# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-25-010010
**Filing Date:** 2025-11
**Character Count:** 46180
**Document Hash:** 37185d8350bb8e3f11112d6737c5eeaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010010.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010010

**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:** 251513948

**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 Small Cap Growth Series (Series ID: S000006233)

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

## Nport-Ex

## Schedule of investments
Macquarie VIP Small Cap Growth Series

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.83%♣** | &nbsp;&nbsp;**Common Stocks — 97.83%♣** | &nbsp;&nbsp;**Common Stocks — 97.83%♣** |
| &nbsp;&nbsp;Communication Services — 2.42% | &nbsp;&nbsp;Communication Services — 2.42% | &nbsp;&nbsp;Communication Services — 2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | 144205 | $4722714 |
|  |  | &nbsp;&nbsp; 4722714 |
| &nbsp;&nbsp;Consumer Discretionary — 11.82% | &nbsp;&nbsp;Consumer Discretionary — 11.82% | &nbsp;&nbsp;Consumer Discretionary — 11.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | 11093 | &nbsp;&nbsp; 1838332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;7389 | &nbsp;&nbsp; 936038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products † | 23534 | &nbsp;&nbsp; 3668480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Sports † | 112132 | &nbsp;&nbsp; 1388194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing † | 18877 | &nbsp;&nbsp; 2683554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings † | 28780 | &nbsp;&nbsp; 3695352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 97090 | &nbsp;&nbsp; 2052483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group Class A † | 74532 | &nbsp;&nbsp; 2004911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute † | 148933 | &nbsp;&nbsp; 4847769 |
|  |  | &nbsp;&nbsp; 23115113 |
| &nbsp;&nbsp;Consumer Staples — 3.43% | &nbsp;&nbsp;Consumer Staples — 3.43% | &nbsp;&nbsp;Consumer Staples — 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse † | 45301 | &nbsp;&nbsp; 2642407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart | 20035 | &nbsp;&nbsp; 2428042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Farms † | 39850 | &nbsp;&nbsp; 1639827 |
|  |  | &nbsp;&nbsp; 6710276 |
| &nbsp;&nbsp;Energy — 0.95% | &nbsp;&nbsp;Energy — 0.95% | &nbsp;&nbsp;Energy — 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA | 76768 | &nbsp;&nbsp; 1863927 |
|  |  | &nbsp;&nbsp; 1863927 |
| &nbsp;&nbsp;Financials — 7.98% | &nbsp;&nbsp;Financials — 7.98% | &nbsp;&nbsp;Financials — 7.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings | &nbsp;&nbsp;&nbsp;&nbsp;9383 | &nbsp;&nbsp; 1486455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | 13528 | &nbsp;&nbsp; 1823439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | 15725 | &nbsp;&nbsp; 3228657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remitly Global † | 64215 | &nbsp;&nbsp; 1046705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking | 89379 | &nbsp;&nbsp; 2719803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 30614 | &nbsp;&nbsp; 2654846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree | 190380 | &nbsp;&nbsp; 2646282 |
|  |  | &nbsp;&nbsp; 15606187 |
| &nbsp;&nbsp;Healthcare — 23.27% | &nbsp;&nbsp;Healthcare — 23.27% | &nbsp;&nbsp;Healthcare — 23.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies † | 195328 | &nbsp;&nbsp; 2922107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics † | 146967 | &nbsp;&nbsp; 2154536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings † | 103674 | &nbsp;&nbsp; 1507420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals † | 36286 | &nbsp;&nbsp; 3323798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | 19012 | &nbsp;&nbsp; 2309008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareDx † | 59167 | &nbsp;&nbsp; 860288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals † | 90326 | &nbsp;&nbsp; 1779422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | 30056 | &nbsp;&nbsp; 3817713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings † | 26711 | &nbsp;&nbsp; 2877843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health † | 33736 | &nbsp;&nbsp; 2107825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity † | 17525 | &nbsp;&nbsp; 1660844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health † | 13522 | &nbsp;&nbsp; 766968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings † | 28749 | &nbsp;&nbsp; 2970634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals † | 51600 | &nbsp;&nbsp; 3782796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia † | 82516 | &nbsp;&nbsp; 1940776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEPT BioRobotics † | 16377 | &nbsp;&nbsp; 584495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals † | 83252 | &nbsp;&nbsp; 4947667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;8210 | &nbsp;&nbsp; 921162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics † | 84053 | &nbsp;&nbsp; 2008867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel † | 72196 | &nbsp;&nbsp; 2272008 |
|  |  | &nbsp;&nbsp; 45516177 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Industrials — 23.43% | &nbsp;&nbsp;Industrials — 23.43% | &nbsp;&nbsp;Industrials — 23.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR † | 38723 | $3472291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment † | &nbsp;&nbsp;&nbsp;&nbsp;5792 | &nbsp;&nbsp; 1823843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor † | 55310 | &nbsp;&nbsp; 3284861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | 28333 | &nbsp;&nbsp; 2304606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Class A † | &nbsp;&nbsp;&nbsp;&nbsp;9286 | &nbsp;&nbsp; 785317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ † | 47177 | &nbsp;&nbsp; 2498494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;9853 | &nbsp;&nbsp; 2288064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | 26111 | &nbsp;&nbsp; 3316097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group † | 49174 | &nbsp;&nbsp; 4216670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | 50821 | &nbsp;&nbsp; 2237649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp; 709180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | 44382 | &nbsp;&nbsp; 2358459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | 15548 | &nbsp;&nbsp; 2594339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group † | 16158 | &nbsp;&nbsp; 2371510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | &nbsp;&nbsp;&nbsp;&nbsp;6817 | &nbsp;&nbsp; 568879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;6651 | &nbsp;&nbsp; 607702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legence Class A † | 18825 | &nbsp;&nbsp; 579998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS | 59681 | &nbsp;&nbsp; 2709517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems † | 18532 | &nbsp;&nbsp; 1434377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest † | 11040 | &nbsp;&nbsp; 1110845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | 13128 | &nbsp;&nbsp; 2452048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp; 995930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex † | 21550 | &nbsp;&nbsp; 1113489 |
|  |  | &nbsp;&nbsp; 45834165 |
| &nbsp;&nbsp;Information Technology — 23.32% | &nbsp;&nbsp;Information Technology — 23.32% | &nbsp;&nbsp;Information Technology — 23.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | 19979 | &nbsp;&nbsp; 3399227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys † | 24440 | &nbsp;&nbsp; 2572310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint † | 203257 | &nbsp;&nbsp; 3050888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Class A † | 42871 | &nbsp;&nbsp; 772535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | 23179 | &nbsp;&nbsp; 2184157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ † | &nbsp;&nbsp;&nbsp;&nbsp;7259 | &nbsp;&nbsp; 446428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | 25747 | &nbsp;&nbsp; 3207046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings † | 39432 | &nbsp;&nbsp; 6415981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | 22117 | &nbsp;&nbsp; 2753345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems † | 24886 | &nbsp;&nbsp; 6202587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | 14813 | &nbsp;&nbsp; 1072313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | 21935 | &nbsp;&nbsp; 2285627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | 29775 | &nbsp;&nbsp; 2448994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint † | 148488 | &nbsp;&nbsp; 3278615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | 23691 | &nbsp;&nbsp; 3106601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoundHound AI Class A † | 16029 | &nbsp;&nbsp; 257746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics † | 31687 | &nbsp;&nbsp; 2165490 |
|  |  | &nbsp;&nbsp; 45619890 |
| &nbsp;&nbsp;Materials — 1.21% | &nbsp;&nbsp;Materials — 1.21% | &nbsp;&nbsp;Materials — 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River † | 30773 | &nbsp;&nbsp; 2365521 |
|  |  | &nbsp;&nbsp; 2365521 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $153,025,013)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $153,025,013)** | &nbsp;&nbsp;**191353970** |

