# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-25-009993
**Filing Date:** 2025-11
**Character Count:** 13662
**Document Hash:** 2b61e1de8a979e1f5511c0d21198bc27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009993.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009993

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05017
- **FILM NUMBER:** 251513928

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** (800) 523-1918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios
- **DATE OF NAME CHANGE:** 20100301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios, Inc.
- **DATE OF NAME CHANGE:** 20080819

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 20001026

## Series and Classes Contracts Data

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

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

## Nport-Ex

## Schedule of investments
Macquarie VIP Pathfinder Moderately Conservative Series

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Affiliated Mutual Funds — 94.05%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 94.05%<<** | &nbsp;&nbsp;**Affiliated Mutual Funds — 94.05%<<** |
| &nbsp;&nbsp;Fixed Income Funds — 44.35% | &nbsp;&nbsp;Fixed Income Funds — 44.35% | &nbsp;&nbsp;Fixed Income Funds — 44.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Corporate Bond Series – Service Class | 7117620 | $33239285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP High Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;394369 | &nbsp;&nbsp; 1139725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series – Service Class | 3581330 | &nbsp;&nbsp; 16724812 |
|  |  | &nbsp;&nbsp; 51103822 |
| &nbsp;&nbsp;Global / International Equity Fund — 14.66% | &nbsp;&nbsp;Global / International Equity Fund — 14.66% | &nbsp;&nbsp;Global / International Equity Fund — 14.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP International Core Equity Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;886774 | &nbsp;&nbsp; 16893054 |
|  |  | &nbsp;&nbsp; 16893054 |
| &nbsp;&nbsp;US Equity Funds — 35.04% | &nbsp;&nbsp;US Equity Funds — 35.04% | &nbsp;&nbsp;US Equity Funds — 35.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Core Equity Series – Service Class | 1347981 | &nbsp;&nbsp; 18804330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Growth and Income Series – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp;385467 | &nbsp;&nbsp; 13502925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Smid Cap Core Series – Service Class | &nbsp;&nbsp;&nbsp;&nbsp;239304 | &nbsp;&nbsp; 3067876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie VIP Value Series – Service Class | 1161327 | &nbsp;&nbsp; 5005320 |
|  |  | &nbsp;&nbsp; 40380451 |
| &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $117,536,843)** | &nbsp;&nbsp;&nbsp;**Total Affiliated Mutual Funds<br> (cost $117,536,843)** | &nbsp;&nbsp;**108377327** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 5.74%<<** | &nbsp;&nbsp;**Exchange-Traded Funds — 5.74%<<** | &nbsp;&nbsp;**Exchange-Traded Funds — 5.74%<<** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Focused International Core ETF | &nbsp;&nbsp;&nbsp;&nbsp;16869 | &nbsp;&nbsp; 437771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Focused Large Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;205600 | &nbsp;&nbsp; 6178280 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $6,532,844)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $6,532,844)** | &nbsp;&nbsp; **6616051** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 0.62%** | &nbsp;&nbsp;**Short-Term Investments — 0.62%** | &nbsp;&nbsp;**Short-Term Investments — 0.62%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.62% | &nbsp;&nbsp;Money Market Mutual Funds — 0.62% | &nbsp;&nbsp;Money Market Mutual Funds — 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | &nbsp;&nbsp;&nbsp;&nbsp;177670 | $177670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | &nbsp;&nbsp;&nbsp;&nbsp;177669 | &nbsp;&nbsp; 177669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | &nbsp;&nbsp;&nbsp;&nbsp;177670 | &nbsp;&nbsp; 177670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | &nbsp;&nbsp;&nbsp;&nbsp;177669 | &nbsp;&nbsp; 177669 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $710,678)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $710,678)** | &nbsp;&nbsp; **710678** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.41%<br> (cost $124,780,365)** |  | &nbsp;&nbsp;**115704056** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.41%)** |  | &nbsp;&nbsp;&nbsp; **(475927)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 25,444,882 Shares Outstanding — 100.00%** |  | **$115228129** |

---

<< Affiliated company.

---

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

---

NQ- IV049 [0925] 1125 (4967872) 1

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Macquarie VIP Pathfinder Moderately Conservative Series

- **b. EDGAR series identifier (if any):** S000020591

- **c. LEI of Series:** 549300V23V6UKRVF2J68

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $115309226.69

**Total Liabilities:** $53054.54

**Net Assets:** $115256172.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057546 | 0.00%                | 1.83%                | 1.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $147161.03               | $-94452.17                                 |
| Month 2  | $82769.09                | $1983541.78                                |
| Month 3  | $-1734880.62             | $3610699.88                                |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Macquarie VIP Value Series                     | Macquarie VIP Value Series                     | CUSIP: 46600H760<br>LEI: AWONQDLF30HQ3RDWG969 | Long             | EC               | RF                | US        |   1161782 | NS      | $5007280.58   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP High Income Series               | Macquarie VIP High Income Series               | CUSIP: 46600H620<br>LEI: N/A                  | Long             | EC               | RF                | US        |    394369 | NS      | $1139725.07   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP International Core Equity Series | Macquarie VIP International Core Equity Series | CUSIP: 000000000<br>LEI: KUNXJZNR9Y2ZBTGW9Z22 | Long             | EC               | CORP              | US        |    887121 | NS      | $16899664.00  | 14.66%            |  |  |  | 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        |    177670 | NS      | $177669.75    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Focused Large Growth ETF             | Macquarie Focused Large Growth ETF             | CUSIP: 555927409<br>LEI: 254900MZL9N2UVO5W196 | Long             | EC               | RF                | US        |    205600 | NS      | $6178280.00   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Limited-Term Bond Series         | Macquarie VIP Limited-Term Bond Series         | CUSIP: 46600H687<br>LEI: 549300IQNBLPUI8O5C25 | Long             | EC               | RF                | US        |   3582733 | NS      | $16731363.99  | 14.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    177669 | NS      | $177669.28    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Focused International Core ETF       | Macquarie Focused International Core ETF       | CUSIP: 555927607<br>LEI: 254900QDNMJZ954GCT23 | Long             | EC               | RF                | US        |         1 | NS      | $25.95        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    177669 | NS      | $177669.49    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    177670 | NS      | $177669.75    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Core Equity Series               | Macquarie VIP Core Equity Series               | CUSIP: 46600H406<br>LEI: 1O0KE92B2QJ305IPCS48 | Long             | EC               | RF                | US        |   1348509 | NS      | $18811695.95  | 16.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Corporate Bond Series            | Macquarie VIP Corporate Bond Series            | CUSIP: 46600H307<br>LEI: 80M6N2TK2SP4KMW7RP03 | Long             | EC               | RF                | US        |   7120409 | NS      | $33252309.16  | 28.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Smid Cap Core Series             | Macquarie VIP Smid Cap Core Series             | CUSIP: 000000000<br>LEI: ZRJY0CYFDPH4SGPRYA91 | Long             | EC               | RF                | US        |    239397 | NS      | $3069068.77   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie VIP Growth and Income Series         | Macquarie VIP Growth and Income Series         | CUSIP: 000000000<br>LEI: 5493001WPRSYIVK9CR96 | Long             | EC               | CORP              | US        |    385618 | NS      | $13508214.69  | 11.72%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

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

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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