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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 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>8015481.64600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101225914.62000100</valUSD>
        <pctVal>12.20563593734</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 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>30143999.03000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30143999.03000000</valUSD>
        <pctVal>3.634708357410</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>9049764.07300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>102502152.78000100</valUSD>
        <pctVal>12.35952240415</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 Mid Cap Growth Class I</name>
        <lei>N/A</lei>
        <title>Ivy VIP Mid Cap Growth Class I</title>
        <cusip>46600H596</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H596"/>
          <other otherDesc="Primary Identifier" value="46600H596"/>
        </identifiers>
        <balance>5816506.16800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74251772.78000000</valUSD>
        <pctVal>8.953143171462</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>609164.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>609164.32000000</valUSD>
        <pctVal>0.073451921317</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>16567078.77800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81987159.46000000</valUSD>
        <pctVal>9.885861971831</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>17635363.61300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>98710420.75000000</valUSD>
        <pctVal>11.90232228001</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>
