# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-25-010016
**Filing Date:** 2025-11
**Character Count:** 34587
**Document Hash:** a3a1d6cfbad4d2cc96ca6e5a05ed4d3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010016.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010016

**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:** 251513954

**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 Global Growth Series (Series ID: S000006243)

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

## Nport-Ex

## Schedule of investments
Macquarie VIP Global Growth Series

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.21%Δ** | &nbsp;&nbsp;**Common Stocks — 99.21%Δ** | &nbsp;&nbsp;**Common Stocks — 99.21%Δ** |
| &nbsp;&nbsp;Brazil — 2.63% | &nbsp;&nbsp;Brazil — 2.63% | &nbsp;&nbsp;Brazil — 2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz 144A # | 316256 | $2506398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP Class A | 98118 | &nbsp;&nbsp; 1843637 |
|  |  | &nbsp;&nbsp; 4350035 |
| &nbsp;&nbsp;Canada — 2.74% | &nbsp;&nbsp;Canada — 2.74% | &nbsp;&nbsp;Canada — 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | 61192 | &nbsp;&nbsp; 3264716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources | 39980 | &nbsp;&nbsp; 1277761 |
|  |  | &nbsp;&nbsp; 4542477 |
| &nbsp;&nbsp;China — 1.23% | &nbsp;&nbsp;China — 1.23% | &nbsp;&nbsp;China — 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 199500 | &nbsp;&nbsp; 2040113 |
|  |  | &nbsp;&nbsp; 2040113 |
| &nbsp;&nbsp;Finland — 1.59% | &nbsp;&nbsp;Finland — 1.59% | &nbsp;&nbsp;Finland — 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | 75749 | &nbsp;&nbsp; 2632278 |
|  |  | &nbsp;&nbsp; 2632278 |
| &nbsp;&nbsp;France — 2.07% | &nbsp;&nbsp;France — 2.07% | &nbsp;&nbsp;France — 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | 14669 | &nbsp;&nbsp; 3425593 |
|  |  | &nbsp;&nbsp; 3425593 |
| &nbsp;&nbsp;Germany — 6.33% | &nbsp;&nbsp;Germany — 6.33% | &nbsp;&nbsp;Germany — 6.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | 40680 | &nbsp;&nbsp; 1385946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | 55495 | &nbsp;&nbsp; 3101367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | 11798 | &nbsp;&nbsp; 3159118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | 10491 | &nbsp;&nbsp; 2832339 |
|  |  | &nbsp;&nbsp; 10478770 |
| &nbsp;&nbsp;India — 3.25% | &nbsp;&nbsp;India — 3.25% | &nbsp;&nbsp;India — 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 270292 | &nbsp;&nbsp; 2896640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 648688 | &nbsp;&nbsp; 2487516 |
|  |  | &nbsp;&nbsp; 5384156 |
| &nbsp;&nbsp;Italy — 1.54% | &nbsp;&nbsp;Italy — 1.54% | &nbsp;&nbsp;Italy — 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;5248 | &nbsp;&nbsp; 2543815 |
|  |  | &nbsp;&nbsp; 2543815 |
| &nbsp;&nbsp;Japan — 2.77% | &nbsp;&nbsp;Japan — 2.77% | &nbsp;&nbsp;Japan — 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | 22300 | &nbsp;&nbsp; 3083429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics | 130600 | &nbsp;&nbsp; 1502578 |
|  |  | &nbsp;&nbsp; 4586007 |
| &nbsp;&nbsp;Netherlands — 1.89% | &nbsp;&nbsp;Netherlands — 1.89% | &nbsp;&nbsp;Netherlands — 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 119121 | &nbsp;&nbsp; 3122847 |
|  |  | &nbsp;&nbsp; 3122847 |
| &nbsp;&nbsp;Norway — 1.43% | &nbsp;&nbsp;Norway — 1.43% | &nbsp;&nbsp;Norway — 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | 226269 | &nbsp;&nbsp; 2365604 |
|  |  | &nbsp;&nbsp; 2365604 |
| &nbsp;&nbsp;Singapore — 2.00% | &nbsp;&nbsp;Singapore — 2.00% | &nbsp;&nbsp;Singapore — 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | 18534 | &nbsp;&nbsp; 3312582 |
