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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>
      <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>
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        <curCd>USD</curCd>
        <valUSD>46298250.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Garter Inc. Class A</name>
        <lei>PP55B5R38BFB8O8HH686</lei>
        <title>Garter Inc. Class A</title>
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        <identifiers>
          <other otherDesc="Primary Identifier" value="366651107"/>
          <other otherDesc="Primary Identifier" value="366651107"/>
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        <curCd>USD</curCd>
        <valUSD>28798978.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alphabet Inc. Class C</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc. Class C</title>
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        <identifiers>
          <other otherDesc="Primary Identifier" value="02079K107"/>
          <other otherDesc="Primary Identifier" value="02079K107"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alphabet Inc. Class A</name>
        <lei>5493006MHB84DD0ZWV18</lei>
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        <identifiers>
          <other otherDesc="Primary Identifier" value="02079K305"/>
          <other otherDesc="Primary Identifier" value="02079K305"/>
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        <curCd>USD</curCd>
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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>Walt Disney Co. (The)</name>
        <lei>7260JQNI6SCF9FIV2392</lei>
        <title>Walt Disney Co. (The)</title>
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          <other otherDesc="Primary Identifier" value="254687106"/>
          <other otherDesc="Primary Identifier" value="254687106"/>
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        <curCd>USD</curCd>
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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>
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      <invstOrSec>
        <name>Electronic Arts Inc.</name>
        <lei>549300O7A67PUEYKDL45</lei>
        <title>Electronic Arts Inc.</title>
        <cusip>285512109</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="285512109"/>
          <other otherDesc="Primary Identifier" value="285512109"/>
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        <curCd>USD</curCd>
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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>Motorola Inc.</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
        <title>Motorola Inc.</title>
        <cusip>620076307</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="620076307"/>
          <other otherDesc="Primary Identifier" value="620076307"/>
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        <balance>812073.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130857443.22000100</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>Booking Holdings Inc.</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc.</title>
        <cusip>09857L108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="09857L108"/>
          <other otherDesc="Primary Identifier" value="09857L108"/>
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        <balance>65762.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>135057392.26000000</valUSD>
        <pctVal>2.835677674900</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>FleetCor Technologies Inc.</name>
        <lei>549300DG6RR0NQSFLN74</lei>
        <title>FleetCor Technologies Inc.</title>
        <cusip>339041105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="339041105"/>
          <other otherDesc="Primary Identifier" value="339041105"/>
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        <balance>211165.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60756393.80000000</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>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>1000713.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>293859372.45000100</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>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>477075.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104183638.50000100</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>American Tower Corp. Class A</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp. Class A</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="03027X100"/>
          <other otherDesc="Primary Identifier" value="03027X100"/>
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        <balance>166141.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38182524.62000000</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>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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        <curCd>USD</curCd>
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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>Verisk Analytics Inc. Class A</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>Verisk Analytics Inc. Class A</title>
        <cusip>92345Y106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92345Y106"/>
          <other otherDesc="Primary Identifier" value="92345Y106"/>
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        <balance>453122.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Estee Lauder Co. Inc. (The) Class A</name>
        <lei>549300VFZ8XJ9NUPU221</lei>
        <title>Estee Lauder Co. Inc. (The) Class A</title>
        <cusip>518439104</cusip>
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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>Stanley Black &amp; Decker Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker Inc.</title>
        <cusip>854502101</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vertex Pharmaceuticals Inc.</name>
        <lei>54930015RAQRRZ5ZGJ91</lei>
        <title>Vertex Pharmaceuticals Inc.</title>
        <cusip>92532F100</cusip>
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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>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corp.</title>
        <cusip>67066G104</cusip>
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          <other otherDesc="Primary Identifier" value="67066G104"/>
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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>VeriSign Inc.</name>
        <lei>LMPL4N8ZOJRMF0KOF759</lei>
        <title>VeriSign Inc.</title>
        <cusip>92343E102</cusip>
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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>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
        <cusip>594918104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>J.B. Hunt Transport Services Inc.</name>
        <lei>549300XCD1MPI1C5GK90</lei>
        <title>J.B. Hunt Transport Services Inc.</title>
        <cusip>445658107</cusip>
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        <balance>513685.00000000</balance>
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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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      <invstOrSec>
        <name>Illumina Inc.</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>Illumina Inc.</title>
        <cusip>452327109</cusip>
        <identifiers>
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        <balance>169632.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56273719.68000000</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>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc.</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="91324P102"/>
          <other otherDesc="Primary Identifier" value="91324P102"/>
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        <balance>301403.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88606453.94000000</valUSD>
