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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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66</title>
        <cusip>718546104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="718546104"/>
          <other otherDesc="Primary Identifier" value="718546104"/>
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        <balance>27265.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1909367.95000000</valUSD>
        <pctVal>3.057267197050</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>Continental Resources Inc.</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
        <title>Continental Resources Inc.</title>
        <cusip>212015101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="212015101"/>
          <other otherDesc="Primary Identifier" value="212015101"/>
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        <balance>37230.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1718164.50000000</valUSD>
        <pctVal>2.751113511141</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>Bloom Energy Corp. Class A</name>
        <lei>549300XB5J9BFW5JXV97</lei>
        <title>Bloom Energy Corp. Class A</title>
        <cusip>093712107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="093712107"/>
          <other otherDesc="Primary Identifier" value="093712107"/>
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        <balance>28954.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>542018.88000000</valUSD>
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        <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>NOV Inc.</name>
        <lei>549300EHF3IW1AR6U008</lei>
        <title>NOV Inc.</title>
        <cusip>62955J103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="62955J103"/>
          <other otherDesc="Primary Identifier" value="62955J103"/>
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        <balance>75617.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>991338.87000000</valUSD>
        <pctVal>1.587325171354</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>
      <invstOrSec>
        <name>Helmerich &amp; Payne Inc.</name>
        <lei>254900NAOGHJ88RZ4C73</lei>
        <title>Helmerich &amp; Payne Inc.</title>
        <cusip>423452101</cusip>
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          <other otherDesc="Primary Identifier" value="423452101"/>
          <other otherDesc="Primary Identifier" value="423452101"/>
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        <balance>29585.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>810924.85000000</valUSD>
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        <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>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
        <cusip>136385101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="136385101"/>
          <other otherDesc="Primary Identifier" value="136385101"/>
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        <balance>37844.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1382819.76000000</valUSD>
        <pctVal>2.214161755297</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>Suncor Energy Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy Inc.</title>
        <cusip>867224107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="867224107"/>
          <other otherDesc="Primary Identifier" value="867224107"/>
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        <balance>47408.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>983241.92000000</valUSD>
        <pctVal>1.574360389143</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>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
        <cusip>30231G102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="30231G102"/>
          <other otherDesc="Primary Identifier" value="30231G102"/>
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        <balance>48306.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2841358.92000000</valUSD>
        <pctVal>4.549564907676</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>NextEra Energy Inc.</name>
        <lei>N/A</lei>
        <title>NextEra Energy Inc.</title>
        <cusip>65339F101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="65339F101"/>
          <other otherDesc="Primary Identifier" value="65339F101"/>
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        <balance>6381.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>501036.12000000</valUSD>
        <pctVal>0.802255685821</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>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"/>
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        <balance>46147.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>998621.08000000</valUSD>
        <pctVal>1.598985397323</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>Dril-Quip Inc.</name>
        <lei>5299007REICYIJNMW197</lei>
        <title>Dril-Quip Inc.</title>
        <cusip>262037104</cusip>
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          <other otherDesc="Primary Identifier" value="262037104"/>
          <other otherDesc="Primary Identifier" value="262037104"/>
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        <balance>31554.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>794529.72000000</valUSD>
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        <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>Aspen Technology Inc.</name>
        <lei>529900B0MZWTVFG7CB96</lei>
        <title>Aspen Technology Inc.</title>
        <cusip>045327103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="045327103"/>
          <other otherDesc="Primary Identifier" value="045327103"/>
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        <balance>10043.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1233280.40000000</valUSD>
        <pctVal>1.974720331764</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>Diamondback Energy Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc.</title>
        <cusip>25278X109</cusip>
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          <other otherDesc="Primary Identifier" value="25278X109"/>
          <other otherDesc="Primary Identifier" value="25278X109"/>
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        <balance>22363.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2117105.21000000</valUSD>
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        <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>Hess Corp.</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp.</title>
        <cusip>42809H107</cusip>
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          <other otherDesc="Primary Identifier" value="42809H107"/>
          <other otherDesc="Primary Identifier" value="42809H107"/>
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        <balance>31061.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2426174.71000000</valUSD>
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        <assetCat>EC</assetCat>
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        <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>Apache Corp.</name>
        <lei>72ZZ1XRHOOU9P9X16K08</lei>
        <title>Apache Corp.</title>
        <cusip>03743Q108</cusip>
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          <other otherDesc="Primary Identifier" value="03743Q108"/>
          <other otherDesc="Primary Identifier" value="03743Q108"/>
