INVESTMENT SUB-ADVISORY AGREEMENTInvestment Sub-Advisory Agreement • July 31st, 2013 • Ivy Funds Variable Insurance Portfolios
THIS AGREEMENT, dated as of July 17, 2013, shall become effective on August 1, 2013, is entered into by and among Waddell & Reed Investment Management Company, a Kansas corporation, registered as an investment adviser under the Investment Advisers Act of 1940 (the “Adviser”), Advantus Capital Management, Inc., a Minnesota corporation, registered as an investment adviser under the Investment Advisers Act of 1940 (the “Sub-Adviser”), with respect to each series of Ivy Funds Variable Insurance Portfolios (the “Trust”) listed in Appendix A attached hereto, as such may be amended from time to time by written agreement of the parties (hereinafter, each a “Fund”).
