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      <regStreet1>6300 Lamar Avenue</regStreet1>
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      <regCity>Shawnee Mission</regCity>
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            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>security</issuerName>
                <issueTitle>Reinsurance Group of America Inc.</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="759351604"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>178.00000000</shareNo>
            <exercisePrice>140</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>80892.22</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lowe's Co. Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Co. Inc.</title>
        <cusip>548661107</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="548661107"/>
          <other otherDesc="Primary Identifier" value="548661107"/>
        </identifiers>
        <balance>234900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28131624.00000000</valUSD>
        <pctVal>2.512014699553</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>Amgen Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen Inc.</title>
        <cusip>031162100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="031162100"/>
          <other otherDesc="Primary Identifier" value="031162100"/>
        </identifiers>
        <balance>122700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29579289.00000000</valUSD>
        <pctVal>2.641284014400</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>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"/>
        </identifiers>
        <balance>366100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29939658.00000000</valUSD>
        <pctVal>2.673463181350</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>396400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21687044.00000000</valUSD>
        <pctVal>1.936545622743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="19922360.73" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="19521907.2"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southwest Airlines Co.</name>
        <lei>UDTZ87G0STFETI6HGH41</lei>
        <title>Southwest Airlines Co.</title>
        <cusip>844741108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="844741108"/>
          <other otherDesc="Primary Identifier" value="844741108"/>
        </identifiers>
        <balance>504300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27222114.00000000</valUSD>
        <pctVal>2.430799960958</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>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>79600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27380012.00000000</valUSD>
        <pctVal>2.444899470359</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>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"/>
        </identifiers>
        <balance>865500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38921535.00000000</valUSD>
        <pctVal>3.475500314136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
        <cusip>91913Y100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="91913Y100"/>
          <other otherDesc="Primary Identifier" value="91913Y100"/>
        </identifiers>
        <balance>342400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32065760.00000000</valUSD>
        <pctVal>2.863313560295</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>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P.</title>
        <cusip>29273V100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29273V100"/>
          <other otherDesc="Primary Identifier" value="29273V100"/>
        </identifiers>
        <balance>2072760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26593510.80000000</valUSD>
        <pctVal>2.374668808396</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>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</name>
        <lei>N/A</lei>
        <title>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="26200X100"/>
          <other otherDesc="Primary Identifier" value="26200X100"/>
        </identifiers>
        <balance>19922360.73000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19922360.73000000</valUSD>
        <pctVal>1.778968146437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</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>31613091.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31613091.74000000</valUSD>
        <pctVal>2.822892526545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>Reinsurance Group of America Inc.</name>
        <lei>N/A</lei>
        <title>Reinsurance Group of America Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="O0P6RLD50"/>
          <other otherDesc="Primary Identifier" value="O0P6RLD50"/>
        </identifiers>
        <balance>357.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-6247.50000000</valUSD>
        <pctVal>-0.00055787080</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>security</issuerName>
                <issueTitle>Reinsurance Group of America Inc.</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="759351604"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>357.00000000</shareNo>
            <exercisePrice>145</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>207952.5</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Omnicom Group Inc.</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
        <title>Omnicom Group Inc.</title>
        <cusip>681919106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="681919106"/>
          <other otherDesc="Primary Identifier" value="681919106"/>
        </identifiers>
        <balance>327600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26542152.00000000</valUSD>
        <pctVal>2.370082721913</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>Graphic Packaging Holding Co.</name>
        <lei>N/A</lei>
        <title>Graphic Packaging Holding Co.</title>
        <cusip>388689101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="388689101"/>
          <other otherDesc="Primary Identifier" value="388689101"/>
        </identifiers>
        <balance>409600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6819840.00000000</valUSD>
        <pctVal>0.608977936311</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>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"/>
        </identifiers>
        <balance>157600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26253008.00000000</valUSD>
        <pctVal>2.344263594717</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>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp.</title>
        <cusip>00123Q104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="00123Q104"/>
          <other otherDesc="Primary Identifier" value="00123Q104"/>
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        <balance>1917700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33904936.00000000</valUSD>
        <pctVal>3.027542868460</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"/>
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        <balance>217200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30210348.00000000</valUSD>
        <pctVal>2.697634457741</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>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>524900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38994821.00000000</valUSD>
        <pctVal>3.482044390982</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>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040H105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="14040H105"/>
          <other otherDesc="Primary Identifier" value="14040H105"/>
        </identifiers>
        <balance>313000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32210830.00000000</valUSD>
        <pctVal>2.876267592827</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>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"/>
        </identifiers>
        <balance>97800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28596720.00000000</valUSD>
