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        <name>Community Health Systems, Inc.</name>
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      <invstOrSec>
        <name>Ardagh Packaging Finance plc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CSC Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Performance Food Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Frontier Communications Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Permian Resources Operating LLC</name>
        <lei>5493004CTVUMQLRPOE23</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Albertsons Cos., Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Allison Transmission, Inc.</name>
        <lei>MWKQ3I0U1GXP2YDSZW75</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <name>Mauser Packaging Solutions Holding Co.</name>
        <lei>549300DNGHXL0OMHW304</lei>
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        <name>ITT Holdings LLC</name>
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        <name>Post Holdings, Inc.</name>
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        <name>Prime Healthcare Services, Inc.</name>
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        <name>Cloud Software Group, Inc.</name>
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        <name>Smyrna Ready Mix Concrete LLC</name>
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        <name>RHP Hotel Properties LP</name>
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        <name>Mohegan Tribal Gaming Authority</name>
        <lei>549300UB083Z2NRDHC48</lei>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Tullow Oil plc</name>
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        <name>Block, Inc.</name>
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        <name>Live Nation Entertainment, Inc.</name>
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        <name>TK Elevator US Newco, Inc.</name>
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        <name>Crescent Energy Finance LLC</name>
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        <name>eG Global Finance plc</name>
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        <name>DISH Network Corp.</name>
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        <name>McAfee Corp.</name>
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        <name>Zayo Group Holdings, Inc.</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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      <invstOrSec>
        <name>Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Panther Escrow Issuer LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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      <invstOrSec>
        <name>Calpine Corp.</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp.</title>
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          <isin value="US131347CN48"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
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          <isin value="US335934AT24"/>
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        <balance>797000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Service Properties Trust</name>
        <lei>529900IS770AG1K9QG27</lei>
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          <isin value="US81761LAC63"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>8.62500000</annualizedRt>
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      <invstOrSec>
        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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          <isin value="US126307BD80"/>
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        <curCd>USD</curCd>
        <valUSD>548601.43000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
        <cusip>92556HAE7</cusip>
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          <isin value="US92556HAE71"/>
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        <balance>442000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>426270.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-03-30</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tenet Healthcare Corp.</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp.</title>
        <cusip>88033GDK3</cusip>
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        <balance>892000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>894110.78000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Sunrise FinCo. I BV</name>
        <lei>213800MNFBDEQRS6HZ22</lei>
        <title>Sunrise FinCo. I BV</title>
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        <balance>586000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
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        <name>NGL Energy Operating LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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          <annualizedRt>8.37500000</annualizedRt>
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      <invstOrSec>
        <name>Yum! Brands, Inc.</name>
        <lei>549300JE8XHZZ7OHN517</lei>
        <title>Yum! Brands, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <name>CQP Holdco LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Builders FirstSource, Inc.</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>Builders FirstSource, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Medline Borrower LP</name>
        <lei>254900QT3R363TVK6F09</lei>
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        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <name>SBA Communications Corp.</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA Communications Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Delek Logistics Partners LP</name>
        <lei>N/A</lei>
        <title>Delek Logistics Partners LP</title>
        <cusip>24665FAD4</cusip>
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        <balance>431000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
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          <annualizedRt>8.62500000</annualizedRt>
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        <name>Michaels Cos., Inc. (The)</name>
        <lei>549300H9LWMBP7HYLR98</lei>
        <title>Michaels Cos., Inc. (The)</title>
        <cusip>55916AAB0</cusip>
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        <balance>687000.00000000</balance>
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        <valUSD>367744.71000000</valUSD>
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        <name>RR Donnelley &amp; Sons Co.</name>
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        <name>Vmed O2 UK Financing I plc</name>
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        <name>Repurchase Agreement</name>
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        <name>MPT Operating Partnership LP</name>
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        <name>PG&amp;E Corp.</name>
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        <name>Kinetik Holdings LP</name>
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        <curCd>USD</curCd>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="TYH5COS"/>
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        <name>United Airlines, Inc.</name>
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        <name>Lightning Power LLC</name>
