5889572 |
| &nbsp;&nbsp;Italy — 1.60% | &nbsp;&nbsp;Italy — 1.60% | &nbsp;&nbsp;Italy — 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;5429 | &nbsp;&nbsp; 2660997 |
|  |  | &nbsp;&nbsp; 2660997 |
| &nbsp;&nbsp;Japan — 3.63% | &nbsp;&nbsp;Japan — 3.63% | &nbsp;&nbsp;Japan — 3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | 22900 | &nbsp;&nbsp; 2728027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics | 135300 | &nbsp;&nbsp; 1680856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | 49200 | &nbsp;&nbsp; 1630377 |
|  |  | &nbsp;&nbsp; 6039260 |
| &nbsp;&nbsp;Netherlands — 1.34% | &nbsp;&nbsp;Netherlands — 1.34% | &nbsp;&nbsp;Netherlands — 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 101334 | &nbsp;&nbsp; 2223318 |
|  |  | &nbsp;&nbsp; 2223318 |
| &nbsp;&nbsp;Norway — 1.53% | &nbsp;&nbsp;Norway — 1.53% | &nbsp;&nbsp;Norway — 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | 234323 | &nbsp;&nbsp; 2547949 |
|  |  | &nbsp;&nbsp; 2547949 |
| &nbsp;&nbsp;Singapore — 1.84% | &nbsp;&nbsp;Singapore — 1.84% | &nbsp;&nbsp;Singapore — 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | 19173 | &nbsp;&nbsp; 3066530 |
|  |  | &nbsp;&nbsp; 3066530 |
| &nbsp;&nbsp;South Korea — 2.70% | &nbsp;&nbsp;South Korea — 2.70% | &nbsp;&nbsp;South Korea — 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | 31025 | &nbsp;&nbsp; 2549402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;8935 | &nbsp;&nbsp; 1933180 |
|  |  | &nbsp;&nbsp; 4482582 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Spain — 1.74% | &nbsp;&nbsp;Spain — 1.74% | &nbsp;&nbsp;Spain — 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 187539 | $2884000 |
|  |  | &nbsp;&nbsp; 2884000 |
| &nbsp;&nbsp;Sweden — 1.17% | &nbsp;&nbsp;Sweden — 1.17% | &nbsp;&nbsp;Sweden — 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiroc Class A | 89458 | &nbsp;&nbsp; 1942170 |
|  |  | &nbsp;&nbsp; 1942170 |
| &nbsp;&nbsp;Taiwan — 3.41% | &nbsp;&nbsp;Taiwan — 3.41% | &nbsp;&nbsp;Taiwan — 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 156000 | &nbsp;&nbsp; 5660687 |
|  |  | &nbsp;&nbsp; 5660687 |
| &nbsp;&nbsp;United Kingdom — 4.40% | &nbsp;&nbsp;United Kingdom — 4.40% | &nbsp;&nbsp;United Kingdom — 4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca | 12723 | &nbsp;&nbsp; 1767380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | 138363 | &nbsp;&nbsp; 3582916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo | 77989 | &nbsp;&nbsp; 1956903 |
|  |  | &nbsp;&nbsp; 7307199 |
| &nbsp;&nbsp;United States — 60.04% | &nbsp;&nbsp;United States — 60.04% | &nbsp;&nbsp;United States — 60.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | 11812 | &nbsp;&nbsp; 2377874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;6515 | &nbsp;&nbsp; 1148138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 28385 | &nbsp;&nbsp; 6227385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;5861 | &nbsp;&nbsp; 2090970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 21816 | &nbsp;&nbsp; 4475989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | 94801 | &nbsp;&nbsp; 2743541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | 22738 | &nbsp;&nbsp; 2451839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | 120600 | &nbsp;&nbsp; 2316726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;7999 | &nbsp;&nbsp; 2204924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | 39256 | &nbsp;&nbsp; 2873147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp; 2838632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;9460 | &nbsp;&nbsp; 1689461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | 34645 | &nbsp;&nbsp; 2451134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 13188 | &nbsp;&nbsp; 1183491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | 63842 | &nbsp;&nbsp; 2083165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;5787 | &nbsp;&nbsp; 1143164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;3866 | &nbsp;&nbsp; 3013663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;9944 | &nbsp;&nbsp; 2648485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;7799 | &nbsp;&nbsp; 2859425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | 20156 | &nbsp;&nbsp; 3751636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | 23729 | &nbsp;&nbsp; 1973778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 17070 | &nbsp;&nbsp; 3131833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;3816 | &nbsp;&nbsp; 3418144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;6818 | &nbsp;&nbsp; 3831307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;4574 | &nbsp;&nbsp; 3376024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 19831 | &nbsp;&nbsp; 9864138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 20974 | &nbsp;&nbsp; 2954398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp; 3343808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 47282 | &nbsp;&nbsp; 7470083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | 11764 | &nbsp;&nbsp; 3207925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;7379 | &nbsp;&nbsp; 2533653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;2564 | &nbsp;&nbsp; 1039599 |

---

&nbsp;&nbsp;&nbsp;&nbsp;8

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;3472 | $1083160 |
|  |  | &nbsp;&nbsp; 99800639 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $118,240,304)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $118,240,304)** | &nbsp;&nbsp;**164399294** |
| &nbsp;&nbsp;**Short-Term Investments — 0.72%** | &nbsp;&nbsp;**Short-Term Investments — 0.72%** | &nbsp;&nbsp;**Short-Term Investments — 0.72%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.72% | &nbsp;&nbsp;Money Market Mutual Funds — 0.72% | &nbsp;&nbsp;Money Market Mutual Funds — 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 300202 | &nbsp;&nbsp; 300202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 300203 | &nbsp;&nbsp; 300203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 300203 | &nbsp;&nbsp; 300203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 300203 | &nbsp;&nbsp; 300203 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,200,811)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,200,811)** | &nbsp;&nbsp; **1200811** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.62%<br> (cost $119,441,115)** |  | **$165600105** |

---

Δ Securities have been classified by country of risk. <br> † Non-income producing security.

---

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

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Limited-Term Bond Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.18%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.18%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4505 PE 2.50% 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;139046 | $134178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2012-39 PA 2.00% 3/16/42 | &nbsp;&nbsp;&nbsp;&nbsp;154938 | &nbsp;&nbsp; 145158 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $295,098)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $295,098)** | &nbsp;&nbsp; **279336** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 1.65%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 1.65%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 1.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-KF12 B 144A 11.526% (SOFR + 7.21%, Floor 7.10%) 9/25/22 #, • | &nbsp;&nbsp;&nbsp;&nbsp;592529 | &nbsp;&nbsp; 606566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-KF40 B 144A 7.126% (SOFR + 2.81%, Floor 2.70%) 11/25/27 #, • | &nbsp;&nbsp;&nbsp;&nbsp;484433 | &nbsp;&nbsp; 461264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K732 B 144A 4.045% 5/25/51 #, • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88818 | &nbsp;&nbsp; 88516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF61 B 144A 6.626% (SOFR + 2.31%, Floor 2.20%) 4/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;305769 | &nbsp;&nbsp; 291465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF68 B 144A 6.626% (SOFR + 2.31%, Floor 2.20%) 7/25/26 #, • | &nbsp;&nbsp;&nbsp;&nbsp;458375 | &nbsp;&nbsp; 449081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF70 B 144A 6.726% (SOFR + 2.41%, Floor 2.30%) 9/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;269906 | &nbsp;&nbsp; 254409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KF74 B 144A 6.576% (SOFR + 2.26%, Floor 2.15%) 1/25/27 #, • | &nbsp;&nbsp;&nbsp;&nbsp;167034 | &nbsp;&nbsp; 162819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KF75 B 144A 6.676% (SOFR + 2.36%, Floor 2.25%) 12/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;331143 | &nbsp;&nbsp; 306877 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $2,691,068)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $2,691,068)** | &nbsp;&nbsp; **2620997** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 6.95%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 6.95%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 6.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 12/1/52 | 1268683 | &nbsp;&nbsp; 1272351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41181 | &nbsp;&nbsp; 41225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35918 | &nbsp;&nbsp; 35925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;931189 | &nbsp;&nbsp; 933669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;737495 | &nbsp;&nbsp; 750921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/1/54 | 1544830 | &nbsp;&nbsp; 1570722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/54 | 2507545 | &nbsp;&nbsp; 2548770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 20 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;112152 | &nbsp;&nbsp; 112545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;499863 | &nbsp;&nbsp; 509214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;910825 | &nbsp;&nbsp; 872881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;632724 | &nbsp;&nbsp; 621449 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;903875 | $904045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31967 | &nbsp;&nbsp; 31973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr<br> 5.00% 9/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;829796 | &nbsp;&nbsp; 819576 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $10,894,165)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $10,894,165)** | &nbsp;&nbsp; **11025266** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 7.47%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 7.47%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 7.47%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 17 Series 2022-17A AR 144A 5.219% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 298571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO Series 2021-7A A1R 144A 5.252% (TSFR03M + 0.98%, Floor 0.98%) 1/22/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 398521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bethpage Park CLO Series 2021-1A A 144A 5.648% (TSFR03M + 1.39%, Floor 1.13%) 1/15/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 601268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXX Series 2020-30A AR 144A 5.626% (TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, • | 1000000 | &nbsp;&nbsp; 1002400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO Series 2019-2A AR2 144A 5.266% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 149757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO Series 2020-2A AR2 144A 5.286% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 249404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy XXI CLO Series 2015-21A AR 144A 5.551% (TSFR03M + 1.28%) 4/20/31 #, • | &nbsp;&nbsp;&nbsp;&nbsp;279604 | &nbsp;&nbsp; 279619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 41 Series 2022-41A A1 144A 5.586% (TSFR03M + 1.33%, Floor 1.33%) 4/15/35 #, • | 2000000 | &nbsp;&nbsp; 2001822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 42 Series 2021-42A AR 144A 5.211% (TSFR03M + 0.95%, Floor 0.95%) 7/16/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 498451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 51 Series 2021-1A AR 144A 5.259% (TSFR03M + 0.99%, Floor 0.99%) 7/20/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 498496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;10

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XIX Funding Series 2022-1A A1 144A 5.592% (TSFR03M + 1.32%, Floor 1.32%) 4/20/35 #, • | 2000000 | $2005528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXV Series 2019-4A A1R 144A 5.562% (TSFR03M + 1.28%, Floor 1.28%) 4/25/33 #, • | 2000000 | &nbsp;&nbsp; 2002410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRESTLES CLO V Series 2021-5A A1R 144A 5.522% (TSFR03M + 1.25%, Floor 1.25%) 10/20/34 #, • | 1000000 | &nbsp;&nbsp; 1000232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture 42 CLO Series 2021-42A A1A 144A 5.648% (TSFR03M + 1.39%, Floor 1.13%) 4/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp; 415082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16<br> Series 2020-16A A1R2 144A 5.399% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 449873 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $11,839,414)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $11,839,414)** | &nbsp;&nbsp; **11851434** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 32.39%** | &nbsp;&nbsp;**Corporate Bonds — 32.39%** | &nbsp;&nbsp;**Corporate Bonds — 32.39%** |
| &nbsp;&nbsp;Banking — 9.07% | &nbsp;&nbsp;Banking — 9.07% | &nbsp;&nbsp;Banking — 9.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Credito del Peru 144A 3.125% 7/1/30 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.162% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819% 9/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.942% 2/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.802% 10/25/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 3/20/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.438% 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.488% 12/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup 3.07% 2/24/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group 5.253% 3/5/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole 144A 5.222% 5/27/31 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72% 1/18/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bank 4.967% 1/28/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428242 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | $749133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.182% (SOFR + 0.79%) 12/9/26 • | 1300000 | &nbsp;&nbsp; 1302114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 240976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.012% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp; 178262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 205012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 138474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 199078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank 5.85% 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 134247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group 5.721% 6/5/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 207771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank 5.179% 7/8/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 127104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 164060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ | 1595000 | &nbsp;&nbsp; 1601955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 442814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp; 77336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank 5.504% 5/26/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 255383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 96229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.222% 1/29/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 410599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% 1/21/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 238611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 228586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.834% 4/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 112068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.993% 3/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp; 223263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 201378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 199456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% 7/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;844000 | &nbsp;&nbsp; 828913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.046% 2/12/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 183291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.384% 1/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp; 72086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 169897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank 4.73% 5/15/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 251339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. 5.244% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 143656 |
|  |  | &nbsp;&nbsp; 14379313 |
| &nbsp;&nbsp;Basic Industry — 0.55% | &nbsp;&nbsp;Basic Industry — 0.55% | &nbsp;&nbsp;Basic Industry — 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 3.25% 11/15/26 # | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp; 472632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Finance USA 4.50% 3/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 403257 |
|  |  | &nbsp;&nbsp; 875889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;11

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Limited-Term Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Brokerage — 0.45% | &nbsp;&nbsp;Brokerage — 0.45% | &nbsp;&nbsp;Brokerage — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group 5.875% 7/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;695000 | $720944 |
|  |  | &nbsp;&nbsp; 720944 |
| &nbsp;&nbsp;Capital Goods — 4.68% | &nbsp;&nbsp;Capital Goods — 4.68% | &nbsp;&nbsp;Capital Goods — 4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol 2.20% 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp; 687802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 2.196% 2/4/26 | 1525000 | &nbsp;&nbsp; 1501414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings 144A 6.625% 6/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp; 477489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International 1.35% 8/1/25 | 1255000 | &nbsp;&nbsp; 1250858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding 144A 7.875% 4/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp; 422321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services 0.875% 11/15/25 | 1800000 | &nbsp;&nbsp; 1775582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Funding 144A 4.60% 5/28/30 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 202113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management 0.75% 11/15/25 | 1120000 | &nbsp;&nbsp; 1105311 |
|  |  | &nbsp;&nbsp; 7422890 |
| &nbsp;&nbsp;Communications — 3.24% | &nbsp;&nbsp;Communications — 3.24% | &nbsp;&nbsp;Communications — 3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower 5.20% 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 148434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% 3/25/26 | 1350000 | &nbsp;&nbsp; 1323158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 265967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating 6.15% 11/10/26 | 1485000 | &nbsp;&nbsp; 1513843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 5.00% 8/1/27 # | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp; 456384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica 144A 6.00% 11/25/29 # | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp; 336844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank 144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp; 280000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA 3.75% 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp; 806862 |
|  |  | &nbsp;&nbsp; 5131492 |
| &nbsp;&nbsp;Consumer Cyclical — 1.24% | &nbsp;&nbsp;Consumer Cyclical — 1.24% | &nbsp;&nbsp;Consumer Cyclical — 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 11/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp; 774879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.798% 11/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 207273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% 5/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 206759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital Services 144A 5.25% 1/22/28 # | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp; 334610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.375% 8/31/27 # | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 285992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 4/15/26 # | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp; 114698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties 4.95% 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 50314 |
|  |  | &nbsp;&nbsp; 1974525 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 2.30% | &nbsp;&nbsp;Consumer Non-Cyclical — 2.30% | &nbsp;&nbsp;Consumer Non-Cyclical — 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie 4.80% 3/15/29 | 1055000 | &nbsp;&nbsp; 1075945 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | $623160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies 4.80% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 80686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mars 144A 4.80% 3/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 243255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co. 0.90% 2/15/26 | 1025000 | &nbsp;&nbsp; 1001932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma 1.75% 9/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp; 511534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 112753 |
|  |  | &nbsp;&nbsp; 3649265 |
| &nbsp;&nbsp;Electric — 0.63% | &nbsp;&nbsp;Electric — 0.63% | &nbsp;&nbsp;Electric — 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas 5.45% 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 175551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas 3.95% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 349299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance 4.80% 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp; 426834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp 5.10% 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 50999 |
|  |  | &nbsp;&nbsp; 1002683 |
| &nbsp;&nbsp;Energy — 2.00% | &nbsp;&nbsp;Energy — 2.00% | &nbsp;&nbsp;Energy — 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge 4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 101040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer 5.55% 2/15/28 | 1295000 | &nbsp;&nbsp; 1332856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating 4.60% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 166306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 # | &nbsp;&nbsp;&nbsp;&nbsp;602565 | &nbsp;&nbsp; 582257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan 5.10% 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 239897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp; 695585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodside Finance 5.70% 5/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 50931 |
|  |  | &nbsp;&nbsp; 3168872 |
| &nbsp;&nbsp;Finance Companies — 1.51% | &nbsp;&nbsp;Finance Companies — 1.51% | &nbsp;&nbsp;Finance Companies — 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 10/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp; 338310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 789135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 5.20% 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 531647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 332638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 4.95% 1/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 135766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund 5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 115842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income 6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 149235 |
|  |  | &nbsp;&nbsp; 2392573 |
| &nbsp;&nbsp;Insurance — 2.79% | &nbsp;&nbsp;Insurance — 2.79% | &nbsp;&nbsp;Insurance — 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon North America 5.125% 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 172082 |

---

12&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) | &nbsp;&nbsp;Insurance (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. 4.85% 12/15/29 | 1615000 | $1639703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding 144A 5.45% 9/18/26 # | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp; 674917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding 144A 4.96% 1/13/30 # | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 613023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding 144A 1.618% 4/15/26 # | 1350000 | &nbsp;&nbsp; 1321687 |
|  |  | &nbsp;&nbsp; 4421412 |
| &nbsp;&nbsp;Technology — 3.53% | &nbsp;&nbsp;Technology — 3.53% | &nbsp;&nbsp;Technology — 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture Capital 4.05% 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp; 561496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baidu 1.72% 4/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp; 371384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom 5.05% 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp; 686348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 92356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 11/10/25 | 1040000 | &nbsp;&nbsp; 1044270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies 1.00% 9/15/25 | 1400000 | &nbsp;&nbsp; 1389122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Global 144A 1.25% 4/23/26 # | 1500000 | &nbsp;&nbsp; 1461980 |
|  |  | &nbsp;&nbsp; 5606956 |
| &nbsp;&nbsp;Transportation — 0.40% | &nbsp;&nbsp;Transportation — 0.40% | &nbsp;&nbsp;Transportation — 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERAC USA Finance 144A 4.60% 5/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp; 632435 |
|  |  | &nbsp;&nbsp; 632435 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $50,999,458)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $50,999,458)** | &nbsp;&nbsp; **51379249** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.34%** | &nbsp;&nbsp;**Government Agency Obligations — 0.34%** | &nbsp;&nbsp;**Government Agency Obligations — 0.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ma'aden Sukuk 144A 5.25% 2/13/30 # | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp; 341172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications Telekom Srbija AD Belgrade 144A 7.00% 10/28/29 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 200251 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $533,537)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $533,537)** | &nbsp;&nbsp; **541423** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 17.25%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 17.25%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 17.25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Issuance Trust Series 2024-A1I A 4.62% 1/16/29 | 1000000 | &nbsp;&nbsp; 1007324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Equipment Trust Series 2024-A A2 5.19% 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;169604 | &nbsp;&nbsp; 169789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Fleet Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 A2 144A 4.65% 5/21/29 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5591 | &nbsp;&nbsp; 5588 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Fleet Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 A2 144A 6.40% 3/20/30 # | &nbsp;&nbsp;&nbsp;&nbsp;939862 | $953976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Lease Trust Series 2024-A A3 5.06% 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 801620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A B 1.91% 7/15/27 | 1350000 | &nbsp;&nbsp; 1333179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C A3 5.53% 9/15/28 | 2000000 | &nbsp;&nbsp; 2019895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B A3 5.10% 4/15/29 | 1200000 | &nbsp;&nbsp; 1215242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust Series 2024-1 A1 144A 5.29% 4/15/29 # | 1800000 | &nbsp;&nbsp; 1831792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust Series 2024-1 A3 5.09% 3/22/27 | 2000000 | &nbsp;&nbsp; 2006014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 A2 144A 5.454% (SOFR + 1.15%) 6/15/28 #, • | 2250000 | &nbsp;&nbsp; 2260581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A A1 144A 5.13% 3/15/29 # | 1000000 | &nbsp;&nbsp; 1014566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A A3 144A 5.02% 3/15/27 # | 1000000 | &nbsp;&nbsp; 1002733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C A3 144A 4.62% 4/17/28 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 502337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust Series 2024-1A A1 144A 5.203% (SOFR + 0.90%, Floor 0.90%) 3/15/29 #, • | 1300000 | &nbsp;&nbsp; 1303217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 1000000 | &nbsp;&nbsp; 1010726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFS Financing Series 2024-B A 144A 4.95% 2/15/29 # | 1950000 | &nbsp;&nbsp; 1968967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust Series 2025-1 D 5.43% 3/17/31 | 1200000 | &nbsp;&nbsp; 1219151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust 144A 1.884% 1/15/26 # | 1155000 | &nbsp;&nbsp; 1136133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A A3 4.83% 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp; 191132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B A3 5.33% 1/16/29 | 1000000 | &nbsp;&nbsp; 1013339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30 | 1000000 | &nbsp;&nbsp; 1021080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;13

