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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>UBS AG</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>security</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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          <other otherDesc="Primary Identifier" value="060505104"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Graphic Packaging Holding Co.</name>
        <lei>N/A</lei>
        <title>Graphic Packaging Holding Co.</title>
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          <other otherDesc="Primary Identifier" value="L0RG3HGV8"/>
          <other otherDesc="Primary Identifier" value="L0RG3HGV8"/>
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        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>N/A</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>security</issuerName>
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            <shareNo>1253.00000000</shareNo>
            <exercisePrice>15.00000000</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>25632.34000000</unrealizedAppr>
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      <invstOrSec>
        <name>Welltower Inc.</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp. (The)</name>
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        <title>Bank of New York Mellon Corp. (The)</title>
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          <other otherDesc="Primary Identifier" value="064058100"/>
          <other otherDesc="Primary Identifier" value="064058100"/>
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        <balance>282768.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reinsurance Group of America Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc.</title>
        <cusip>759351604</cusip>
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          <other otherDesc="Primary Identifier" value="759351604"/>
          <other otherDesc="Primary Identifier" value="759351604"/>
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        <balance>86562.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6789923.28000000</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>Lowe's Co. Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Co. Inc.</title>
        <cusip>548661107</cusip>
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          <other otherDesc="Primary Identifier" value="548661107"/>
          <other otherDesc="Primary Identifier" value="548661107"/>
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        <balance>78483.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10604622.96000000</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>Lam Research Corp.</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>Lam Research Corp.</title>
        <cusip>512807108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="512807108"/>
          <other otherDesc="Primary Identifier" value="512807108"/>
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        <balance>36941.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11948935.86000000</valUSD>
        <pctVal>3.015882224121</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>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040H105</cusip>
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          <other otherDesc="Primary Identifier" value="14040H105"/>
          <other otherDesc="Primary Identifier" value="14040H105"/>
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        <balance>146578.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9174317.02000000</valUSD>
        <pctVal>2.315575206298</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>Ameriprise Financial Inc.</name>
        <lei>6ZLKQF7QB6JAEKQS5388</lei>
        <title>Ameriprise Financial Inc.</title>
        <cusip>03076C106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="03076C106"/>
          <other otherDesc="Primary Identifier" value="03076C106"/>
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        <balance>57287.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8595341.48000000</valUSD>
        <pctVal>2.169443194231</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>HCA Holdings Inc.</name>
        <lei>529900PH4ZGUH2MNEU89</lei>
        <title>HCA Holdings Inc.</title>
        <cusip>40412C101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="40412C101"/>
          <other otherDesc="Primary Identifier" value="40412C101"/>
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        <balance>105324.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10222747.44000000</valUSD>
        <pctVal>2.580196483369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International Inc.</title>
        <cusip>718172109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="718172109"/>
          <other otherDesc="Primary Identifier" value="718172109"/>
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        <balance>191590.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13422795.40000000</valUSD>
        <pctVal>3.387880771909</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>Broadcom Corp. Class A</name>
        <lei>549300GR48KUO03W2V88</lei>
        <title>Broadcom Corp. Class A</title>
        <cusip>11135F101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="11135F101"/>
          <other otherDesc="Primary Identifier" value="11135F101"/>
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        <balance>35779.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11292210.19000000</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>AutoZone Inc.</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
        <title>AutoZone Inc.</title>
        <cusip>053332102</cusip>
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          <other otherDesc="Primary Identifier" value="053332102"/>
          <other otherDesc="Primary Identifier" value="053332102"/>
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        <balance>10041.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11327452.92000000</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>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp.</title>
        <cusip>00123Q104</cusip>
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          <other otherDesc="Primary Identifier" value="00123Q104"/>
          <other otherDesc="Primary Identifier" value="00123Q104"/>
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        <balance>717885.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9260716.50000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Eaton Corp.</name>
        <lei>549300VDIGTMXUNT7H71</lei>
        <title>Eaton Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="G29183103"/>
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        <balance>130420.00000000</balance>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>nVent Electric plc</name>
        <lei>N/A</lei>
        <title>nVent Electric plc</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="G6700G107"/>
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        <balance>213721.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>CenterPoint Energy Inc.</name>
        <lei>N/A</lei>
        <title>CenterPoint Energy Inc.</title>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-22075.00000000</valUSD>
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        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <shareNo>883.00000000</shareNo>
            <exercisePrice>15.00000000</exercisePrice>
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      <invstOrSec>
        <name>Omnicom Group Inc.</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
        <title>Omnicom Group Inc.</title>
        <cusip>681919106</cusip>
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        <valUSD>8507280.60000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </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"/>
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        <balance>6294460.36000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6294460.36000000</valUSD>
        <pctVal>1.588706419766</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc.</title>
        <cusip>172967424</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="172967424"/>
          <other otherDesc="Primary Identifier" value="172967424"/>
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        <balance>285076.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Allstate Corp. (The)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>nVent Electric plc</name>
        <lei>N/A</lei>
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          <other otherDesc="Primary Identifier" value="LOR63F8B1"/>
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        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>JPMorgan Chase Bank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>security</issuerName>
