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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Home Depot Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc. (The)</title>
        <cusip>437076102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="437076102"/>
          <other otherDesc="Primary Identifier" value="437076102"/>
        </identifiers>
        <balance>79192.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17293948.96000000</valUSD>
        <pctVal>2.186506563803</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>CME Group Inc.</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
        <title>CME Group Inc.</title>
        <cusip>12572Q105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="12572Q105"/>
          <other otherDesc="Primary Identifier" value="12572Q105"/>
        </identifiers>
        <balance>75474.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15149141.28000000</valUSD>
        <pctVal>1.915334486144</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>FleetCor Technologies Inc.</name>
        <lei>549300DG6RR0NQSFLN74</lei>
        <title>FleetCor Technologies Inc.</title>
        <cusip>339041105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="339041105"/>
          <other otherDesc="Primary Identifier" value="339041105"/>
        </identifiers>
        <balance>35373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10177519.56000000</valUSD>
        <pctVal>1.286762981239</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>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corp.</title>
        <cusip>67066G104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="67066G104"/>
          <other otherDesc="Primary Identifier" value="67066G104"/>
        </identifiers>
        <balance>74260.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17473378.00000000</valUSD>
        <pctVal>2.209192115530</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>Garter Inc. Class A</name>
        <lei>PP55B5R38BFB8O8HH686</lei>
        <title>Garter Inc. Class A</title>
        <cusip>366651107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="366651107"/>
          <other otherDesc="Primary Identifier" value="366651107"/>
        </identifiers>
        <balance>31185.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4805608.50000000</valUSD>
        <pctVal>0.607582140587</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>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"/>
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        <balance>19128.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35345483.52000000</valUSD>
        <pctVal>4.468796102963</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>Facebook Inc. Class A</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Facebook Inc. Class A</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="30303M102"/>
          <other otherDesc="Primary Identifier" value="30303M102"/>
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        <balance>117617.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24140889.25000000</valUSD>
        <pctVal>3.052178130239</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>Intuit Inc.</name>
        <lei>VI90HBPH7XSFMB9E4M29</lei>
        <title>Intuit Inc.</title>
        <cusip>461202103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="461202103"/>
          <other otherDesc="Primary Identifier" value="461202103"/>
        </identifiers>
        <balance>59692.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15635125.56000000</valUSD>
        <pctVal>1.976778394680</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>Booking Holdings Inc.</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc.</title>
        <cusip>09857L108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="09857L108"/>
          <other otherDesc="Primary Identifier" value="09857L108"/>
        </identifiers>
        <balance>10927.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22441107.71000000</valUSD>
        <pctVal>2.837271546274</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>Walt Disney Co. (The)</name>
        <lei>7260JQNI6SCF9FIV2392</lei>
        <title>Walt Disney Co. (The)</title>
        <cusip>254687106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="254687106"/>
          <other otherDesc="Primary Identifier" value="254687106"/>
        </identifiers>
        <balance>75008.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10848407.04000000</valUSD>
        <pctVal>1.371584549869</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>Alphabet Inc. Class C</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc. Class C</title>
        <cusip>02079K107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="02079K107"/>
          <other otherDesc="Primary Identifier" value="02079K107"/>
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        <balance>6310.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8436596.20000000</valUSD>
        <pctVal>1.066654759426</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>J.B. Hunt Transport Services Inc.</name>
        <lei>549300XCD1MPI1C5GK90</lei>
        <title>J.B. Hunt Transport Services Inc.</title>
        <cusip>445658107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="445658107"/>
          <other otherDesc="Primary Identifier" value="445658107"/>
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        <balance>86191.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10065384.98000000</valUSD>
        <pctVal>1.272585594931</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>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
        <cusip>666807102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="666807102"/>
          <other otherDesc="Primary Identifier" value="666807102"/>
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        <balance>33604.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11558767.88000000</valUSD>
        <pctVal>1.461396809806</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>Visa Inc. Class A</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa Inc. Class A</title>
        <cusip>92826C839</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92826C839"/>