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[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Limited-Term Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | 1000000 | $1008905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust Series 2023-2 A2B 4.932% (SOFR + 0.63%) 3/22/27 • | &nbsp;&nbsp;&nbsp;&nbsp;547252 | &nbsp;&nbsp; 547628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheels Fleet Lease Funding 1<br> Series 2024-3A A1 144A 4.80% 9/19/39 # | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp; 813949 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $27,188,574)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $27,188,574)** | &nbsp;&nbsp; **27358863** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.58%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.58%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust Series 2023-3 A1 144A 7.18% 9/25/68 #, φ | 1205954 | &nbsp;&nbsp; 1223636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Series 2025-R01 1M2 144A 5.806% (SOFR + 1.50%) 1/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 230428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02 1M2 144A 5.906% (SOFR + 1.60%) 2/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp; 681489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03 2M1 144A 5.905% (SOFR + 1.60%) 3/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;360522 | &nbsp;&nbsp; 362325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA1 M2 144A 5.655% (SOFR + 1.35%) 1/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp; 539330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M1 144A 5.505% (SOFR + 1.20%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44744 | &nbsp;&nbsp; 44844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust Series 2023-NQM8 A1 144A 7.045% 9/25/63 #, φ | 1232001 | &nbsp;&nbsp; 1249604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re Series 2024-1 M1A 144A 6.305% (SOFR + 2.00%, Floor 2.00%) 9/25/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95098 | &nbsp;&nbsp; 95192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2023-6 A1 144A 6.665% 9/25/68 #, φ | 1229436 | &nbsp;&nbsp; 1243495 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $5,617,734)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $5,617,734)** | &nbsp;&nbsp; **5670343** |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign Bond — 0.21%** | &nbsp;&nbsp;**Sovereign Bond — 0.21%** | &nbsp;&nbsp;**Sovereign Bond — 0.21%** |
| &nbsp;&nbsp;Poland — 0.21% | &nbsp;&nbsp;Poland — 0.21% | &nbsp;&nbsp;Poland — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government International Bond<br> 4.875% 2/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | $336848 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bond<br> (cost $328,386)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bond<br> (cost $328,386)** | &nbsp;&nbsp; **336848** |
| &nbsp;&nbsp;**US Treasury Obligation — 29.18%** | &nbsp;&nbsp;**US Treasury Obligation — 29.18%** | &nbsp;&nbsp;**US Treasury Obligation — 29.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Note<br> 3.875% 6/15/28 | 46045000 | &nbsp;&nbsp; 46291414 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligation<br> (cost $46,169,414)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligation<br> (cost $46,169,414)** | &nbsp;&nbsp; **46291414** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.20%<br> (cost $156,556,848)** |  | **$157355173** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $44,527,749, which represents 28.07% of the Series' net assets. See Note 10 in "Notes to financial statements." |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| φ | Step coupon bond. Stated rate in effect at June 30, 2025 through maturity date. |

---

14&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

The following futures contracts were outstanding at June 30, 2025:<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to<br> Buy (Sell) | Contracts to<br> Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 188 | US Treasury 2 yr Notes | &nbsp;&nbsp;$39108406 | $38995008 | 9/30/25 | $113398 | $— | $8984 |
| (38) | US Treasury 5 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4142000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4096191) | 10/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5047) |
| (12) | US Treasury 10 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1345500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1321376) | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3750) |
| (13) | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1485453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1452430) | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6297) |
| (13) | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1501094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1446970) | 9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13000) |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $30678041 |  | $113398 | $(157080) | $(19110) |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

<sup>1</sup> See Note 8 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| FREMF – Freddie Mac Multifamily |
| GE – General Electric |
| GNMA – Government National Mortgage Association |
| REMIC – Real Estate Mortgage Investment Conduit |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |
| yr – Year |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;15

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[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Value Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.30%♣** | &nbsp;&nbsp;**Common Stocks — 99.30%♣** | &nbsp;&nbsp;**Common Stocks — 99.30%♣** |
| &nbsp;&nbsp;Communication Services — 9.63% | &nbsp;&nbsp;Communication Services — 9.63% | &nbsp;&nbsp;Communication Services — 9.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 35300 | $6220919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts | 36085 | &nbsp;&nbsp; 5762775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney | 48300 | &nbsp;&nbsp; 5989683 |
|  |  | &nbsp;&nbsp; 17973377 |
| &nbsp;&nbsp;Consumer Discretionary — 9.17% | &nbsp;&nbsp;Consumer Discretionary — 9.17% | &nbsp;&nbsp;Consumer Discretionary — 9.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts | 48845 | &nbsp;&nbsp; 5925387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's | 23791 | &nbsp;&nbsp; 5278509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE Class B | 83018 | &nbsp;&nbsp; 5897599 |
|  |  | &nbsp;&nbsp; 17101495 |
| &nbsp;&nbsp;Consumer Staples — 8.18% | &nbsp;&nbsp;Consumer Staples — 8.18% | &nbsp;&nbsp;Consumer Staples — 8.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands | 219600 | &nbsp;&nbsp; 4495212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey | 33298 | &nbsp;&nbsp; 5525803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue | 250100 | &nbsp;&nbsp; 5234593 |
|  |  | &nbsp;&nbsp; 15255608 |
| &nbsp;&nbsp;Energy — 5.97% | &nbsp;&nbsp;Energy — 5.97% | &nbsp;&nbsp;Energy — 5.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron | 36500 | &nbsp;&nbsp; 5226435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil | 54800 | &nbsp;&nbsp; 5907440 |
|  |  | &nbsp;&nbsp; 11133875 |
| &nbsp;&nbsp;Financials — 18.71% | &nbsp;&nbsp;Financials — 18.71% | &nbsp;&nbsp;Financials — 18.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | 27314 | &nbsp;&nbsp; 5498581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | 130100 | &nbsp;&nbsp; 6156332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab | 68482 | &nbsp;&nbsp; 6248298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services | 69037 | &nbsp;&nbsp; 5620302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers | 22296 | &nbsp;&nbsp; 5965072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial | 125793 | &nbsp;&nbsp; 5407841 |
|  |  | &nbsp;&nbsp; 34896426 |
| &nbsp;&nbsp;Healthcare — 14.11% | &nbsp;&nbsp;Healthcare — 14.11% | &nbsp;&nbsp;Healthcare — 14.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International | 170877 | &nbsp;&nbsp; 5174156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 15959 | &nbsp;&nbsp; 5275726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 36494 | &nbsp;&nbsp; 5574458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. | 67054 | &nbsp;&nbsp; 5307995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 12288 | &nbsp;&nbsp; 4982292 |
|  |  | &nbsp;&nbsp; 26314627 |
| &nbsp;&nbsp;Industrials — 12.35% | &nbsp;&nbsp;Industrials — 12.35% | &nbsp;&nbsp;Industrials — 12.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | 185305 | &nbsp;&nbsp; 6046502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover | 31300 | &nbsp;&nbsp; 5735099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions | 44706 | &nbsp;&nbsp; 5876604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman | 10752 | &nbsp;&nbsp; 5375785 |
|  |  | &nbsp;&nbsp; 23033990 |
| &nbsp;&nbsp;Information Technology — 12.81% | &nbsp;&nbsp;Information Technology — 12.81% | &nbsp;&nbsp;Information Technology — 12.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices | 26072 | &nbsp;&nbsp; 6205657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | 29709 | &nbsp;&nbsp; 5305730 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems | 94661 | $6567580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies † | 11363 | &nbsp;&nbsp; 5821379 |
|  |  | &nbsp;&nbsp; 23900346 |
| &nbsp;&nbsp;Materials — 2.64% | &nbsp;&nbsp;Materials — 2.64% | &nbsp;&nbsp;Materials — 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours | 71836 | &nbsp;&nbsp; 4927231 |
|  |  | &nbsp;&nbsp; 4927231 |
| &nbsp;&nbsp;Real Estate — 2.93% | &nbsp;&nbsp;Real Estate — 2.93% | &nbsp;&nbsp;Real Estate — 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 81159 | &nbsp;&nbsp; 5477421 |
|  |  | &nbsp;&nbsp; 5477421 |
| &nbsp;&nbsp;Utilities — 2.80% | &nbsp;&nbsp;Utilities — 2.80% | &nbsp;&nbsp;Utilities — 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy | 44219 | &nbsp;&nbsp; 5217842 |
|  |  | &nbsp;&nbsp; 5217842 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $184,958,323)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $184,958,323)** | &nbsp;&nbsp;**185232238** |
| &nbsp;&nbsp;**Short-Term Investments — 0.70%** | &nbsp;&nbsp;**Short-Term Investments — 0.70%** | &nbsp;&nbsp;**Short-Term Investments — 0.70%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.70% | &nbsp;&nbsp;Money Market Mutual Funds — 0.70% | &nbsp;&nbsp;Money Market Mutual Funds — 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 325240 | &nbsp;&nbsp; 325240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 325240 | &nbsp;&nbsp; 325240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 325240 | &nbsp;&nbsp; 325240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 325241 | &nbsp;&nbsp; 325241 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,300,961)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,300,961)** | &nbsp;&nbsp; **1300961** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.00%<br> (cost $186,259,284)** |  | **$186533199** |

---

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

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;16

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Variable Insurance Portfolios

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP Core<br> Equity Series | &nbsp;&nbsp;Macquarie<br> VIP Corporate<br> Bond Series | &nbsp;&nbsp;Macquarie<br> VIP Global<br> Growth Series | &nbsp;&nbsp;Macquarie<br> VIP Limited-Term<br> Bond Series | &nbsp;&nbsp;Macquarie<br> VIP Value<br> Series |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$691363807 | &nbsp;&nbsp;$483790415 | &nbsp;&nbsp;$165600105 | &nbsp;&nbsp;$157355173 | &nbsp;&nbsp;$186533199 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Cash collateral due from broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285841 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6613463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691629105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496708188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166857862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159555483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186821050 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68876 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96731 |
| &nbsp;&nbsp;&nbsp;Distribution fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37785 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28417 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26279 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14536 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17735 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21348751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin due to broker on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued capital gains taxes on appreciated securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22114568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290359 |
| **Total Net Assets** | &nbsp;&nbsp;$690427415 | &nbsp;&nbsp;$474593620 | &nbsp;&nbsp;$166230466 | &nbsp;&nbsp;$158623500 | &nbsp;&nbsp;$186530691 |
| **Net Assets Consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$458209210 | &nbsp;&nbsp;$553896374 | &nbsp;&nbsp;$116695276 | &nbsp;&nbsp;$170964697 | &nbsp;&nbsp;$187435913 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232218205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79302754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49535190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12341197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(905222) |
| **Total Net Assets** | &nbsp;&nbsp;$690427415 | &nbsp;&nbsp;$474593620 | &nbsp;&nbsp;$166230466 | &nbsp;&nbsp;$158623500 | &nbsp;&nbsp;$186530691 |
| **Net Asset Value** |  |  |  |  |  |
| **Service Class:** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp;$690427415 | &nbsp;&nbsp;$474593620 | &nbsp;&nbsp;$166230466 | &nbsp;&nbsp;$158623500 | &nbsp;&nbsp;$186530691 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52639255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104095699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45485419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34375834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45284129 |
| Net asset value per share | &nbsp;&nbsp;$13.12 | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$3.65 | &nbsp;&nbsp;$4.61 | &nbsp;&nbsp;$4.12 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$501107556 | &nbsp;&nbsp;$478510802 | &nbsp;&nbsp;$119441115 | &nbsp;&nbsp;$156556848 | &nbsp;&nbsp;$186259284 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

## Statements of operations
Ivy Variable Insurance Portfolios

Six months ended June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie<br> VIP Core<br> Equity Series | &nbsp;&nbsp;Macquarie<br> VIP Corporate<br> Bond Series | &nbsp;&nbsp;Macquarie<br> VIP Global<br> Growth Series | &nbsp;&nbsp;Macquarie<br> VIP Limited-Term<br> Bond Series | &nbsp;&nbsp;Macquarie<br> VIP Value<br> Series |
| **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$4292042 | &nbsp;&nbsp;$185874 | &nbsp;&nbsp;$1267684 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2006508 |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12750806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3595124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4211392 | &nbsp;&nbsp;&nbsp;12936680 | &nbsp;&nbsp;&nbsp;&nbsp;1161165 | &nbsp;&nbsp;&nbsp;3595124 | &nbsp;&nbsp;&nbsp;&nbsp;2006508 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;2292780 | &nbsp;&nbsp;&nbsp;&nbsp;1127515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666501 | &nbsp;&nbsp;&nbsp;&nbsp;402043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651242 |
| &nbsp;&nbsp;&nbsp;Distribution expenses — Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196030 | &nbsp;&nbsp;&nbsp;&nbsp;201022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232587 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40438 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9237 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10434 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16706 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3283859 | &nbsp;&nbsp;&nbsp;&nbsp;1880383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965801 | &nbsp;&nbsp;&nbsp;&nbsp;695353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979252 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54969) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;3111631 | &nbsp;&nbsp;&nbsp;&nbsp;1851498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818431 | &nbsp;&nbsp;&nbsp;&nbsp;635266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924281 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;1099761 | &nbsp;&nbsp;&nbsp;11085182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342734 | &nbsp;&nbsp;&nbsp;2959858 | &nbsp;&nbsp;&nbsp;&nbsp;1082227 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;40931030 | &nbsp;&nbsp;&nbsp;&nbsp;(6622019) | &nbsp;&nbsp;&nbsp;&nbsp;8224267 | &nbsp;&nbsp;&nbsp;&nbsp;495633 | &nbsp;&nbsp;&nbsp;(2088623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(315226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;40931030 | &nbsp;&nbsp;&nbsp;&nbsp;(7086849) | &nbsp;&nbsp;&nbsp;&nbsp;8254279 | &nbsp;&nbsp;&nbsp;&nbsp;210568 | &nbsp;&nbsp;&nbsp;(2088623) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;12723652 | &nbsp;&nbsp;&nbsp;12123473 | &nbsp;&nbsp;&nbsp;&nbsp;9943756 | &nbsp;&nbsp;&nbsp;1117112 | &nbsp;&nbsp;&nbsp;&nbsp;4094383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;12723652 | &nbsp;&nbsp;&nbsp;12010530 | &nbsp;&nbsp;&nbsp;10005770 | &nbsp;&nbsp;&nbsp;1076548 | &nbsp;&nbsp;&nbsp;&nbsp;4094383 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;53654682 | &nbsp;&nbsp;&nbsp;&nbsp;4923681 | &nbsp;&nbsp;&nbsp;18260049 | &nbsp;&nbsp;&nbsp;1287116 | &nbsp;&nbsp;&nbsp;&nbsp;2005760 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$54754443 | &nbsp;&nbsp;$16008863 | &nbsp;&nbsp;$18602783 | &nbsp;&nbsp;$4246974 | &nbsp;&nbsp;$3087987 |

---

<sup>1</sup> Includes $(20846) capital gains taxes paid for Macquarie VIP Global Growth Series.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Includes net change of $(25907) on capital gains taxes accrued for Macquarie VIP Global Growth Series.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;18

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## Statements of changes in net assets
Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Core Equity Series | &nbsp;&nbsp;Macquarie VIP<br> Core Equity Series | &nbsp;&nbsp;Macquarie VIP<br> Corporate Bond Series | &nbsp;&nbsp;Macquarie VIP<br> Corporate Bond Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$1099761 | &nbsp;&nbsp;$1090114 | &nbsp;&nbsp;$11085182 | &nbsp;&nbsp;$24651904 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;40931030 | &nbsp;&nbsp;&nbsp;&nbsp;101269482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7088169)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(13821879) |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;12723652 | &nbsp;&nbsp;&nbsp;&nbsp;42794838 | &nbsp;&nbsp;&nbsp;&nbsp;12010530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782052 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;54754443 | &nbsp;&nbsp;&nbsp;&nbsp;145154434 | &nbsp;&nbsp;&nbsp;&nbsp;16008863 | &nbsp;&nbsp;&nbsp;&nbsp;13612077 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;(102052654) | &nbsp;&nbsp;&nbsp;&nbsp;(65923487) | &nbsp;&nbsp;&nbsp;&nbsp;(24641696) | &nbsp;&nbsp;&nbsp;&nbsp;(16459101) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32996795 | &nbsp;&nbsp;&nbsp;&nbsp;109301601 | &nbsp;&nbsp;&nbsp;&nbsp;29109794 | &nbsp;&nbsp;&nbsp;&nbsp;49614483 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102052654 | &nbsp;&nbsp;&nbsp;&nbsp;65923487 | &nbsp;&nbsp;&nbsp;&nbsp;24641696 | &nbsp;&nbsp;&nbsp;&nbsp;16459101 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;135049449 | &nbsp;&nbsp;&nbsp;&nbsp;175225088 | &nbsp;&nbsp;&nbsp;&nbsp;53751490 | &nbsp;&nbsp;&nbsp;&nbsp;66073584 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(78288587) | &nbsp;&nbsp;&nbsp;(164140370) | &nbsp;&nbsp;&nbsp;&nbsp;(64689796) | &nbsp;&nbsp;&nbsp;(139129563) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;56760862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11084718 | &nbsp;&nbsp;&nbsp;&nbsp;(10938306) | &nbsp;&nbsp;&nbsp;&nbsp;(73055979) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9462651 | &nbsp;&nbsp;&nbsp;&nbsp;90315665 | &nbsp;&nbsp;&nbsp;&nbsp;(19571139) | &nbsp;&nbsp;&nbsp;&nbsp;(75903003) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;680964764 | &nbsp;&nbsp;&nbsp;&nbsp;590649099 | &nbsp;&nbsp;&nbsp;494164759 | &nbsp;&nbsp;&nbsp;&nbsp;570067762 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$690427415 | &nbsp;&nbsp;$680964764 | &nbsp;&nbsp;$474593620 | &nbsp;&nbsp;$494164759 |

---

<sup>1</sup> Excludes net increase from payment by affiliates. <br> <sup>2</sup> See Note 2 in "Notes to financial statements." <br> <sup>3</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;19

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Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Global Growth Series | &nbsp;&nbsp;Macquarie VIP<br> Global Growth Series | &nbsp;&nbsp;Macquarie VIP<br> Limited-Term Bond Series | &nbsp;&nbsp;Macquarie VIP<br> Limited-Term Bond Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$342734 | &nbsp;&nbsp;$611185 | &nbsp;&nbsp;$2959858 | &nbsp;&nbsp;$6809494 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254279 | &nbsp;&nbsp;&nbsp;&nbsp;17815644<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333211 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;10005770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436733 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;18602783 | &nbsp;&nbsp;&nbsp;&nbsp;23148824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7579438 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(17241544) | &nbsp;&nbsp;&nbsp;&nbsp;(2811244) | &nbsp;&nbsp;&nbsp;&nbsp;(6810055) | &nbsp;&nbsp;&nbsp;&nbsp;(8544634) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578414 | &nbsp;&nbsp;&nbsp;&nbsp;16786761 | &nbsp;&nbsp;&nbsp;&nbsp;11593827 | &nbsp;&nbsp;&nbsp;&nbsp;19042521 |
| &nbsp;&nbsp;&nbsp;Net assets from reorganization:<sup>4</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27761653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17241544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544634 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;18819958 | &nbsp;&nbsp;&nbsp;&nbsp;47359658 | &nbsp;&nbsp;&nbsp;&nbsp;18403882 | &nbsp;&nbsp;&nbsp;&nbsp;27587155 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12714811) | &nbsp;&nbsp;&nbsp;&nbsp;(31412165) | &nbsp;&nbsp;&nbsp;&nbsp;(25940716) | &nbsp;&nbsp;&nbsp;&nbsp;(48368368) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6105147 | &nbsp;&nbsp;&nbsp;&nbsp;15947493 | &nbsp;&nbsp;&nbsp;&nbsp;(7536834) | &nbsp;&nbsp;&nbsp;&nbsp;(20781213) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7466386 | &nbsp;&nbsp;&nbsp;&nbsp;36285073 | &nbsp;&nbsp;&nbsp;&nbsp;(10099915) | &nbsp;&nbsp;&nbsp;&nbsp;(21746409) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;158764080 | &nbsp;&nbsp;&nbsp;122479007 | &nbsp;&nbsp;&nbsp;168723415 | &nbsp;&nbsp;&nbsp;190469824 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$166230466 | &nbsp;&nbsp;$158764080 | &nbsp;&nbsp;$158623500 | &nbsp;&nbsp;$168723415 |

---

<sup>1</sup> Excludes net increase from payment by affiliates.

