# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0001752724-25-206437
**Filing Date:** 2025-8
**Character Count:** 20224
**Document Hash:** 562152a40754b1402fb5db92687be73e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-206437.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-206437

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ivy Variable Insurance Portfolios
- **CENTRAL INDEX KEY:** 0000810016

**ORGANIZATION NAME:**
- **EIN:** 481146010
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05017
- **FILM NUMBER:** 251258236

**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 Natural Resources Series (Series ID: S000006240)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ivy Variable Insurance Portfolios

- **b. Investment Company Act file number:** 811-05017

- **c. CIK number of Registrant:** 0000810016

- **d. LEI of Registrant:** 72XHPUAYSOH6ROSGJT53

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 215-255-1200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Macquarie VIP Natural Resources Series

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $75357103.27

**Total Liabilities:** $134067.54

**Net Assets:** $75223035.73

**Cash Not Reported:** $5094.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017174 | -3.56%               | 6.70%                | 5.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-429187.01              | $-2175525.79                               |
| Month 2  | $163042.92               | $3932342.23                                |
| Month 3  | $126727.91               | $3414146.97                                |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Metallus Inc                                   | Metallus Inc                                   | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     79734 | NS      | $1228700.94   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                         | Diamondback Energy Inc                         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      5149 | NS      | $707472.60    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                        | Darling Ingredients Inc                        | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     20428 | NS      | $775038.32    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                   | Wheaton Precious Metals Corp                   | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     32401 | NS      | $2909609.80   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                                     | Alcoa Corp                                     | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     55475 | NS      | $1637067.25   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd                          | Valterra Platinum Ltd                          | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     27291 | NS      | $1198738.85   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| China Metal Recycling Holdings                 | China Metal Recycling Holdings Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   1900000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CF Industries Holdings Inc                     | CF Industries Holdings Inc                     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     32170 | NS      | $2959640.00   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd                              | ARC Resources Ltd                              | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    101050 | NS      | $2130453.83   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                             | Anglo American PLC                             | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     70670 | NS      | $2085611.27   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co                         | International Paper Co                         | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     52996 | NS      | $2481802.68   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                          | Helmerich & Payne Inc                          | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     46647 | NS      | $707168.52    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    190525 | NS      | $190525.42    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                             | Steel Dynamics Inc                             | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     21617 | NS      | $2767192.17   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp                               | HF Sinclair Corp                               | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     35303 | NS      | $1450247.24   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                                 | SSR Mining Inc                                 | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |    100638 | NS      | $1283702.63   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                             | Expand Energy Corp                             | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     23460 | NS      | $2743412.40   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    190525 | NS      | $190525.42    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                | Bunge Global SA                                | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        |     19357 | NS      | $1553979.96   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc                               | DHT Holdings Inc                               | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | BM        |     79770 | NS      | $862313.70    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan SA                                       | Titan SA                                       | CUSIP: 000000000<br>LEI: 213800H2CDP9I374WH83 | Long             | EC               | CORP              | BE        |     18476 | NS      | $835730.08    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                               | Coeur Mining Inc                               | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    127328 | NS      | $1128126.08   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                        | CRH PLC                                        | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |     24998 | NS      | $2303122.44   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals Inc                            | Hudbay Minerals Inc                            | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |    321464 | NS      | $3410733.04   | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC                           | Endeavour Mining PLC                           | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |     48601 | NS      | $1486346.98   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                         | Permian Resources Corp                         | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     60050 | NS      | $817881.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    190525 | NS      | $190525.42    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp                         | Louisiana-Pacific Corp                         | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     10370 | NS      | $891716.30    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan America SA                               | Titan America SA                               | CUSIP: 000000000<br>LEI: 9845007APCB6462D6C46 | Long             | EC               | CORP              | BE        |     65675 | NS      | $819624.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                   | Newmont Corp                                   | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     52683 | NS      | $3069311.58   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    138391 | NS      | $4850690.04   | 6.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp                            | Tourmaline Oil Corp                            | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |     31776 | NS      | $1533088.45   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ERO Copper Corp                                | ERO Copper Corp                                | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |    150917 | NS      | $2548992.84   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Canfor Corp                                    | Canfor Corp                                    | CUSIP: 137576104<br>LEI: 549300DRE7WBHY02BD70 | Long             | EC               | CORP              | CA        |     70823 | NS      | $735404.60    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd                      | West Fraser Timber Co Ltd                      | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     23080 | NS      | $1692505.09   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                              | Chord Energy Corp                              | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      7383 | NS      | $715043.55    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                     | Arcosa Inc                                     | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     17681 | NS      | $1533119.51   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    190525 | NS      | $190525.45    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                             | Valero Energy Corp                             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     20334 | NS      | $2733296.28   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Methanex Corp                                  | Methanex Corp                                  | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |     37858 | NS      | $1253099.80   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners LP                    | Kimbell Royalty Partners LP                    | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |    148471 | NS      | $2072655.16   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                              | MP Materials Corp                              | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     40407 | NS      | $1344340.89   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                    | Nutrien Ltd                                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     59055 | NS      | $3439363.20   | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                    | Corteva Inc                                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     33496 | NS      | $2496456.88   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Parex Resources Inc                            | Parex Resources Inc                            | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |     83888 | NS      | $856898.90    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                | First Solar Inc                                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      8133 | NS      | $1346336.82   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Unit Corp                                      | Unit Corp                                      | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               | CORP              | US        |     39799 | NS      | $1039151.89   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

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

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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