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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kommunekredit</name>
        <lei>529900D8QLTZ6PRLJL76</lei>
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          <isin value="XS2291068992"/>
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        <name>Kuntarahoitus Oyj</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>KOMMUNALBANKEN AS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>DEXIA CREDIT LOCAL SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Province de Quebec</name>
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        <name>SFIL SA</name>
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          <isin value="FR0014001VD2"/>
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        <name>TotalEnergies Capital International SA</name>
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        <name>NOVARTIS FINANCE SA</name>
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        <invCountry>LU</invCountry>

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        <name>European Bank for Reconstruction and Development</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Commonwealth of Australia</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Asian Infrastructure Investment Bank</name>
        <lei>25490065OSV2524LCR32</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Province of Ontario</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Nordiska Investeringsbanken, Pohjoismaiden Investointipankki NIB, Nordic Investment Bank</name>
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        <name>United States of America</name>
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        <name>CANADIAN DOLLAR</name>
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        <name>LA BANQUE TORONTO-DOMINION</name>
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        <name>Inter-American Development Bank</name>
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        <name>Province de Quebec</name>
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      <invstOrSec>
        <name>AGENCE FRANCAISE DE DEVELOPPEMENT EPIC</name>
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        <name>TOYOTA FINANCE AUSTRALIA LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-31</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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        <name>United States of America</name>
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          <isin value="US91282CBQ33"/>
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          <maturityDt>2026-02-28</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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        <name>LA BANQUE TORONTO-DOMINION</name>
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          <isin value="CA89117FYZ66"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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          <isin value="US912828R366"/>
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        <fairValLevel>2</fairValLevel>
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        <name>EURO</name>
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        <name>APPLE INC.</name>
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        <name>CANADIAN DOLLAR</name>
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        <name>Province of Manitoba</name>
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        <name>Nordiska Investeringsbanken, Pohjoismaiden Investointipankki NIB, Nordic Investment Bank</name>
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        <name>United States of America</name>
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        <name>EURO</name>
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        <name>European Investment Bank</name>
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        <name>BRITISH POUND</name>
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        <name>Province of Ontario</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>EURO</name>
        <lei>N/A</lei>
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        <name>U.S. DOLLAR</name>
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        <name>Nordea Bank Abp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Aktiebolaget Svensk Exportkredit</name>
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          <isin value="XS1934544534"/>
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        <name>KOMMUNALBANKEN AS</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
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        <name>NATIONAL SECURITIES CLEARING CORPORATION</name>
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        <name>Canada</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
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        <name>CAISSE AMORTISSEMENT DE LA DETTE SOCIALE</name>
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        <name>STATSMINISTERENS KONTOR</name>
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        <name>International Bank for Reconstruction and Development</name>
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        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TotalEnergies Capital International SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>International Bank for Reconstruction and Development</name>
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      <invstOrSec>
        <name>KFW</name>
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        <name>AMAZON.COM, INC.</name>
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        <name>Shell International Finance B.V.</name>
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        <name>Hydro-Quebec</name>
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        <name>Inter-American Development Bank</name>
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        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS1227593933"/>
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        <balance>8800000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="EUR_20210709_ANZBANKINGGROUPLTD_20812"/>
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        <balance>-2201250.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="1.00000000"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>ANZ BANKING GROUP LTD</counterpartyName>
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            <amtCurSold>2686856.76000000</amtCurSold>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>SHELL INTERNATIONAL FINANCE</title>
        <cusip>822582AS1</cusip>
        <identifiers>
          <isin value="US822582AS19"/>
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        <balance>710000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>726841.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEXIA CREDIT LOCAL SA</name>