<sup>2</sup> See Note 2 in "Notes to financial statements."

<sup>3</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

<sup>4</sup> See Note 5 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;20

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---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Value Series | &nbsp;&nbsp;Macquarie VIP Value Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$1082227 | &nbsp;&nbsp;$4239510 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(2088623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20174367<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338809) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087987 | &nbsp;&nbsp;&nbsp;&nbsp;23076768 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(24553447) | &nbsp;&nbsp;&nbsp;&nbsp;(41180267) |
| **Capital Share Transactions (See Note 4):** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337530 | &nbsp;&nbsp;&nbsp;&nbsp;12139425 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24553447 | &nbsp;&nbsp;&nbsp;&nbsp;41180267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;28890977 | &nbsp;&nbsp;&nbsp;&nbsp;53319692 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(18551769) | &nbsp;&nbsp;&nbsp;(171954038) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;10339208 | &nbsp;&nbsp;&nbsp;(118634346) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(11126252) | &nbsp;&nbsp;&nbsp;(136737845) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;197656943 | &nbsp;&nbsp;&nbsp;&nbsp;334394788 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$186530691 | &nbsp;&nbsp;$197656943 |

---

<sup>1</sup> Excludes net increase from payment by affiliates. <br> <sup>2</sup> See Note 2 in "Notes to financial statements." <br> <sup>3</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;21

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## Financial highlights
Macquarie VIP Core Equity Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$14.35 | &nbsp;&nbsp;$12.78 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$17.69 | &nbsp;&nbsp;$14.36 | &nbsp;&nbsp;$12.63 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) |
| **Net asset value, end of period** | &nbsp;&nbsp;$13.12 | &nbsp;&nbsp;$14.35 | &nbsp;&nbsp;$12.78 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$17.69 | &nbsp;&nbsp;$14.36 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.21% | &nbsp;&nbsp;&nbsp;&nbsp;25.69% | &nbsp;&nbsp;&nbsp;&nbsp;23.51% | &nbsp;&nbsp;&nbsp;&nbsp;(17.33%) | &nbsp;&nbsp;&nbsp;28.94% | &nbsp;&nbsp;&nbsp;21.52% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$690427 | &nbsp;&nbsp;$680965 | &nbsp;&nbsp;$590649 | &nbsp;&nbsp;$597276 | &nbsp;&nbsp;$735<sup>4</sup> | &nbsp;&nbsp;$737<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;22

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Macquarie VIP Corporate Bond Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$4.49 | &nbsp;&nbsp;$5.63 | &nbsp;&nbsp;$6.05 | &nbsp;&nbsp;$5.60 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$4.49 | &nbsp;&nbsp;$5.63 | &nbsp;&nbsp;$6.05 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.53%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;(15.86%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.85%) | &nbsp;&nbsp;&nbsp;10.97% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$474594 | &nbsp;&nbsp;$494165 | &nbsp;&nbsp;$570068 | &nbsp;&nbsp;$491308 | &nbsp;&nbsp;$668<sup>6</sup> | &nbsp;&nbsp;$685<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.67% | &nbsp;&nbsp;&nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;4.66% | &nbsp;&nbsp;&nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;23

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[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Global Growth Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$3.65 | &nbsp;&nbsp;$3.17 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;$4.81 | &nbsp;&nbsp;$4.29 | &nbsp;&nbsp;$3.58 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| **Net asset value, end of period** | &nbsp;&nbsp;$3.65 | &nbsp;&nbsp;$3.65 | &nbsp;&nbsp;$3.17 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;$4.81 | &nbsp;&nbsp;$4.29 |
| **Total return<sup>7</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.09% | &nbsp;&nbsp;&nbsp;&nbsp;17.08%<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19.90%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(17.49%) | &nbsp;&nbsp;&nbsp;17.86% | &nbsp;&nbsp;&nbsp;20.58% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$166230 | &nbsp;&nbsp;$158764 | &nbsp;&nbsp;$122479 | &nbsp;&nbsp;$117268 | &nbsp;&nbsp;$160<sup>8</sup> | &nbsp;&nbsp;$156<sup>8</sup> |
| Ratio of expenses to average net assets<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.09%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Ratio of expenses to average net assets prior to fees waived<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| Ratio of net investment income (loss) to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;(0.04%) |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Amount includes the refunded European tax reclaims. These reclaims impacted the net investment income per share by $0.02 and total return by 0.60%. See Note 1 in "Notes to financial statements."

<sup>4</sup> Amount includes non-recurring payment for litigation proceeds, which represents a class action settlement received by the Series. The litigation proceeds impact the realized and unrealized gain (loss) per share by less than $0.005 and total return by less than 0.005%.

<sup>5</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>6</sup> Amount is less than $(0.005) per share.

<sup>7</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>8</sup> Net assets reported in millions.

<sup>9</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>10</sup> Includes non-recurring expenses of 0.03% for the year ended December 31, 2024.

See accompanying notes, which are an integral part of the financial statements.

24&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Limited-Term Bond Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.70 | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.58 | &nbsp;&nbsp;$4.89 | &nbsp;&nbsp;$5.01 | &nbsp;&nbsp;$4.95 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.61 | &nbsp;&nbsp;$4.70 | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.58 | &nbsp;&nbsp;$4.89 | &nbsp;&nbsp;$5.01 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.47%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.33%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;&nbsp;(4.20%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49%) | &nbsp;&nbsp;&nbsp;4.14% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$158624 | &nbsp;&nbsp;$168723 | &nbsp;&nbsp;$190470 | &nbsp;&nbsp;$312800 | &nbsp;&nbsp;$391<sup>5</sup> | &nbsp;&nbsp;$430<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.81% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.81% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;3.71% | &nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;1.60% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.61% | &nbsp;&nbsp;&nbsp;&nbsp;3.67% | &nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;1.60% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;74% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;25

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[**Table of Contents**](#JOB_Ivy_D_2926415a-dcfd-44fb-94c3-39732746f4cd_TOC_AltSty1)

Macquarie VIP Value Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$5.04 | &nbsp;&nbsp;$5.56 | &nbsp;&nbsp;$8.24 | &nbsp;&nbsp;$6.40 | &nbsp;&nbsp;$6.72 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Payment by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.12 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$5.04 | &nbsp;&nbsp;$5.56 | &nbsp;&nbsp;$8.24 | &nbsp;&nbsp;$6.40 |
| **Total return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.76%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.47%<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.27% | &nbsp;&nbsp;&nbsp;&nbsp;(4.90%) | &nbsp;&nbsp;&nbsp;31.18% | &nbsp;&nbsp;&nbsp;1.98% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$186531 | &nbsp;&nbsp;$197657 | &nbsp;&nbsp;$334395 | &nbsp;&nbsp;$354290 | &nbsp;&nbsp;$370<sup>6</sup> | &nbsp;&nbsp;$465<sup>6</sup> |
| Ratio of expenses to average net assets<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;1.01% |
| Ratio of expenses to average net assets prior to fees waived<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;1.01% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;1.57% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;1.57% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements."

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>5</sup> Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect.

<sup>6</sup> Net assets reported in millions.

<sup>7</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

<sup>8</sup> The Series' portfolio turnover rate increased substantially during the year ended December 31, 2023 due to the repositioning of the Series.

See accompanying notes, which are an integral part of the financial statements.

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## Notes to financial statements
Ivy Variable Insurance Portfolios

June 30, 2025 (Unaudited)

Ivy Variable Insurance Portfolios (Trust) is organized as a Delaware statutory trust and offers 24 series. These financial statements and the related notes pertain to 5 series: Macquarie VIP Core Equity Series, Macquarie VIP Corporate Bond Series, Macquarie VIP Global Growth Series, Macquarie VIP Limited-Term Bond Series, and Macquarie VIP Value Series (each, a Series and collectively, the Series). The Trust is an open-end investment company. Each of the Series are diversified as defined in the Investment Company Act of 1940, as amended (1940 Act). Each Series offers Service Class (formerly, Class II) shares. The Service Class shares carry a distribution and service (12b-1) fee. The shares of the Series are sold only to variable life insurance separate accounts and variable annuity separate accounts.

1. Significant Accounting Policies

Each Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and the ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies, other than ETFs, are valued at their published net asset value (NAV). Fixed income securities and credit default swap (CDS) contracts are generally priced based upon valuations provided by an independent pricing service or broker/counterparty in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (Policy). Fixed income security and CDS contracts valuations are then reviewed by DMC as part of its duties as each Series' valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and certain US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-US) equity securities, the Series may determine the fair value of investments based on information provided by pricing vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.**

**Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and**

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

make the requisite distributions to shareholders. Each Series evaluates tax positions taken or expected to be taken in the course of preparing each Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Series' tax positions taken or expected to be taken on each Series' federal income tax returns through the six months ended June 30, 2025, and for all open tax years (years ended December 31, 2021–December 31, 2024), and has concluded that no provision for federal income tax is required in each Series' financial statements. In regard to foreign taxes only, each Series has open tax years in certain foreign countries in which it invests that may date back to the inception of each Series. If applicable, each Series recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the six months ended June 30, 2025, the Series did not incur any interest or tax penalties.

**To Be Announced Trades (TBA) — Each Series may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Series' ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by each Series to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by each Series on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.**

**Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. Each Series generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of realized gains (losses), attributable to changes in foreign exchange rates, is included on the "Statements of operations" under "Net realized gain (loss) on foreign currencies." For foreign equity securities, the realized gains and losses are included on the "Statements of operations" under "Net realized gain (loss) on investments." Each Series reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.**

**Derivative Financial Instruments — Each Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, forward foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, each Series intends to either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.**

**Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, each Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of each Series under derivative contracts, if any, will be reported separately on the "Statements of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedules of investments."**

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to a Series are charged directly to that Series. Other expenses common to various funds within the Macquarie Funds are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting**

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purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which each Series invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, which are estimated, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that each Series is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with each Series' understanding of the applicable country's tax rules and rates. Certain Series file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Series may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The "Statements of operations" include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Each Series may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Series will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. Each Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. Each Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, each Series' investment adviser, acts as each Series' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Series has a single operating segment since each Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Series' portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Series' financial statements. Adoption of the new standard impacted each Series' financial statements note disclosures only, and did not affect any Series' financial position or the results of its operations.

Each Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the six months ended June 30, 2025, certain Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Custody Credits |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;$2782 |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;1934 |

---

For the six months ended June 30, 2025, Macquarie VIP Core Equity Series and Macquarie VIP Value Series had no earnings credits under this arrangement.

Each Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the six months ended June 30, 2025, each Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Macquarie VIP Core Equity Series | &nbsp;&nbsp;&nbsp;$3 |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;&nbsp;$2 |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Macquarie VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Series pays DMC, a series of Macquarie Investment Management Business Trust (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Series' average daily net assets as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Macquarie VIP Core Equity Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.475% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.400% of net assets over $1.5 billion. |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% of net assets over $3 billion. |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% of net assets over $1 billion and up to $1.5 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% of net assets over $1.5 billion. |
| Macquarie VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% of net assets up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% of net assets over $1 billion and up to $2 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% of net assets over $2 billion and up to $3 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% of net assets over $3 billion. |

---

DMC has entered into sub-advisory agreements with the following entities on behalf of the Series:

Each of Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), Macquarie Investment Management Europe Limited (MIMEL), and Macquarie Investment Management Group Limited (MIMGL) are a part of Macquarie Asset Management (MAM) and an affiliate of DMC (the Affiliated Sub-Advisors). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited.

With respect to Macquarie VIP Core Equity Series, Macquarie VIP Global Growth Series, and Macquarie VIP Value Series, DMC has principal responsibility for the Series and may seek quantitative support from MIMGL and may utilize MIMGL to execute Series security trades on behalf of DMC. With respect to Macquarie VIP Corporate Bond Series and Macquarie VIP Limited-Term Bond Series, DMC has principal responsibility for the Series and may seek investment advice and recommendations from MIMGL and may permit MIMGL to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMGL's specialized market knowledge.

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With respect to Macquarie VIP Corporate Bond Series and Macquarie VIP Limited-Term Bond Series, DMC has principal responsibility for the Series and may seek investment advice and recommendations from MIMEL and may permit MIMEL to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMEL's specialized market knowledge.

In addition, with respect to Macquarie VIP Corporate Bond Series and Macquarie VIP Limited-Term Bond Series, DMC has principal responsibility for the Series and may seek investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK's specialized market knowledge.

Pursuant to the terms of the relevant sub-advisory agreement, an investment sub-advisory fee is paid by DMC to each Affiliated Sub-Advisor.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual series operating expenses from exceeding the following percentages of each Series' average daily net assets from January 1, 2025 (except as noted) through April 30, 2026. These waivers and reimbursements may only be terminated by agreement of DMC and each Series. The waivers and reimbursements are accrued daily and received monthly.

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as<br> a percentage of average<br> daily net assets |
| Macquarie VIP Core Equity Series | &nbsp;&nbsp;&nbsp;0.70% |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;0.53% |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;&nbsp;0.79% |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;0.54% |
| Macquarie VIP Value Series | &nbsp;&nbsp;&nbsp;0.73%\* |

---

\* Effective May 1, 2025. Prior to May 1, 2025, the expense limitation was 0.75%.

After consideration of class specific expenses, including 12b-1 fees, the class level operating expense limitation as percentage of average daily net assets from January 1, 2025 (except as noted) through April 30, 2026, unless terminated by agreement of DMC and the Series, is as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage<br> of average<br> daily net assets<br> Service Class shares |
| Macquarie VIP Core Equity Series | &nbsp;&nbsp;&nbsp;0.95% |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;0.78% |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;&nbsp;1.04% |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;0.79% |
| Macquarie VIP Value Series | &nbsp;&nbsp;&nbsp;0.98%\* |

---

\* Effective May 1, 2025. Prior to May 1, 2025, the expense limitation was 1.00%.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

amounts are included on the "Statements of operations" under "Accounting and administration expenses." For the six months ended June 30, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Core Equity Series | $16862 |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;12765 |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;&nbsp;5545 |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;5636 |
| Macquarie VIP Value Series | &nbsp;&nbsp;&nbsp;6210 |

---

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the six months ended June 30, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Core Equity Series | $24566 |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;17803 |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;&nbsp;5881 |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;6031 |
| Macquarie VIP Value Series | &nbsp;&nbsp;&nbsp;6978 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to each Series. Sub-transfer agency fees are paid by each Series and are also included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Series pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Service Class shares. The fees are calculated daily and paid monthly.

As provided in the investment management agreement, each Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Series. These amounts are included on the "Statements of operations" under "Legal fees." For the six months ended June 30, 2025, each Series paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Core Equity Series | $9458 |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;6918 |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;2261 |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;2344 |
| Macquarie VIP Value Series | &nbsp;&nbsp;2723 |

---

Trustees' fees include expenses accrued by each Series for each Trustee's retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

In addition to the management fees and other expenses of a Series, a Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

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During the year ended December 31, 2024, DMC reimbursed Macquarie VIP Global Growth Series and Macquarie VIP Value Series $1,176 and $1,700, respectively, for commissions related to a trade error. These amounts are included in "Net increase from payment by affiliates" in the "Statements of changes in net assets." Payment by affiliates had no impact on total return.

During the six months ended June 30, 2025, DMC reimbursed Macquarie VIP Corporate Bond Series $1,320 in connection with a trade error. This amount is included in "Net increase from payment by affiliates" in the "Statements of operations." Payment by affiliates had no impact on total return.

3. Investments

For the six months ended June 30, 2025, each Series made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Purchases<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Purchases of<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales<br> other than<br> US government<br> securities | &nbsp;&nbsp;&nbsp;Sales of<br> US government<br> securities |
| Macquarie VIP Core Equity Series | &nbsp;&nbsp;&nbsp;$125102999 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$164724537 | &nbsp;&nbsp;&nbsp;$— |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;420475539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;441057713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27303428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38239599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18061995 | &nbsp;&nbsp;&nbsp;&nbsp;174568801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24530797 | &nbsp;&nbsp;&nbsp;&nbsp;178211859 |
| Macquarie VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36012826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48349421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Series were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Cost of<br> investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments<br> and derivatives | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments<br> and derivatives |
| Macquarie VIP Core Equity Series | &nbsp;&nbsp;&nbsp;$501107556 | &nbsp;&nbsp;&nbsp;$198966119 | &nbsp;&nbsp;&nbsp;$(8709868) | &nbsp;&nbsp;&nbsp;$190256251 |
| Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;478510802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4408770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166670 |
| Macquarie VIP Global Growth Series | &nbsp;&nbsp;&nbsp;&nbsp;119441115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49746299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3587309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46158990 |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;156556848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(555605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754643 |
| Macquarie VIP Value Series | &nbsp;&nbsp;&nbsp;&nbsp;186259284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036703 | &nbsp;&nbsp;&nbsp;&nbsp;(15762788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273915 |

---

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At December 31, 2024, certain Series had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Loss carryforward character | Loss carryforward character |  |
|  | Short-term | Long-term | Total |
| Macquarie VIP Corporate Bond Series | $13298530 | $75133741 | $88432271 |
| Macquarie VIP Global Growth Series\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5057562 | &nbsp;&nbsp;&nbsp;&nbsp;5057562 |
| Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;6593580 | &nbsp;&nbsp;&nbsp;&nbsp;9665001 | &nbsp;&nbsp;&nbsp;16258581 |

---

\* A portion of the Series' capital loss carryforward is subject to limitations under the Internal Revenue Code and related regulations.