          <other otherDesc="Primary Identifier" value="92826C839"/>
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        <balance>199553.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37496008.70000000</valUSD>
        <pctVal>4.740691054924</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>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
        <cusip>097023105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="097023105"/>
          <other otherDesc="Primary Identifier" value="097023105"/>
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        <balance>28264.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9207280.64000000</valUSD>
        <pctVal>1.164093845813</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>Danaher Corp.</name>
        <lei>S4BKK9OTCEWQ3YHPFM11</lei>
        <title>Danaher Corp.</title>
        <cusip>235851102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="235851102"/>
          <other otherDesc="Primary Identifier" value="235851102"/>
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        <balance>103041.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15814732.68000000</valUSD>
        <pctVal>1.999486461397</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>Estee Lauder Co. Inc. (The) Class A</name>
        <lei>549300VFZ8XJ9NUPU221</lei>
        <title>Estee Lauder Co. Inc. (The) Class A</title>
        <cusip>518439104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="518439104"/>
          <other otherDesc="Primary Identifier" value="518439104"/>
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        <balance>44427.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9175952.58000000</valUSD>
        <pctVal>1.160132980138</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>Broadridge Financial Solutions Inc.</name>
        <lei>N/A</lei>
        <title>Broadridge Financial Solutions Inc.</title>
        <cusip>11133T103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="11133T103"/>
          <other otherDesc="Primary Identifier" value="11133T103"/>
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        <balance>86056.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10631358.24000000</valUSD>
        <pctVal>1.344142660977</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>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
        <cusip>907818108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="907818108"/>
          <other otherDesc="Primary Identifier" value="907818108"/>
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        <balance>52880.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9560175.20000000</valUSD>
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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>Illumina Inc.</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>Illumina Inc.</title>
        <cusip>452327109</cusip>
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          <other otherDesc="Primary Identifier" value="452327109"/>
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        <balance>28458.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9440656.92000000</valUSD>
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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>Electronic Arts Inc.</name>
        <lei>549300O7A67PUEYKDL45</lei>
        <title>Electronic Arts Inc.</title>
        <cusip>285512109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="285512109"/>
          <other otherDesc="Primary Identifier" value="285512109"/>
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        <balance>139129.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14957758.79000000</valUSD>
        <pctVal>1.891137637203</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>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"/>
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        <balance>329194.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24159547.66000000</valUSD>
        <pctVal>3.054537148183</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>PayPal Inc.</name>
        <lei>5493005X2GO78EFZ3E94</lei>
        <title>PayPal Inc.</title>
        <cusip>70450Y103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="70450Y103"/>
          <other otherDesc="Primary Identifier" value="70450Y103"/>
        </identifiers>
        <balance>135868.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14696841.56000000</valUSD>
        <pctVal>1.858149380020</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>Coca-Cola Co. (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>Coca-Cola Co. (The)</title>
        <cusip>191216100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="191216100"/>
          <other otherDesc="Primary Identifier" value="191216100"/>
        </identifiers>
        <balance>429973.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23799005.55000000</valUSD>
        <pctVal>3.008953129642</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>VeriSign Inc.</name>
        <lei>LMPL4N8ZOJRMF0KOF759</lei>
        <title>VeriSign Inc.</title>
        <cusip>92343E102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92343E102"/>
          <other otherDesc="Primary Identifier" value="92343E102"/>
        </identifiers>
        <balance>45281.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8724743.08000000</valUSD>
        <pctVal>1.103085712583</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>Verisk Analytics Inc. Class A</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>Verisk Analytics Inc. Class A</title>
        <cusip>92345Y106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92345Y106"/>
          <other otherDesc="Primary Identifier" value="92345Y106"/>
        </identifiers>
        <balance>75721.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11308174.14000000</valUSD>
        <pctVal>1.429713770922</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>Alphabet Inc. Class A</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc. Class A</title>
        <cusip>02079K305</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="02079K305"/>
