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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KKR &amp; Co.</name>
        <lei>549300JOHU21WRN2Z451</lei>
        <title>KKR &amp; Co.</title>
        <cusip>48251W104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="48251W104"/>
          <other otherDesc="Primary Identifier" value="48251W104"/>
        </identifiers>
        <balance>348823.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8186875.81000000</valUSD>
        <pctVal>1.444853967322</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"/>
        </identifiers>
        <balance>53784.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12941506.08000000</valUSD>
        <pctVal>2.283970935528</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>Blackstone Group Inc. (The) Class A</name>
        <lei>5299004LW4QWGZUB8Y96</lei>
        <title>Blackstone Group Inc. (The) Class A</title>
        <cusip>09260D107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="09260D107"/>
          <other otherDesc="Primary Identifier" value="09260D107"/>
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        <balance>181344.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8263846.08000000</valUSD>
        <pctVal>1.458438001398</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>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"/>
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        <balance>64528.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16408825.12000000</valUSD>
        <pctVal>2.895897852118</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>Apollo Global Management LLC</name>
        <lei>54930054P2G7ZJB0KM79</lei>
        <title>Apollo Global Management LLC</title>
        <cusip>03768E105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="03768E105"/>
          <other otherDesc="Primary Identifier" value="03768E105"/>
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        <balance>50956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1707026.00000000</valUSD>
        <pctVal>0.301263063672</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>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>125905.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6754803.25000000</valUSD>
        <pctVal>1.192115832797</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>83891.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11611353.31000000</valUSD>
        <pctVal>2.049220030362</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>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"/>
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        <balance>271406.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42803440.26000000</valUSD>
        <pctVal>7.554129549538</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>Comcast Corp. Class A</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp. Class A</title>
        <cusip>20030N101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="20030N101"/>
          <other otherDesc="Primary Identifier" value="20030N101"/>
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        <balance>335244.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11525688.72000000</valUSD>
        <pctVal>2.034101586453</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>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"/>
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        <balance>24192.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4516888.32000000</valUSD>
        <pctVal>0.797159277918</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>Sherwin-Williams Co. (The)</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
        <title>Sherwin-Williams Co. (The)</title>
        <cusip>824348106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="824348106"/>
          <other otherDesc="Primary Identifier" value="824348106"/>
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        <balance>19329.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8882062.08000000</valUSD>
        <pctVal>1.567543337913</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>617446448</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="617446448"/>
          <other otherDesc="Primary Identifier" value="617446448"/>
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        <balance>314150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10681100.00000000</valUSD>
        <pctVal>1.885045048749</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>Texas Instruments Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments Inc.</title>
        <cusip>882508104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="882508104"/>
          <other otherDesc="Primary Identifier" value="882508104"/>
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        <balance>87058.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8699705.94000000</valUSD>
        <pctVal>1.535360366233</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>NIKE Inc. Class B</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE Inc. Class B</title>
        <cusip>654106103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="654106103"/>
          <other otherDesc="Primary Identifier" value="654106103"/>
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        <balance>105911.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8763076.14000000</valUSD>
        <pctVal>1.546544203267</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>CVS Caremark Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Caremark Corp.</title>
        <cusip>126650100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="126650100"/>
          <other otherDesc="Primary Identifier" value="126650100"/>
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        <balance>153821.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9126199.93000000</valUSD>
        <pctVal>1.610629803292</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>Zimmer Holdings Inc.</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Holdings Inc.</title>
        <cusip>98956P102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="98956P102"/>
          <other otherDesc="Primary Identifier" value="98956P102"/>
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        <balance>129535.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13093397.80000000</valUSD>
        <pctVal>2.310777419385</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>Welltower Inc.</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower Inc.</title>
        <cusip>95040Q104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="95040Q104"/>
          <other otherDesc="Primary Identifier" value="95040Q104"/>
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        <balance>85317.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3905812.26000000</valUSD>
        <pctVal>0.689314027774</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>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"/>
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        <balance>49442.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11943209.52000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Costco Wholesale Corp.</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Costco Wholesale Corp.</title>
        <cusip>22160K105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="22160K105"/>
          <other otherDesc="Primary Identifier" value="22160K105"/>
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        <balance>43242.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12329591.46000000</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>United Rentals Inc.</name>
        <lei>5323X5O7RN0NKFCDRY08</lei>
        <title>United Rentals Inc.</title>
        <cusip>911363109</cusip>
        <identifiers>
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        <balance>47894.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4928292.60000000</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>Analog Devices Inc.</name>
        <lei>GYVOE5EZ4GDAVTU4CQ61</lei>
        <title>Analog Devices Inc.</title>
        <cusip>032654105</cusip>
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          <other otherDesc="Primary Identifier" value="032654105"/>
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        <balance>118063.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10584347.95000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wal-Mart Stores Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Wal-Mart Stores Inc.</title>
        <cusip>931142103</cusip>
        <identifiers>