---

NQ- IV097 [0925] 1125 (4967888) 1

------

Macquarie VIP Small Cap Growth Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Exchange-Traded Fund — 1.11%** | &nbsp;&nbsp;**Exchange-Traded Fund — 1.11%** | &nbsp;&nbsp;**Exchange-Traded Fund — 1.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;6807 | $2178512 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Fund<br> (cost $1,879,074)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Fund<br> (cost $1,879,074)** | &nbsp;&nbsp; **2178512** |
| &nbsp;&nbsp;**Short-Term Investments — 1.21%** | &nbsp;&nbsp;**Short-Term Investments — 1.21%** | &nbsp;&nbsp;**Short-Term Investments — 1.21%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.21% | &nbsp;&nbsp;Money Market Mutual Funds — 1.21% | &nbsp;&nbsp;Money Market Mutual Funds — 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 592359 | &nbsp;&nbsp; 592359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 592359 | &nbsp;&nbsp; 592359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 592358 | &nbsp;&nbsp; 592358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 592359 | &nbsp;&nbsp; 592359 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,369,435)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,369,435)** | &nbsp;&nbsp; **2369435** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.15%<br> (cost $157,273,522)** |  | &nbsp;&nbsp;**195901917** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.15%)** |  | &nbsp;&nbsp;&nbsp; **(299438)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 26,981,820 Shares Outstanding—100.00%** |  | **$195602479** |