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        <name>Altice France SA</name>
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        <name>Novelis Corp.</name>
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        <name>USA Compression Partners LP</name>
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        <name>Fertitta Entertainment LLC</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Ball Corp.</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</name>
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      <invstOrSec>
        <name>PetSmart, Inc.</name>
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      <invstOrSec>
        <name>Jane Street Group</name>
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      <invstOrSec>
        <name>Intelsat Jackson Holdings SA</name>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imola Merger Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DT Midstream, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Valaris Ltd.</name>
        <lei>N/A</lei>
        <title>Valaris Ltd.</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-30</maturityDt>
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      <invstOrSec>
        <name>Uniti Group LP</name>
        <lei>N/A</lei>
        <title>Uniti Group LP</title>
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          <isin value="US91327TAA97"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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        <name>Sirius XM Radio, Inc.</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>Sirius XM Radio, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>WR Grace Holdings LLC</name>
        <lei>549300WNOVFRGYOAEB12</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>DaVita, Inc.</name>
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        <name>Yum! Brands, Inc.</name>
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        <name>CITGO Petroleum Corp.</name>
        <lei>YX52P86PXMLYDOTUQ225</lei>
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        <name>Coinbase Global, Inc.</name>
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        <name>Calpine Corp.</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp.</title>
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        <name>Husky Injection Molding Systems Ltd.</name>
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        <invCountry>CA</invCountry>
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        <name>Focus Financial Partners LLC</name>
        <lei>5493007L0E0VKRC2CP39</lei>
        <title>Focus Financial Partners LLC</title>
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        <name>Freedom Mortgage Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jefferies Finance LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avantor Funding, Inc.</name>
        <lei>5493003VM0XB4U8YD238</lei>
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          <isin value="US05352TAA79"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vital Energy, Inc.</name>
        <lei>549300X0PTWU2QSLSL14</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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      <invstOrSec>
        <name>Staples, Inc.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
        <title>Staples, Inc.</title>
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          <isin value="US855030AQ50"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>10.75000000</annualizedRt>
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      <invstOrSec>
        <name>Howden UK Refinance plc</name>
        <lei>N/A</lei>
        <title>Howden UK Refinance plc</title>
        <cusip>44287GAA4</cusip>
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          <isin value="US44287GAA40"/>
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        <balance>358000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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          <annualizedRt>7.25000000</annualizedRt>
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        <name>Hilton Domestic Operating Co., Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>Hilton Domestic Operating Co., Inc.</title>
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        <balance>930000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wand NewCo 3, Inc.</name>
        <lei>549300Y3VZEWMSQW8494</lei>
        <title>Wand NewCo 3, Inc.</title>
        <cusip>933940AA6</cusip>
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        <balance>526000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>544410.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-30</maturityDt>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <balance>2265000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Directv Financing LLC</name>
        <lei>N/A</lei>
        <title>Directv Financing LLC</title>
        <cusip>25461LAA0</cusip>
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        <balance>1526000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1499558.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Sable International Finance Ltd.</name>
        <lei>2138009IE9A35LO5JS73</lei>
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        <balance>383000.00000000</balance>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
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          <annualizedRt>7.12500000</annualizedRt>
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        <name>LifePoint Health, Inc.</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Darling Ingredients, Inc.</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
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        <name>1011778 BC ULC</name>
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        <invCountry>CA</invCountry>
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        <name>UniCredit SpA</name>
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        <invCountry>IT</invCountry>
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        <name>Midcap Financial Issuer Trust</name>
        <lei>N/A</lei>
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        <name>Brightline East LLC</name>
        <lei>N/A</lei>
        <title>Brightline East LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>11.00000000</annualizedRt>
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      <invstOrSec>
        <name>Gray Television, Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>Gray Television, Inc.</title>
        <cusip>389286AA3</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cloud Software Group, Inc.</name>
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        <name>Connect Finco SARL</name>
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        <name>News Corp.</name>
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        <name>Pactiv Evergreen Group Issuer, Inc.</name>
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        <name>Sirius XM Radio, Inc.</name>
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        <name>NMG Holding Co., Inc.</name>
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        <name>TEGNA, Inc.</name>
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        <name>Ardonagh Group Finance Ltd.</name>
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        <name>Aston Martin Capital Holdings Ltd.</name>