US GAAP defines fair value as the price that each Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the

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Ivy Variable Insurance Portfolios

3. Investments (continued)

asset or liability based on the best information available under the circumstances. Each Series' investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 - Significant unobservable inputs, including each Series' own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Series' investments by fair value hierarchy levels as of June 30, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$676236091 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15127716 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$691363807 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |  |
| Assets: |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465879649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465879649 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075347 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705430 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11126193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11126193 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$11126193 | &nbsp;&nbsp;&nbsp;&nbsp;$472660426 | &nbsp;&nbsp;&nbsp;&nbsp;$3796 | &nbsp;&nbsp;&nbsp;&nbsp;$483790415 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Derivatives<sup>2</sup> |  |  |  |  |
| Assets: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$995950 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$995950 |
| Liabilities: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(1108893) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1108893) |

---

<br> <sup>1</sup>The security that has been valued at zero on the "Schedules of investments" is considered to be Level 3 investment in this table. <br> <sup>2</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Global Growth Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$164399294 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200811 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$165600105 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series |
| | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$279336 | &nbsp;&nbsp;&nbsp;&nbsp;$279336 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620997 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11025266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11025266 |
| Collateralized Loan Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11851434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11851434 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51379249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51379249 |
| Government Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541423 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27358863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27358863 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670343 |
| Sovereign Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336848 |
| US Treasury Obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46291414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46291414 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$157355173 | &nbsp;&nbsp;&nbsp;&nbsp;$157355173 |
| Derivatives<sup>1</sup> |  |  |  |
| Assets: |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$113398 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$113398 |
| Liabilities: |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(157080) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(157080) |

---

<br> <sup>1</sup>Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;$185232238 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300961 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$186533199 |

---

During the six months ended June 30, 2025, there were no transfers into or out of Level 3 investments. Each Series' policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Series' net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to Macquarie VIP Corporate Bond Series net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to Macquarie VIP Corporate Bond Series net assets at the end of the period. As of June 30, 2025, Macquarie VIP Core Equity Series, Macquarie VIP Global Growth Series, Macquarie VIP Limited-Term Bond Series, and Macquarie VIP Value Series had no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie VIP<br> Core Equity Series | Macquarie VIP<br> Core Equity Series | Macquarie VIP<br> Corporate Bond Series | Macquarie VIP<br> Corporate Bond Series | Macquarie VIP<br> Global Growth Series | Macquarie VIP<br> Global Growth Series |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;2482519 | &nbsp;&nbsp;&nbsp;7978175 | &nbsp;&nbsp;&nbsp;6246407 | &nbsp;&nbsp;10695166 | &nbsp;&nbsp;&nbsp;&nbsp;430523 | &nbsp;&nbsp;&nbsp;4865958 |
| Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> | Shares from reorganization:<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8070248 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;8317250 | &nbsp;&nbsp;&nbsp;5043878 | &nbsp;&nbsp;&nbsp;5562459 | &nbsp;&nbsp;&nbsp;3649468 | &nbsp;&nbsp;4968745 | &nbsp;&nbsp;&nbsp;&nbsp;796386 |
|  | 10799769 | &nbsp;&nbsp;13022053 | &nbsp;&nbsp;11808866 | &nbsp;&nbsp;14344634 | &nbsp;&nbsp;5399268 | 13732592 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;(5608456) | (11800661) | (13902718) | (29939475) | (3449804) | &nbsp;&nbsp;(8868452) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;5191313 | &nbsp;&nbsp;&nbsp;1221392 | &nbsp;&nbsp;&nbsp;(2093852) | (15594841) | &nbsp;&nbsp;1949464 | &nbsp;&nbsp;&nbsp;4864140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Macquarie VIP<br> Limited-Term Bond Series | Macquarie VIP<br> Limited-Term Bond Series | Macquarie VIP Value Series | Macquarie VIP Value Series |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;2450846 | &nbsp;&nbsp;&nbsp;4061467 | &nbsp;&nbsp;&nbsp;&nbsp;987905 | &nbsp;&nbsp;&nbsp;2592254 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;1490165 | &nbsp;&nbsp;&nbsp;1877942 | &nbsp;&nbsp;6169208 | &nbsp;&nbsp;&nbsp;8971736 |
|  | &nbsp;&nbsp;3941011 | &nbsp;&nbsp;&nbsp;5939409 | &nbsp;&nbsp;7157113 | &nbsp;&nbsp;11563990 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | (5493183) | (10346624) | (4096659) | (35749708) |
| Net increase (decrease) | (1552172) | &nbsp;&nbsp;&nbsp;(4407215) | &nbsp;&nbsp;3060454 | (24185718) |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares. <br> <sup>2</sup> See Note 5.

5. Reorganization

On January 16, 2024, the Board approved a proposal to reorganize Delaware VIP Global Equity (the "Acquired Series"), a series of Delaware VIP Trust, with and into Macquarie VIP Global Growth Series (the "Acquiring Series"), a series of the Trust (the "Reorganization"). Pursuant to an Agreement and Plan of Reorganization (the "Plan"): (i) all of the property and assets of the Acquired Series were acquired by the Acquiring Series and (ii) the Trust, on behalf of Acquiring Series, assumed the liabilities of the Acquired Series in exchange for shares of the Acquiring Series. In accordance with the Plan, the Acquired Series liquidated and dissolved following the Reorganization. In approving the Reorganization, the Board considered various factors, including that the Acquiring Series and the Acquired Series share similar investment objectives, similar principal investment strategies and principal risks, and similar fundamental investment restrictions and that the Acquiring Series' overall total expense ratio is expected to be equal to or lower than the corresponding Acquired Series' total expense ratio following the Reorganization taking into account applicable expense limitation arrangements. The Reorganization was accomplished by a tax-free exchange of shares on April 26, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Series were recorded at fair value; however, the cost basis of the investments received from the Acquired Series was carried forward to align ongoing reporting of the Acquiring Series' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Reorganization were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Acquired<br> Series<br> Net Assets | &nbsp;&nbsp;&nbsp;Acquired<br> Series Shares<br> Outstanding | &nbsp;&nbsp;&nbsp;Shares<br> Converted<br> to Acquiring<br> Series | &nbsp;&nbsp;&nbsp;Acquiring<br> Series<br> Net Assets | &nbsp;&nbsp;&nbsp;Conversion<br> Ratio |
| Class II/Service Class | &nbsp;&nbsp;$27777560 | &nbsp;&nbsp;&nbsp;5530210 | &nbsp;&nbsp;&nbsp;8070248 | &nbsp;&nbsp;&nbsp;$137135736 | &nbsp;&nbsp;&nbsp;1.4593 |

---

The net assets of the Acquired Series before the Reorganization were $27,777,560. The net assets of the Acquiring Series immediately following the Reorganization were $164,913,296.

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Ivy Variable Insurance Portfolios

5. Reorganization (continued)

Assuming the Reorganization had been completed on January 1, 2024, Acquiring Series' pro forma results of operations for the year ended December 31, 2024, would have been as follows:

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;$753547 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;19339236 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;5800485 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$25893268 |

---

6. Line of Credit

Each Series, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 27, 2025.

Each Series had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

7. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended June 30, 2025.

8. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledges US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At June 30, 2025, Macquarie VIP Corporate Bond Series and Macquarie VIP Limited-Term Bond Series posted $778,125 and $222,008, respectively, in cash as collateral for open futures contracts, which is included in "Cash collateral due from broker on futures contracts" on the "Statements of assets and liabilities." Open futures contracts, if any, are disclosed on the "Schedules of investments."**

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During the six months ended June 30, 2025, Macquarie VIP Corporate Bond Series and Macquarie VIP Limited-Term Bond Series invested in futures contracts to hedge the Series' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

During the six months ended June 30, 2025, Macquarie VIP Corporate Bond Series experienced net realized and unrealized gains or losses attributable to futures contracts, which are disclosed on the "Statements of assets and liabilities" and "Statements of operations."

**Swap Contracts — Macquarie VIP Limited-Term Bond Series may enter into CDS contracts in the normal course of pursuing its investment objective. Macquarie VIP Limited-Term Bond Series may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. Swap contracts are bilaterally negotiated agreements between a Series and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).**

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Series in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended June 30, 2025, Macquarie VIP Limited-Term Bond Series entered into CDS contracts as a seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended June 30, 2025, the Series did not enter into any CDS contracts as a purchaser of protection.

CDS contracts may involve greater risks than if the Series had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Series' maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Series and the counterparty and by the posting of collateral by the counterparty to the Series to cover the Series' exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty. No CDS contracts were outstanding at June 30, 2025.

During the six months ended June 30, 2025, Macquarie VIP Limited-Term Bond Series entered into CDS contracts to gain exposure to certain securities or markets.

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Ivy Variable Insurance Portfolios

8. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2025 were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series |
|  | &nbsp;&nbsp;Asset Derivatives Fair Value |
| Statement of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$113398 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series |
|  | &nbsp;&nbsp;Liability Derivatives Fair Value |
| Statement of assets and<br> liabilities location | &nbsp;&nbsp;Interest<br> Rate<br> Contracts |
| Variation margin due to broker on futures contracts\* | &nbsp;&nbsp;$(157080) |

---

\*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only current day variation margin is reported on the Series' "Statements of assets and liabilities."

The effect of derivative instruments on the "Statements of operations" for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series<br> Net Realized Gain (Loss) on: | &nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series<br> Net Realized Gain (Loss) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts | &nbsp;&nbsp;Swap<br> Contracts | &nbsp;&nbsp;Total |
| Interest rate contracts | &nbsp;&nbsp;$(315226) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(315226) |
| Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30161 |
| Total | &nbsp;&nbsp;$(315226) | &nbsp;&nbsp;$30161 | &nbsp;&nbsp;$(285065) |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |
|  | &nbsp;&nbsp;Futures<br> Contracts |
| Interest rate contracts | &nbsp;&nbsp;$(40564) |

---

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The tables below summarize the average daily balance of derivative holdings by certain Funds during the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Long Derivative Volume | &nbsp;&nbsp;Long Derivative Volume |
|  | &nbsp;&nbsp;Macquarie VIP<br> Corporate Bond Series | &nbsp;&nbsp;Macquarie VIP<br> Limited-Term Bond Series |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;24372081 | $&nbsp;&nbsp;32440125 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Macquarie VIP<br> Corporate Bond Series | &nbsp;&nbsp;Macquarie VIP<br> Limited-Term Bond Series |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;30660082 | $&nbsp;&nbsp;11690851 |
| CDS contracts (average notional amount)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718110 |

---

\* Long represents buying protection and short represents selling protection.

9. Securities Lending

Each Series, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Series of the Trust is generally invested in a series of individual separate accounts, each corresponding to a Series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Series or, at the discretion of the lending agent, replace the loaned securities. Each Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Series, the security lending agent, and the borrower. Each Series records security lending income net of allocations to the security lending agent and the borrower.

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Ivy Variable Insurance Portfolios

9. Securities Lending (continued)

Each Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Series' cash collateral account may be less than the amount each Series would be required to return to the borrowers of the securities and each Series would be required to make up for this shortfall.

During the six months ended June 30, 2025, each Series had no securities out on loan.

10. Credit and Market Risks

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A series may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which each Series invests will cause the NAV of each Series to fluctuate.

Some countries in which the Series may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Series may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Series.

Certain Series invest a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Services LLC and Baa3 by Moody's Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

Certain Series may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause a Series to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, a Series could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes "subprime" loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other

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mortgage-backed, asset-backed, or fixed-income securities. For example, a Series' investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause a Series to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

Certain Series invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Series will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the "Statements of assets and liabilities", if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

The Series may invest in REITs and are subject to the risks associated with that industry. If a Series holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended June 30, 2025. The Series' REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Series also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Series will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

Each Series may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Series from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Series' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Series' 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the "Schedules of investments."

11. Contractual Obligations

Each Series enters into contracts in the normal course of business that contain a variety of indemnifications. Each Series' maximum exposure under these arrangements is unknown. However, each Series has not had prior claims or losses pursuant to these contracts. Management has reviewed each Series' existing contracts and expects the risk of loss to be remote.

12. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The

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12. Recent Accounting Pronouncements (continued)

amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on each Series' financial statements.

13. Subsequent Events

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management's US and European public investments business. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close on or about October 31, 2025. This is subject to change.

The closing of this transaction will result in the automatic termination of each Series' investment advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation of the closing of the transaction, on June 18, 2025, the Board approved, and recommended shareholders approve, a new investment advisory agreement for each Series that, pending shareholder approval, would go into effect at the closing of the transaction. Shareholders of each Series were sent proxy materials for a special meeting of shareholders scheduled to be held on September 10, 2025, at which the approval of the new investment advisory agreement will be considered.

Management has determined that no other material events or transactions occurred subsequent to June 30, 2025, that would require recognition or disclosure in the Series' financial statements.

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.

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(4707417) **SEMIANN-VIP2-0825**

------

![](g847441img8082105b1.gif)

#### Ivy Variable Insurance Portfolios
Macquarie VIP Pathfinder Aggressive Series

Macquarie VIP Pathfinder Conservative Series

Macquarie VIP Pathfinder Moderate Series

Macquarie VIP Pathfinder Moderately Aggressive Series

Macquarie VIP Pathfinder Moderately Conservative Series

Macquarie VIP Pathfinder Moderate – Managed Volatility Series

Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series

Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series

Financial statements and other information

For the six months ended June 30, 2025

------

## Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of investments](#xx_05b60c5e-852f-41d7-8e68-928f905550a7_1)<br>| &nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of assets and liabilities](#xx_b4f6ac7e-a98e-4ef9-8477-52db93db1493_1)<br>| &nbsp;&nbsp;&nbsp;**9** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of operations](#xx_b4f6ac7e-a98e-4ef9-8477-52db93db1493_3)<br>| &nbsp;&nbsp;&nbsp;**11** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of changes in net assets](#xx_b4f6ac7e-a98e-4ef9-8477-52db93db1493_5)<br>| &nbsp;&nbsp;&nbsp;**13** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial highlights](#xx_c38d9281-fe50-4e8e-af12-4264bb0113a2_1)<br>| &nbsp;&nbsp;&nbsp;**17** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to financial statements](#xx_d145d736-4bc7-4da4-ad9b-8a75d0542ec4_1)<br>| &nbsp;&nbsp;&nbsp;**25** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Series information](#xx_de3453b6-9bf8-4c87-9214-bdd69e8b69d4_1)<br>| &nbsp;&nbsp;&nbsp;**47** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Series. This report is not authorized for distribution to prospective investors in the Series unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
Each Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Series' Form N-PORT, as well as a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that each Series uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in each Series' most recent Form N-PORT are available without charge on the Series' website at macquarie.com/mam/vip-literature.

Information (if any) regarding how each Series voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Series' website at macquarie.com/mam/proxy; and (ii) on the SEC's website at sec.gov.

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

------

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## Schedules of investments
Macquarie VIP Pathfinder Aggressive Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 99.81%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.81%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.81%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 14.64% | &nbsp;&nbsp;Fixed Income Funds — 14.64% | &nbsp;&nbsp;Fixed Income Funds — 14.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series Service Class | 1542582 | $7034175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;44074 | &nbsp;&nbsp; 124290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;26753 | &nbsp;&nbsp; 123329 |
|  |  | &nbsp;&nbsp; 7281794 |
| &nbsp;&nbsp;Global / International Equity Fund — 29.92% | &nbsp;&nbsp;Global / International Equity Fund — 29.92% | &nbsp;&nbsp;Global / International Equity Fund — 29.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;791569 | &nbsp;&nbsp;14881498 |
|  |  | &nbsp;&nbsp;14881498 |
| &nbsp;&nbsp;US Equity Funds — 55.25% | &nbsp;&nbsp;US Equity Funds — 55.25% | &nbsp;&nbsp;US Equity Funds — 55.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;844758 | &nbsp;&nbsp;11083221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;244488 | &nbsp;&nbsp; 7950729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;398682 | &nbsp;&nbsp; 3624015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;146539 | &nbsp;&nbsp; 1817088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;730560 | &nbsp;&nbsp; 3009908 |
|  |  | &nbsp;&nbsp;27484961 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $52,655,964)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $52,655,964)** | &nbsp;&nbsp;**49648253** |
| &nbsp;&nbsp;**Short-Term Investments — 0.24%** | &nbsp;&nbsp;**Short-Term Investments — 0.24%** | &nbsp;&nbsp;**Short-Term Investments — 0.24%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.24% | &nbsp;&nbsp;Money Market Mutual Funds — 0.24% | &nbsp;&nbsp;Money Market Mutual Funds — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | &nbsp;&nbsp;&nbsp;&nbsp;29803 | &nbsp;&nbsp; 29803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;29802 | &nbsp;&nbsp; 29802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | &nbsp;&nbsp;&nbsp;&nbsp;29803 | &nbsp;&nbsp; 29803 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;29802 | $29802 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $119,210)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $119,210)** | &nbsp;&nbsp; **119210** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.05%<br> (cost $52,775,174)** |  | **$49767463** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;1

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Macquarie VIP Pathfinder Conservative Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 99.78%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.78%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.78%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 54.40% | &nbsp;&nbsp;Fixed Income Funds — 54.40% | &nbsp;&nbsp;Fixed Income Funds — 54.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series Service Class | 4804116 | $21906768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;287507 | &nbsp;&nbsp; 810769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series Service Class | 2749917 | &nbsp;&nbsp;12677120 |
|  |  | &nbsp;&nbsp;35394657 |
| &nbsp;&nbsp;Global / International Equity Fund — 10.02% | &nbsp;&nbsp;Global / International Equity Fund — 10.02% | &nbsp;&nbsp;Global / International Equity Fund — 10.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;346960 | &nbsp;&nbsp; 6522840 |
|  |  | &nbsp;&nbsp; 6522840 |
| &nbsp;&nbsp;US Equity Funds — 35.36% | &nbsp;&nbsp;US Equity Funds — 35.36% | &nbsp;&nbsp;US Equity Funds — 35.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;706881 | &nbsp;&nbsp; 9274280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;204218 | &nbsp;&nbsp; 6641169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;337861 | &nbsp;&nbsp; 3071162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;119920 | &nbsp;&nbsp; 1487005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;614849 | &nbsp;&nbsp; 2533177 |
|  |  | &nbsp;&nbsp;23006793 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $74,938,567)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $74,938,567)** | &nbsp;&nbsp;**64924290** |
| &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | &nbsp;&nbsp;&nbsp;&nbsp;40173 | &nbsp;&nbsp; 40173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;40173 | &nbsp;&nbsp; 40173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | &nbsp;&nbsp;&nbsp;&nbsp;40172 | &nbsp;&nbsp; 40172 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;40173 | $40173 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $160,691)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $160,691)** | &nbsp;&nbsp; **160691** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.03%<br> (cost $75,099,258)** |  | **$65084981** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;2

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Macquarie VIP Pathfinder Moderate Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 99.77%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.77%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.77%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 34.46% | &nbsp;&nbsp;Fixed Income Funds — 34.46% | &nbsp;&nbsp;Fixed Income Funds — 34.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series Service Class | 19459825 | $88736803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;977605 | &nbsp;&nbsp; 2756848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series Service Class | 7653228 | &nbsp;&nbsp; 35281380 |
|  |  | &nbsp;&nbsp;126775031 |
| &nbsp;&nbsp;Global / International Equity Fund — 19.99% | &nbsp;&nbsp;Global / International Equity Fund — 19.99% | &nbsp;&nbsp;Global / International Equity Fund — 19.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series Standard Class | 3911924 | &nbsp;&nbsp; 73544175 |
|  |  | &nbsp;&nbsp; 73544175 |
| &nbsp;&nbsp;US Equity Funds — 45.32% | &nbsp;&nbsp;US Equity Funds — 45.32% | &nbsp;&nbsp;US Equity Funds — 45.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series Service Class | 5123595 | &nbsp;&nbsp; 67221564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series Standard Class | 1481799 | &nbsp;&nbsp; 48188100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth Series Service Class | 2429096 | &nbsp;&nbsp; 22080482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;881142 | &nbsp;&nbsp; 10926159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series Service Class | 4438341 | &nbsp;&nbsp; 18285965 |
|  |  | &nbsp;&nbsp;166702270 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $406,623,109)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $406,623,109)** | &nbsp;&nbsp;**367021476** |
| &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | &nbsp;&nbsp;&nbsp;&nbsp;228722 | &nbsp;&nbsp; 228722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;228722 | &nbsp;&nbsp; 228722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | &nbsp;&nbsp;&nbsp;&nbsp;228722 | &nbsp;&nbsp; 228722 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;228723 | $228723 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $914,889)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $914,889)** | &nbsp;&nbsp; **914889** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.02%<br> (cost $407,537,998)** |  | **$367936365** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;3

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Macquarie VIP Pathfinder Moderately Aggressive Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 99.77%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.77%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.77%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 24.54% | &nbsp;&nbsp;Fixed Income Funds — 24.54% | &nbsp;&nbsp;Fixed Income Funds — 24.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series Service Class | 19033644 | $86793417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;795832 | &nbsp;&nbsp; 2244245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series Service Class | 4535794 | &nbsp;&nbsp; 20910011 |
|  |  | &nbsp;&nbsp;109947673 |
| &nbsp;&nbsp;Global / International Equity Fund — 24.95% | &nbsp;&nbsp;Global / International Equity Fund — 24.95% | &nbsp;&nbsp;Global / International Equity Fund — 24.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series Standard Class | 5947853 | &nbsp;&nbsp;&nbsp;111819635 |
|  |  | &nbsp;&nbsp;111819635 |
| &nbsp;&nbsp;US Equity Funds — 50.28% | &nbsp;&nbsp;US Equity Funds — 50.28% | &nbsp;&nbsp;US Equity Funds — 50.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series Service Class | 6924563 | &nbsp;&nbsp; 90850266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series Standard Class | 1996494 | &nbsp;&nbsp; 64925995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth Series Service Class | 3299799 | &nbsp;&nbsp; 29995177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series Service Class | 1178468 | &nbsp;&nbsp; 14612997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series Service Class | 6047253 | &nbsp;&nbsp; 24914683 |
|  |  | &nbsp;&nbsp;225299118 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $485,368,942)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $485,368,942)** | &nbsp;&nbsp;**447066426** |
| &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | &nbsp;&nbsp;&nbsp;&nbsp;278837 | &nbsp;&nbsp; 278837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;278837 | &nbsp;&nbsp; 278837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | &nbsp;&nbsp;&nbsp;&nbsp;278838 | &nbsp;&nbsp; 278838 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;278837 | $278837 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,115,349)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,115,349)** | &nbsp;&nbsp; **1115349** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.02%<br> (cost $486,484,291)** |  | **$448181775** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;4

