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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 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>1292512.75600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8690338.77000000</valUSD>
        <pctVal>13.13962977823</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>92825.97600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>323052.96000000</valUSD>
        <pctVal>0.488450036932</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>790335.59100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8951736.07000000</valUSD>
        <pctVal>13.53485760973</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>60344.01200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>827563.82000000</valUSD>
        <pctVal>1.251261026808</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 Core Equity Class II</name>
        <lei>N/A</lei>
        <title>Ivy VIP Core Equity Class II</title>
        <cusip>46600H406</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H406"/>
          <other otherDesc="Primary Identifier" value="46600H406"/>
        </identifiers>
        <balance>700136.67900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8841886.09000000</valUSD>
        <pctVal>13.36876649331</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 Corporate Bond Class II</name>
        <lei>N/A</lei>
        <title>Ivy VIP Corporate Bond Class II</title>
        <cusip>46600H307</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H307"/>
          <other otherDesc="Primary Identifier" value="46600H307"/>
        </identifiers>
        <balance>1053412.33400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5896264.86000000</valUSD>
        <pctVal>8.915042253849</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>