---

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

---

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

---

2 NQ- IV097 [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 Small Cap Growth Series

- **b. EDGAR series identifier (if any):** S000006233

- **c. LEI of Series:** 7JKC5QVXLZ23MRRN8I76

**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:** $195891382.87

**Total Liabilities:** $290545.58

**Net Assets:** $195600837.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000203521 | -0.57%               | 5.62%                | 0.96%                |
| Class ID C000017167 | -0.59%               | 5.60%                | 0.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2091942.55              | $-3012495.77                               |
| Month 2  | $397021.94               | $10145539.34                               |
| Month 3  | $176716.94               | $1849989.86                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Q2 Holdings Inc                                | Q2 Holdings Inc                                | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     14813 | NS      | $1072313.07   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals Inc                     | Tarsus Pharmaceuticals Inc                     | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83252 | NS      | $4947666.36   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                                 | PriceSmart Inc                                 | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     20035 | NS      | $2428041.65   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc                 | Advanced Energy Industries Inc                 | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     19979 | NS      | $3399227.06   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                                   | Vericel Corp                                   | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     72196 | NS      | $2272008.12   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                               | Knife River Corp                               | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30773 | NS      | $2365520.51   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp                   | American Superconductor Corp                   | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |     55310 | NS      | $3284860.90   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                          | Integer Holdings Corp                          | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |     28749 | NS      | $2970634.17   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                                 | WisdomTree Inc                                 | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    190380 | NS      | $2646282.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                                    | Trex Co Inc                                    | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21550 | NS      | $1113488.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                                    | SkyWest Inc                                    | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     11040 | NS      | $1110844.80   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                  | Adaptive Biotechnologies Corp                  | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    195328 | NS      | $2922106.88   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                          | Lumentum Holdings Inc                          | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     39432 | NS      | $6415980.72   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                            | Federal Signal Corp                            | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      5960 | NS      | $709180.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                          | TransMedics Group Inc                          | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      8210 | NS      | $921162.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Legence Corp                                   | Legence Corp                                   | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17959 | NS      | $553316.79    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc                        | ANI Pharmaceuticals Inc                        | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |     36286 | NS      | $3323797.60   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                                  | SailPoint Inc                                  | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148488 | NS      | $3278615.04   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                       | OneSpaWorld Holdings Ltd                       | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |     97090 | NS      | $2052482.60   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                           | GeneDx Holdings Corp                           | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26711 | NS      | $2877843.14   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp                     | Standex International Corp                     | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      1913 | NS      | $405364.70    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                       | APA Corp                                       | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     76768 | NS      | $1863927.04   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                            | Mercury Systems Inc                            | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |     18532 | NS      | $1434376.80   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 Growth ETF                | iShares Russell 2000 Growth ETF                | CUSIP: 464287648<br>LEI: 549300CPJOUVKWJGSH44 | Long             | EC               | RF                | US        |      6807 | NS      | $2178512.28   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th                 | Descartes Systems Group Inc/The                | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     23179 | NS      | $2184157.17   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc                     | Huron Consulting Group Inc                     | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |     16158 | NS      | $2371509.66   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                        | Axsome Therapeutics Inc                        | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     19012 | NS      | $2309007.40   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                           | SPX Technologies Inc                           | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     13128 | NS      | $2452047.84   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                            | Sportradar Group AG                            | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |     74532 | NS      | $2004910.80   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc                   | Catalyst Pharmaceuticals Inc                   | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     90326 | NS      | $1779422.20   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                              | Clean Harbors Inc                              | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      9853 | NS      | $2288063.66   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                                      | Itron Inc                                      | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     25747 | NS      | $3207046.32   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                          | Alphatec Holdings Inc                          | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    103674 | NS      | $1507419.96   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                                 | Flowserve Corp                                 | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     44382 | NS      | $2358459.48   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                       | Western Alliance Bancorp                       | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     30614 | NS      | $2654846.08   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                        | ExlService Holdings Inc                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     50821 | NS      | $2237648.63   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                         | Boot Barn Holdings Inc                         | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     11093 | NS      | $1838331.96   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol                 | MACOM Technology Solutions Holdings Inc        | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22117 | NS      | $2753345.33   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding                 | Ollie's Bargain Outlet Holdings Inc            | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     28780 | NS      | $3695352.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                   | Agilysys Inc                                   | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     24440 | NS      | $2572310.