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Macquarie VIP Pathfinder Moderately Conservative Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 99.78%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.78%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 99.78%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 44.42% | &nbsp;&nbsp;Fixed Income Funds — 44.42% | &nbsp;&nbsp;Fixed Income Funds — 44.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series Service Class | 7394560 | $33719193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;412154 | &nbsp;&nbsp; 1162276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series Service Class | 3678909 | &nbsp;&nbsp; 16959771 |
|  |  | &nbsp;&nbsp; 51841240 |
| &nbsp;&nbsp;Global / International Equity Fund — 15.01% | &nbsp;&nbsp;Global / International Equity Fund — 15.01% | &nbsp;&nbsp;Global / International Equity Fund — 15.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;932267 | &nbsp;&nbsp; 17526628 |
|  |  | &nbsp;&nbsp; 17526628 |
| &nbsp;&nbsp;US Equity Funds — 40.35% | &nbsp;&nbsp;US Equity Funds — 40.35% | &nbsp;&nbsp;US Equity Funds — 40.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series Service Class | 1447142 | &nbsp;&nbsp; 18986499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;420141 | &nbsp;&nbsp; 13663000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;682106 | &nbsp;&nbsp; 6200339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;252016 | &nbsp;&nbsp; 3124998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series Service Class | 1241860 | &nbsp;&nbsp; 5116463 |
|  |  | &nbsp;&nbsp; 47091299 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $131,038,779)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $131,038,779)** | &nbsp;&nbsp;**116459167** |
| &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | &nbsp;&nbsp;&nbsp;&nbsp;72732 | &nbsp;&nbsp; 72732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;72731 | &nbsp;&nbsp; 72731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | &nbsp;&nbsp;&nbsp;&nbsp;72732 | &nbsp;&nbsp; 72732 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;72731 | $72731 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $290,926)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $290,926)** | &nbsp;&nbsp; **290926** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.03%<br> (cost $131,329,705)** |  | **$116750093** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Moderate – Managed Volatility Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 98.03%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 98.03%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 98.03%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 33.87% | &nbsp;&nbsp;Fixed Income Funds — 33.87% | &nbsp;&nbsp;Fixed Income Funds — 33.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series Service Class | 18453226 | $84146711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;928460 | &nbsp;&nbsp; 2618256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series Service Class | 7267111 | &nbsp;&nbsp; 33501383 |
|  |  | &nbsp;&nbsp;120266350 |
| &nbsp;&nbsp;Global / International Equity Fund — 19.65% | &nbsp;&nbsp;Global / International Equity Fund — 19.65% | &nbsp;&nbsp;Global / International Equity Fund — 19.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series Standard Class | 3710446 | &nbsp;&nbsp; 69756373 |
|  |  | &nbsp;&nbsp; 69756373 |
| &nbsp;&nbsp;US Equity Funds — 44.51% | &nbsp;&nbsp;US Equity Funds — 44.51% | &nbsp;&nbsp;US Equity Funds — 44.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series Service Class | 4858338 | &nbsp;&nbsp; 63741394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series Standard Class | 1405205 | &nbsp;&nbsp; 45697258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth Series Service Class | 2302034 | &nbsp;&nbsp; 20925490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;836043 | &nbsp;&nbsp; 10366936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series Service Class | 4207609 | &nbsp;&nbsp; 17335350 |
|  |  | &nbsp;&nbsp;158066428 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $387,780,944)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $387,780,944)** | &nbsp;&nbsp;**348089151** |
| &nbsp;&nbsp;**Short-Term Investments — 1.99%** | &nbsp;&nbsp;**Short-Term Investments — 1.99%** | &nbsp;&nbsp;**Short-Term Investments — 1.99%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.99% | &nbsp;&nbsp;Money Market Mutual Funds — 1.99% | &nbsp;&nbsp;Money Market Mutual Funds — 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 1768685 | &nbsp;&nbsp; 1768685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 1768685 | &nbsp;&nbsp; 1768685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 1768685 | &nbsp;&nbsp; 1768685 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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 4.23%) | 1768685 | $1768685 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,074,740)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,074,740)** | &nbsp;&nbsp; **7074740** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.02%<br> (cost $394,855,684)** |  | **$355163891** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;6

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 98.06%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 98.06%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 98.06%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 24.12% | &nbsp;&nbsp;Fixed Income Funds — 24.12% | &nbsp;&nbsp;Fixed Income Funds — 24.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series Service Class | 2104821 | $9597984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;87322 | &nbsp;&nbsp; 246249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;501899 | &nbsp;&nbsp; 2313752 |
|  |  | &nbsp;&nbsp;12157985 |
| &nbsp;&nbsp;Global / International Equity Fund — 24.53% | &nbsp;&nbsp;Global / International Equity Fund — 24.53% | &nbsp;&nbsp;Global / International Equity Fund — 24.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;657634 | &nbsp;&nbsp;12363521 |
|  |  | &nbsp;&nbsp;12363521 |
| &nbsp;&nbsp;US Equity Funds — 49.41% | &nbsp;&nbsp;US Equity Funds — 49.41% | &nbsp;&nbsp;US Equity Funds — 49.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;765700 | &nbsp;&nbsp;10045987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;220803 | &nbsp;&nbsp; 7180506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;364736 | &nbsp;&nbsp; 3315453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;130228 | &nbsp;&nbsp; 1614823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;668455 | &nbsp;&nbsp; 2754034 |
|  |  | &nbsp;&nbsp;24910803 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $54,770,191)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $54,770,191)** | &nbsp;&nbsp;**49432309** |
| &nbsp;&nbsp;**Short-Term Investments — 1.99%** | &nbsp;&nbsp;**Short-Term Investments — 1.99%** | &nbsp;&nbsp;**Short-Term Investments — 1.99%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.99% | &nbsp;&nbsp;Money Market Mutual Funds — 1.99% | &nbsp;&nbsp;Money Market Mutual Funds — 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | &nbsp;&nbsp;&nbsp;&nbsp;251382 | &nbsp;&nbsp; 251382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;251382 | &nbsp;&nbsp; 251382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | &nbsp;&nbsp;&nbsp;&nbsp;251383 | &nbsp;&nbsp; 251383 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **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 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;251383 | $251383 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,005,530)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,005,530)** | &nbsp;&nbsp; **1005530** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.05%<br> (cost $55,775,721)** |  | **$50437839** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 98.10%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 98.10%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 98.10%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 43.66% | &nbsp;&nbsp;Fixed Income Funds — 43.66% | &nbsp;&nbsp;Fixed Income Funds — 43.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series Service Class | 1412695 | $6441890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;78539 | &nbsp;&nbsp; 221480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;702809 | &nbsp;&nbsp; 3239952 |
|  |  | &nbsp;&nbsp; 9903322 |
| &nbsp;&nbsp;Global / International Equity Fund — 14.77% | &nbsp;&nbsp;Global / International Equity Fund — 14.77% | &nbsp;&nbsp;Global / International Equity Fund — 14.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;178155 | &nbsp;&nbsp; 3349307 |
|  |  | &nbsp;&nbsp; 3349307 |
| &nbsp;&nbsp;US Equity Funds — 39.67% | &nbsp;&nbsp;US Equity Funds — 39.67% | &nbsp;&nbsp;US Equity Funds — 39.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;276498 | &nbsp;&nbsp; 3627658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;80299 | &nbsp;&nbsp; 2611314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;130332 | &nbsp;&nbsp; 1184717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;48095 | &nbsp;&nbsp; 596380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series Service Class | &nbsp;&nbsp;&nbsp;&nbsp;237049 | &nbsp;&nbsp; 976641 |
|  |  | &nbsp;&nbsp; 8996710 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $25,741,467)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $25,741,467)** | &nbsp;&nbsp;**22249339** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 2.00%** | &nbsp;&nbsp;**Short-Term Investments — 2.00%** | &nbsp;&nbsp;**Short-Term Investments — 2.00%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.00% | &nbsp;&nbsp;Money Market Mutual Funds — 2.00% | &nbsp;&nbsp;Money Market Mutual Funds — 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | &nbsp;&nbsp;&nbsp;&nbsp;113456 | $113456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;113456 | &nbsp;&nbsp; 113456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | &nbsp;&nbsp;&nbsp;&nbsp;113456 | &nbsp;&nbsp; 113456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;113456 | &nbsp;&nbsp; 113456 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $453,824)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $453,824)** | &nbsp;&nbsp; **453824** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.10%<br> (cost $26,195,291)** |  | **$22703163** |

---

<< Affiliated company. See Note 2 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;8

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

## Statements of assets and liabilities
Ivy Variable Insurance Portfolios

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Aggressive<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Conservative<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive Series |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$119210 | &nbsp;&nbsp;$160691 | &nbsp;&nbsp;$914889 | &nbsp;&nbsp;$1115349 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49648253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64924290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367021476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447066426 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164574 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7395 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65140177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368078193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448355284 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161297 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28608 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18469 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32961 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250898 |
| **Total Net Assets** | &nbsp;&nbsp;$49744866 | &nbsp;&nbsp;$65065853 | &nbsp;&nbsp;$367869459 | &nbsp;&nbsp;$448104386 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$49905436 | &nbsp;&nbsp;$72454737 | &nbsp;&nbsp;$388126062 | &nbsp;&nbsp;$463464438 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7388884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20256603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15360052) |
| **Total Net Assets** | &nbsp;&nbsp;$49744866 | &nbsp;&nbsp;$65065853 | &nbsp;&nbsp;$367869459 | &nbsp;&nbsp;$448104386 |
| **Net Asset Value** |  |  |  |  |
| **Service Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$49744866 | &nbsp;&nbsp;$65065853 | &nbsp;&nbsp;$367869459 | &nbsp;&nbsp;$448104386 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11431833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14898639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85108420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101620184 |
| Net asset value per share | &nbsp;&nbsp;$4.35 | &nbsp;&nbsp;$4.37 | &nbsp;&nbsp;$4.32 | &nbsp;&nbsp;$4.41 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$119210 | &nbsp;&nbsp;$160691 | &nbsp;&nbsp;$914889 | &nbsp;&nbsp;$1115349 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52655964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74938567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406623109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485368942 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;9

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;$290926 | &nbsp;&nbsp;$7074740 | &nbsp;&nbsp;$1005530 | &nbsp;&nbsp;$453824 |
| &nbsp;&nbsp;&nbsp;Investments of affiliated issuers, at value\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116459167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348089151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49432309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22249339 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82649 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;Receivable for series shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 |
| &nbsp;&nbsp;&nbsp;Receivable due from investment manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116837619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355300218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50483410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22789963 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for series shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84202 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10383 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10031 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable to non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109097 |
| **Total Net Assets** | &nbsp;&nbsp;$116712026 | &nbsp;&nbsp;$355103857 | &nbsp;&nbsp;$50411787 | &nbsp;&nbsp;$22680866 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$124842529 | &nbsp;&nbsp;$383404234 | &nbsp;&nbsp;$56566154 | &nbsp;&nbsp;$26736020 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8130503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28300377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6154367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4055154) |
| **Total Net Assets** | &nbsp;&nbsp;$116712026 | &nbsp;&nbsp;$355103857 | &nbsp;&nbsp;$50411787 | &nbsp;&nbsp;$22680866 |
| **Net Asset Value** |  |  |  |  |
| **Service Class:** |  |  |  |  |
| Net assets | &nbsp;&nbsp;$116712026 | &nbsp;&nbsp;$355103857 | &nbsp;&nbsp;$50411787 | &nbsp;&nbsp;$22680866 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26675212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80862076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713506 |
| Net asset value per share | &nbsp;&nbsp;$4.38 | &nbsp;&nbsp;$4.39 | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$3.38 |
| <br>\*Investments, at cost | &nbsp;&nbsp;$290926 | &nbsp;&nbsp;$7074740 | &nbsp;&nbsp;$1005530 | &nbsp;&nbsp;$453824 |
| \*\*Investments of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131038779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387780944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54770191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25741467 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;10

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

## Statements of operations
Ivy Variable Insurance Portfolios

Six months ended June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Aggressive<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Conservative<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive Series |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated funds | &nbsp;&nbsp;$727526 | &nbsp;&nbsp;$1978394 | &nbsp;&nbsp;$8275680 | &nbsp;&nbsp;$8407800 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23109 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730019 | &nbsp;&nbsp;&nbsp;&nbsp;1981785 | &nbsp;&nbsp;&nbsp;&nbsp;8294646 | &nbsp;&nbsp;&nbsp;&nbsp;8430909 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55450 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9948 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19036 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17314 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11211 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126417 |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126416 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689792 | &nbsp;&nbsp;&nbsp;&nbsp;1935569 | &nbsp;&nbsp;&nbsp;&nbsp;8185669 | &nbsp;&nbsp;&nbsp;&nbsp;8304493 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated funds | &nbsp;&nbsp;&nbsp;(1509221) | &nbsp;&nbsp;&nbsp;(2097566) | &nbsp;&nbsp;&nbsp;&nbsp;(9609528) | &nbsp;&nbsp;&nbsp;(12927731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions received from investments in affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;3727644 | &nbsp;&nbsp;&nbsp;&nbsp;2932943 | &nbsp;&nbsp;&nbsp;22250610 | &nbsp;&nbsp;&nbsp;&nbsp;30761599 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2218423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835377 | &nbsp;&nbsp;&nbsp;12641082 | &nbsp;&nbsp;&nbsp;&nbsp;17833868 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;1337359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539929 | &nbsp;&nbsp;&nbsp;&nbsp;4623988 | &nbsp;&nbsp;&nbsp;&nbsp;8915524 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;3555782 | &nbsp;&nbsp;&nbsp;&nbsp;1375306 | &nbsp;&nbsp;&nbsp;17265070 | &nbsp;&nbsp;&nbsp;&nbsp;26749392 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$4245574 | &nbsp;&nbsp;$3310875 | &nbsp;&nbsp;$25450739 | &nbsp;&nbsp;$35053885 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;11

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[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated funds | &nbsp;&nbsp;$3099481 | &nbsp;&nbsp;$7844298 | &nbsp;&nbsp;$930954 | &nbsp;&nbsp;$617870 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9738 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3105497 | &nbsp;&nbsp;&nbsp;&nbsp;7993313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954462 | &nbsp;&nbsp;&nbsp;&nbsp;627608 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23274 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19988 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing, transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64726 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36797) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27929 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;3049661 | &nbsp;&nbsp;&nbsp;&nbsp;7561503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892551 | &nbsp;&nbsp;&nbsp;&nbsp;599679 |
| **Net Realized and Unrealized Gain (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated funds | &nbsp;&nbsp;&nbsp;(2620903) | &nbsp;&nbsp;&nbsp;(10586148) | &nbsp;&nbsp;&nbsp;(1988149) | &nbsp;&nbsp;&nbsp;&nbsp;(791371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions received from investments in affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;6181134 | &nbsp;&nbsp;&nbsp;&nbsp;21121034 | &nbsp;&nbsp;&nbsp;&nbsp;3411639 | &nbsp;&nbsp;&nbsp;1232131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6138839) | &nbsp;&nbsp;&nbsp;&nbsp;(862027) | &nbsp;&nbsp;&nbsp;&nbsp;(409306) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;3560231 | &nbsp;&nbsp;&nbsp;&nbsp;4396047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31454 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455899 | &nbsp;&nbsp;&nbsp;&nbsp;6076501 | &nbsp;&nbsp;&nbsp;&nbsp;1618614 | &nbsp;&nbsp;&nbsp;&nbsp;340408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14582) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455899 | &nbsp;&nbsp;&nbsp;&nbsp;5884023 | &nbsp;&nbsp;&nbsp;&nbsp;1596535 | &nbsp;&nbsp;&nbsp;&nbsp;325826 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;4016130 | &nbsp;&nbsp;&nbsp;&nbsp;10280070 | &nbsp;&nbsp;&nbsp;&nbsp;2157998 | &nbsp;&nbsp;&nbsp;&nbsp;357280 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$7065791 | &nbsp;&nbsp;$17841573 | &nbsp;&nbsp;$3050549 | &nbsp;&nbsp;$956959 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;12

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

## Statements of changes in net assets
Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Aggressive<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Aggressive<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Conservative<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Conservative<br> Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$689792 | &nbsp;&nbsp;$529604 | &nbsp;&nbsp;$1935569 | &nbsp;&nbsp;$1699844 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2218423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246786 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;1337359 | &nbsp;&nbsp;&nbsp;&nbsp;4658339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539929 | &nbsp;&nbsp;&nbsp;&nbsp;3995100 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;4245574 | &nbsp;&nbsp;&nbsp;&nbsp;5476238 | &nbsp;&nbsp;&nbsp;&nbsp;3310875 | &nbsp;&nbsp;&nbsp;&nbsp;5941730 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(848085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(882403) | &nbsp;&nbsp;&nbsp;&nbsp;(1997030) | &nbsp;&nbsp;&nbsp;&nbsp;(2254659) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566468 | &nbsp;&nbsp;&nbsp;&nbsp;1339791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430343 | &nbsp;&nbsp;&nbsp;&nbsp;3089528 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882403 | &nbsp;&nbsp;&nbsp;&nbsp;1997030 | &nbsp;&nbsp;&nbsp;&nbsp;2254659 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1414553 | &nbsp;&nbsp;&nbsp;&nbsp;2222194 | &nbsp;&nbsp;&nbsp;&nbsp;2427373 | &nbsp;&nbsp;&nbsp;&nbsp;5344187 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3808736) | &nbsp;&nbsp;&nbsp;(11729680) | &nbsp;&nbsp;&nbsp;&nbsp;(6752921) | &nbsp;&nbsp;&nbsp;(21592213) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(2394183) | &nbsp;&nbsp;&nbsp;&nbsp;(9507486) | &nbsp;&nbsp;&nbsp;&nbsp;(4325548) | &nbsp;&nbsp;&nbsp;(16248026) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;1003306 | &nbsp;&nbsp;&nbsp;&nbsp;(4913651) | &nbsp;&nbsp;&nbsp;&nbsp;(3011703) | &nbsp;&nbsp;&nbsp;(12560955) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;48741560 | &nbsp;&nbsp;&nbsp;&nbsp;53655211 | &nbsp;&nbsp;&nbsp;68077556 | &nbsp;&nbsp;&nbsp;&nbsp;80638511 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$49744866 | &nbsp;&nbsp;$48741560 | &nbsp;&nbsp;$65065853 | &nbsp;&nbsp;$68077556 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;13

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$8185669 | &nbsp;&nbsp;$6945729 | &nbsp;&nbsp;$8304493 | &nbsp;&nbsp;$7077242 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;12641082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447219 | &nbsp;&nbsp;&nbsp;&nbsp;17833868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501363 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623988 | &nbsp;&nbsp;&nbsp;&nbsp;26847598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8915524 | &nbsp;&nbsp;&nbsp;&nbsp;38335438 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;25450739 | &nbsp;&nbsp;&nbsp;&nbsp;38240546 | &nbsp;&nbsp;&nbsp;&nbsp;35053885 | &nbsp;&nbsp;&nbsp;&nbsp;50914043 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9018155) | &nbsp;&nbsp;&nbsp;&nbsp;(6605330) | &nbsp;&nbsp;&nbsp;&nbsp;(9927861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7683632) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186831 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9927861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7683632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9395585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7769305 | &nbsp;&nbsp;&nbsp;&nbsp;10568152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870463 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(35237240) | &nbsp;&nbsp;&nbsp;&nbsp;(96610876) | &nbsp;&nbsp;&nbsp;&nbsp;(48480673) | &nbsp;&nbsp;&nbsp;(130428549) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(25841655) | &nbsp;&nbsp;&nbsp;&nbsp;(88841571) | &nbsp;&nbsp;&nbsp;&nbsp;(37912521) | &nbsp;&nbsp;&nbsp;(120558086) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(9409071) | &nbsp;&nbsp;&nbsp;&nbsp;(57206355) | &nbsp;&nbsp;&nbsp;&nbsp;(12786497) | &nbsp;&nbsp;&nbsp;&nbsp;(77327675) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;377278530 | &nbsp;&nbsp;&nbsp;434484885 | &nbsp;&nbsp;&nbsp;460890883 | &nbsp;&nbsp;&nbsp;&nbsp;538218558 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$367869459 | &nbsp;&nbsp;$377278530 | &nbsp;&nbsp;$448104386 | &nbsp;&nbsp;$460890883 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;14