|  |  | &nbsp;&nbsp; 3312582 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Spain — 2.11% | &nbsp;&nbsp;Spain — 2.11% | &nbsp;&nbsp;Spain — 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 181289 | $3493373 |
|  |  | &nbsp;&nbsp; 3493373 |
| &nbsp;&nbsp;Taiwan — 3.93% | &nbsp;&nbsp;Taiwan — 3.93% | &nbsp;&nbsp;Taiwan — 3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 150000 | &nbsp;&nbsp; 6515674 |
|  |  | &nbsp;&nbsp; 6515674 |
| &nbsp;&nbsp;United Kingdom — 3.16% | &nbsp;&nbsp;United Kingdom — 3.16% | &nbsp;&nbsp;United Kingdom — 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca | 12298 | &nbsp;&nbsp; 1884067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | 120104 | &nbsp;&nbsp; 3343267 |
|  |  | &nbsp;&nbsp; 5227334 |
| &nbsp;&nbsp;United States — 60.54% | &nbsp;&nbsp;United States — 60.54% | &nbsp;&nbsp;United States — 60.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | 11417 | &nbsp;&nbsp; 2450659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp; 1531530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 18081 | &nbsp;&nbsp; 3970045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;5669 | &nbsp;&nbsp; 2021452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 21090 | &nbsp;&nbsp; 5370147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | 110867 | &nbsp;&nbsp; 3130884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | 21980 | &nbsp;&nbsp; 2049635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital | 116587 | &nbsp;&nbsp; 1973818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;7735 | &nbsp;&nbsp; 2551854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | 10953 | &nbsp;&nbsp; 2328389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | 40531 | &nbsp;&nbsp; 2419701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;5378 | &nbsp;&nbsp; 3040291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;9146 | &nbsp;&nbsp; 1456775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | 25161 | &nbsp;&nbsp; 1668677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 12748 | &nbsp;&nbsp; 1205833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | 86773 | &nbsp;&nbsp; 3081309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;3738 | &nbsp;&nbsp; 2852094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;9613 | &nbsp;&nbsp; 2493997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;7539 | &nbsp;&nbsp; 3054727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | 17394 | &nbsp;&nbsp; 3413225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | 25911 | &nbsp;&nbsp; 2140767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 16502 | &nbsp;&nbsp; 2780257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp; 3637039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;6593 | &nbsp;&nbsp; 3750164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;4421 | &nbsp;&nbsp; 3246694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 19171 | &nbsp;&nbsp; 9929619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 20277 | &nbsp;&nbsp; 3223232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp; 2894193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 48382 | &nbsp;&nbsp; 9027114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | 11371 | &nbsp;&nbsp; 2694927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;7133 | &nbsp;&nbsp; 2469873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;4848 | &nbsp;&nbsp; 2351377 |
|  |  | &nbsp;&nbsp;100210298 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $115,607,426)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $115,607,426)** | &nbsp;&nbsp;**164230956** |

