# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-25-010014
**Filing Date:** 2025-11
**Character Count:** 23850
**Document Hash:** df9069a21275832f170a0e1c62425775
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010014.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010014

**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:** 251513952

**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 Value Series (Series ID: S000006236)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017170 | Service      |  |

## Nport-Ex

## Schedule of investments
Macquarie VIP Value Series

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.08%♣** | &nbsp;&nbsp;**Common Stocks — 99.08%♣** | &nbsp;&nbsp;**Common Stocks — 99.08%♣** |
| &nbsp;&nbsp;Communication Services — 7.03% | &nbsp;&nbsp;Communication Services — 7.03% | &nbsp;&nbsp;Communication Services — 7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 25894 | $6294831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts | 34087 | &nbsp;&nbsp; 6875348 |
|  |  | &nbsp;&nbsp; 13170179 |
| &nbsp;&nbsp;Consumer Discretionary — 8.69% | &nbsp;&nbsp;Consumer Discretionary — 8.69% | &nbsp;&nbsp;Consumer Discretionary — 8.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts | 40690 | &nbsp;&nbsp; 5639634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's | 21528 | &nbsp;&nbsp; 5410202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE Class B | 74791 | &nbsp;&nbsp; 5215176 |
|  |  | &nbsp;&nbsp; 16265012 |
| &nbsp;&nbsp;Consumer Staples — 5.40% | &nbsp;&nbsp;Consumer Staples — 5.40% | &nbsp;&nbsp;Consumer Staples — 5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey | 32357 | &nbsp;&nbsp; 6052377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue | 250100 | &nbsp;&nbsp; 4059123 |
|  |  | &nbsp;&nbsp; 10111500 |
| &nbsp;&nbsp;Energy — 5.98% | &nbsp;&nbsp;Energy — 5.98% | &nbsp;&nbsp;Energy — 5.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron | 35718 | &nbsp;&nbsp; 5546648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil | 50172 | &nbsp;&nbsp; 5656893 |
|  |  | &nbsp;&nbsp; 11203541 |
| &nbsp;&nbsp;Financials — 20.89% | &nbsp;&nbsp;Financials — 20.89% | &nbsp;&nbsp;Financials — 20.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | 112249 | &nbsp;&nbsp; 5790926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab | 58223 | &nbsp;&nbsp; 5558550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services | 69037 | &nbsp;&nbsp; 4552300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan | 28100 | &nbsp;&nbsp; 5662993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers | 22296 | &nbsp;&nbsp; 6225489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial | 125793 | &nbsp;&nbsp; 5751256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 66300 | &nbsp;&nbsp; 5557266 |
|  |  | &nbsp;&nbsp; 39098780 |
| &nbsp;&nbsp;Healthcare — 12.02% | &nbsp;&nbsp;Healthcare — 12.02% | &nbsp;&nbsp;Healthcare — 12.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 15959 | &nbsp;&nbsp; 4600182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 34018 | &nbsp;&nbsp; 6307617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. | 67054 | &nbsp;&nbsp; 5627842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 12288 | &nbsp;&nbsp; 5959926 |
|  |  | &nbsp;&nbsp; 22495567 |
| &nbsp;&nbsp;Industrials — 12.21% | &nbsp;&nbsp;Industrials — 12.21% | &nbsp;&nbsp;Industrials — 12.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX | 170558 | &nbsp;&nbsp; 6056515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover | 31300 | &nbsp;&nbsp; 5221779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions | 38790 | &nbsp;&nbsp; 5813069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman | &nbsp;&nbsp;&nbsp;&nbsp;9452 | &nbsp;&nbsp; 5759293 |
|  |  | &nbsp;&nbsp; 22850656 |
| &nbsp;&nbsp;Information Technology — 12.05% | &nbsp;&nbsp;Information Technology — 12.05% | &nbsp;&nbsp;Information Technology — 12.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices | 24518 | &nbsp;&nbsp; 6024073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | 29709 | &nbsp;&nbsp; 4732049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems | 86661 | &nbsp;&nbsp; 5929346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies † | 10033 | &nbsp;&nbsp; 5879739 |
|  |  | &nbsp;&nbsp; 22565207 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Materials — 5.88% | &nbsp;&nbsp;Materials — 5.88% | &nbsp;&nbsp;Materials — 5.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours | 71836 | $5596025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries | 51500 | &nbsp;&nbsp; 5413165 |
|  |  | &nbsp;&nbsp; 11009190 |
| &nbsp;&nbsp;Real Estate — 6.01% | &nbsp;&nbsp;Real Estate — 6.01% | &nbsp;&nbsp;Real Estate — 6.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 81159 | &nbsp;&nbsp; 5253422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis | 52300 | &nbsp;&nbsp; 5989396 |
|  |  | &nbsp;&nbsp; 11242818 |
| &nbsp;&nbsp;Utilities — 2.92% | &nbsp;&nbsp;Utilities — 2.92% | &nbsp;&nbsp;Utilities — 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy | 44219 | &nbsp;&nbsp; 5472101 |
|  |  | &nbsp;&nbsp; 5472101 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $174,888,679)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $174,888,679)** | &nbsp;&nbsp;**185484551** |
| &nbsp;&nbsp;**Short-Term Investments — 0.98%** | &nbsp;&nbsp;**Short-Term Investments — 0.98%** | &nbsp;&nbsp;**Short-Term Investments — 0.98%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.98% | &nbsp;&nbsp;Money Market Mutual Funds — 0.98% | &nbsp;&nbsp;Money Market Mutual Funds — 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 459043 | &nbsp;&nbsp; 459043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 459043 | &nbsp;&nbsp; 459043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 459043 | &nbsp;&nbsp; 459043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 459044 | &nbsp;&nbsp; 459044 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,836,173)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,836,173)** | &nbsp;&nbsp; **1836173** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.06%<br> (cost $176,724,852)** |  | &nbsp;&nbsp;**187320724** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.06%)** |  | &nbsp;&nbsp;&nbsp; **(111565)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 43,405,198 Shares Outstanding—100.00%** |  | **$187209159** |