          <other otherDesc="Primary Identifier" value="02079K305"/>
        </identifiers>
        <balance>28712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38456565.68000000</valUSD>
        <pctVal>4.862136084427</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>Caterpillar Inc.</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>Caterpillar Inc.</title>
        <cusip>149123101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="149123101"/>
          <other otherDesc="Primary Identifier" value="149123101"/>
        </identifiers>
        <balance>94153.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13904515.04000000</valUSD>
        <pctVal>1.757974044666</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>Apple Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple Inc.</title>
        <cusip>037833100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="037833100"/>
          <other otherDesc="Primary Identifier" value="037833100"/>
        </identifiers>
        <balance>166113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48779082.45000000</valUSD>
        <pctVal>6.167231336228</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>Stanley Black &amp; Decker Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker Inc.</title>
        <cusip>854502101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="854502101"/>
          <other otherDesc="Primary Identifier" value="854502101"/>
        </identifiers>
        <balance>113792.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18859886.08000000</valUSD>
        <pctVal>2.384490945468</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>Zoetis Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis Inc.</title>
        <cusip>98978V103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="98978V103"/>
          <other otherDesc="Primary Identifier" value="98978V103"/>
        </identifiers>
        <balance>89378.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11829178.30000000</valUSD>
        <pctVal>1.495585308894</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>Equinix Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix Inc.</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29444U700"/>
          <other otherDesc="Primary Identifier" value="29444U700"/>
        </identifiers>
        <balance>18159.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10599408.30000000</valUSD>
        <pctVal>1.340103169842</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>Intuitive Surgical Inc.</name>
        <lei>54930052SRG011710797</lei>
        <title>Intuitive Surgical Inc.</title>
        <cusip>46120E602</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46120E602"/>
          <other otherDesc="Primary Identifier" value="46120E602"/>
        </identifiers>
        <balance>20077.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11868518.55000000</valUSD>
        <pctVal>1.500559170853</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>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
        <cusip>594918104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="594918104"/>
          <other otherDesc="Primary Identifier" value="594918104"/>
        </identifiers>
        <balance>457688.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72177397.60000000</valUSD>
        <pctVal>9.125524423351</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>Ferrari N.V.</name>
        <lei>549300RIVY5EX8RCON76</lei>
        <title>Ferrari N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="N3167Y103"/>
          <other otherDesc="Primary Identifier" value="N3167Y103"/>
        </identifiers>
        <balance>89743.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14856056.22000000</valUSD>
        <pctVal>1.878279189582</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>S&amp;P Global Inc.</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S&amp;P Global Inc.</title>
        <cusip>78409V104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="78409V104"/>
          <other otherDesc="Primary Identifier" value="78409V104"/>
        </identifiers>
        <balance>45907.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12534906.35000000</valUSD>
        <pctVal>1.584811836459</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>CoStar Group Inc.</name>
        <lei>N/A</lei>
        <title>CoStar Group Inc.</title>
        <cusip>22160N109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="22160N109"/>
          <other otherDesc="Primary Identifier" value="22160N109"/>
        </identifiers>
        <balance>15411.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9220401.30000000</valUSD>
        <pctVal>1.165752715587</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>Adobe Inc.</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>Adobe Inc.</title>
        <cusip>00724F101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="00724F101"/>
          <other otherDesc="Primary Identifier" value="00724F101"/>
        </identifiers>
        <balance>64619.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21311992.39000000</valUSD>
        <pctVal>2.694515368135</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>MasterCard Inc. Class A</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MasterCard Inc. Class A</title>
        <cusip>57636Q104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="57636Q104"/>
          <other otherDesc="Primary Identifier" value="57636Q104"/>
        </identifiers>
        <balance>35376.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10562919.84000000</valUSD>
        <pctVal>1.335489865068</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>Vertex Pharmaceuticals Inc.</name>
        <lei>54930015RAQRRZ5ZGJ91</lei>
        <title>Vertex Pharmaceuticals Inc.</title>
        <cusip>92532F100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92532F100"/>
          <other otherDesc="Primary Identifier" value="92532F100"/>
        </identifiers>
        <balance>53337.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11678136.15000000</valUSD>
        <pctVal>1.476488765176</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>2020-01-30</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>