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            <shareNo>717.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>136947.00000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>Amgen Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen Inc.</title>
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          <other otherDesc="Primary Identifier" value="031162100"/>
          <other otherDesc="Primary Identifier" value="031162100"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66</title>
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          <other otherDesc="Primary Identifier" value="718546104"/>
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        <balance>130420.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Total S.A. ADR</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>Total S.A. ADR</title>
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          <other otherDesc="Primary Identifier" value="89151E109"/>
          <other otherDesc="Primary Identifier" value="89151E109"/>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>McKesson Corp.</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>McKesson Corp.</title>
        <cusip>58155Q103</cusip>
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          <other otherDesc="Primary Identifier" value="58155Q103"/>
          <other otherDesc="Primary Identifier" value="58155Q103"/>
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        <balance>73866.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lam Research Corp.</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>Lam Research Corp.</title>
        <cusip>512807108</cusip>
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          <other otherDesc="Primary Identifier" value="L0T9FTN65"/>
          <other otherDesc="Primary Identifier" value="L0T9FTN65"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-103365.00000000</valUSD>
        <pctVal>-0.02608907351</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>security</issuerName>
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                  <cusip value="512807108"/>
                  <isin value="US5128071082"/>
                  <ticker value="LRCX"/>
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            <shareNo>18.00000000</shareNo>
            <exercisePrice>295.00000000</exercisePrice>
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            <unrealizedAppr>-16517.63000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Exelon Corp.</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp.</title>
        <cusip>30161N101</cusip>
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          <other otherDesc="Primary Identifier" value="30161N101"/>
          <other otherDesc="Primary Identifier" value="30161N101"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Evergy Inc.</name>
        <lei>549300PGTHDQY6PSUI61</lei>
        <title>Evergy Inc.</title>
        <cusip>30034W106</cusip>
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          <other otherDesc="Primary Identifier" value="30034W106"/>
          <other otherDesc="Primary Identifier" value="30034W106"/>
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        <balance>140807.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fidelity National Information Services Inc.</name>
        <lei>6WQI0GK1PRFVBA061U48</lei>
        <title>Fidelity National Information Services Inc.</title>
        <cusip>31620M106</cusip>
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          <other otherDesc="Primary Identifier" value="31620M106"/>
          <other otherDesc="Primary Identifier" value="31620M106"/>
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        <balance>91178.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
        <cusip>91913Y100</cusip>
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          <other otherDesc="Primary Identifier" value="91913Y100"/>
          <other otherDesc="Primary Identifier" value="91913Y100"/>
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        <balance>165044.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9707888.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Las Vegas Sands Inc.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Inc.</title>
        <cusip>517834107</cusip>
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          <other otherDesc="Primary Identifier" value="517834107"/>
          <other otherDesc="Primary Identifier" value="517834107"/>
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        <balance>49629.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2260104.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GlaxoSmithKline plc ADR</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GlaxoSmithKline plc ADR</title>
        <cusip>37733W105</cusip>
        <identifiers>
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          <other otherDesc="Primary Identifier" value="37733W105"/>
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        <balance>259685.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10592551.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp.</title>
        <cusip>29364G103</cusip>
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          <other otherDesc="Primary Identifier" value="29364G103"/>
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        <balance>49100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4606071.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NXP Semiconductors N.V.</name>
        <lei>724500M9BY5293JDF951</lei>
        <title>NXP Semiconductors N.V.</title>
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          <other otherDesc="Primary Identifier" value="N6596X109"/>
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        <balance>92332.00000000</balance>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Graphic Packaging Holding Co.</name>
        <lei>N/A</lei>
        <title>Graphic Packaging Holding Co.</title>
        <cusip>388689101</cusip>
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        <balance>612146.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Comcast Corp. Class A</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp. Class A</title>
        <cusip>20030N101</cusip>
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        <balance>347401.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
        <cusip>26441C204</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Reinsurance Group of America Inc.</name>
        <lei>N/A</lei>
        <title>Reinsurance Group of America Inc.</title>
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          <other otherDesc="Primary Identifier" value="L0V1GC000"/>
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        <curCd>USD</curCd>
        <valUSD>-999600.00000000</valUSD>
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        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <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"/>
        </identifiers>
        <balance>25308.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7780691.52000000</valUSD>
        <pctVal>1.963827534223</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>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"/>
        </identifiers>
        <balance>126957.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6132023.10000000</valUSD>
        <pctVal>1.547707652118</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>Delta Air Lines Inc.</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>Delta Air Lines Inc.</title>
        <cusip>247361702</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="247361702"/>
          <other otherDesc="Primary Identifier" value="247361702"/>
        </identifiers>
        <balance>141961.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3982006.05000000</valUSD>
        <pctVal>1.005048600414</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>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
        <cusip>87165B103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="87165B103"/>
          <other otherDesc="Primary Identifier" value="87165B103"/>
        </identifiers>
        <balance>350655.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7770514.80000000</valUSD>
        <pctVal>1.961258954953</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>BHP Billiton Ltd. ADR</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Billiton Ltd. ADR</title>
        <cusip>088606108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="088606108"/>
          <other otherDesc="Primary Identifier" value="088606108"/>
        </identifiers>
        <balance>166198.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8265026.54000000</valUSD>
        <pctVal>2.086072510215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>208902.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13572362.94000000</valUSD>
        <pctVal>3.425631253666</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>2020-07-30</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>
