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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 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>837168.17600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4219411.32000000</valUSD>
        <pctVal>4.369576564433</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>930657.96500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9851386.82000000</valUSD>
        <pctVal>10.20198926134</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>674737.06600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7876543.14000000</valUSD>
        <pctVal>8.156862581791</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 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>4867315.01900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24112191.87000000</valUSD>
        <pctVal>24.97032418074</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>21320.67500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>229111.98000000</valUSD>
        <pctVal>0.237265879648</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>3832258.41600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22244727.20000000</valUSD>
        <pctVal>23.03639803842</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>6719160.63000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6719160.63000000</valUSD>
        <pctVal>6.958289816958</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>2020-07-30</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>
