# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0001752724-25-206447
**Filing Date:** 2025-8
**Character Count:** 47465
**Document Hash:** 21785a12e85a373da798245fd8b22fbb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-206447.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-206447

**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:** 251258242

**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 Smid Cap Core Series (Series ID: S000006234)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017168 | 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 Smid Cap Core Series

- **b. EDGAR series identifier (if any):** S000006234

- **c. LEI of Series:** ZRJY0CYFDPH4SGPRYA91

**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:** $176408320.27

**Total Liabilities:** $215993.19

**Net Assets:** $176192327.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017168 | -2.86%               | 5.13%                | 4.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3325623.14              | $-9439752.93                               |
| Month 2  | $254807.18               | $8120538.36                                |
| Month 3  | $2508985.41              | $4234615.80                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Saia Inc                                       | Saia Inc                                       | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      1852 | NS      | $507429.48    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                        | Kite Realty Group Trust                        | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67898 | NS      | $1537889.70   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                       | Blueprint Medicines Corp                       | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |     12068 | NS      | $1546876.24   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                        | KB Home                                        | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     11501 | NS      | $609207.97    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                               | Boise Cascade Co                               | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     14422 | NS      | $1252118.04   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                              | FTAI Aviation Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3299 | NS      | $379516.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                  | Ultragenyx Pharmaceutical Inc                  | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     15607 | NS      | $567470.52    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                             | Liberty Energy Inc                             | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137287 | NS      | $1576054.76   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc                      | International Seaways Inc                      | CUSIP: 000000000<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | US        |     10980 | NS      | $400550.40    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                      | Healthpeak Properties Inc                      | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     76498 | NS      | $1339479.98   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                            | Varonis Systems Inc                            | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     36846 | NS      | $1869934.50   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                               | SPS Commerce Inc                               | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      5960 | NS      | $811096.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                      | Halozyme Therapeutics Inc                      | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     25249 | NS      | $1313452.98   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho                 | Knight-Swift Transportation Holdings Inc       | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27690 | NS      | $1224728.70   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                              | YETI Holdings Inc                              | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     35478 | NS      | $1118266.56   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc                        | Amicus Therapeutics Inc                        | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |     71173 | NS      | $407821.29    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                                   | OmniAb, Inc.                                   | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3815 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Q2 Holdings Inc                                | Q2 Holdings Inc                                | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     20802 | NS      | $1946859.18   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I                 | BJ's Wholesale Club Holdings Inc               | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     21664 | NS      | $2336029.12   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                            | Texas Roadhouse Inc                            | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     10345 | NS      | $1938756.45   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                         | Guidewire Software Inc                         | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     13330 | NS      | $3138548.50   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                                   | La-Z-Boy Inc                                   | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     21744 | NS      | $808224.48    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                               | Black Hills Corp                               | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     25076 | NS      | $1406763.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc                        | WESCO International Inc                        | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     11816 | NS      | $2188323.20   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                               | Malibu Boats Inc                               | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17352 | NS      | $543811.68    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                   | Glaukos Corp                                   | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     10522 | NS      | $1086817.38   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                             | Regal Rexnord Corp                             | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      8002 | NS      | $1159969.92   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp                      | Carpenter Technology Corp                      | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      2531 | NS      | $699517.78    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                           | SPX Technologies Inc                           | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      3867 | NS      | $648418.56    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                                 | Tecnoglass Inc                                 | CUSIP: 000000000<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | US        |     10490 | NS      | $811506.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                  | Dynatrace Inc                                  | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     27021 | NS      | $1491829.41   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                                        | Box Inc                                        | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |     26715 | NS      | $912851.55    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                         | Synovus Financial Corp                         | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     16941 | NS      | $876696.75    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                          | Lantheus Holdings Inc                          | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     13842 | NS      | $1133106.12   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                             | Expand Energy Corp                             | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     20122 | NS      | $2353066.68   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                                 | Tetra Tech Inc                                 | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     39413 | NS      | $1417291.48   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In                 | Pinnacle Financial Partners Inc                | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     22659 | NS      | $2501780.19   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                          | Stifel Financial Corp                          | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     20300 | NS      | $2106734.