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$3049661 | &nbsp;&nbsp;$2465279 | &nbsp;&nbsp;$7561503 | &nbsp;&nbsp;$6590153 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585060 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22411006 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065791 | &nbsp;&nbsp;&nbsp;&nbsp;10794448 | &nbsp;&nbsp;&nbsp;&nbsp;17841573 | &nbsp;&nbsp;&nbsp;&nbsp;33586219 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3445965) | &nbsp;&nbsp;&nbsp;&nbsp;(2129446) | &nbsp;&nbsp;&nbsp;&nbsp;(8691420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5812636) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080562 | &nbsp;&nbsp;&nbsp;&nbsp;15091300 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5812636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303292 | &nbsp;&nbsp;&nbsp;&nbsp;10771982 | &nbsp;&nbsp;&nbsp;&nbsp;20903936 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(11545489) | &nbsp;&nbsp;&nbsp;&nbsp;(23107778) | &nbsp;&nbsp;&nbsp;&nbsp;(43650639) | &nbsp;&nbsp;&nbsp;(109825527) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(7194552) | &nbsp;&nbsp;&nbsp;&nbsp;(18804486) | &nbsp;&nbsp;&nbsp;&nbsp;(32878657) | &nbsp;&nbsp;&nbsp;&nbsp;(88921591) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(3574726) | &nbsp;&nbsp;&nbsp;&nbsp;(10139484) | &nbsp;&nbsp;&nbsp;&nbsp;(23728504) | &nbsp;&nbsp;&nbsp;&nbsp;(61148008) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;120286752 | &nbsp;&nbsp;&nbsp;130426236 | &nbsp;&nbsp;&nbsp;378832361 | &nbsp;&nbsp;&nbsp;&nbsp;439980369 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$116712026 | &nbsp;&nbsp;$120286752 | &nbsp;&nbsp;$355103857 | &nbsp;&nbsp;$378832361 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;15

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Ivy Variable Insurance Portfolios

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
|  | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 | &nbsp;&nbsp;Six months<br> ended<br> 6/30/25<br> (Unaudited) | &nbsp;&nbsp;Year ended<br> 12/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$892551 | &nbsp;&nbsp;$811255 | &nbsp;&nbsp;$599679 | &nbsp;&nbsp;$509738 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(566702) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;1596535 | &nbsp;&nbsp;&nbsp;&nbsp;5368150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325826 | &nbsp;&nbsp;&nbsp;&nbsp;2094901 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;3050549 | &nbsp;&nbsp;&nbsp;&nbsp;5668018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956959 | &nbsp;&nbsp;&nbsp;&nbsp;2037937 |
| **Dividends and Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1172208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(886316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373853) |
| **Capital Share Transactions (See Note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943553 | &nbsp;&nbsp;&nbsp;&nbsp;1570046 | &nbsp;&nbsp;&nbsp;&nbsp;3978365 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1172208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1479944 | &nbsp;&nbsp;&nbsp;&nbsp;1829869 | &nbsp;&nbsp;&nbsp;&nbsp;2205008 | &nbsp;&nbsp;&nbsp;&nbsp;4352218 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7893644) | &nbsp;&nbsp;&nbsp;(22664168) | &nbsp;&nbsp;&nbsp;&nbsp;(3791734) | &nbsp;&nbsp;&nbsp;(12140098) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(6413700) | &nbsp;&nbsp;&nbsp;(20834299) | &nbsp;&nbsp;&nbsp;&nbsp;(1586726) | &nbsp;&nbsp;&nbsp;&nbsp;(7787880) |
| **Net Decrease in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(4535359) | &nbsp;&nbsp;&nbsp;(16052597) | &nbsp;&nbsp;&nbsp;&nbsp;(1264729) | &nbsp;&nbsp;&nbsp;&nbsp;(6123796) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;54947146 | &nbsp;&nbsp;&nbsp;&nbsp;70999743 | &nbsp;&nbsp;&nbsp;23945595 | &nbsp;&nbsp;&nbsp;&nbsp;30069391 |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$50411787 | &nbsp;&nbsp;$54947146 | &nbsp;&nbsp;$22680866 | &nbsp;&nbsp;$23945595 |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;16

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

## Financial highlights
Macquarie VIP Pathfinder Aggressive Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.06 | &nbsp;&nbsp;$3.72 | &nbsp;&nbsp;$4.07 | &nbsp;&nbsp;$5.47 | &nbsp;&nbsp;$4.92 | &nbsp;&nbsp;$5.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.35 | &nbsp;&nbsp;$4.06 | &nbsp;&nbsp;$3.72 | &nbsp;&nbsp;$4.07 | &nbsp;&nbsp;$5.47 | &nbsp;&nbsp;$4.92 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;9.09% | &nbsp;&nbsp;&nbsp;10.99% | &nbsp;&nbsp;&nbsp;17.51% | &nbsp;&nbsp;&nbsp;&nbsp;(16.72%) | &nbsp;&nbsp;&nbsp;18.93% | &nbsp;&nbsp;&nbsp;15.70% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$49745 | &nbsp;&nbsp;$48742 | &nbsp;&nbsp;$53655 | &nbsp;&nbsp;$53652 | &nbsp;&nbsp;$74<sup>4</sup> | &nbsp;&nbsp;$68<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.91% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;17

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Conservative Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$4.08 | &nbsp;&nbsp;$4.22 | &nbsp;&nbsp;$5.50 | &nbsp;&nbsp;$5.31 | &nbsp;&nbsp;$5.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.37 | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$4.08 | &nbsp;&nbsp;$4.22 | &nbsp;&nbsp;$5.50 | &nbsp;&nbsp;$5.31 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.37% | &nbsp;&nbsp;&nbsp;&nbsp;8.05% | &nbsp;&nbsp;&nbsp;12.53% | &nbsp;&nbsp;&nbsp;&nbsp;(14.09%) | &nbsp;&nbsp;&nbsp;10.18% | &nbsp;&nbsp;&nbsp;12.67% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$65066 | &nbsp;&nbsp;$68078 | &nbsp;&nbsp;$80639 | &nbsp;&nbsp;$84236 | &nbsp;&nbsp;$110<sup>4</sup> | &nbsp;&nbsp;$112<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.08% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;5.92% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;5.92% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

18&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Moderate Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.13 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$4.10 | &nbsp;&nbsp;$5.51 | &nbsp;&nbsp;$5.15 | &nbsp;&nbsp;$5.19 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.32 | &nbsp;&nbsp;$4.13 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$4.10 | &nbsp;&nbsp;$5.51 | &nbsp;&nbsp;$5.15 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;7.29% | &nbsp;&nbsp;&nbsp;&nbsp;9.27% | &nbsp;&nbsp;&nbsp;&nbsp;15.33% | &nbsp;&nbsp;&nbsp;&nbsp;(15.26%) | &nbsp;&nbsp;&nbsp;14.66% | &nbsp;&nbsp;&nbsp;14.35% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$367869 | &nbsp;&nbsp;$377279 | &nbsp;&nbsp;$434485 | &nbsp;&nbsp;$465595 | &nbsp;&nbsp;$635<sup>4</sup> | &nbsp;&nbsp;$656<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;19

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Moderately Aggressive Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.17 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$4.15 | &nbsp;&nbsp;$5.66 | &nbsp;&nbsp;$5.18 | &nbsp;&nbsp;$5.32 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.41 | &nbsp;&nbsp;$4.17 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$4.15 | &nbsp;&nbsp;$5.66 | &nbsp;&nbsp;$5.18 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.21% | &nbsp;&nbsp;&nbsp;&nbsp;10.22% | &nbsp;&nbsp;&nbsp;&nbsp;16.53% | &nbsp;&nbsp;&nbsp;&nbsp;(15.90%) | &nbsp;&nbsp;&nbsp;16.88% | &nbsp;&nbsp;&nbsp;15.12% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$448104 | &nbsp;&nbsp;$460891 | &nbsp;&nbsp;$538219 | &nbsp;&nbsp;$565995 | &nbsp;&nbsp;$777<sup>4</sup> | &nbsp;&nbsp;$799<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

20&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Moderately Conservative Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.24 | &nbsp;&nbsp;$3.97 | &nbsp;&nbsp;$4.18 | &nbsp;&nbsp;$5.53 | &nbsp;&nbsp;$5.26 | &nbsp;&nbsp;$5.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.38 | &nbsp;&nbsp;$4.24 | &nbsp;&nbsp;$3.97 | &nbsp;&nbsp;$4.18 | &nbsp;&nbsp;$5.53 | &nbsp;&nbsp;$5.26 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.49% | &nbsp;&nbsp;&nbsp;&nbsp;8.60% | &nbsp;&nbsp;&nbsp;&nbsp;13.99% | &nbsp;&nbsp;&nbsp;&nbsp;(14.71%) | &nbsp;&nbsp;&nbsp;12.37% | &nbsp;&nbsp;&nbsp;13.52% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$116712 | &nbsp;&nbsp;$120287 | &nbsp;&nbsp;$130426 | &nbsp;&nbsp;$137990 | &nbsp;&nbsp;$187<sup>4</sup> | &nbsp;&nbsp;$195<sup>4</sup> |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;5.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;5.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Net assets reported in millions.

<sup>5</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;21

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[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Moderate – Managed Volatility Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$4.02 | &nbsp;&nbsp;$4.33 | &nbsp;&nbsp;$6.33 | &nbsp;&nbsp;$5.77 | &nbsp;&nbsp;$5.84 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.39 | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$4.02 | &nbsp;&nbsp;$4.33 | &nbsp;&nbsp;$6.33 | &nbsp;&nbsp;$5.77 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.20%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.92%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.10% | &nbsp;&nbsp;&nbsp;&nbsp;(13.22%) | &nbsp;&nbsp;&nbsp;12.99% | &nbsp;&nbsp;&nbsp;9.07% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$355104 | &nbsp;&nbsp;$378832 | &nbsp;&nbsp;$439980 | &nbsp;&nbsp;$435581 | &nbsp;&nbsp;$530<sup>5</sup> | &nbsp;&nbsp;$729<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;0.23% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;0.23% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;1.78% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;1.78% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

22&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$4.25 | &nbsp;&nbsp;$4.75 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$5.46 | &nbsp;&nbsp;$5.63 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| **Net asset value, end of period** | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$4.25 | &nbsp;&nbsp;$4.75 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$5.46 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;6.02%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.73%<sup>4</sup> | &nbsp;&nbsp;&nbsp;15.41% | &nbsp;&nbsp;&nbsp;&nbsp;(14.00%) | &nbsp;&nbsp;&nbsp;15.24% | &nbsp;&nbsp;&nbsp;9.71% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$50412 | &nbsp;&nbsp;$54947 | &nbsp;&nbsp;$71000 | &nbsp;&nbsp;$77300 | &nbsp;&nbsp;$102<sup>5</sup> | &nbsp;&nbsp;$96<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.29% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.29% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;1.68% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;3.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;1.68% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;23

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[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series Service Class

Selected data for the share of the Series outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** | &nbsp;&nbsp;**Year ended** |
|  | &nbsp;&nbsp;**Six months ended<br> 6/30/25<sup>1</sup><br> (Unaudited)** | &nbsp;&nbsp;**12/31/24** | &nbsp;&nbsp;**12/31/23** | &nbsp;&nbsp;**12/31/22** | &nbsp;&nbsp;**12/31/21** | &nbsp;&nbsp;**12/31/20** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;$3.15 | &nbsp;&nbsp;$3.39 | &nbsp;&nbsp;$6.02 | &nbsp;&nbsp;$5.64 | &nbsp;&nbsp;$5.58 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| Total dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| **Net asset value, end of period** | &nbsp;&nbsp;$3.38 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;$3.15 | &nbsp;&nbsp;$3.39 | &nbsp;&nbsp;$6.02 | &nbsp;&nbsp;$5.64 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.32%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.07%<sup>4</sup> | &nbsp;&nbsp;&nbsp;12.62% | &nbsp;&nbsp;&nbsp;&nbsp;(12.71%) | &nbsp;&nbsp;&nbsp;10.72% | &nbsp;&nbsp;&nbsp;9.61% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;$22681 | &nbsp;&nbsp;$23946 | &nbsp;&nbsp;$30069 | &nbsp;&nbsp;$30222 | &nbsp;&nbsp;$40<sup>5</sup> | &nbsp;&nbsp;$86<sup>5</sup> |
| Ratio of expenses to average net assets<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.30% |
| Ratio of expenses to average net assets prior to fees waived<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;5.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;1.77% |
| Ratio of net investment income to average net assets prior to fees waived | &nbsp;&nbsp;&nbsp;&nbsp;4.83% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;1.77% |
| Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Calculated using average shares outstanding.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Ivy Variable Insurance Portfolios serves as an underlying investment vehicle.

<sup>4</sup> Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>5</sup> Net assets reported in millions.

<sup>6</sup> Expense ratios do not include expenses of any investment companies in which the Series invests.

See accompanying notes, which are an integral part of the financial statements.

24&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

## Notes to financial statements
Ivy Variable Insurance Portfolios

June 30, 2025 (Unaudited)

Ivy Variable Insurance Portfolios (Trust) is organized as a Delaware statutory trust and offers 24 series. These financial statements and the related notes pertain to 8 series: Macquarie VIP Pathfinder Aggressive Series, Macquarie VIP Pathfinder Conservative Series, Macquarie VIP Pathfinder Moderate Series, Macquarie VIP Pathfinder Moderately Aggressive Series, and Macquarie VIP Pathfinder Moderately Conservative Series (collectively, the "Pathfinder Series"), Macquarie VIP Pathfinder Moderate – Managed Volatility Series, Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series, and Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series (collectively, the "Managed Volatility Series") (each, a Series and collectively, the Series). The Trust is an open-end investment company. Each of the Series are diversified as defined in the Investment Company Act of 1940, as amended (1940 Act).

Each Series offers Service Class (formerly, Class II) shares. The Service Class shares do not carry a distribution and service (12b-1) fee. The shares of the Series are sold only to variable life insurance separate accounts and variable annuity separate accounts.

1. Significant Accounting Policies

Each Series follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Series.

**Security Valuation — Open-end investment companies, other than exchange-traded funds (ETFs) are valued at their published net asset value (NAV). Futures contracts are valued at the daily quoted settlement prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company (DMC) as part of its duties as each Series' valuation designee (Valuation Designee) to perform the fair value determination relating to all applicable Series investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the New York Stock Exchange. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.**

**Federal Income Taxes — No provision for federal income taxes has been made as each Series intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Series evaluates tax positions taken or expected to be taken in the course of preparing each Series' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Series' tax positions taken or expected to be taken on each Series' federal income tax returns through the six months ended June 30, 2025, and for all open tax years (years ended December 31, 2021–December 31, 2024), and has concluded that no provision for federal income tax is required in each Series' financial statements. If applicable, each Series recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statements of operations." During the six months ended June 30, 2025, the Series did not incur any interest or tax penalties.**

**Underlying Funds — Each Series may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which each Series may invest include ETFs. Each Series will indirectly bear the investment management fees and other expenses of the Underlying Funds.**

**Derivative Financial Instruments — Each Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, forward foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or**

&nbsp;&nbsp;&nbsp;&nbsp;25

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Ivy Variable Insurance Portfolios

1. Significant Accounting Policies (continued)

illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, each Series intends to either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk.

**Segregation and Collateralization — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, each Series may deliver or receive collateral in connection with certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. Cash collateral that has been pledged/received to cover obligations of each Series under derivative contracts, if any, will be reported separately on the "Statements of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedules of investments."**

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to a Series are charged directly to that Series. Other expenses common to various funds within the Macquarie Funds are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from any Underlying Funds in which a Series invests are recorded on the ex-dividend date. Each Series declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, following the close of the fiscal year. Each Series may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.**

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, each Series' investment adviser, acts as each Series' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Series has a single operating segment since each Series has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Series' portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Series' financial statements. Adoption of the new standard impacted each Series' financial statements note disclosures only, and did not affect any Series' financial position or the results of its operations.

Each Series receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statements of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the six months ended June 30, 2025, certain Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Custody Credits |
| Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;$2386 |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |

---

For the six months ended June 30, 2025, Macquarie VIP Pathfinder Aggressive Series, Macquarie VIP Pathfinder Conservative Series, Macquarie VIP Pathfinder Moderate Series, Macquarie VIP Pathfinder Moderately Aggressive Series, Macquarie VIP Pathfinder Moderately Conservative Series, and Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series had no earnings credits under this arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;26

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Each Series receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the six months ended June 30, 2025, certain Series earned the following amounts under this arrangement:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Earnings Credits |
| Macquarie VIP Pathfinder Aggressive Series | &nbsp;&nbsp;&nbsp;$1 |
| Macquarie VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Macquarie VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Macquarie VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Macquarie VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

For the six months ended June 30, 2025, Macquarie VIP Pathfinder Moderate – Managed Volatility Series and Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series had earnings credits less than $1 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Series (other than the Pathfinder Series) pays DMC, a series of Macquarie Investment Management Business Trust (MIMBT) and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Series' average daily net assets as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee (annual rate as a percentage of average daily net assets) |
| Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% of net assets over $1 billion. |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% of net assets over $1 billion. |
| Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% of net assets up to $500 million; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% of net assets over $500 million and up to $1 billion; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% of net assets over $1 billion. |

---

The Pathfinder Series pay no management fees.

DMC uses all of the management fee it receives from the Managed Volatility Series to pay Securian Asset Management Inc. ("Securian"). Accordingly, Securian receives a fee based on the average daily net assets of the Managed Volatility Series.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual series operating expenses from exceeding the following percentages of the Series' average daily net assets from January 1, 2025 through April 30, 2026. These waivers and reimbursements may only be terminated by agreement of DMC and the Series. The waivers and reimbursements are accrued daily and received monthly.

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Operating expense<br> limitation as a<br> percentage of average<br> daily net assets<br> Service Class Shares |
| Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;0.24% |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;0.24% |
| Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;0.24% |

---

DMC has entered into sub-advisory agreements with the following entities on behalf of the Series:

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) is a part of Macquarie Asset Management (MAM). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. With respect to the Series for which MIMAK serves as a sub-advisor, DMC has principal responsibility for all investment advisory services and may seek investment advice and recommendations from MIMAK and DMC may also permit MIMAK to execute Series security trades on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize MIMAK's specialized market knowledge.

Securian serves as sub-advisor to the Managed Volatility Series. The sub-advisor makes investment decisions in accordance with the Series' investment objectives, policies and restrictions under the supervision of DMC and the Board. DMC pays all applicable costs of the sub-advisor.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Series. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the "Statements of operations" under "Accounting and administration expenses." For the six months ended

June 30, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Pathfinder Aggressive Series | $3071 |
| Macquarie VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;3469 |
| Macquarie VIP Pathfinder Moderate Series | &nbsp;&nbsp;10249 |
| Macquarie VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;12036 |
| Macquarie VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;4614 |
| Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;10156 |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;3155 |
| Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;2512 |

---

DIFSC is also the transfer agent and dividend disbursing agent of the Series. For these services, DIFSC's fees are calculated daily and paid monthly, at the annual rate of 0.0075% of the Series' average daily net assets. These amounts are included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." For the six months ended June 30, 2025, each Series paid for these services as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Pathfinder Aggressive Series | $1796 |
| Macquarie VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;2452 |
| Macquarie VIP Pathfinder Moderate Series | &nbsp;&nbsp;13647 |
| Macquarie VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;16598 |

---

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---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Pathfinder Moderately Conservative Series | $4344 |
| Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;13494 |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;1935 |
| Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;873 |

---

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub-transfer agency services to each Series. Sub-transfer agency fees are paid by each Series and are also included on the "Statements of operations" under "Dividend disbursing, transfer agent and sub-transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

As provided in the investment management agreement, each Series bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to each Series. These amounts are included on the "Statements of operations" under "Legal fees." For the six months ended June 30, 2025, each Series paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees as follows:

---

| | |
|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Fees |
| Macquarie VIP Pathfinder Aggressive Series | $693 |
| Macquarie VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;954 |
| Macquarie VIP Pathfinder Moderate Series | &nbsp;&nbsp;5295 |
| Macquarie VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;6438 |
| Macquarie VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;1684 |
| Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;5266 |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;758 |
| Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;338 |

---

Trustees' fees include expenses accrued by each Series for each Trustee's retainer and meeting fees. Certain officers of DMC and DIFSC are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Series.

