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        <title>WNS (Holdings) Ltd. ADR</title>
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          <other otherDesc="Primary Identifier" value="92932M101"/>
          <other otherDesc="Primary Identifier" value="92932M101"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corp.</title>
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          <other otherDesc="Primary Identifier" value="67066G104"/>
          <other otherDesc="Primary Identifier" value="67066G104"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QUALCOMM Inc.</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM Inc.</title>
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          <other otherDesc="Primary Identifier" value="747525103"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACI Worldwide Inc.</name>
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          <other otherDesc="Primary Identifier" value="004498101"/>
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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>Semtech Corp.</name>
        <lei>549300J7WUY317SW6O61</lei>
        <title>Semtech Corp.</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marrone Bio Innovations Inc. expires 12-31-20</name>
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          <other otherDesc="Primary Identifier" value="57165BTR4"/>
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        <payoffProfile>N/A</payoffProfile>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>Moderna Inc.</name>
        <lei>549300EI6OKH5K5Q2G38</lei>
        <title>Moderna Inc.</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Infineon Technologies AG</name>
        <lei>TSI2PJM6EPETEQ4X1U25</lei>
        <title>Infineon Technologies AG</title>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Facebook Inc. Class A</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Facebook Inc. Class A</title>
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        <identifiers>
          <other otherDesc="Primary Identifier" value="30303M102"/>
          <other otherDesc="Primary Identifier" value="30303M102"/>
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        <assetCat>EC</assetCat>
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        <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>Sarepta Therapeutics Inc.</name>
        <lei>549300IKDPIED8J8IG21</lei>
        <title>Sarepta Therapeutics Inc.</title>
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          <other otherDesc="Primary Identifier" value="803607100"/>
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        <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>Apple Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple Inc.</title>
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          <other otherDesc="Primary Identifier" value="037833100"/>
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        <balance>116609.00000000</balance>
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        <assetCat>EC</assetCat>
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        <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>Fiserv Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>Fiserv Inc.</title>
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          <other otherDesc="Primary Identifier" value="337738108"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Marrone Bio Innovations Inc.</name>
        <lei>54930082ZJZ17VOHI543</lei>
        <title>Marrone Bio Innovations Inc.</title>
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          <other otherDesc="Primary Identifier" value="57165B106"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vertex Pharmaceuticals Inc.</name>
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        <title>Vertex Pharmaceuticals Inc.</title>
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        <name>Samsung Electronics Co. Ltd.</name>
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        <title>Samsung Electronics Co. Ltd.</title>
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        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Alphabet Inc. Class C</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc. Class C</title>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>ServiceNow Inc.</name>
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        <title>ServiceNow Inc.</title>
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        <name>Aspen Technology Inc.</name>
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        <title>Aspen Technology Inc.</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Teladoc Health Inc.</name>
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        <title>Teladoc Health Inc.</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>salesforce.com Inc.</name>
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        <title>salesforce.com Inc.</title>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Evogene Ltd.</name>
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        <title>Evogene Ltd.</title>
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          <other otherDesc="Primary Identifier" value="M4119S104"/>
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        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Marrone Bio Innovations Inc.</name>
        <lei>54930082ZJZ17VOHI543</lei>
        <title>Marrone Bio Innovations Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Micron Technology Inc.</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
        <title>Micron Technology Inc.</title>
        <cusip>595112103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="595112103"/>
          <other otherDesc="Primary Identifier" value="595112103"/>
        </identifiers>
        <balance>515486.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26557838.72000000</valUSD>
        <pctVal>4.672984226707</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>Ionis Pharmaceuticals Inc.</name>
        <lei>549300SI4ZGLG0BLUZ92</lei>
        <title>Ionis Pharmaceuticals Inc.</title>
        <cusip>462222100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="462222100"/>
          <other otherDesc="Primary Identifier" value="462222100"/>
        </identifiers>
        <balance>143967.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8488294.32000000</valUSD>
        <pctVal>1.493557735898</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>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BMMV2K8"/>
          <other otherDesc="Primary Identifier" value="BMMV2K8"/>
        </identifiers>