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                            | Exact Sciences Corp                            | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     22776 | NS      | $1210316.64   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                      | Brinker International Inc                      | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      8399 | NS      | $1514591.67   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                                    | Kemper Corp                                    | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     36624 | NS      | $2363712.96   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                          | TransMedics Group Inc                          | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      9930 | NS      | $1330719.30   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                                 | API Group Corp                                 | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     17970 | NS      | $917368.50    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                        | ExlService Holdings Inc                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     52138 | NS      | $2283123.02   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                          | East West Bancorp Inc                          | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36210 | NS      | $3656485.80   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie                 | Applied Industrial Technologies Inc            | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      5644 | NS      | $1311947.80   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UL Solutions Inc                               | UL Solutions Inc                               | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |     12883 | NS      | $938655.38    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                             | ABM Industries Inc                             | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     25549 | NS      | $1206168.29   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                   | Reliance Inc                                   | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      8258 | NS      | $2592186.20   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd                      | Axis Capital Holdings Ltd                      | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     30331 | NS      | $3148964.42   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                     | Neurocrine Biosciences Inc                     | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     13667 | NS      | $1717805.23   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   1045805 | NS      | $1045804.84   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                            | Quanta Services Inc                            | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      2386 | NS      | $902098.88    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I                 | Reinsurance Group of America Inc               | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     11997 | NS      | $2379724.92   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                                   | OmniAb, Inc.                                   | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3815 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Permian Resources Corp                         | Permian Resources Corp                         | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    165165 | NS      | $2249547.30   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN                        | Old National Bancorp/IN                        | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     96113 | NS      | $2051051.42   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                               | Carlisle Cos Inc                               | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      2396 | NS      | $894666.40    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                        | PTC Inc                                        | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      5015 | NS      | $864285.10    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                      | Casella Waste Systems Inc                      | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     13162 | NS      | $1518631.56   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     23625 | NS      | $1724388.75   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   1045802 | NS      | $1045801.75   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                       | Procore Technologies Inc                       | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     16785 | NS      | $1148429.70   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                        | ATI Inc                                        | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |       316 | NS      | $27283.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor                 | Zurn Elkay Water Solutions Corp                | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     41969 | NS      | $1534806.33   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                         | Jones Lang LaSalle Inc                         | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      5373 | NS      | $1374305.94   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                | Bio-Techne Corp                                | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     19595 | NS      | $1008162.75   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                              | Clean Harbors Inc                              | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      7431 | NS      | $1717898.58   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                     | Rubrik Inc                                     | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |      8072 | NS      | $723170.48    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                      | Graco Inc                                      | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     15917 | NS      | $1368384.49   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                  | Repligen Corp                                  | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      9128 | NS      | $1135340.64   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp                                | SouthState Corp                                | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     24238 | NS      | $2230623.14   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                            | Terreno Realty Corp                            | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18403 | NS      | $1031856.21   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                                      | IMAX Corp                                      | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |     50634 | NS      | $1415726.64   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                                   | Semtech Corp                                   | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     52044 | NS      | $2349266.16   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                    | Inspire Medical Systems Inc                    | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      6037 | NS      | $783421.49    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1045805 | NS      | $1045804.80   | 0.59%             |  |  |  | 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        |   1045803 | NS      | $1045803.34   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                           | Chart Industries Inc                           | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      6549 | NS      | $1078292.85   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                                  | Huntsman Corp                                  | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     89762 | NS      | $935320.04    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc                                     | Rapid7 Inc                                     | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |     17290 | NS      | $399917.70    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                     | Insmed Inc                                     | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     22923 | NS      | $2306970.72   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc                      | Minerals Technologies Inc                      | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     31760 | NS      | $1749023.20   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                     | Casey's General Stores Inc                     | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      6646 | NS      | $3391254.42   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/T                 | Interpublic Group of Cos Inc/The               | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     43575 | NS      | $1066716.