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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TRANSDIGM INC.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>YUM! Brands, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MISTER CAR WASH HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>THE CIGNA GROUP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LOCKHEED MARTIN CORPORATION</name>
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        <name>HUB INTERNATIONAL LIMITED</name>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AVANTOR, INC.</name>
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        <name>FORTIVE CORPORATION</name>
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        <name>SALESFORCE, INC.</name>
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        <name>CPI HOLDCO B LLC TL</name>
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        <name>LAMAR MEDIA CORP.</name>
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        <name>FILTRATION GROUP CORPORATION</name>
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        <name>AMERICAN ELECTRIC POWER COMPANY, INC.</name>
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        <name>Pepsico, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ATHENAHEALTH GROUP INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>APPLE INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASCEND LEARNING, LLC</name>
        <lei>549300T466HKRLVCD610</lei>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>YUM! Brands, Inc.</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WORKDAY, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AUTODESK, INC.</name>
        <lei>FRKKVKAIQEF3FCSTPG55</lei>
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          <isin value="US0527691069"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VISA INC.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
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          <isin value="US92826C8394"/>
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        <balance>16197.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VERALTO CORPORATION</name>
        <lei>635400FJE6GSOJUSNY27</lei>
        <title>VERALTO CORP</title>
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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>HILTON DOMESTIC OPERATING COMPANY INC.</name>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-08</maturityDt>
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      <invstOrSec>
        <name>BOOZ ALLEN HAMILTON INC.</name>
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        <title>BOOZ ALLEN HAMILTON INC</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GE HEALTHCARE TECHNOLOGIES INC.</name>
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        <title>GE HEALTHCARE TECHNOLOGIES CALL OPTION</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MCKESSON CORPORATION</name>
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      <invstOrSec>
        <name>INGERSOLL RAND INC.</name>
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        <title>INGERSOLL RAND INC</title>
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        <name>HUB INTERNATIONAL LIMITED</name>
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        <title>HUB INTERNATIONAL</title>
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      <invstOrSec>
        <name>Domino's Pizza Master Issuer LLC</name>
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        <title>DOMINO S PIZZA MASTER ISSUER LLC</title>
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        <name>ADMI CORP.</name>
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        <title>ADMI CORP</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SERVICE CORPORATION INTERNATIONAL</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>SERVICE CORPORATION INTERNATIONAL</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AON PUBLIC LIMITED COMPANY</name>
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        <name>ABBVIE INC.</name>
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        <name>Pepsico, Inc.</name>
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        <name>GE HEALTHCARE TECHNOLOGIES INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>WORKDAY, INC.</name>
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        <name>ANALOG DEVICES, INC.</name>
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        <name>CENCORA, INC.</name>
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        <name>NISOURCE INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LGC GROUP TL</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MARSH &amp; MCLENNAN COMPANIES, INC.</name>
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        <name>DTE ENERGY COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>YUM! Brands, Inc.</name>
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        <name>AVANTOR FUNDING, INC.</name>
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        <name>United States of America</name>
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        <name>ABBOTT LABORATORIES</name>
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        <name>VICI PROPERTIES L.P.</name>
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        <name>YUM! Brands, Inc.</name>
        <lei>549300JE8XHZZ7OHN517</lei>
        <title>YUM BRANDS INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TRANSDIGM INC.</name>
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        <name>INTUIT INC.</name>
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        <name>IRB HOLDING CORP.</name>
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        <name>BALL CORPORATION</name>
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        <name>ADVANCED MICRO DEVICES, INC.</name>
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        <name>SBA COMMUNICATIONS CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>BECTON, DICKINSON AND COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DANAHER CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BROADSTREET PARTNERS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ANSYS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Dreyfus Treasury Securities Cash Management; Institutional Shares</name>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Life Time, Inc.</name>
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        <balance>229000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>231862.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>AON PUBLIC LIMITED COMPANY</name>
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          <isin value="IE00BLP1HW54"/>
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        <balance>3100.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALPHABET INC.</name>
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        <title>ALPHABET INC CLASS A</title>
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        <balance>83140.00000000</balance>
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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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      <invstOrSec>
        <name>TRANS UNION LLC</name>
        <lei>X8NPN6PWJOM1QCTYFV34</lei>
        <title>TRANS UNION LLC</title>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>MASTERCARD INCORPORATED.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MATERCARD INC CLASS A</title>
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        <balance>7158.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>MASTERCARD INCORPORATED.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MASTERCARD INC CALL OPTION</title>