---

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

NQ- IV088 [0925] 1125 (4967888) 1

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Macquarie VIP Value Series

- **b. EDGAR series identifier (if any):** S000006236

- **c. LEI of Series:** AWONQDLF30HQ3RDWG969

**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:** $187549701.72

**Total Liabilities:** $258874.75

**Net Assets:** $187290826.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017170 | 1.21%                | 3.60%                | -0.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3200721.12             | $5421109.53                                |
| Month 2  | $-2477835.13             | $8834858.11                                |
| Month 3  | $3490010.16              | $-3934010.79                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    459043 | NS      | $459043.28    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                       | NIKE Inc                                       | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     74791 | NS      | $5215176.43   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                   | Thermo Fisher Scientific Inc                   | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     12288 | NS      | $5959925.76   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                               | Wells Fargo & Co                               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     66300 | NS      | $5557266.00   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     34018 | NS      | $6307617.56   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                           | Bank of America Corp                           | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    112249 | NS      | $5790925.91   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                                | Cigna Group/The                                | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     15959 | NS      | $4600181.75   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                               | Genuine Parts Co                               | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     40690 | NS      | $5639634.00   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    459043 | NS      | $459043.28    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                 | Merck & Co Inc                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     67054 | NS      | $5627842.22   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                        | Charles Schwab Corp/The                        | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     58223 | NS      | $5558549.81   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                           | Jacobs Solutions Inc                           | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38790 | NS      | $5813069.40   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                   | Prologis Inc                                   | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     52300 | NS      | $5989396.00   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                   | Chevron Corp                                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35718 | NS      | $5546648.22   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                          | DuPont de Nemours Inc                          | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     71836 | NS      | $5596024.40   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                       | Marsh & McLennan Cos Inc                       | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     28100 | NS      | $5662993.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                      | Teledyne Technologies Inc                      | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     10033 | NS      | $5879739.32   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                 | Lowe's Cos Inc                                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     21528 | NS      | $5410201.68   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                          | Truist Financial Corp                          | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    125793 | NS      | $5751255.96   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                   | Alphabet Inc                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     25894 | NS      | $6294831.40   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp                                     | Dover Corp                                     | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |     31300 | NS      | $5221779.00   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                             | PPG Industries Inc                             | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     51500 | NS      | $5413165.00   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                    | CDW Corp/DE                                    | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     29709 | NS      | $4732049.52   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                               | Exxon Mobil Corp                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     50172 | NS      | $5656893.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                             | Analog Devices Inc                             | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     24518 | NS      | $6024072.60   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    459043 | NS      | $459043.22    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information                  | Fidelity National Information Services Inc     | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     69037 | NS      | $4552299.78   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                             | Equity Residential                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     81159 | NS      | $5253422.07   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                          | Northrop Grumman Corp                          | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      9452 | NS      | $5759292.64   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                     | Kenvue Inc                                     | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    250100 | NS      | $4059123.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                              | Cisco Systems Inc                              | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     86661 | NS      | $5929345.62   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                            | Electronic Arts Inc                            | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     34087 | NS      | $6875347.90   | 3.67%             |  |  |  | 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        |    459043 | NS      | $459043.28    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corp                               | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     44219 | NS      | $5472101.25   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                          | Travelers Cos Inc/The                          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     22296 | NS      | $6225489.12   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                       | CSX Corp                                       | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    170558 | NS      | $6056514.58   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                                 | Hershey Co/The                                 | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     32357 | NS      | $6052376.85   | 3.23%             |  |  |  | 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