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        <balance>44632.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>956463.76000000</valUSD>
        <pctVal>1.531483378368</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>Liberty Oilfield Services Inc. Class A</name>
        <lei>N/A</lei>
        <title>Liberty Oilfield Services Inc. Class A</title>
        <cusip>53115L104</cusip>
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          <other otherDesc="Primary Identifier" value="53115L104"/>
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        <balance>114991.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1394840.83000000</valUSD>
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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>ChampionX Corp.</name>
        <lei>549300EP2909K6DYYP38</lei>
        <title>ChampionX Corp.</title>
        <cusip>15872M104</cusip>
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          <other otherDesc="Primary Identifier" value="15872M104"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>2087428.84000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cactus Inc. Class A</name>
        <lei>549300J3T8C9F8QFKV08</lei>
        <title>Cactus Inc. Class A</title>
        <cusip>127203107</cusip>
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        <balance>73873.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2786489.56000000</valUSD>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MPLX L.P.</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX L.P.</title>
        <cusip>55336V100</cusip>
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          <other otherDesc="Primary Identifier" value="55336V100"/>
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        <balance>11844.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>337198.68000000</valUSD>
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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>
      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
        <cusip>20825C104</cusip>
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          <other otherDesc="Primary Identifier" value="20825C104"/>
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        <balance>62273.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4220241.21000000</valUSD>
        <pctVal>6.757422012332</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>Enphase Energy Inc.</name>
        <lei>5493008U7KIGMI59Z314</lei>
        <title>Enphase Energy Inc.</title>
        <cusip>29355A107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29355A107"/>
          <other otherDesc="Primary Identifier" value="29355A107"/>
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        <balance>9885.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1482453.45000000</valUSD>
        <pctVal>2.373694553655</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>Halliburton Co.</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>Halliburton Co.</title>
        <cusip>406216101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="406216101"/>
          <other otherDesc="Primary Identifier" value="406216101"/>
        </identifiers>
        <balance>79993.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1729448.66000000</valUSD>
        <pctVal>2.769181632697</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>Baker Hughes Inc.</name>
        <lei>N/A</lei>
        <title>Baker Hughes Inc.</title>
        <cusip>05722G100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="05722G100"/>
          <other otherDesc="Primary Identifier" value="05722G100"/>
        </identifiers>
        <balance>84423.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2087780.79000000</valUSD>
        <pctVal>3.342940643734</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>Transocean Inc.</name>
        <lei>529900QO4W5DQGBGEF32</lei>
        <title>Transocean Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="H8817H100"/>
          <other otherDesc="Primary Identifier" value="H8817H100"/>
        </identifiers>
        <balance>284771.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1079282.09000000</valUSD>
        <pctVal>1.728139267300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chevron Corp.</name>
        <lei>N/A</lei>
        <title>Chevron Corp.</title>
        <cusip>166764100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="166764100"/>
          <other otherDesc="Primary Identifier" value="166764100"/>
        </identifiers>
        <balance>14101.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1430546.45000000</valUSD>
        <pctVal>2.290581412263</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>Chesapeake Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp.</title>
        <cusip>165167735</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="165167735"/>
          <other otherDesc="Primary Identifier" value="165167735"/>
        </identifiers>
        <balance>12395.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>763408.05000000</valUSD>
        <pctVal>1.222363866131</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>Wright Express Corp.</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
        <title>Wright Express Corp.</title>
        <cusip>96208T104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="96208T104"/>
          <other otherDesc="Primary Identifier" value="96208T104"/>
        </identifiers>
        <balance>9444.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1663466.16000000</valUSD>
        <pctVal>2.663530894802</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>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
        <cusip>91913Y100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="91913Y100"/>
          <other otherDesc="Primary Identifier" value="91913Y100"/>
        </identifiers>
        <balance>32283.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2278211.31000000</valUSD>
        <pctVal>3.647856719293</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>Plug Power Inc.</name>
        <lei>549300JPDKRSJ8JSM954</lei>
        <title>Plug Power Inc.</title>
        <cusip>72919P202</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="72919P202"/>
          <other otherDesc="Primary Identifier" value="72919P202"/>
        </identifiers>
        <balance>24889.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>635665.06000000</valUSD>
        <pctVal>1.017822644529</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>Devon Energy Corp.</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corp.</title>
        <cusip>25179M103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="25179M103"/>
          <other otherDesc="Primary Identifier" value="25179M103"/>
        </identifiers>
        <balance>82724.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2937529.24000000</valUSD>
        <pctVal>4.703552181143</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>Viper Energy Partners L.P.</name>
        <lei>5299009LINL232255G03</lei>
        <title>Viper Energy Partners L.P.</title>
        <cusip>92763M105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92763M105"/>
          <other otherDesc="Primary Identifier" value="92763M105"/>
        </identifiers>
        <balance>20508.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>448099.80000000</valUSD>
        <pctVal>0.717494404127</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>2021-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Ivy Variable Insurance Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