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    592359 | NS      | $592358.99    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                     | Rambus Inc                                     | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     21935 | NS      | $2285627.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                                | Vital Farms Inc                                | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |     39850 | NS      | $1639827.50   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                       | Travere Therapeutics Inc                       | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84053 | NS      | $2008866.70   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                                       | CBIZ Inc                                       | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |     49450 | NS      | $2618872.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                     | Kirby Corp                                     | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      6817 | NS      | $568878.65    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                                   | AvePoint Inc                                   | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    203257 | NS      | $3050887.57   | 1.56%             |  |  |  | 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        |    592358 | NS      | $592358.08    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                      | Brinker International Inc                      | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      7389 | NS      | $936038.52    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc                       | Silicon Laboratories Inc                       | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |     23691 | NS      | $3106600.83   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp                       | PROCEPT BioRobotics Corp                       | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16377 | NS      | $584495.13    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                              | FTAI Aviation Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18003 | NS      | $3003980.58   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc                             | ADMA Biologics Inc                             | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    146967 | NS      | $2154536.22   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Remitly Global Inc                             | Remitly Global Inc                             | CUSIP: 75960P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64215 | NS      | $1046704.50   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc                            | Dorman Products Inc                            | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |     23534 | NS      | $3668479.92   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc                  | Everus Construction Group Inc                  | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |     49174 | NS      | $4216670.50   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    592359 | NS      | $592358.97    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                     | Rubrik Inc                                     | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |     29775 | NS      | $2448993.75   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                          | Encompass Health Corp                          | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     30056 | NS      | $3817713.12   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                           | Chart Industries Inc                           | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      6323 | NS      | $1265548.45   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo DRS Inc                               | Leonardo DRS Inc                               | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |     59681 | NS      | $2709517.40   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                                     | CareDx Inc                                     | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |     59167 | NS      | $860288.18    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The                       | Chefs' Warehouse Inc/The                       | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |     45301 | NS      | $2642407.33   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                              | Genius Sports Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    112132 | NS      | $1388194.16   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc                      | Construction Partners Inc                      | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |     29137 | NS      | $3700399.00   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                               | HealthEquity Inc                               | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     17525 | NS      | $1660844.25   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                                  | Synaptics Inc                                  | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |     31687 | NS      | $2165489.58   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings                  | Clearwater Analytics Holdings Inc              | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42871 | NS      | $772535.42    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute                  | Universal Technical Institute Inc              | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    148933 | NS      | $4847769.15   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                                   | Phreesia Inc                                   | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     82516 | NS      | $1940776.32   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                             | Houlihan Lokey Inc                             | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     15725 | NS      | $3228657.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                        | ATI Inc                                        | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |     25687 | NS      | $2089380.58   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                         | Hims & Hers Health Inc                         | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |     13522 | NS      | $766967.84    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc                      | Mirum Pharmaceuticals Inc                      | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |     51600 | NS      | $3782796.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp                                       | AAR Corp                                       | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |     38723 | NS      | $3472291.41   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SoundHound AI Inc                              | SoundHound AI Inc                              | CUSIP: 836100107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16029 | NS      | $257746.32    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc                              | AeroVironment Inc                              | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      5792 | NS      | $1823842.88   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                                | OSI Systems Inc                                | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |     24886 | NS      | $6202586.64   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                              | Hamilton Lane Inc                              | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     13528 | NS      | $1823439.12   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori                 | Seacoast Banking Corp of Florida               | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     89379 | NS      | $2719802.97   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                            | Guardant Health Inc                            | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     33736 | NS      | $2107825.28   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                        | Modine Manufacturing Co                        | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     18877 | NS      | $2683554.32   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                                      | IMAX Corp                                      | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |    144205 | NS      | $4722713.75   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    592359 | NS      | $592358.93    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                                       | IonQ Inc                                       | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |      7259 | NS      | $446428.50    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                         | FirstCash Holdings Inc                         | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9383 | NS      | $1486454.86   | 0.76%             |  |  |  | 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