---

NQ- IV096 [0925] 1125 (4967888) 1

------

Macquarie VIP Global Growth Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 0.74%** | &nbsp;&nbsp;**Short-Term Investments — 0.74%** | &nbsp;&nbsp;**Short-Term Investments — 0.74%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.74% | &nbsp;&nbsp;Money Market Mutual Funds — 0.74% | &nbsp;&nbsp;Money Market Mutual Funds — 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 305241 | $305241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 305241 | &nbsp;&nbsp; 305241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 305241 | &nbsp;&nbsp; 305241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 305241 | &nbsp;&nbsp; 305241 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,220,964)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,220,964)** | &nbsp;&nbsp; **1220964** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.95%<br> (cost $116,828,390)** |  | &nbsp;&nbsp;**165451920** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 0.05%** |  | &nbsp;&nbsp; **83821** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 43,649,952 Shares Outstanding — 100.00%** | **$165535741** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of Rule 144A securities was $2,506,398, which represents 1.51% of the Series' net assets. |
| Non-income producing security. |

---

---

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

---

2 NQ- IV096 [0925] 1125 (4967888)

## 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 Global Growth Series

- **b. EDGAR series identifier (if any):** S000006243

- **c. LEI of Series:** LED2OME7YRQUX70AKY82

**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:** $166187410.71

**Total Liabilities:** $567246.21

**Net Assets:** $165620164.50

**Cash Not Reported:** $107181.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017177 | 0.55%                | 0.82%                | 2.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1183189.67              | $-530429.49                                |
| Month 2  | $1751824.08              | $-94061.76                                 |
| Month 3  | $942825.56               | $3028190.94                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Airbus SE                                      | Airbus SE                                      | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |     14669 | NS      | $3425592.72   | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BJ's Wholesale Club Holdings I                 | BJ's Wholesale Club Holdings Inc               | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     21980 | NS      | $2049635.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA                                           | Banco Bilbao Vizcaya Argentaria SA             | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    181289 | NS      | $3493372.56   | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                        | Aon PLC                                        | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |      5669 | NS      | $2021452.02   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                 | Microsoft Corp                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     19171 | NS      | $9929619.45   | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                 | Eli Lilly & Co                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      3738 | NS      | $2852094.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                 | Amazon.com Inc                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     18081 | NS      | $3970045.17   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC Ltd                                       | NTPC Ltd                                       | CUSIP: 000000000<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |    648688 | NS      | $2487516.44   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                             | Midea Group Co Ltd                             | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    199500 | NS      | $2040112.74   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                             | Meta Platforms Inc                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4421 | NS      | $3246693.98   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                       | KLA Corp                                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      3372 | NS      | $3637039.20   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                   | Alphabet Inc                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6300 | NS      | $1531530.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                           | Blue Owl Capital Inc                           | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116587 | NS      | $1973817.91   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                     | Casey's General Stores Inc                     | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      5378 | NS      | $3040290.96   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     12748 | NS      | $1205833.32   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc                   | Alimentation Couche-Tard Inc                   | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     61192 | NS      | $3264716.53   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                   | ING Groep NV                                   | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    119121 | NS      | $3122847.04   | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC                                | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     12298 | NS      | $1884067.31   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                  | Intercontinental Exchange Inc                  | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     16502 | NS      | $2780256.96   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                       | CSX Corp                                       | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     86773 | NS      | $3081309.23   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                              | Allstate Corp/The                              | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     11417 | NS      | $2450659.05   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                 | Salesforce Inc                                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     11371 | NS      | $2694927.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                      | Apple Inc                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     21090 | NS      | $5370146.70   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                             | Home Depot Inc/The                             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      7539 | NS      | $3054727.41   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    305241 | NS      | $305240.99    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     20277 | NS      | $3223231.92   | 1.95%             |  |  |  | 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        |    305241 | NS      | $305240.99    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd                 | Canadian Natural Resources Ltd                 | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     39980 | NS      | $1277760.80   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                     | Siemens AG                                     | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     10491 | NS      | $2832339.53   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                   | Broadcom Inc                                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      7735 | NS      | $2551853.85   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                       | AT&T Inc                                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    110867 | NS      | $3130884.08   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc                                         | XP Inc                                         | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | BR        |     98118 | NS      | $1843637.22   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                                      | Hoya Corp                                      | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     22300 | NS      | $3083429.03   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                        | Sea Ltd                                        | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |     18534 | NS      | $3312581.82   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                    | NVIDIA Corp                                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     48382 | NS      | $9027113.56   | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                           | Howmet Aerospace Inc                           | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     17394 | NS      | $3413224.62   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                            | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     40680 | NS      | $1385946.01   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| CDW Corp/DE                                    | CDW Corp/DE                                    | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |      9146 | NS      | $1456774.88   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                                     | Ferrari NV                                     | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | IT        |      5248 | NS      | $2543815.18   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                   | Thermo Fisher Scientific Inc                   | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      4848 | NS      | $2351376.96   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                  | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    270292 | NS      | $2896639.97   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Carrier Global Corp                            | Carrier Global Corp                            | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     40531 | NS      | $2419700.70   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz SA                          | Rede D'Or Sao Luiz SA                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    316256 | NS      | $2506398.25   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    305241 | NS      | $305240.85    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                               | Coca-Cola Co/The                               | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     25161 | NS      | $1668677.52   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                     | Capital One Financial Corp                     | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     10953 | NS      | $2328388.74   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                  | Hilton Worldwide Holdings Inc                  | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      9613 | NS      | $2493996.72   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                                | Amer Sports Inc                                | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | FI        |     75749 | NS      | $2632277.75   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    305241 | NS      | $305240.99    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                         | SAP SE                                         | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     11798 | NS      | $3159117.80   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      7133 | NS      | $2469872.58   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                             | Ingersoll Rand Inc                             | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     25911 | NS      | $2140766.82   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co KGaA                         | Fresenius SE & Co KGaA                         | CUSIP: 000000000<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     55495 | NS      | $3101366.91   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                | BAE Systems PLC                                | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    120104 | NS      | $3343266.69   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    150000 | NS      | $6515674.08   | 3.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                                 | Mastercard Inc                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      6593 | NS      | $3750164.33   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Renesas Electronics Corp                       | Renesas Electronics Corp                       | CUSIP: 000000000<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |    130600 | NS      | $1502578.23   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                      | Orkla ASA                                      | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |    226269 | NS      | $2365603.53   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix Inc                                    | Netflix Inc                                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      2414 | NS      | $2894192.88   | 1.75%             |  |  |  | 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