In addition to the management fees and other expenses of a Series, a Series indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by a Series will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

An affiliated issuer includes any company in which a Series held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to a Series is deemed to exercise, directly or indirectly, a certain level of control over the company.

&nbsp;&nbsp;&nbsp;&nbsp;29

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Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

A summary of the transactions in affiliated companies during the six months ended June 30, 2025 was as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Macquarie VIP Pathfinder Aggressive Series** | **Macquarie VIP Pathfinder Aggressive Series** | **Macquarie VIP Pathfinder Aggressive Series** | **Macquarie VIP Pathfinder Aggressive Series** | **Macquarie VIP Pathfinder Aggressive Series** | **Macquarie VIP Pathfinder Aggressive Series** | **Macquarie VIP Pathfinder Aggressive Series** | **Macquarie VIP Pathfinder Aggressive Series** |  |  |
| **Affiliated Mutual Funds—99.81%** | **Affiliated Mutual Funds—99.81%** | **Affiliated Mutual Funds—99.81%** |  |  |  |  |  |  |  |
| Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class |  |  |  |  |  |
|  | $10197038 | &nbsp;&nbsp;&nbsp;$2759590 | &nbsp;&nbsp;&nbsp;$(1194940) | &nbsp;&nbsp;&nbsp;$156743 | &nbsp;&nbsp;&nbsp;$(835210) | &nbsp;&nbsp;&nbsp;$11083221 | &nbsp;&nbsp;&nbsp;&nbsp;844758 | &nbsp;&nbsp;&nbsp;$17341 | &nbsp;&nbsp;&nbsp;$1602234 |
| Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;6917592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(733599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7034175 | &nbsp;&nbsp;&nbsp;1542582 | &nbsp;&nbsp;&nbsp;&nbsp;358312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;3747040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7950729 | &nbsp;&nbsp;&nbsp;&nbsp;244488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416993 |
| Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;6895403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893926 | &nbsp;&nbsp;&nbsp;&nbsp;(3295518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(784510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624015 | &nbsp;&nbsp;&nbsp;&nbsp;398682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615826 |
| Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;122277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;13630743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000808 | &nbsp;&nbsp;&nbsp;&nbsp;(1594884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154298 | &nbsp;&nbsp;&nbsp;&nbsp;1690533 | &nbsp;&nbsp;&nbsp;&nbsp;14881498 | &nbsp;&nbsp;&nbsp;&nbsp;791569 | &nbsp;&nbsp;&nbsp;&nbsp;188169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692256 |
| Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;122954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;586533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;2691783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(970636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817088 | &nbsp;&nbsp;&nbsp;&nbsp;146539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77150 |
| Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;3158639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009908 | &nbsp;&nbsp;&nbsp;&nbsp;730560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323185 |
| Total | $48649121 | &nbsp;&nbsp;&nbsp;$10831665 | &nbsp;&nbsp;&nbsp;$(9660671) | &nbsp;&nbsp;&nbsp;$(1509221) | &nbsp;&nbsp;&nbsp;$1337359 | &nbsp;&nbsp;&nbsp;$49648253 |  | &nbsp;&nbsp;&nbsp;$727526 | &nbsp;&nbsp;&nbsp;$3727644 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;30

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Macquarie VIP Pathfinder Conservative Series** | **Macquarie VIP Pathfinder Conservative Series** | **Macquarie VIP Pathfinder Conservative Series** | **Macquarie VIP Pathfinder Conservative Series** | **Macquarie VIP Pathfinder Conservative Series** | **Macquarie VIP Pathfinder Conservative Series** | **Macquarie VIP Pathfinder Conservative Series** | **Macquarie VIP Pathfinder Conservative Series** |  |  |
| **Affiliated Mutual Funds—99.78%** | **Affiliated Mutual Funds—99.78%** | **Affiliated Mutual Funds—99.78%** |  |  |  |  |  |  |  |
| Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class |  |  |  |  |  |
|  | $9607300 | &nbsp;&nbsp;&nbsp;$2242274 | &nbsp;&nbsp;&nbsp;$(1957900) | &nbsp;&nbsp;&nbsp;$145045 | &nbsp;&nbsp;&nbsp;$(762439) | &nbsp;&nbsp;&nbsp;$9274280 | &nbsp;&nbsp;&nbsp;&nbsp;706881 | &nbsp;&nbsp;&nbsp;$14908 | &nbsp;&nbsp;&nbsp;$1377429 |
| Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;22880586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2677845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36152) | &nbsp;&nbsp;&nbsp;&nbsp;21906768 | &nbsp;&nbsp;&nbsp;4804116 | &nbsp;&nbsp;&nbsp;&nbsp;1146451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;3318491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51949 | &nbsp;&nbsp;&nbsp;&nbsp;234101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641169 | &nbsp;&nbsp;&nbsp;&nbsp;204218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363803 |
| Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;6078338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2811671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(831795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071162 | &nbsp;&nbsp;&nbsp;&nbsp;337861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535811 |
| Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;851529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810769 | &nbsp;&nbsp;&nbsp;&nbsp;287507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;5438888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92035 | &nbsp;&nbsp;&nbsp;&nbsp;668072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6522840 | &nbsp;&nbsp;&nbsp;&nbsp;346960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311734 |
| Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;13504506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1867367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68213) | &nbsp;&nbsp;&nbsp;&nbsp;(160505) | &nbsp;&nbsp;&nbsp;&nbsp;12677120 | &nbsp;&nbsp;&nbsp;2749917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;540592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495484) | &nbsp;&nbsp;&nbsp;&nbsp;425134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;546831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539396) | &nbsp;&nbsp;&nbsp;&nbsp;473720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;2392764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(893171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9186 | &nbsp;&nbsp;&nbsp;&nbsp;(182380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487005 | &nbsp;&nbsp;&nbsp;&nbsp;119920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64865 |
| Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;2769781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99300) | &nbsp;&nbsp;&nbsp;&nbsp;(188631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533177 | &nbsp;&nbsp;&nbsp;&nbsp;614849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279301 |
| Total | $67929606 | &nbsp;&nbsp;&nbsp;$11933933 | &nbsp;&nbsp;&nbsp;$(13381612) | &nbsp;&nbsp;&nbsp;$(2097566) | &nbsp;&nbsp;&nbsp;$539929 | &nbsp;&nbsp;&nbsp;$64924290 |  | &nbsp;&nbsp;&nbsp;$1978394 | &nbsp;&nbsp;&nbsp;$2932943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;31

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Macquarie VIP Pathfinder Moderate Series** | **Macquarie VIP Pathfinder Moderate Series** | **Macquarie VIP Pathfinder Moderate Series** | **Macquarie VIP Pathfinder Moderate Series** | **Macquarie VIP Pathfinder Moderate Series** | **Macquarie VIP Pathfinder Moderate Series** | **Macquarie VIP Pathfinder Moderate Series** | **Macquarie VIP Pathfinder Moderate Series** |  |  |
| **Affiliated Mutual Funds—99.77%** | **Affiliated Mutual Funds—99.77%** | **Affiliated Mutual Funds—99.77%** |  |  |  |  |  |  |  |
| Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class |  |  |  |  |  |
|  | $66066422 | &nbsp;&nbsp;&nbsp;$16374646 | &nbsp;&nbsp;&nbsp;$(10940088) | &nbsp;&nbsp;&nbsp;$1377873 | &nbsp;&nbsp;&nbsp;$(5657289) | &nbsp;&nbsp;&nbsp;$67221564 | &nbsp;&nbsp;&nbsp;&nbsp;5123595 | &nbsp;&nbsp;&nbsp;$106996 | &nbsp;&nbsp;&nbsp;$9885937 |
| Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;91089051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9602865 | &nbsp;&nbsp;&nbsp;&nbsp;(10429933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208483 | &nbsp;&nbsp;&nbsp;&nbsp;(1733663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88736803 | &nbsp;&nbsp;&nbsp;19459825 | &nbsp;&nbsp;&nbsp;&nbsp;4598328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;23689712 | &nbsp;&nbsp;&nbsp;&nbsp;26862447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4423932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294515 | &nbsp;&nbsp;&nbsp;&nbsp;1765358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48188100 | &nbsp;&nbsp;&nbsp;&nbsp;1481799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597806 |
| Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;43516304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786640 | &nbsp;&nbsp;&nbsp;&nbsp;(20840224) | &nbsp;&nbsp;&nbsp;&nbsp;(4738672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(643566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22080482 | &nbsp;&nbsp;&nbsp;&nbsp;2429096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817030 |
| Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2837640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;67802968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9050185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865783 | &nbsp;&nbsp;&nbsp;&nbsp;8275344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73544175 | &nbsp;&nbsp;&nbsp;&nbsp;3911924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480301 |
| Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;36938316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5008042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35281380 | &nbsp;&nbsp;&nbsp;&nbsp;7653228 | &nbsp;&nbsp;&nbsp;&nbsp;1506412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3743909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3251145) | &nbsp;&nbsp;&nbsp;&nbsp;(3065588) | &nbsp;&nbsp;&nbsp;&nbsp;2572824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3791906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3333671) | &nbsp;&nbsp;&nbsp;&nbsp;(3756146) | &nbsp;&nbsp;&nbsp;&nbsp;3297911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;17038236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6430007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104372 | &nbsp;&nbsp;&nbsp;&nbsp;(1320511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10926159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471822 |
| Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;19890043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2446310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599148) | &nbsp;&nbsp;&nbsp;&nbsp;(1491788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18285965 | &nbsp;&nbsp;&nbsp;&nbsp;4438341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997714 |
| Total | $376404507 | &nbsp;&nbsp;&nbsp;$71995084 | &nbsp;&nbsp;&nbsp;$(76392575) | &nbsp;&nbsp;&nbsp;$(9609528) | &nbsp;&nbsp;&nbsp;$4623988 | &nbsp;&nbsp;&nbsp;$367021476 |  | &nbsp;&nbsp;&nbsp;$8275680 | &nbsp;&nbsp;&nbsp;$22250610 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;32

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Macquarie VIP Pathfinder Moderately Aggressive Series** | **Macquarie VIP Pathfinder Moderately Aggressive Series** | **Macquarie VIP Pathfinder Moderately Aggressive Series** | **Macquarie VIP Pathfinder Moderately Aggressive Series** | **Macquarie VIP Pathfinder Moderately Aggressive Series** | **Macquarie VIP Pathfinder Moderately Aggressive Series** | **Macquarie VIP Pathfinder Moderately Aggressive Series** | **Macquarie VIP Pathfinder Moderately Aggressive Series** |  |  |
| **Affiliated Mutual Funds—99.77%** | **Affiliated Mutual Funds—99.77%** | **Affiliated Mutual Funds—99.77%** |  |  |  |  |  |  |  |
| Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class |  |  |  |  |  |
|  | $88538750 | &nbsp;&nbsp;&nbsp;$22221925 | &nbsp;&nbsp;&nbsp;$(14153494) | &nbsp;&nbsp;&nbsp;$1780747 | &nbsp;&nbsp;&nbsp;$(7537662) | &nbsp;&nbsp;&nbsp;$90850266 | &nbsp;&nbsp;&nbsp;&nbsp;6924563 | &nbsp;&nbsp;&nbsp;$145029 | &nbsp;&nbsp;&nbsp;$13399962 |
| Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;89470252 | &nbsp;&nbsp;&nbsp;&nbsp;10371653 | &nbsp;&nbsp;&nbsp;&nbsp;(11531982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335106 | &nbsp;&nbsp;&nbsp;&nbsp;(1851612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86793417 | &nbsp;&nbsp;&nbsp;19033644 | &nbsp;&nbsp;&nbsp;&nbsp;4510775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;32177636 | &nbsp;&nbsp;&nbsp;&nbsp;35797058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5820687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64925995 | &nbsp;&nbsp;&nbsp;&nbsp;1996494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492271 |
| Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;59163466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6853571 | &nbsp;&nbsp;&nbsp;&nbsp;(28715079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6598375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29995177 | &nbsp;&nbsp;&nbsp;&nbsp;3299799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199692 |
| Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2313877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;105826224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749642 | &nbsp;&nbsp;&nbsp;&nbsp;(14789926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291257 | &nbsp;&nbsp;&nbsp;&nbsp;12742438 | &nbsp;&nbsp;&nbsp;&nbsp;111819635 | &nbsp;&nbsp;&nbsp;&nbsp;5947853 | &nbsp;&nbsp;&nbsp;&nbsp;1442571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5307071 |
| Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;21981429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3226357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20910011 | &nbsp;&nbsp;&nbsp;&nbsp;4535794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5043183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4387024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4150250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5107834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4498376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5040591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4431133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;23124451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9018574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112301 | &nbsp;&nbsp;&nbsp;&nbsp;(1758521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14612997 | &nbsp;&nbsp;&nbsp;&nbsp;1178468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633124 |
| Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;27072097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3431631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887937) | &nbsp;&nbsp;&nbsp;&nbsp;(1970008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24914683 | &nbsp;&nbsp;&nbsp;&nbsp;6047253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729479 |
| Total | $459819199 | &nbsp;&nbsp;&nbsp;$91032225 | &nbsp;&nbsp;&nbsp;$(99772791) | &nbsp;&nbsp;&nbsp;$(12927731) | &nbsp;&nbsp;&nbsp;$8915524 | &nbsp;&nbsp;&nbsp;$447066426 |  | &nbsp;&nbsp;&nbsp;$8407800 | &nbsp;&nbsp;&nbsp;$30761599 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;33

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Macquarie VIP Pathfinder Moderately Conservative Series** | **Macquarie VIP Pathfinder Moderately Conservative Series** | **Macquarie VIP Pathfinder Moderately Conservative Series** | **Macquarie VIP Pathfinder Moderately Conservative Series** | **Macquarie VIP Pathfinder Moderately Conservative Series** | **Macquarie VIP Pathfinder Moderately Conservative Series** | **Macquarie VIP Pathfinder Moderately Conservative Series** | **Macquarie VIP Pathfinder Moderately Conservative Series** |  |  |
| **Affiliated Mutual Funds—99.78%** | **Affiliated Mutual Funds—99.78%** | **Affiliated Mutual Funds—99.78%** |  |  |  |  |  |  |  |
| Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class |  |  |  |  |  |
|  | $19021185 | &nbsp;&nbsp;&nbsp;$4697526 | &nbsp;&nbsp;&nbsp;$(3504928) | &nbsp;&nbsp;&nbsp;$428044 | &nbsp;&nbsp;&nbsp;$(1655328) | &nbsp;&nbsp;&nbsp;$18986499 | &nbsp;&nbsp;&nbsp;1447142 | &nbsp;&nbsp;&nbsp;$30541 | &nbsp;&nbsp;&nbsp;$2821847 |
| Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;34736780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4012554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33719193 | &nbsp;&nbsp;&nbsp;7394560 | &nbsp;&nbsp;&nbsp;&nbsp;1765850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6709121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1456324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13663000 | &nbsp;&nbsp;&nbsp;&nbsp;420141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737045 |
| Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;12308131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5886511) | &nbsp;&nbsp;&nbsp;&nbsp;(1343640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200339 | &nbsp;&nbsp;&nbsp;&nbsp;682106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1082913 |
| Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1204661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162276 | &nbsp;&nbsp;&nbsp;&nbsp;412154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;15615544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2333857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231465 | &nbsp;&nbsp;&nbsp;&nbsp;1897868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17526628 | &nbsp;&nbsp;&nbsp;&nbsp;932267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838197 |
| Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;17819752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2437583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16959771 | &nbsp;&nbsp;&nbsp;3678909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1074117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(893808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1087878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(957304) | &nbsp;&nbsp;&nbsp;&nbsp;(1016632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4830190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1796043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124998 | &nbsp;&nbsp;&nbsp;&nbsp;252016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136385 |
| Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5618491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5116463 | &nbsp;&nbsp;&nbsp;1241860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564747 |
| Total | $120025850 | &nbsp;&nbsp;&nbsp;$22812970 | &nbsp;&nbsp;&nbsp;$(24214649) | &nbsp;&nbsp;&nbsp;$(2620903) | &nbsp;&nbsp;&nbsp;$455899 | &nbsp;&nbsp;&nbsp;$116459167 |  | &nbsp;&nbsp;&nbsp;$3099481 | &nbsp;&nbsp;&nbsp;$6181134 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;34

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Macquarie VIP Pathfinder Moderate – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderate – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderate – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderate – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderate – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderate – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderate – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderate – Managed Volatility Series** |  |  |
| **Affiliated Mutual Funds—98.03%** | **Affiliated Mutual Funds—98.03%** | **Affiliated Mutual Funds—98.03%** |  |  |  |  |  |  |  |
| Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class |  |  |  |  |  |
|  | $65164849 | &nbsp;&nbsp;&nbsp;$17205577 | &nbsp;&nbsp;&nbsp;$(14592037) | &nbsp;&nbsp;&nbsp;$1842207 | &nbsp;&nbsp;&nbsp;$(5879202) | &nbsp;&nbsp;&nbsp;$63741394 | &nbsp;&nbsp;&nbsp;&nbsp;4858338 | &nbsp;&nbsp;&nbsp;$101209 | &nbsp;&nbsp;&nbsp;$9351066 |
| Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;89844379 | &nbsp;&nbsp;&nbsp;&nbsp;11929722 | &nbsp;&nbsp;&nbsp;&nbsp;(16197784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156684) | &nbsp;&nbsp;&nbsp;&nbsp;(1272922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84146711 | &nbsp;&nbsp;&nbsp;18453226 | &nbsp;&nbsp;&nbsp;&nbsp;4349974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;23369155 | &nbsp;&nbsp;&nbsp;&nbsp;26803869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382774 | &nbsp;&nbsp;&nbsp;&nbsp;1541593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45697258 | &nbsp;&nbsp;&nbsp;&nbsp;1405205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531487 |
| Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;42936564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5547223 | &nbsp;&nbsp;&nbsp;&nbsp;(22389884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6253148) | &nbsp;&nbsp;&nbsp;&nbsp;1084735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20925490 | &nbsp;&nbsp;&nbsp;&nbsp;2302034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608462 |
| Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2810752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;66873350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231201 | &nbsp;&nbsp;&nbsp;&nbsp;(13313326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224521 | &nbsp;&nbsp;&nbsp;&nbsp;7740627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69756373 | &nbsp;&nbsp;&nbsp;&nbsp;3710446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292939 |
| Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;36482605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4937319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7333013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33501383 | &nbsp;&nbsp;&nbsp;&nbsp;7267111 | &nbsp;&nbsp;&nbsp;&nbsp;1426716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3683585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3277071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3122581) | &nbsp;&nbsp;&nbsp;&nbsp;2650816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3730794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3358459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3610057) | &nbsp;&nbsp;&nbsp;&nbsp;3171122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;16808073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7215598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192977 | &nbsp;&nbsp;&nbsp;&nbsp;(1374874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10366936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445946 |
| Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;19630037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3624723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741815) | &nbsp;&nbsp;&nbsp;&nbsp;(1243014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17335350 | &nbsp;&nbsp;&nbsp;&nbsp;4207609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891134 |
| Total | $371334143 | &nbsp;&nbsp;&nbsp;$79419759 | &nbsp;&nbsp;&nbsp;$(98155104) | &nbsp;&nbsp;&nbsp;$(10586148) | &nbsp;&nbsp;&nbsp;$6076501 | &nbsp;&nbsp;&nbsp;$348089151 |  | &nbsp;&nbsp;&nbsp;$7844298 | &nbsp;&nbsp;&nbsp;$21121034 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;35

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Ivy Variable Insurance Portfolios