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                     | Arcosa Inc                                     | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     17894 | NS      | $1551588.74   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                     | Kirby Corp                                     | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     19421 | NS      | $2202535.61   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                                | Astera Labs Inc                                | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9684 | NS      | $875627.28    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                     | Brixmor Property Group Inc                     | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     66472 | NS      | $1730930.88   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc                              | Toll Brothers Inc                              | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     10332 | NS      | $1179191.16   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                        | Nexstar Media Group Inc                        | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      4885 | NS      | $844860.75    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc                     | Ligand Pharmaceuticals Inc                     | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     12265 | NS      | $1394285.20   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                     | Atkore Inc                                     | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      4219 | NS      | $297650.45    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc                   | Life Time Group Holdings Inc                   | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25386 | NS      | $769957.38    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                  | Coherent Corp                                  | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     25735 | NS      | $2295819.35   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc                       | Silicon Laboratories Inc                       | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |      9895 | NS      | $1458127.20   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                        | Axsome Therapeutics Inc                        | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     12166 | NS      | $1270008.74   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                      | Dick's Sporting Goods Inc                      | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     12909 | NS      | $2553529.29   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                               | WNS Holdings Ltd                               | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |     25866 | NS      | $1635765.84   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                                 | Wendy's Co/The                                 | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |     48565 | NS      | $554612.30    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                          | Encompass Health Corp                          | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     16112 | NS      | $1975814.56   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc                    | Columbia Banking System Inc                    | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85164 | NS      | $1991134.32   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                                       | ASGN Inc                                       | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     15469 | NS      | $772367.17    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                      | Gates Industrial Corp PLC                      | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |     51018 | NS      | $1174944.54   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                        | KBR Inc                                        | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     27098 | NS      | $1299078.12   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp                         | J & J Snack Foods Corp                         | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               | CORP              | US        |      8489 | NS      | $962737.49    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol                 | MACOM Technology Solutions Holdings Inc        | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14669 | NS      | $2101921.01   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                              | Steven Madden Ltd                              | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     34811 | NS      | $834767.78    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp                         | Webster Financial Corp                         | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     53112 | NS      | $2899915.20   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                      | Taylor Morrison Home Corp                      | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     12603 | NS      | $774076.26    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                        | Aramark                                        | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     38367 | NS      | $1606426.29   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                     | Natera Inc                                     | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8709 | NS      | $1471298.46   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                           | Kaiser Aluminum Corp                           | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14937 | NS      | $1193466.30   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                         | WillScot Holdings Corp                         | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     53700 | NS      | $1471380.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc                  | Lincoln Electric Holdings Inc                  | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     10131 | NS      | $2100358.92   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                              | Hamilton Lane Inc                              | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      7332 | NS      | $1042023.84   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust                  | First Industrial Realty Trust Inc              | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35444 | NS      | $1705919.72   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                        | XPO Inc                                        | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |      6295 | NS      | $794995.55    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                          | Camden Property Trust                          | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     17687 | NS      | $1993148.03   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                            | Federal Signal Corp                            | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     19037 | NS      | $2025917.54   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                                 | BorgWarner Inc                                 | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     31437 | NS      | $1052510.76   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                                     | Kadant Inc                                     | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      3707 | NS      | $1176787.15   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                               | Essent Group Ltd                               | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | US        |     24168 | NS      | $1467722.64   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                            | WSFS Financial Corp                            | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     29914 | NS      | $1645270.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                       | Yelp Inc                                       | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     24325 | NS      | $833617.75    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc                   | Supernus Pharmaceuticals Inc                   | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     29494 | NS      | $929650.88    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                                    | Workiva Inc                                    | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |      9706 | NS      | $664375.70    | 0.38%             |  |  |  | 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