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        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>Marathon Petroleum Corp.</title>
        <cusip>56585A102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="56585A102"/>
          <other otherDesc="Primary Identifier" value="56585A102"/>
        </identifiers>
        <balance>49334.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1844104.92000000</valUSD>
        <pctVal>2.649734945483</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>Agnico-Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico-Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="008474108"/>
          <other otherDesc="Primary Identifier" value="008474108"/>
        </identifiers>
        <balance>40230.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2577133.80000000</valUSD>
        <pctVal>3.703000526155</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>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>39384.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1566301.68000000</valUSD>
        <pctVal>2.250568420296</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>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
        <cusip>067901108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="067901108"/>
          <other otherDesc="Primary Identifier" value="067901108"/>
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        <balance>189389.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5102139.66000000</valUSD>
        <pctVal>7.331100094802</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>Reliance Industries Ltd.</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>Reliance Industries Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BM92YZ3"/>
          <other otherDesc="Primary Identifier" value="BM92YZ3"/>
        </identifiers>
        <balance>5047.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>53315.06000000</valUSD>
        <pctVal>0.076606691989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Albemarle Corp.</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp.</title>
        <cusip>012653101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="012653101"/>
          <other otherDesc="Primary Identifier" value="012653101"/>
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        <balance>4819.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>372074.99000000</valUSD>
        <pctVal>0.534622565479</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>Tyson Foods Inc.</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
        <title>Tyson Foods Inc.</title>
        <cusip>902494103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="902494103"/>
          <other otherDesc="Primary Identifier" value="902494103"/>
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        <balance>20702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1236116.42000000</valUSD>
        <pctVal>1.776135858235</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>
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      </invstOrSec>
      <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"/>
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        <balance>75718.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.50375000"/>
        <valUSD>1722313.46000000</valUSD>
        <pctVal>2.474736720532</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
        <cusip>962879102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="962879102"/>
          <other otherDesc="Primary Identifier" value="962879102"/>
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        <balance>48271.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2126337.55000000</valUSD>
        <pctVal>3.055265918453</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Cabot Oil &amp; Gas Corp.</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Cabot Oil &amp; Gas Corp.</title>
        <cusip>127097103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="127097103"/>
          <other otherDesc="Primary Identifier" value="127097103"/>
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        <balance>77739.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1335556.02000000</valUSD>
        <pctVal>1.919017415692</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>
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      </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"/>
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        <balance>38281.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1472287.26000000</valUSD>
        <pctVal>2.115482129190</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>
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      </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"/>
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        <balance>8307.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2121109.38000000</valUSD>
        <pctVal>3.047753729423</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>Avery Dennison Corp.</name>
        <lei>549300PW7VPFCYKLIV37</lei>
        <title>Avery Dennison Corp.</title>
        <cusip>053611109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="053611109"/>
          <other otherDesc="Primary Identifier" value="053611109"/>
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        <balance>11057.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1261493.13000000</valUSD>
        <pctVal>1.812598835237</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>Franco-Nevada Corp.</name>
        <lei>N/A</lei>
        <title>Franco-Nevada Corp.</title>
        <cusip>351858105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="351858105"/>
          <other otherDesc="Primary Identifier" value="351858105"/>
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        <balance>16304.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2276690.56000000</valUSD>
        <pctVal>3.271303314392</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Air Products and Chemicals Inc.</name>
        <lei>7QEON6Y1RL5XR3R1W237</lei>
        <title>Air Products and Chemicals Inc.</title>
        <cusip>009158106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="009158106"/>
          <other otherDesc="Primary Identifier" value="009158106"/>
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        <balance>7236.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1747204.56000000</valUSD>
        <pctVal>2.510501940171</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>
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      </invstOrSec>
      <invstOrSec>
        <name>China Metal Recycling (Holdings) Ltd.</name>
        <lei>N/A</lei>
        <title>China Metal Recycling (Holdings) Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B54DPL5"/>
          <other otherDesc="Primary Identifier" value="B54DPL5"/>
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        <balance>1900000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75050000"/>
        <valUSD>0.25000000</valUSD>
        <pctVal>0.000000359216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PPG Industries Inc.</name>
        <lei>549300BKPEP01R3V6C59</lei>
        <title>PPG Industries Inc.</title>
