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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AMER AIRLINE 17-1 AA PTT</name>
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        <name>United States Treasury</name>
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        <name>SMB Private Education Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BLUE OWL TECHNOLOGY FINA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIRIUSPOINT LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>COREBRIDGE FINANCIAL INC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Willis Engine Securitization Trust</name>
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        <title>Willis Engine Structured Trust VII</title>
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          <isin value="US97064YAA29"/>
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        <curCd>USD</curCd>
        <valUSD>146688.14000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-15</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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        <name>MPH Acquisition Holdings LLC</name>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-31</maturityDt>
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        <name>ASB BANK LIMITED</name>
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        <curCd>USD</curCd>
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        <invCountry>NZ</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Jazz Financing Lux Sarl</name>
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        <title>Jazz Financing Lux SARL</title>
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        <curCd>USD</curCd>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-05</maturityDt>
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        <name>Aligned Data Centers Issuers LLC</name>
        <lei>N/A</lei>
        <title>Aligned Data Centers Issuer LLC</title>
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        <curCd>USD</curCd>
        <valUSD>2300030.13000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
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        <curCd>USD</curCd>
        <valUSD>89249.32000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>HERCULES CAPITAL INC</name>
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        <title>Hercules Capital, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>One Bryant Park Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED AIR 2018-1 AA PTT</name>
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        <title>United Airlines Pass-Through Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SMB Private Education Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CONNECT FINCO SARL/CONNE</name>
        <lei>N/A</lei>
        <title>Connect Finco SARL/Connect U.S. Finco LLC</title>
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          <isin value="US20752TAB08"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SKANDINAVISKA ENSKILDA</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>Skandinaviska Enskilda Banken AB</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cogent IPv4 LLC</name>
        <lei>N/A</lei>
        <title>Cogent Ipv4 LLC</title>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.92400000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cantor Commercial Real Estate Lending</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SUNOCO LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Global Advisors</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MTN Commercial Mortgage Trust 2022-LPFL</name>
        <lei>N/A</lei>
        <title>MTN Commercial Mortgage Trust</title>
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          <isin value="US62475WAA36"/>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCOTT Trust 2023-SFS</name>
        <lei>N/A</lei>
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          <isin value="US810064AA37"/>
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        <fairValLevel>2</fairValLevel>
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        <name>NEXSTAR MEDIA INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SALESFORCE INC</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>Salesforce, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF NY MELLON CORP</name>
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        <title>Bank of New York Mellon Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTHERN CALIF GAS CO</name>
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        <title>Southern California Gas Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Trust</name>
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        <title>BX Commercial Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Eagle Broadband Investments LLC</name>
        <lei>254900W09ZHD1OM4I757</lei>
        <title>Eagle Broadband Investments LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>The BAHA Trust</name>
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        <title>BAHA Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HAT HOLDINGS I LLC/HAT</name>
        <lei>N/A</lei>
        <title>HAT Holdings I LLC/HAT Holdings II LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GoodLeap Sustainable Home Improvement Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EdgeConneX Data Centers Issuer, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STEWART INFORMATION SERV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York State Dormitory Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Regional Management Issuance Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MATIV HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Arbor Multifamily Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Stack Infrastructure Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>SUTTER HEALTH</name>
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        <title>Sutter Health</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BLACKSTONE PRIVATE CRE</name>
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        <title>Blackstone Private Credit Fund</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NESTLE CAPITAL CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Business Jet Securities, LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sotera Health Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bankers Healthcare Group Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ATHENE GLOBAL FUNDING</name>
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        <title>Athene Global Funding</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OneMain Financial Issuance Trust</name>
        <lei>N/A</lei>
        <title>OneMain Financial Issuance Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <balance>145000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTHERN CALIF GAS CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OXFORD FIN LLC/CO-ISS II</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lendmark Funding Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Priority Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Navient Student Loan Trust</name>
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        <title>Navient Private Education Refi Loan Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DRAWBRIDGE SPEC OPPOR FU</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BOWHEAD SPECIALTY HOLD</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SLM Student Loan Trust</name>
        <lei>549300JEA36NHBYED811</lei>
        <title>SLM Private Education Loan Trust</title>
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          <isin value="US78445QAE17"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>549300AGZIS1CJS4RM30</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
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          <isin value="US95001JAX54"/>
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        <fairValLevel>2</fairValLevel>
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        <name>KEYBANK NATIONAL ASSN</name>
        <lei>HUX2X73FUCYHUVH1BK78</lei>
        <title>Keybank National Association</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Tidal Waste &amp; Recycling Holdings LLC</name>
        <lei>254900IQT82RE5KFAZ50</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nelnet Student Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stonepeak Nile Parent LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
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        <title>Benchmark Mortgage Trust</title>
        <cusip>08163RBQ8</cusip>
