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        <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>1755862.90300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19887781.17000000</valUSD>
        <pctVal>9.857423128427</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>718513.01500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2500569.00000000</valUSD>
        <pctVal>1.239412606370</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>75061.56000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1029401.74000000</valUSD>
        <pctVal>0.510225270158</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 Value Class II</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Ivy VIP Value Class II</title>
        <cusip>46600H760</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H760"/>
          <other otherDesc="Primary Identifier" value="46600H760"/>
        </identifiers>
        <balance>2870438.54100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19299680.57000000</valUSD>
        <pctVal>9.565929753338</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>2023344.22800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12156656.79000000</valUSD>
        <pctVal>6.025474072837</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>338618.19000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>338618.19000000</valUSD>
        <pctVal>0.167836861703</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 Limited-Term Bond Class II</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Ivy VIP Limited-Term Bond Class II</title>
        <cusip>46600H687</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H687"/>
          <other otherDesc="Primary Identifier" value="46600H687"/>
        </identifiers>
        <balance>8835242.63600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43723848.76000000</valUSD>
        <pctVal>21.67182323389</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>