        <lei>F4G136OIPBYND1F41110</lei>
        <title>DEXIA CREDIT LOCAL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2328877704"/>
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        <balance>3150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3169233.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New Zealand</name>
        <lei>549300237GPHG2AI7C34</lei>
        <title>NEW ZEALAND GOVERNMENT BOND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NZGOVDT526C0"/>
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        <balance>4450000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NZD" exchangeRt="1.43102000"/>
        <valUSD>3014780.93000000</valUSD>
        <pctVal>0.704943974766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASIAN DEVELOPMENT BANK</name>
        <lei>549300X0MVH42CY8Q105</lei>
        <title>ASIAN DEVELOPMENT BANK</title>
        <cusip>045167FC2</cusip>
        <identifiers>
          <isin value="US045167FC21"/>
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        <balance>7700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7744975.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New South Wales Treasury Corporation</name>
        <lei>TC7LRO17HPNPLTAV0H77</lei>
        <title>NEW SOUTH WALES TREASURY CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3SG0001373"/>
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        <balance>8200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.33369000"/>
        <valUSD>7038022.33000000</valUSD>
        <pctVal>1.645695508563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Australia</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>AUSTRALIA GOVERNMENT BOND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000XCLWAI8"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.33369000"/>
        <valUSD>699142.98000000</valUSD>
        <pctVal>0.163480081204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CANADIAN DOLLAR</name>
        <lei>N/A</lei>
        <title>CANADIAN DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="CAD_20210712_STATESTREET_21072"/>
        </identifiers>
        <balance>-5318239.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <currencyConditional curCd="CAD" exchangeRt="1.23940000"/>
        <valUSD>-79946.24000000</valUSD>
        <pctVal>-0.01869376963</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>STATE STREET</counterpartyName>
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            <amtCurSold>4370924.94000000</amtCurSold>
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            <amtCurPur>5318239.00000000</amtCurPur>
            <curPur>CAD</curPur>
            <settlementDt>2021-07-12</settlementDt>
            <unrealizedAppr>-79946.24000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>AUST &amp; NZ BANKING GROUP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3FN0049730"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.33369000"/>
        <valUSD>381038.92000000</valUSD>
        <pctVal>0.089098046273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.80600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EUR_20210723_BOAMERRILLLYNCH_20248"/>
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        <balance>-1019426.00000000</balance>
        <units>OU</units>
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        <currencyConditional curCd="EUR" exchangeRt="1.00000000"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. TREASURY NOTE</title>
        <cusip>91282CCF6</cusip>
        <identifiers>
          <isin value="US91282CCF68"/>
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        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17904375.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. TREASURY NOTE</title>
        <cusip>91282CBC4</cusip>
        <identifiers>
          <isin value="US91282CBC47"/>
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        <balance>16000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15700000.00000000</valUSD>
        <pctVal>3.671119282231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Province of Manitoba</name>
        <lei>5493003QILFOB3JRKE30</lei>
        <title>PROVINCE OF MANITOBA CANADA</title>
        <cusip>563469UJ2</cusip>
        <identifiers>
          <isin value="CA563469UJ24"/>
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        <balance>800000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VISA INC.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>VISA INC</title>
        <cusip>92826CAD4</cusip>
        <identifiers>
          <isin value="US92826CAD48"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>437760.00000000</valUSD>
        <pctVal>0.102361094075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="EUR_20210716_ANZBANKINGGROUPLTD_21298"/>
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        <balance>-2105128.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>ANZ BANKING GROUP LTD</counterpartyName>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EUR_20210716_ANZBANKINGGROUPLTD_21440"/>
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        <name>Transport for London</name>
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        <name>APPLE INC.</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Treasury Corporation Of Victoria</name>
        <lei>549300ZJM7BQW1P9UV75</lei>
        <title>TREASURY CORP VICTORIA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3SG0002421"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.33369000"/>
        <valUSD>1330393.12000000</valUSD>
        <pctVal>0.311084830304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW ZEALAND</name>
        <lei>N7LGVZM7X4UQ66T7LT74</lei>
        <title>BANK OF NEW ZEALAND</title>
        <cusip>06407EAC9</cusip>
        <identifiers>
          <isin value="US06407EAC93"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>985775.00000000</valUSD>
        <pctVal>0.230503032512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTPAC BANKING CORPORATION</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>WESTPAC BANKING CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3FN0046603"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.33369000"/>
        <valUSD>2692004.89000000</valUSD>
        <pctVal>0.629469494238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.18170000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEMASEK FINANCIAL (I) LIMITED</name>
        <lei>549300XMGMDF3VRJMF12</lei>
        <title>TEMASEK FINANCIAL I LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0528414294"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72301000"/>
        <valUSD>1155203.94000000</valUSD>
        <pctVal>0.270120475098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Allianz Variable Insurance Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Bashir C. Asad</ncom:signature>
      <ncom:signerName>Bashir C. Asad</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