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series** |  |  |
| **Affiliated Mutual Funds—98.06%** | **Affiliated Mutual Funds—98.06%** | **Affiliated Mutual Funds—98.06%** |  |  |  |  |  |  |  |
| Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class |  |  |  |  |  |
|  | $10347823 | &nbsp;&nbsp;&nbsp;$2787049 | &nbsp;&nbsp;&nbsp;$(2457054) | &nbsp;&nbsp;&nbsp;$260447 | &nbsp;&nbsp;&nbsp;$(892278) | &nbsp;&nbsp;&nbsp;$10045987 | &nbsp;&nbsp;&nbsp;&nbsp;765700 | &nbsp;&nbsp;&nbsp;$16015 | &nbsp;&nbsp;&nbsp;$1479706 |
| Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;10459550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2249070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9597984 | &nbsp;&nbsp;&nbsp;2104821 | &nbsp;&nbsp;&nbsp;&nbsp;498072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;3762428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1079268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7180506 | &nbsp;&nbsp;&nbsp;&nbsp;220803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400410 |
| Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;6918288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3748738) | &nbsp;&nbsp;&nbsp;&nbsp;(1041793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315453 | &nbsp;&nbsp;&nbsp;&nbsp;364736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574248 |
| Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;268889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;12372222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2855792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260156 | &nbsp;&nbsp;&nbsp;&nbsp;1379319 | &nbsp;&nbsp;&nbsp;&nbsp;12363521 | &nbsp;&nbsp;&nbsp;&nbsp;657634 | &nbsp;&nbsp;&nbsp;&nbsp;159313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586097 |
| Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;2566306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(602607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313752 | &nbsp;&nbsp;&nbsp;&nbsp;501899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;586657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;594168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;2702360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1235154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614823 | &nbsp;&nbsp;&nbsp;&nbsp;130228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69993 |
| Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;3165972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(650443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754034 | &nbsp;&nbsp;&nbsp;&nbsp;668455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301185 |
| Total | $53744663 | &nbsp;&nbsp;&nbsp;$12047106 | &nbsp;&nbsp;&nbsp;$(15989925) | &nbsp;&nbsp;&nbsp;$(1988149) | &nbsp;&nbsp;&nbsp;$1618614 | &nbsp;&nbsp;&nbsp;$49432309 |  | &nbsp;&nbsp;&nbsp;$930954 | &nbsp;&nbsp;&nbsp;$3411639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;36

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Value,<br> beginning<br> of period | &nbsp;&nbsp;&nbsp;Gross<br> additions | &nbsp;&nbsp;&nbsp;Gross<br> reductions | &nbsp;&nbsp;&nbsp;Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds | &nbsp;&nbsp;&nbsp;Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> funds | &nbsp;&nbsp;&nbsp;Value,<br> end of<br> period | &nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Income<br> distributions | &nbsp;&nbsp;&nbsp;Capital<br> gain<br> distributions |
| **Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series** | **Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series** |  |  |
| **Affiliated Mutual Funds—98.10%** | **Affiliated Mutual Funds—98.10%** | **Affiliated Mutual Funds—98.10%** |  |  |  |  |  |  |  |
| Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class | Macquarie VIP Core Equity Series Service Class |  |  |  |  |  |
|  | $3722481 | &nbsp;&nbsp;&nbsp;$1186473 | &nbsp;&nbsp;&nbsp;$(1033480) | &nbsp;&nbsp;&nbsp;$65108 | &nbsp;&nbsp;&nbsp;$(312924) | &nbsp;&nbsp;&nbsp;$3627658 | &nbsp;&nbsp;&nbsp;&nbsp;276498 | &nbsp;&nbsp;&nbsp;$6089 | &nbsp;&nbsp;&nbsp;$562552 |
| Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class | Macquarie VIP Corporate Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;6799000 | &nbsp;&nbsp;&nbsp;&nbsp;1169742 | &nbsp;&nbsp;&nbsp;&nbsp;(1400653) | &nbsp;&nbsp;&nbsp;&nbsp;(123377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6441890 | &nbsp;&nbsp;&nbsp;1412695 | &nbsp;&nbsp;&nbsp;&nbsp;352064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class | Macquarie VIP Growth and Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;1312157 | &nbsp;&nbsp;&nbsp;&nbsp;1672076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146989 |
| Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class | Macquarie VIP Growth Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;2408907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401647 | &nbsp;&nbsp;&nbsp;&nbsp;(1326389) | &nbsp;&nbsp;&nbsp;&nbsp;(352555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184717 | &nbsp;&nbsp;&nbsp;&nbsp;130332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215817 |
| Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class | Macquarie VIP High Income Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;235006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class | Macquarie VIP International Core Equity Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;3056095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(774304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73587 | &nbsp;&nbsp;&nbsp;&nbsp;343186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349307 | &nbsp;&nbsp;&nbsp;&nbsp;178155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167071 |
| Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class | Macquarie VIP Limited-Term Bond Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;3492513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239952 | &nbsp;&nbsp;&nbsp;&nbsp;702809 | &nbsp;&nbsp;&nbsp;&nbsp;145809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class | Macquarie VIP Mid Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;209210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190842) | &nbsp;&nbsp;&nbsp;&nbsp;(195983) | &nbsp;&nbsp;&nbsp;&nbsp;168644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class | Macquarie VIP Small Cap Growth Series Standard Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195490) | &nbsp;&nbsp;&nbsp;&nbsp;(242130) | &nbsp;&nbsp;&nbsp;&nbsp;216843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class | Macquarie VIP Smid Cap Core Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;945383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27186 |
| Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class | Macquarie VIP Value Series Service Class |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;1099761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976641 | &nbsp;&nbsp;&nbsp;&nbsp;237049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112516 |
| Total | $23492250 | &nbsp;&nbsp;&nbsp;$6107319 | &nbsp;&nbsp;&nbsp;$(6899267) | &nbsp;&nbsp;&nbsp;$(791371) | &nbsp;&nbsp;&nbsp;$340408 | &nbsp;&nbsp;&nbsp;$22249339 |  | &nbsp;&nbsp;&nbsp;$617870 | &nbsp;&nbsp;&nbsp;$1232131 |

---

3. Investments

For the six months ended June 30, 2025, each Series made purchases and sales of investment securities other than short-term investments and US government securities as follows:

---

| | | |
|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Purchases | &nbsp;&nbsp;&nbsp;Sales |
| Macquarie VIP Pathfinder Aggressive Series | &nbsp;&nbsp;&nbsp;$10831665 | &nbsp;&nbsp;&nbsp;$9660671 |
| Macquarie VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;11933933 | &nbsp;&nbsp;&nbsp;&nbsp;13381612 |
| Macquarie VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;71995084 | &nbsp;&nbsp;&nbsp;&nbsp;76392575 |
| Macquarie VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;91032225 | &nbsp;&nbsp;&nbsp;&nbsp;99772791 |
| Macquarie VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;22812970 | &nbsp;&nbsp;&nbsp;&nbsp;24214649 |
| Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;79419759 | &nbsp;&nbsp;&nbsp;&nbsp;98155104 |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;12047106 | &nbsp;&nbsp;&nbsp;&nbsp;15989925 |
| Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6107319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;37

------

[**Table of Contents**](#JOB_Ivy_D_060fce71-62a0-49a2-a512-93b9d609a8a6_TOC_AltSty1)

Ivy Variable Insurance Portfolios

3. Investments (continued)

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for each Series were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | &nbsp;&nbsp;&nbsp;Cost of<br> investments | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> appreciation<br> of investments | &nbsp;&nbsp;&nbsp;Aggregate<br> unrealized<br> depreciation<br> of investments | &nbsp;&nbsp;&nbsp;Net unrealized<br> appreciation<br> (depreciation)<br> of investments |
| Macquarie VIP Pathfinder Aggressive Series | &nbsp;&nbsp;&nbsp;$52775174 | &nbsp;&nbsp;&nbsp;$2099139 | &nbsp;&nbsp;&nbsp;$(5106850) | &nbsp;&nbsp;&nbsp;$(3007711) |
| Macquarie VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75099258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958897 | &nbsp;&nbsp;&nbsp;&nbsp;(10973174) | &nbsp;&nbsp;&nbsp;&nbsp;(10014277) |
| Macquarie VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;407537998 | &nbsp;&nbsp;&nbsp;&nbsp;10632810 | &nbsp;&nbsp;&nbsp;&nbsp;(50234443) | &nbsp;&nbsp;&nbsp;&nbsp;(39601633) |
| Macquarie VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;486484291 | &nbsp;&nbsp;&nbsp;&nbsp;16012570 | &nbsp;&nbsp;&nbsp;&nbsp;(54315086) | &nbsp;&nbsp;&nbsp;&nbsp;(38302516) |
| Macquarie VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;131329705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533696 | &nbsp;&nbsp;&nbsp;&nbsp;(17113308) | &nbsp;&nbsp;&nbsp;&nbsp;(14579612) |
| Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;394855684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9836319 | &nbsp;&nbsp;&nbsp;&nbsp;(49528112) | &nbsp;&nbsp;&nbsp;&nbsp;(39691793) |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55775721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7051409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5337882) |
| Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26195291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3932426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3492128) |

---

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At

December 31, 2024, certain Series had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Loss carryforward character | &nbsp;&nbsp;Loss carryforward character |  |
|  | &nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;Total |
| Macquarie VIP Pathfinder Aggressive Series | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5802 | &nbsp;&nbsp;&nbsp;$5802 |
| Macquarie VIP Pathfinder Conservative Series | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80214 |
| Macquarie VIP Pathfinder Moderate Series | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1119533 | &nbsp;&nbsp;&nbsp;&nbsp;1119533 |
| Macquarie VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2821810 | &nbsp;&nbsp;&nbsp;&nbsp;2821810 |
| Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47082 |
| Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2180894 | &nbsp;&nbsp;&nbsp;&nbsp;2180894 |
| Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1147807 | &nbsp;&nbsp;&nbsp;&nbsp;1147807 |

---

US GAAP defines fair value as the price that each Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Series' investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

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Level 3 - Significant unobservable inputs, including each Series' own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Series may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Series' investments by fair value hierarchy levels as of June 30, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP <br>Pathfinder Aggressive Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;$49648253 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119210 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$49767463 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP<br> Pathfinder Conservative Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;$64924290 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160691 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$65084981 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;$367021476 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914889 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$367936365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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Ivy Variable Insurance Portfolios

3. Investments (continued)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;$447066426 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115349 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$448181775 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;$116459167 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290926 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$116750093 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate –<br>Managed Volatility Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;$348089151 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7074740 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$355163891 |

---

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---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately Aggressive –<br> Managed Volatility Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;$49432309 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005530 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$50437839 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately Conservative –<br> Managed Volatility Series |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Level 1 |
| Securities |  |
| Assets: |  |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;$22249339 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453824 |
| Total Value of Securities | &nbsp;&nbsp;&nbsp;&nbsp;$22703163 |

---

During the six months ended June 30, 2025, there were no transfers into or out of Level 3 investments. Each Series' policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Series has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Series' net assets. As of June 30, 2025, there were no Level 3 investments.

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Ivy Variable Insurance Portfolios

4. Capital Shares

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie VIP<br> Pathfinder Aggressive Series | Macquarie VIP<br> Pathfinder Aggressive Series | Macquarie VIP<br> Pathfinder Conservative Series | Macquarie VIP<br> Pathfinder Conservative Series | Macquarie VIP<br> Pathfinder Moderate Series | Macquarie VIP<br> Pathfinder Moderate Series |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;136305 | &nbsp;&nbsp;&nbsp;&nbsp;335016 | &nbsp;&nbsp;&nbsp;&nbsp;100417 | &nbsp;&nbsp;&nbsp;&nbsp;730964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287719 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;204852 | &nbsp;&nbsp;&nbsp;&nbsp;225103 | &nbsp;&nbsp;&nbsp;&nbsp;474354 | &nbsp;&nbsp;&nbsp;&nbsp;547248 | &nbsp;&nbsp;2178298 | &nbsp;&nbsp;&nbsp;1659630 |
|  | &nbsp;&nbsp;341157 | &nbsp;&nbsp;&nbsp;&nbsp;560119 | &nbsp;&nbsp;&nbsp;&nbsp;574771 | &nbsp;&nbsp;1278212 | &nbsp;&nbsp;2268122 | &nbsp;&nbsp;&nbsp;1947349 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | (917773) | (2957556) | (1576545) | (5124203) | (8434128) | (23926961) |
| Net decrease | (576616) | (2397437) | (1001774) | (3845991) | (6166006) | (21979612) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Macquarie VIP<br> Pathfinder Moderately<br> Aggressive Series | Macquarie VIP<br> Pathfinder Moderately<br> Aggressive Series | Macquarie VIP<br> Pathfinder Moderately<br> Conservative Series | Macquarie VIP<br> Pathfinder Moderately<br> Conservative Series | Macquarie VIP<br> Pathfinder Moderate –<br> Managed Volatility Series | Macquarie VIP<br> Pathfinder Moderate –<br> Managed Volatility Series |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538911 | &nbsp;&nbsp;&nbsp;&nbsp;209983 | &nbsp;&nbsp;&nbsp;&nbsp;527912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485247 | &nbsp;&nbsp;&nbsp;3670925 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;2358162 | &nbsp;&nbsp;&nbsp;&nbsp;1911351 | &nbsp;&nbsp;&nbsp;&nbsp;820468 | &nbsp;&nbsp;&nbsp;&nbsp;520647 | &nbsp;&nbsp;&nbsp;2064470 | &nbsp;&nbsp;&nbsp;1397268 |
|  | &nbsp;&nbsp;&nbsp;2506893 | &nbsp;&nbsp;&nbsp;2450262 | &nbsp;&nbsp;1030451 | &nbsp;&nbsp;1048559 | &nbsp;&nbsp;&nbsp;2549717 | &nbsp;&nbsp;&nbsp;5068193 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | (11456081) | (32053717) | (2697535) | (5566307) | (10133315) | (26121474) |
| Net decrease | &nbsp;&nbsp;(8949188) | (29603455) | (1667084) | (4517748) | &nbsp;&nbsp;&nbsp;(7583598) | (21053281) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Macquarie VIP<br> Pathfinder Moderately Aggressive –<br> Managed Volatility Series | Macquarie VIP<br> Pathfinder Moderately Aggressive –<br> Managed Volatility Series | Macquarie VIP<br> Pathfinder Moderately Conservative –<br> Managed Volatility Series | Macquarie VIP<br> Pathfinder Moderately Conservative –<br> Managed Volatility Series |
|  | Six months<br> ended | Year ended | Six months<br> ended | Year ended |
|  | 6/30/25 | 12/31/24 | 6/30/25 | 12/31/24 |
| Shares sold: | Shares sold: | Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66339 | &nbsp;&nbsp;&nbsp;&nbsp;210960 | &nbsp;&nbsp;&nbsp;&nbsp;468437 | &nbsp;&nbsp;1221313 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;259338 | &nbsp;&nbsp;&nbsp;&nbsp;200071 | &nbsp;&nbsp;&nbsp;&nbsp;195373 | &nbsp;&nbsp;&nbsp;&nbsp;115386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;325677 | &nbsp;&nbsp;&nbsp;&nbsp;411031 | &nbsp;&nbsp;&nbsp;&nbsp;663810 | &nbsp;&nbsp;1336699 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Class<sup>1</sup> | (1708966) | (5075722) | (1136873) | (3702301) |
| Net decrease | (1383289) | (4664691) | &nbsp;&nbsp;&nbsp;(473063) | (2365602) |

---

<sup>1</sup> Effective May 1, 2024, Class II shares were renamed Service Class shares.

5. Interfund Lending Program

Pursuant to an exemptive order issued by the SEC (Order), the Ivy Funds and Ivy Variable Insurance Portfolios (collectively, the Funds, only for purposes of this Note 5) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (Interfund Lending Program). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each, an Interfund Loan), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. This program is in existence but is not currently in use. The Funds made no Interfund Loans under the Interfund Lending Program during the six months ended June 30, 2025.

6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Series may use futures contracts in the normal course of pursuing its investment objective. The Series may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Series deposits cash or pledge US government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Series because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. No futures contracts were outstanding at June 30, 2025.**

During the six months ended June 30, 2025, the Managed Volatility Series invested in futures contracts to hedge the Series' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

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Ivy Variable Insurance Portfolios

6. Derivatives (continued)

During the six months ended June 30, 2025, the Managed Volatility Series experienced net realized and unrealized gains or losses attributable to futures contracts, which are disclosed on the "Statements of operations."

The table below summarizes the average daily balance of derivative holdings by each Series during the six months ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume | &nbsp;&nbsp;Short Derivative Volume |
|  | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderate –<br> Managed Volatility<br> Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Aggressive – Managed<br> Volatility Series | &nbsp;&nbsp;Macquarie VIP<br> Pathfinder Moderately<br> Conservative – Managed<br> Volatility Series |
| Futures contracts (average notional amount) | $&nbsp;&nbsp;28922453 | $&nbsp;&nbsp;4062023 | $&nbsp;&nbsp;1921871 |

---

7. Securities Lending

Each Series, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Series of the Trust is generally invested in a series of individual separate accounts, each corresponding to a Series. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each Series can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Series or, at the discretion of the lending agent, replace the loaned securities. Each Series continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Series has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Series receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Series, the security lending agent, and the borrower. Each Series records security lending income net of allocations to the security lending agent and the borrower.

Each Series may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Series' cash collateral account may be less than the amount each Series would be required to return to the borrowers of the securities and each Series would be required to make up for this shortfall.

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During the six months ended June 30, 2025, the Series had no securities out on loan.

8. Credit and Market Risks

Because each Series invests substantially all of its assets in Ivy Variable Insurance Portfolios mutual funds, the risks associated with investing in the Series are closely related to the risks associated with the securities and other investments held by the Underlying Funds.

Certain Underlying Funds may hold high-yield or non-investment-grade bonds, that may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Underlying Funds may acquire securities in default and are not obligated to dispose of securities whose issuers subsequently default and are not obligated to dispose of securities whose issuers subsequently default.

In the normal course of business, the Underlying Funds may invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Underlying Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Underlying Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Underlying Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Underlying Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Underlying Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties.

Certain Underlying Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument.

If an Underlying Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Underlying Funds, or, in the case of hedging positions, that the Underlying Fund's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by US or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.

Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss, which may exceed amounts disclosed on the "Statements of assets and liabilities", if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a series may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

9. Contractual Obligations

Each Series enters into contracts in the normal course of business that contain a variety of indemnifications. Each Series' maximum exposure under these arrangements is unknown. However, each Series has not had prior claims or losses pursuant to these contracts. Management has reviewed each Series' existing contracts and expects the risk of loss to be remote.

10. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide

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Ivy Variable Insurance Portfolios

10. Recent Accounting Pronouncements (continued)

disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on each Series' financial statements.

11. Subsequent Events

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management's US and European public investments business. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close on or about October 31, 2025. This is subject to change.

The closing of this transaction will result in the automatic termination of each Series' investment advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation of the closing of the transaction, on June 18, 2025, the Board approved, and recommended shareholders approve, a new investment advisory agreement for each Series that, pending shareholder approval, would go into effect at the closing of the transaction. Shareholders of each Series were sent proxy materials for a special meeting of shareholders scheduled to be held on September 10, 2025, at which the approval of the new investment advisory agreement will be considered.

Management has determined that no other material events or transactions occurred subsequent to June 30, 2025, that would require recognition or disclosure in the Series' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;46

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## Other Series information (Unaudited)
Ivy Variable Insurance Portfolios

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;47

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(4702798) **SEMIANN-VIP-PF-0825**

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is included as part of materials filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during

------

the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit \[99.CERT\].](d847441dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.](d847441dex99906cert.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

**Name of Registrant**: Ivy Variable Insurance Portfolios

---

| | |
|:---|:---|
| <u>/s/SHAWN K. LYTLE</u> | <u>/s/SHAWN K. LYTLE</u> |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | September 3, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| <u>/s/SHAWN K. LYTLE</u> | <u>/s/SHAWN K. LYTLE</u> |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | September 3, 2025 |
| <u>/s/RICHARD SALUS</u> | <u>/s/RICHARD SALUS</u> |
| By: | Richard Salus |
| Title: | Chief Financial Officer |
| Date: | September 3, 2025 |

---

## Ex-99.Cert

**EXHIBIT 99.CERT** 

**<u>CERTIFICATION</u>**

I, Shawn K. Lytle, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Variable Insurance
Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: September 3, 2025

------

---

| | |
|:---|:---|
| <u>/s/SHAWN K. LYTLE</u> | <u>/s/SHAWN K. LYTLE</u> |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |

---

------

**<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. I have reviewed this report on Form N-CSR of Ivy Variable Insurance
Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: September 3, 2025

------

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| | |
|:---|:---|
| <u>/s/RICHARD SALUS</u> | <u>/s/RICHARD SALUS</u> |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 99.906CERT** 

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify, to the best of such officer's knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934; and

2. The information contained in the Report fairly represents, in all material respects, the financial condition
and results of operations of the registrant as of, and for, the periods presented in the Report.

---

| | |
|:---|:---|
| Date: | September 3, 2025 |
| <u>/s/SHAWN K. LYTLE</u> | <u>/s/SHAWN K. LYTLE</u> |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| <u>/s/RICHARD SALUS</u> | <u>/s/RICHARD SALUS</u> |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.