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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivy VIP Small Cap Growth Class I</name>
        <lei>N/A</lei>
        <title>Ivy VIP Small Cap Growth Class I</title>
        <cusip>46600H570</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H570"/>
          <other otherDesc="Primary Identifier" value="46600H570"/>
        </identifiers>
        <balance>1582689.96500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13931153.61000000</valUSD>
        <pctVal>2.044771858622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivy VIP Growth Class II</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Ivy VIP Growth Class II</title>
        <cusip>46600H802</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H802"/>
          <other otherDesc="Primary Identifier" value="46600H802"/>
        </identifiers>
        <balance>6683396.77900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>75699493.62000000</valUSD>
        <pctVal>11.11093873482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Institutional U.S. Government Money Market Fund - Premier Class</name>
        <lei>N/A</lei>
        <title>State Street Institutional U.S. Government Money Market Fund - Premier Class</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="857492706"/>
          <other otherDesc="Primary Identifier" value="857492706"/>
        </identifiers>
        <balance>1068077.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1068077.71000000</valUSD>
        <pctVal>0.156769159638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivy VIP Government Money Market Class II</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Ivy VIP Government Money Market Class II</title>
        <cusip>46600H836</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H836"/>
          <other otherDesc="Primary Identifier" value="46600H836"/>
        </identifiers>
        <balance>36305747.28000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36305747.28000000</valUSD>
        <pctVal>5.328845867517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivy VIP Small Cap Core Class II</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Ivy VIP Small Cap Core Class II</title>
        <cusip>46600H778</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H778"/>
          <other otherDesc="Primary Identifier" value="46600H778"/>
        </identifiers>
        <balance>377962.97900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5183422.09000000</valUSD>
        <pctVal>0.760806744201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivy VIP High Income Class I</name>
        <lei>N/A</lei>
        <title>Ivy VIP High Income Class I</title>
        <cusip>46600H620</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H620"/>
          <other otherDesc="Primary Identifier" value="46600H620"/>
        </identifiers>
        <balance>1934451.25100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6732277.25000000</valUSD>
        <pctVal>0.988142938526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivy VIP Global Equity Income Class II</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Ivy VIP Global Equity Income Class II</title>
        <cusip>46600H505</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H505"/>
          <other otherDesc="Primary Identifier" value="46600H505"/>
        </identifiers>
        <balance>9073092.25200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54512952.87000000</valUSD>
        <pctVal>8.001243477710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Ivy Variable Insurance Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Joseph W. Kauten</ncom:signature>
      <ncom:signerName>Joseph W. Kauten</ncom:signerName>
      <ncom:title>Treasurer, Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