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        <identifiers>
          <isin value="N/A"/>
          <ticker value="MA"/>
          <other otherDesc="Internal" value="MA1C00620"/>
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        <balance>-11.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-19044.63000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Equity Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <shareNo>11.00000000</shareNo>
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      <invstOrSec>
        <name>LOCKHEED MARTIN CORPORATION</name>
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          <other otherDesc="Internal" value="LMT1C0500"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <exercisePrice>500.00000000</exercisePrice>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>HILTON DOMESTIC OPERATING COMPANY INC.</name>
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        <title>HILTON WORLDWIDE FIN LLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AVANTOR FUNDING, INC.</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>AVANTOR FUNDING INC</title>
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        <balance>2360000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>VISA INC.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>VISA INC CALL OPTION</title>
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          <isin value="N/A"/>
          <ticker value="V"/>
          <other otherDesc="Internal" value="V1C000390"/>
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        <balance>-36.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <writtenOrPur>Written</writtenOrPur>
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                <issueTitle>VISA INC CALL OPTION</issueTitle>
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            <shareNo>36.00000000</shareNo>
            <exercisePrice>390.00000000</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>12258.01000000</unrealizedAppr>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
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        <issuerCat>UST</issuerCat>
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      <invstOrSec>
        <name>CME GROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>KORN FERRY</name>
        <lei>549300FOD20OM0GT5G40</lei>
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          <isin value="US50067PAA75"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>CPI HOLDCO B, LLC</name>
        <lei>N/A</lei>
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          <isin value="US1261MAAC42"/>
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        <balance>2064000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2061420.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN ELECTRIC POWER COMPANY, INC.</name>
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          <ticker value="AEP"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>SBA COMMUNICATIONS CORPORATION</name>
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      <invstOrSec>
        <name>Willis Towers Watson Public Limited Company</name>
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        <name>NVIDIA CORPORATION</name>
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        <name>CBOE GLOBAL MARKETS, INC.</name>
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        <name>VARSITY BRANDS INC</name>
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        <name>TRANSDIGM INC.</name>
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        <name>WEC ENERGY GROUP INC.</name>
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        <name>AVANTOR FUNDING, INC.</name>
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      <invstOrSec>
        <name>ASSUREDPARTNERS, INC.</name>
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        <name>AON PUBLIC LIMITED COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IQVIA INC.</name>
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      <invstOrSec>
        <name>ICON PARENT INC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>META PLATFORMS, INC.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CME GROUP INC.</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
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        <name>CMS ENERGY CORPORATION</name>
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        <name>APPLIED SYSTEMS, INC.</name>
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        <name>Northrop Grumman Corporation</name>
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        <name>SIX FLAGS ENTERTAINMENT CORPORATION</name>
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        <name>USI, INC.</name>
        <lei>2549006D7UF7072T7I27</lei>
        <title>USI INC NY</title>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY</title>
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        <name>BLACKROCK LIQUIDITY FUNDS FEDFUND PORTFOLIO</name>
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        <name>INSTRUCTURE TL B 1L BANKDEBT</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HOLOGIC, INC.</name>
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        <name>CENTERPOINT ENERGY, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>WEC ENERGY GROUP INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IQVIA INC.</name>
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        <name>ADMI CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JOHNSON &amp; JOHNSON</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SBA TOWER TRUST</name>
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        <name>MARINER WEALTH ADVISORS, LLC</name>
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        <name>JOHNSON &amp; JOHNSON</name>
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        <name>ALNYLAM PHARMACEUTICALS, INC.</name>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <name>UNITEDHEALTH GROUP INCORPORATED</name>
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        <name>FERGUSON ENTERPRISES INC.</name>
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        <name>TRANSDIGM INC.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TRANSDIGM INC</title>
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        <name>WASTE MANAGEMENT, INC.</name>
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        <title>WASTE MANAGEMENT INC CALL OPTION</title>
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        <name>SBA COMMUNICATIONS CORPORATION</name>
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      <invstOrSec>
        <name>ABBVIE INC.</name>
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        <title>ABBVIE INC CALL OPTION</title>
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        <name>VISA INC.</name>
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        <name>SIX FLAGS THEME PARKS INC.</name>
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        <name>SIX FLAGS ENTERTAINMENT CORPORATION</name>
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        <name>PTC INC.</name>
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        <name>STORABLE, INC.</name>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <name>Northrop Grumman Corporation</name>
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        <name>CENCORA, INC.</name>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Allianz Variable Insurance Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Monique Labbe</ncom:signature>
      <ncom:signerName>Monique Labbe</ncom:signerName>
      <ncom:title>Treasurer - Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