        <pctVal>1.860389417308</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>538427.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71260813.45000000</valUSD>
        <pctVal>1.496198722735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
        <cusip>666807102</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="666807102"/>
          <other otherDesc="Primary Identifier" value="666807102"/>
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        <balance>202439.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69632942.83000000</valUSD>
        <pctVal>1.462019798520</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>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
        <cusip>097023105</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="097023105"/>
          <other otherDesc="Primary Identifier" value="097023105"/>
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        <balance>168643.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54937143.68000000</valUSD>
        <pctVal>1.153465421250</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>Coca-Cola Co. (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>Coca-Cola Co. (The)</title>
        <cusip>191216100</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="191216100"/>
          <other otherDesc="Primary Identifier" value="191216100"/>
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        <balance>2584751.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>143065967.85000100</valUSD>
        <pctVal>3.003826479110</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>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"/>
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        <balance>276559.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>75514434.95000000</valUSD>
        <pctVal>1.585508158695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intuit Inc.</name>
        <lei>VI90HBPH7XSFMB9E4M29</lei>
        <title>Intuit Inc.</title>
        <cusip>461202103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="461202103"/>
          <other otherDesc="Primary Identifier" value="461202103"/>
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        <balance>359599.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>94189766.07000000</valUSD>
        <pctVal>1.977617162447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ferrari N.V.</name>
        <lei>549300RIVY5EX8RCON76</lei>
        <title>Ferrari N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="N3167Y103"/>
          <other otherDesc="Primary Identifier" value="N3167Y103"/>
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        <balance>540640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>89497545.60000000</valUSD>
        <pctVal>1.879098861376</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>Caterpillar Inc.</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>Caterpillar Inc.</title>
        <cusip>149123101</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="149123101"/>
          <other otherDesc="Primary Identifier" value="149123101"/>
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        <balance>561623.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82940484.64000000</valUSD>
        <pctVal>1.741426194475</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>MasterCard Inc. Class A</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MasterCard Inc. Class A</title>
        <cusip>57636Q104</cusip>
        <identifiers>
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          <other otherDesc="Primary Identifier" value="57636Q104"/>
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        <balance>211695.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63210010.05000000</valUSD>
        <pctVal>1.327163299465</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>
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      <invstOrSec>
        <name>Equinix Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix Inc.</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29444U700"/>
          <other otherDesc="Primary Identifier" value="29444U700"/>
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        <balance>109393.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63852694.10000000</valUSD>
        <pctVal>1.340657154056</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>Amazon.com Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>Amazon.com Inc.</title>
        <cusip>023135106</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="023135106"/>
          <other otherDesc="Primary Identifier" value="023135106"/>
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        <balance>115237.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>212939538.08000100</valUSD>
        <pctVal>4.470898513090</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>Intuitive Surgical Inc.</name>
        <lei>54930052SRG011710797</lei>
        <title>Intuitive Surgical Inc.</title>
        <cusip>46120E602</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="46120E602"/>
          <other otherDesc="Primary Identifier" value="46120E602"/>
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        <balance>119464.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70621143.60000000</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>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
        <cusip>907818108</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="907818108"/>
          <other otherDesc="Primary Identifier" value="907818108"/>
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        <balance>315940.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57118792.60000000</valUSD>
        <pctVal>1.199271526591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PayPal Inc.</name>
        <lei>5493005X2GO78EFZ3E94</lei>
        <title>PayPal Inc.</title>
        <cusip>70450Y103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="70450Y103"/>
          <other otherDesc="Primary Identifier" value="70450Y103"/>
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        <balance>809720.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87587412.40000000</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>Broadridge Financial Solutions Inc.</name>
        <lei>N/A</lei>
        <title>Broadridge Financial Solutions Inc.</title>
        <cusip>11133T103</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="11133T103"/>
          <other otherDesc="Primary Identifier" value="11133T103"/>
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        <balance>513344.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63418517.76000000</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>Visa Inc. Class A</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa Inc. Class A</title>
        <cusip>92826C839</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="92826C839"/>
          <other otherDesc="Primary Identifier" value="92826C839"/>
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        <balance>1202166.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>225886991.40000100</valUSD>
        <pctVal>4.742744457336</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>Adobe Inc.</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>Adobe Inc.</title>
        <cusip>00724F101</cusip>
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          <other otherDesc="Primary Identifier" value="00724F101"/>
          <other otherDesc="Primary Identifier" value="00724F101"/>
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        <balance>386686.00000000</balance>
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        <valUSD>127532909.66000100</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>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"/>
        </identifiers>
        <balance>1158362.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>117353654.22000100</valUSD>
        <pctVal>2.463968330582</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>