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          <isin value="US08163RBQ83"/>
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        <fairValLevel>2</fairValLevel>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <title>Lloyds Banking Group PLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>INTOWN Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ondeck Asset Securitization Trust LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MF1 Multifamily Housing Mortgage Loan Trust</name>
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        <title>MF1 Trust</title>
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        <balance>370000.00000000</balance>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IQVIA Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CRSO TR 2023 BRND</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <name>New Economy Assets Phase 1 Issuer LLC</name>
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        <name>AVIS BUDGET CAR/FINANCE</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MF1 Multifamily Housing Mortgage Loan Trust</name>
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        <name>FHLMC Multifamily WI Certificates</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Michigan</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Zayo Issuer LLC</name>
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        <name>Social Professional Loan Program LLC</name>
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        <name>City of Houston TX</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Oxford Finance Funding Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of Texas</name>
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        <fairValLevel>2</fairValLevel>
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        <name>XPLR INFRAST OPERATING</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Capital Automotive Reit</name>
        <lei>N/A</lei>
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          <isin value="US12510HAT77"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>HA SUSTAINABLE INF CAP</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HA Sustainable Infrastructure Capital, Inc.</title>
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          <isin value="US40408AAB70"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <name>MARS INC</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars, Inc.</title>
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          <isin value="US571676AZ85"/>
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        <curCd>USD</curCd>
        <valUSD>806489.59000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>AMER AIRLINE 16-3 AA PTT</name>
        <lei>N/A</lei>
        <title>American Airlines Pass-Through Trust</title>
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        <curCd>USD</curCd>
        <valUSD>68474.06000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>ASB BANK LIMITED</name>
        <lei>549300IBZWZL1KTPF918</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CD Commercial Mortgage Trust</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank</name>
        <lei>549300664283JRAXM588</lei>
        <title>Bank</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>AMAZON.COM INC</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>Amazon.com, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED AIR 2015-1 AA PTT</name>
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        <title>United Airlines Pass-Through Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>College Ave Student Loans</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DAVINCIRE HOLDINGS LTD</name>
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        <title>DaVinciRe Holdings Ltd.</title>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GEON Performance Solutions LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Flexential Issuer, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FIFTH THIRD BANK INC</name>
        <lei>QFROUN1UWUYU0DVIWD51</lei>
        <title>Fifth Third Bank NA</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <name>BX Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITED AIR 2019-1 AA PTT</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilcorp Energy I LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GoodLeap Sustainable Home Improvement Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BEIGNET INVESTOR LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Central Parent Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>System One Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>COORSTEK INC</name>
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        <title>CoorsTek, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>COMPEER FINANCIAL ACA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMER AIRLINE 16-1 AA PTT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AIR CANADA 2017-1AA PTT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>College Ave Student Loans</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OLIN CORP</name>
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        <title>Olin Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <fairValLevel>2</fairValLevel>
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        <name>STORE Master Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UGI Energy Services LLC</name>
        <lei>5493001O7RUKEUP5XR11</lei>
        <title>UGI Energy Services LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>64990FE26</cusip>
        <identifiers>
          <isin value="US64990FE261"/>
        </identifiers>
        <balance>165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150704.02000000</valUSD>
        <pctVal>0.078971048681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.15200000</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>GLOBAL ATLANTIC</name>
        <lei>98450051B2E65CAA7E94</lei>
        <title>Global Atlantic Fin Co.</title>
        <cusip>37959GAC1</cusip>
        <identifiers>
          <isin value="US37959GAC15"/>
        </identifiers>
        <balance>340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>333228.58000000</valUSD>
        <pctVal>0.174616512639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</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>TRINITY CAPITAL INC/MD</name>
        <lei>549300YGT4SBRQYDVU48</lei>
        <title>Trinity Capital, Inc.</title>
        <cusip>896442605</cusip>
        <identifiers>
          <isin value="US8964426055"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1269500.00000000</valUSD>
        <pctVal>0.665236045468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>UNITED AIR 2019-2 AA PTT</name>
        <lei>N/A</lei>
        <title>United Airlines Pass-Through Trust</title>
        <cusip>90932JAA0</cusip>
        <identifiers>
          <isin value="US90932JAA07"/>
        </identifiers>
        <balance>36568.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33556.11000000</valUSD>
        <pctVal>0.017583878627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</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>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280CH0</cusip>
        <identifiers>
          <isin value="US404280CH04"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1667207.20000000</valUSD>
        <pctVal>0.873640271527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.84800000</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>SANTANDER HOLDINGS USA</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>Santander Holdings USA, Inc.</title>
        <cusip>80282KBF2</cusip>
        <identifiers>
          <isin value="US80282KBF21"/>
        </identifiers>
        <balance>755000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>778517.27000000</valUSD>
        <pctVal>0.407954115812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.49900000</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>Prodigy Finance Designated Activity Co</name>
        <lei>635400HTAZNW3LYYMQ40</lei>
        <title>Prodigy Finance DAC</title>
        <cusip>742855AA7</cusip>
        <identifiers>
          <isin value="US742855AA76"/>
        </identifiers>
        <balance>48740.49000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48624.08000000</valUSD>
        <pctVal>0.025479709093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.01900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>PACE SELECT ADVISORS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Rose Ann Bubloski</ncom:signature>
      <ncom:signerName>Rose Ann Bubloski</ncom:signerName>
      <ncom:title>Director</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