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          <other otherDesc="Primary Identifier" value="931142103"/>
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        <balance>158324.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17988772.88000000</valUSD>
        <pctVal>3.174733618309</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>Fidelity National Information Services Inc.</name>
        <lei>6WQI0GK1PRFVBA061U48</lei>
        <title>Fidelity National Information Services Inc.</title>
        <cusip>31620M106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="31620M106"/>
          <other otherDesc="Primary Identifier" value="31620M106"/>
        </identifiers>
        <balance>91607.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11143075.48000000</valUSD>
        <pctVal>1.966576407057</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>TE Connectivity Ltd.</name>
        <lei>894500ZRIX9K13RHXR17</lei>
        <title>TE Connectivity Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="H84989104"/>
          <other otherDesc="Primary Identifier" value="H84989104"/>
        </identifiers>
        <balance>137859.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8682359.82000000</valUSD>
        <pctVal>1.532299050674</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>Procter &amp; Gamble Co. (The)</name>
        <lei>2572IBTT8CCZW6AU4141</lei>
        <title>Procter &amp; Gamble Co. (The)</title>
        <cusip>742718109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="742718109"/>
          <other otherDesc="Primary Identifier" value="742718109"/>
        </identifiers>
        <balance>86419.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9506090.00000000</valUSD>
        <pctVal>1.677674386296</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>Waste Connections Inc.</name>
        <lei>549300HDLRTPBQU69P29</lei>
        <title>Waste Connections Inc.</title>
        <cusip>94106B101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="94106B101"/>
          <other otherDesc="Primary Identifier" value="94106B101"/>
        </identifiers>
        <balance>112403.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8711232.50000000</valUSD>
        <pctVal>1.537394621587</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>
        </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"/>
        </identifiers>
        <balance>28477229.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28477229.00000000</valUSD>
        <pctVal>5.025780072142</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>Cisco Systems Inc.</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
        <title>Cisco Systems Inc.</title>
        <cusip>17275R102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="17275R102"/>
          <other otherDesc="Primary Identifier" value="17275R102"/>
        </identifiers>
        <balance>359765.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14142362.15000000</valUSD>
        <pctVal>2.495903020146</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>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
        <cusip>539830109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="539830109"/>
          <other otherDesc="Primary Identifier" value="539830109"/>
        </identifiers>
        <balance>55544.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18826638.80000000</valUSD>
        <pctVal>3.322603688247</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>Take-Two Interactive Software Inc.</name>
        <lei>BOMSTHHJK882EWYX3334</lei>
        <title>Take-Two Interactive Software Inc.</title>
        <cusip>874054109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="874054109"/>
          <other otherDesc="Primary Identifier" value="874054109"/>
        </identifiers>
        <balance>75870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8998940.70000000</valUSD>
        <pctVal>1.588170563942</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>Progressive Corp. (The)</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp. (The)</title>
        <cusip>743315103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="743315103"/>
          <other otherDesc="Primary Identifier" value="743315103"/>
        </identifiers>
        <balance>179609.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13262328.56000000</valUSD>
        <pctVal>2.340591024044</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>Sysco Corp.</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>Sysco Corp.</title>
        <cusip>871829107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="871829107"/>
          <other otherDesc="Primary Identifier" value="871829107"/>
        </identifiers>
        <balance>52066.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2375771.58000000</valUSD>
        <pctVal>0.419286071082</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>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc.</title>
        <cusip>92343V104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92343V104"/>
          <other otherDesc="Primary Identifier" value="92343V104"/>
        </identifiers>
        <balance>176786.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9498711.78000000</valUSD>
        <pctVal>1.676372247277</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>89865.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10576211.85000000</valUSD>
        <pctVal>1.866533950845</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>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"/>
        </identifiers>
        <balance>86283.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12169354.32000000</valUSD>
        <pctVal>2.147698374455</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>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>47057.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11531317.85000000</valUSD>
        <pctVal>2.035095038779</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"/>
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        <balance>12056.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14008469.20000000</valUSD>
        <pctVal>2.472273034240</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>Fiserv Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>Fiserv Inc.</title>
        <cusip>337738108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="337738108"/>
          <other otherDesc="Primary Identifier" value="337738108"/>
        </identifiers>
        <balance>119790.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11378852.10000000</valUSD>
        <pctVal>2.008187247714</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>Netflix Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>Netflix Inc.</title>
        <cusip>64110L106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="64110L106"/>
          <other otherDesc="Primary Identifier" value="64110L106"/>
        </identifiers>
        <balance>18545.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6963647.50000000</valUSD>
        <pctVal>1.228973536537</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>Aon plc</name>
        <lei>VVT2B79I2Z4U3R6BY589</lei>
        <title>Aon plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G0408V102"/>
          <other otherDesc="Primary Identifier" value="G0408V102"/>
        </identifiers>
        <balance>85666.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14138316.64000000</valUSD>
        <pctVal>2.495189051679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eli Lilly and Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly and Co.</title>
        <cusip>532457108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="532457108"/>
          <other otherDesc="Primary Identifier" value="532457108"/>
        </identifiers>
        <balance>81274.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11274329.28000000</valUSD>
        <pctVal>1.989740624770</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>AutoZone Inc.</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
        <title>AutoZone Inc.</title>
        <cusip>053332102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="053332102"/>
          <other otherDesc="Primary Identifier" value="053332102"/>
        </identifiers>
        <balance>10479.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8865234.00000000</valUSD>
        <pctVal>1.564573448213</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"/>
        </identifiers>
        <balance>11301.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22033785.72000000</valUSD>
        <pctVal>3.888614344655</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>2020-04-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
