devIshu padmanilayA dayitA babUva
	bhakteshu sopi vaguLa~Nka munirvareNya |
Aryeshu nirmala guNastvayamantara~Nga:
	ra~NgAtipasya nR^ipate jagatAryanAmA ||

Meaning:

devIshu 			- Amongst the consorts of
rangAtipasya nR^ipate 		- Sriranganatha, who is the Lord of Srirangam,
padma nilayA 			- Periya Pirattiyar who lives on a lotus
dayitA babUva 			- is most dear to His heart.
bhakteshu 			- Amongst the devotees
sa: 				- the famous
vaguLa~Nka muni: api 		- Sathakopa who wears the Vakula garland
vareNya babUva 			- became the most desirable
Aryeshutu 			- Amongst the acharyas
ayam jagatArya nAmA 		- this Pillai Lokacharyar
nirmala guNa: 			- who has faultless qualities
antara~Nga: babUva 		- became worthy of keeping near.

Vyakhyana Saram:
Swami Desikan further extolls the great acharya Pillai Lokacharyar in this shloka. He tells us who is most dear to the Lord amongst His consorts (Sri Mahalakshmi), amongst the Azhvars (Nammazhvar) and amongst the acharyas (Pillai Lokacharyar).

She is always with Him to protect the chetanas; Nammazhvar showed us the path of sharaNagati to Him through the mediation of Mahalakshmi; Lokacharyar gave us the essence of Nammazhvar's Thiruvaymozhi in the grantha Srivachana Bhushanam.