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        <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 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>829582.41000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4993588.36000000</valUSD>
        <pctVal>4.467329536853</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>648685.46500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9317393.67000000</valUSD>
        <pctVal>8.335462386507</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>3258891.34000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3258891.34000000</valUSD>
        <pctVal>2.915446867265</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 International Core Equity Class II</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Ivy VIP International Core Equity Class II</title>
        <cusip>46600H869</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H869"/>
          <other otherDesc="Primary Identifier" value="46600H869"/>
        </identifiers>
        <balance>376614.48200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6155989.68000000</valUSD>
        <pctVal>5.507228979128</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 High Income Class I</name>
        <lei>N/A</lei>
        <title>Ivy VIP High Income Class I</title>
        <cusip>46600H620</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46600H620"/>
          <other otherDesc="Primary Identifier" value="46600H620"/>
        </identifiers>
        <balance>404437.46100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1377473.55000000</valUSD>
        <pctVal>1.232305875558</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>891490.14300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11323707.80000000</valUSD>
        <pctVal>10.13033727947</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>453284.38800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7979799.68000000</valUSD>
        <pctVal>7.138833287539</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>2021-01-30</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>
