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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macquarie VIP Small Cap Growth Series</name>
        <lei>N/A</lei>
        <title>Macquarie VIP Small Cap Growth Series</title>
        <cusip>46600H570</cusip>
        <identifiers>
          <isin value="US46600H5708"/>
          <ticker value="0754236D"/>
        </identifiers>
        <balance>75437.66300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>457906.61000000</valUSD>
        <pctVal>0.699465947357</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>Macquarie VIP Growth Series</name>
        <lei>Z8006IQHVKEASPHFNK61</lei>
        <title>Macquarie VIP Growth Series</title>
        <cusip>46600H802</cusip>
        <identifiers>
          <isin value="US46600H8025"/>
          <ticker value="IVYGROW"/>
        </identifiers>
        <balance>548760.40000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5460165.98000000</valUSD>
        <pctVal>8.340565710390</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>Macquarie VIP Corporate Bond Series</name>
        <lei>80M6N2TK2SP4KMW7RP03</lei>
        <title>Macquarie VIP Corporate Bond Series</title>
        <cusip>46600H307</cusip>
        <identifiers>
          <isin value="US46600H3075"/>
          <ticker value="IVYBOND"/>
        </identifiers>
        <balance>4699360.19300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22274967.31000000</valUSD>
        <pctVal>34.02567416931</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>Macquarie VIP Core Equity Series</name>
        <lei>1O0KE92B2QJ305IPCS48</lei>
        <title>Macquarie VIP Core Equity Series</title>
        <cusip>46600H406</cusip>
        <identifiers>
          <isin value="US46600H4065"/>
          <ticker value="IVYCOEQ"/>
        </identifiers>
        <balance>615864.25200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8554354.46000000</valUSD>
        <pctVal>13.06703051609</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>Macquarie VIP Limited-Term Bond Series</name>
        <lei>549300IQNBLPUI8O5C25</lei>
        <title>Macquarie VIP Limited-Term Bond Series</title>
        <cusip>46600H687</cusip>
        <identifiers>
          <isin value="US46600H6870"/>
          <ticker value="IVYLTDB"/>
        </identifiers>
        <balance>2726840.04400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12979758.61000000</valUSD>
        <pctVal>19.82696679702</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>Macquarie VIP High Income Series</name>
        <lei>N/A</lei>
        <title>Macquarie VIP High Income Series</title>
        <cusip>46600H620</cusip>
        <identifiers>
          <isin value="US46600H6201"/>
          <ticker value="VAR0080"/>
        </identifiers>
        <balance>279494.64300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>821714.25000000</valUSD>
        <pctVal>1.255192923144</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>BlackRock Liquidity FedFund</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BlackRock Liquidity FedFund</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <isin value="US09248U7000"/>
          <ticker value="TFDXX"/>
        </identifiers>
        <balance>40615.26000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40615.26000000</valUSD>
        <pctVal>0.062041015990</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>Fidelity Government Portfolio</name>
        <lei>549300FQDFZGLUOCWN51</lei>
        <title>Fidelity Government Portfolio</title>
        <cusip>316175108</cusip>
        <identifiers>
          <isin value="US3161751082"/>
          <ticker value="FIGXX"/>
        </identifiers>
        <balance>40615.33000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40615.33000000</valUSD>
        <pctVal>0.062041122917</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>Goldman Sachs Financial Square Government Fund</name>
        <lei>549300BRJMXN4GUWZ402</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
          <ticker value="FGTXX"/>
        </identifiers>
        <balance>40614.88000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40614.88000000</valUSD>
        <pctVal>0.062040435528</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Ivy Variable Insurance Portfolio</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>
