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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Agnico-Eagle Mines Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FMC Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Companhia Vale de Rio Doce ADR</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Avery Dennison Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ConocoPhillips</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Phillips 66</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EOG Resources Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>China Metal Recycling (Holdings) Ltd.</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Concho Resources Inc.</name>
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        <name>Parsley Energy Inc. Class A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Enphase Energy Inc.</name>
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        <name>L Air Liquide S.A.</name>
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        <name>CCTUSD_5745136</name>
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        <name>Graphic Packaging Holding Co.</name>
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        <name>Packaging Corp. of America</name>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
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        <lei>3BNYRYQHD39K4LCKQF12</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <other otherDesc="Primary Identifier" value="26200X100"/>
          <other otherDesc="Primary Identifier" value="26200X100"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Wheaton Precious Metals Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Chevron Corp.</name>
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          <other otherDesc="Primary Identifier" value="166764100"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Cabot Oil &amp; Gas Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CCTUSD_5744256</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley International</counterpartyName>
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        <name>Air Products and Chemicals Inc.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mondi plc</name>
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          <other otherDesc="Primary Identifier" value="B1CRLC4"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CCTUSD_5744258</name>
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          <other otherDesc="Primary Identifier" value="CCTUSD_5744258"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_5744258"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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      <invstOrSec>
        <name>Croda International plc</name>
        <lei>2138004WCNBFJEEOXV26</lei>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CCTUSD_5745137</name>
        <lei>N/A</lei>
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          <other otherDesc="Primary Identifier" value="CCTUSD_5745137"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_5745137"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Morgan Stanley International</counterpartyName>
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      <invstOrSec>
        <name>Diamondback Energy Inc.</name>
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        <name>Franco-Nevada Corp.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Barrick Gold Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>CCTUSD_5745135</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Sherwin-Williams Co. (The)</name>
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        <name>Galp Energia SGPS S.A. Class B</name>
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        <name>WPX Energy Inc.</name>
        <lei>ZXZE9GCS2BB547GJW219</lei>
        <title>WPX Energy Inc.</title>
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        <name>PPG Industries Inc.</name>
        <lei>549300BKPEP01R3V6C59</lei>
        <title>PPG Industries Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Albemarle Corp.</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp.</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Reliance Industries Ltd.</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="6099626"/>
          <other otherDesc="Primary Identifier" value="6099626"/>
        </identifiers>
        <balance>70979.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.65125000"/>
        <valUSD>1035032.20000000</valUSD>
        <pctVal>1.890823696241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atmos Energy Corp.</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>Atmos Energy Corp.</title>
        <cusip>049560105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="049560105"/>
          <other otherDesc="Primary Identifier" value="049560105"/>
        </identifiers>
        <balance>11656.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1156624.88000000</valUSD>
        <pctVal>2.112952361063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Enterprise Products Partners L.P.</name>
        <lei>K4CDIF4M54DJZ6TB4Q48</lei>
        <title>Enterprise Products Partners L.P.</title>
        <cusip>293792107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="293792107"/>
          <other otherDesc="Primary Identifier" value="293792107"/>
        </identifiers>
        <balance>45025.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>643857.50000000</valUSD>
        <pctVal>1.176215597932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Southern Copper Corp.</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>Southern Copper Corp.</title>
        <cusip>84265V105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="84265V105"/>
          <other otherDesc="Primary Identifier" value="84265V105"/>
        </identifiers>
        <balance>37931.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1068136.96000000</valUSD>
        <pctVal>1.951300331332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Canadian Pacific Railway Ltd.</name>
        <lei>N/A</lei>
        <title>Canadian Pacific Railway Ltd.</title>
        <cusip>13645T100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="13645T100"/>
          <other otherDesc="Primary Identifier" value="13645T100"/>
        </identifiers>
        <balance>8729.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1916801.11000000</valUSD>
        <pctVal>3.501662035026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Total S.A. ADR</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>Total S.A. ADR</title>
        <cusip>89151E109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="89151E109"/>
          <other otherDesc="Primary Identifier" value="89151E109"/>
        </identifiers>
        <balance>31473.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1172054.52000000</valUSD>
        <pctVal>2.141139628026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-04-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