        <balance>56300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75050000"/>
        <valUSD>3607586.50000000</valUSD>
        <pctVal>0.634772843856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alibaba Group Holding Ltd. ADR</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd. ADR</title>
        <cusip>01609W102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="01609W102"/>
          <other otherDesc="Primary Identifier" value="01609W102"/>
        </identifiers>
        <balance>107048.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23090253.60000000</valUSD>
        <pctVal>4.062845324164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marrone Bio Innovations Inc. expires 12-31-20</name>
        <lei>N/A</lei>
        <title>Marrone Bio Innovations Inc. expires 12-31-20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="57165BTR5"/>
          <other otherDesc="Primary Identifier" value="57165BTR5"/>
        </identifiers>
        <balance>31936.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13413.12000000</valUSD>
        <pctVal>0.002360105385</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>security</issuerName>
                <issueTitle>Marrone Bio Innovations Inc.</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="57165B106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>31936.00000000</shareNo>
            <exercisePrice>0.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-12-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>13413.12000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QTS Realty Trust Inc. Class A</name>
        <lei>5493006PA4CJK4OG2J54</lei>
        <title>QTS Realty Trust Inc. Class A</title>
        <cusip>74736A103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="74736A103"/>
          <other otherDesc="Primary Identifier" value="74736A103"/>
        </identifiers>
        <balance>160300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10273627.00000000</valUSD>
        <pctVal>1.807695928431</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>Universal Display Corp.</name>
        <lei>N/A</lei>
        <title>Universal Display Corp.</title>
        <cusip>91347P105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="91347P105"/>
          <other otherDesc="Primary Identifier" value="91347P105"/>
        </identifiers>
        <balance>108976.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16304989.12000000</valUSD>
        <pctVal>2.868944185470</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>Marrone Bio Innovations Inc. expires 12-31-20</name>
        <lei>N/A</lei>
        <title>Marrone Bio Innovations Inc. expires 12-31-20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="57165BTR2"/>
          <other otherDesc="Primary Identifier" value="57165BTR2"/>
        </identifiers>
        <balance>17742.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7451.64000000</valUSD>
        <pctVal>0.001311153236</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>security</issuerName>
                <issueTitle>Marrone Bio Innovations Inc.</issueTitle>
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                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="57165B106"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>17742.00000000</shareNo>
            <exercisePrice>0.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-09-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>7451.64000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euronet Worldwide Inc.</name>
        <lei>YG3575C4DSHJPA5KET68</lei>
        <title>Euronet Worldwide Inc.</title>
        <cusip>298736109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="298736109"/>
          <other otherDesc="Primary Identifier" value="298736109"/>
        </identifiers>
        <balance>147194.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14104129.08000000</valUSD>
        <pctVal>2.481691880772</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>ASML Holding N.V. NY Registry Shares</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding N.V. NY Registry Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="N07059210"/>
          <other otherDesc="Primary Identifier" value="N07059210"/>
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        <balance>54372.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20010527.16000000</valUSD>
        <pctVal>3.520952091495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</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"/>
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        <balance>32049503.02000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32049503.02000000</valUSD>
        <pctVal>5.639269959625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>Cerner Corp.</name>
        <lei>549300L4UJ40IEVVI304</lei>
        <title>Cerner Corp.</title>
        <cusip>156782104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="156782104"/>
          <other otherDesc="Primary Identifier" value="156782104"/>
        </identifiers>
        <balance>284640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19512072.00000000</valUSD>
        <pctVal>3.433246419171</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>Marrone Bio Innovations Inc. expires 12-31-20</name>
        <lei>N/A</lei>
        <title>Marrone Bio Innovations Inc. expires 12-31-20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="57165BTR3"/>
          <other otherDesc="Primary Identifier" value="57165BTR3"/>
        </identifiers>
        <balance>85160.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35767.20000000</valUSD>
        <pctVal>0.006293417291</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>security</issuerName>
                <issueTitle>Marrone Bio Innovations Inc.</issueTitle>
                <identifiers>
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                  <other otherDesc="Primary Identifier" value="57165B106"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>85160.00000000</shareNo>
            <exercisePrice>0.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-12-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>35767.20000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amazon.com Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>Amazon.com Inc.</title>
        <cusip>023135106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="023135106"/>
          <other otherDesc="Primary Identifier" value="023135106"/>
        </identifiers>
        <balance>8371.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23094082.22000000</valUSD>
        <pctVal>4.063518988955</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>
    </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>