        <cusip>693506107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="693506107"/>
          <other otherDesc="Primary Identifier" value="693506107"/>
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        <balance>13489.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1430643.34000000</valUSD>
        <pctVal>2.055645322241</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>
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      <invstOrSec>
        <name>BHP Group plc</name>
        <lei>549300C116EOWV835768</lei>
        <title>BHP Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BH0P3Z9"/>
          <other otherDesc="Primary Identifier" value="BH0P3Z9"/>
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        <balance>98788.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80704000"/>
        <valUSD>2021498.79000000</valUSD>
        <pctVal>2.904626481944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Packaging Corp. of America</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
        <title>Packaging Corp. of America</title>
        <cusip>695156109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="695156109"/>
          <other otherDesc="Primary Identifier" value="695156109"/>
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        <balance>16402.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1636919.60000000</valUSD>
        <pctVal>2.352037034349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Diamondback Energy Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc.</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="25278X109"/>
          <other otherDesc="Primary Identifier" value="25278X109"/>
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        <balance>15239.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>637294.98000000</valUSD>
        <pctVal>0.915708624153</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>
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      <invstOrSec>
        <name>AngloGold Ashanti Ltd. ADR</name>
        <lei>378900EF3BA9A5F42A59</lei>
        <title>AngloGold Ashanti Ltd. ADR</title>
        <cusip>035128206</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="035128206"/>
          <other otherDesc="Primary Identifier" value="035128206"/>
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        <balance>44833.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1322125.17000000</valUSD>
        <pctVal>1.899719060047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>13868.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1380975.44000000</valUSD>
        <pctVal>1.984279116950</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>
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      </invstOrSec>
      <invstOrSec>
        <name>L Air Liquide S.A.</name>
        <lei>969500MMPQVHK671GT54</lei>
        <title>L Air Liquide S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B1YXBJ7"/>
          <other otherDesc="Primary Identifier" value="B1YXBJ7"/>
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        <balance>10153.00000000</balance>
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      <invstOrSec>
        <name>Ball Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sherwin-Williams Co. (The)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rio Tinto plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Graphic Packaging Holding Co.</name>
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          <other otherDesc="Primary Identifier" value="388689101"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Concho Resources Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CCTUSD_5745299</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley International</counterpartyName>
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      <invstOrSec>
        <name>Enterprise Products Partners L.P.</name>
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        <title>Enterprise Products Partners L.P.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>State Street Institutional U.S. Government Money Market Fund - Premier Class</name>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WPX Energy Inc.</name>
        <lei>ZXZE9GCS2BB547GJW219</lei>
        <title>WPX Energy Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bunge Ltd.</name>
        <lei>5493007M0RIN8HY3MM77</lei>
        <title>Bunge Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="G16962105"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chevron Corp.</name>
        <lei>N/A</lei>
        <title>Chevron Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CCTUSD_5745957</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CCTUSD_5745987</name>
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        <name>Union Pacific Corp.</name>
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        <name>Croda International plc</name>
        <lei>2138004WCNBFJEEOXV26</lei>
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        <name>FMC Corp.</name>
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        <name>Enphase Energy Inc.</name>
        <lei>5493008U7KIGMI59Z314</lei>
        <title>Enphase Energy Inc.</title>
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        <name>Mondi plc</name>
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      <invstOrSec>
        <name>EOG Resources Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources Inc.</title>
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        <name>Magellan Midstream Partners L.P.</name>
        <lei>MZF5TI8NFVZZNUSKDL39</lei>
        <title>Magellan Midstream Partners L.P.</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
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          <other otherDesc="Primary Identifier" value="91913Y100"/>
          <other otherDesc="Primary Identifier" value="91913Y100"/>
        </identifiers>
        <balance>37155.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2185457.10000000</valUSD>
        <pctVal>3.140212895112</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>Parsley Energy Inc. Class A</name>
        <lei>549300DMRA8DSL66G562</lei>
        <title>Parsley Energy Inc. Class A</title>
        <cusip>701877102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="701877102"/>
          <other otherDesc="Primary Identifier" value="701877102"/>
        </identifiers>
        <balance>36073.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>385259.64000000</valUSD>
        <pctVal>0.553567164276</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>CCTUSD_5745986</name>
        <lei>N/A</lei>
        <title>CCTUSD_5745986</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_5745986"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_5745986"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>1220.08000000</valUSD>
        <pctVal>0.001753093643</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>-564660.74000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>-635790.21000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-07-14</settlementDt>
            <unrealizedAppr>1220.08000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-30</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>