        <pctVal>2.553545468935</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>Evergy Inc.</name>
        <lei>549300PGTHDQY6PSUI61</lei>
        <title>Evergy Inc.</title>
        <cusip>30034W106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="30034W106"/>
          <other otherDesc="Primary Identifier" value="30034W106"/>
        </identifiers>
        <balance>356400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23198076.00000000</valUSD>
        <pctVal>2.071473296861</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>Eaton Corp.</name>
        <lei>549300VDIGTMXUNT7H71</lei>
        <title>Eaton Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G29183103"/>
          <other otherDesc="Primary Identifier" value="G29183103"/>
        </identifiers>
        <balance>166100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15732992.00000000</valUSD>
        <pctVal>1.404878266962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>208400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30803604.00000000</valUSD>
        <pctVal>2.750609280403</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>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"/>
        </identifiers>
        <balance>585000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46735650.00000000</valUSD>
        <pctVal>4.173262083737</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>Reinsurance Group of America Inc.</name>
        <lei>N/A</lei>
        <title>Reinsurance Group of America Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="L0P6RLC53"/>
          <other otherDesc="Primary Identifier" value="L0P6RLC53"/>
        </identifiers>
        <balance>178.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2225.00000000</valUSD>
        <pctVal>-0.00019868148</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>security</issuerName>
                <issueTitle>Reinsurance Group of America Inc.</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="759351604"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>178.00000000</shareNo>
            <exercisePrice>135</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>57752.83</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reinsurance Group of America Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc.</title>
        <cusip>759351604</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="759351604"/>
          <other otherDesc="Primary Identifier" value="759351604"/>
        </identifiers>
        <balance>144200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23513252.00000000</valUSD>
        <pctVal>2.099616952732</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>GlaxoSmithKline plc ADR</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GlaxoSmithKline plc ADR</title>
        <cusip>37733W105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="37733W105"/>
          <other otherDesc="Primary Identifier" value="37733W105"/>
        </identifiers>
        <balance>601200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28250388.00000000</valUSD>
        <pctVal>2.522619736566</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>Annaly Capital Management Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management Inc.</title>
        <cusip>035710409</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="035710409"/>
          <other otherDesc="Primary Identifier" value="035710409"/>
        </identifiers>
        <balance>2392400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22536408.00000000</valUSD>
        <pctVal>2.012389621414</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>Lam Research Corp.</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>Lam Research Corp.</title>
        <cusip>512807108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="L0PT58S38"/>
          <other otherDesc="Primary Identifier" value="L0PT58S38"/>
        </identifiers>
        <balance>121.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-117067.50000000</valUSD>
        <pctVal>-0.01045354796</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>security</issuerName>
                <issueTitle>Lam Research Corp.</issueTitle>
                <identifiers>
                  <cusip value="512807108"/>
                  <isin value="US5128071082"/>
                  <ticker value="LRCX"/>
                  <other otherDesc="Primary Identifier" value="512807108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>121.00000000</shareNo>
            <exercisePrice>310</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-03-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>27156.81</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>85700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27082914.00000000</valUSD>
        <pctVal>2.418370090355</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>23130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27555000.30000000</valUSD>
        <pctVal>2.460525058908</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>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>060505104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="060505104"/>
          <other otherDesc="Primary Identifier" value="060505104"/>
        </identifiers>
        <balance>1436200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50582964.00000000</valUSD>
        <pctVal>4.516808169871</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>Wal-Mart Stores Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Wal-Mart Stores Inc.</title>
        <cusip>931142103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="931142103"/>
          <other otherDesc="Primary Identifier" value="931142103"/>
        </identifiers>
        <balance>349400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41522696.00000000</valUSD>
        <pctVal>3.707771109022</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>788900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28408289.00000000</valUSD>
        <pctVal>2.536719513852</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>Parker Hannifin Corp.</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>Parker Hannifin Corp.</title>
        <cusip>701094104</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="701094104"/>
          <other otherDesc="Primary Identifier" value="701094104"/>
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        <balance>74100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15251262.00000000</valUSD>
        <pctVal>1.361862163760</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>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp. (The)</title>
        <cusip>020002101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="020002101"/>
          <other otherDesc="Primary Identifier" value="020002101"/>
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        <balance>275900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31024955.00000000</valUSD>
        <pctVal>2.770374828448</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>NXP Semiconductors N.V.</name>
        <lei>724500M9BY5293JDF951</lei>
        <title>NXP Semiconductors N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="N6596X109"/>
          <other otherDesc="Primary Identifier" value="N6596X109"/>
        </identifiers>
        <balance>231100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29409786.00000000</valUSD>
        <pctVal>2.626148235974</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>
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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>280300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31228223.00000000</valUSD>
        <pctVal>2.788525654150</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>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"/>
        </identifiers>
        <balance>446800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38018212.00000000</valUSD>
        <pctVal>3.394838044000</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 FUNDS</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>