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        <name>Ardagh Metal Packaging Finance USA LLC</name>
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        <name>H&amp;E Equipment Services, Inc.</name>
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        <name>Star Parent, Inc.</name>
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        <name>Level 3 Financing, Inc.</name>
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        <name>Windstream Services LLC</name>
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        <name>SBA Communications Corp.</name>
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        <name>KeHE Distributors LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LCM Investments Holdings II LLC</name>
        <lei>549300P5V78NNQTG4428</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Weatherford International Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
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          <isin value="US1248EPCN14"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Aethon United BR LP</name>
        <lei>N/A</lei>
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          <isin value="US00810GAD60"/>
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        <balance>398000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412780.16000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Brand Industrial Services, Inc.</name>
        <lei>549300B658W2BPDQMW42</lei>
        <title>Brand Industrial Services, Inc.</title>
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          <isin value="US104931AA85"/>
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        <balance>563000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>597294.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
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          <annualizedRt>10.37500000</annualizedRt>
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      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
        <cusip>071734AN7</cusip>
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          <isin value="US071734AN72"/>
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        <balance>931000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>770465.17000000</valUSD>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Endo Finance Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Endo Finance Holdings, Inc.</title>
        <cusip>29281RAA7</cusip>
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          <isin value="US29281RAA77"/>
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        <balance>411000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>437479.09000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Alliant Holdings Intermediate LLC</name>
        <lei>N/A</lei>
        <title>Alliant Holdings Intermediate LLC</title>
        <cusip>01883LAF0</cusip>
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          <isin value="US01883LAF04"/>
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        <balance>1107000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1124138.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Organon &amp; Co.</name>
        <lei>N/A</lei>
        <title>Organon &amp; Co.</title>
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          <isin value="US68622TAA97"/>
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        <balance>468000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>443540.96000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-30</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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      <invstOrSec>
        <name>EMRLD Borrower LP</name>
        <lei>N/A</lei>
        <title>EMRLD Borrower LP</title>
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          <isin value="US29103CAA62"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
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      <invstOrSec>
        <name>Shift4 Payments LLC</name>
        <lei>N/A</lei>
        <title>Shift4 Payments LLC</title>
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          <maturityDt>2032-08-15</maturityDt>
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      <invstOrSec>
        <name>United Airlines, Inc.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>United Airlines, Inc.</title>
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        <name>Hilcorp Energy I LP</name>
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        <name>Prime Security Services Borrower LLC</name>
        <lei>N/A</lei>
        <title>Prime Security Services Borrower LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>Repurchase Agreement</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SCIH Salt Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>SCIH Salt Holdings, Inc.</title>
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        <balance>443000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Permian Resources Operating LLC</name>
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        <name>Neptune Bidco US, Inc.</name>
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        <name>Carnival Corp.</name>
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        <name>HUB International Ltd.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>United Rentals North America, Inc.</name>
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        <name>EchoStar Corp.</name>
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        <name>Ball Corp.</name>
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        <name>Tenneco, Inc.</name>
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        <name>Comstock Resources, Inc.</name>
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        <name>INVESCO GOVT AND AGCY LEX</name>
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        <name>Compass Group Diversified Holdings LLC</name>
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        <name>Nexstar Media, Inc.</name>
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        <name>Raven Acquisition Holdings LLC</name>
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        <name>Clear Channel Outdoor Holdings, Inc.</name>
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        <name>PG&amp;E Corp.</name>
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        <name>Fortress Transportation and Infrastructure Investors LLC</name>
        <lei>529900E7PUVK6BC8PE80</lei>
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        <name>Windstream Escrow LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Builders FirstSource, Inc.</name>
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        <name>VistaJet Malta Finance plc</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Madison IAQ LLC</name>
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          <isin value="US55760LAB36"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-30</maturityDt>
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      <invstOrSec>
        <name>JetBlue Airways Corp.</name>
        <lei>N/A</lei>
        <title>JetBlue Airways Corp.</title>
        <cusip>476920AA1</cusip>
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          <isin value="US476920AA15"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-20</maturityDt>
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          <annualizedRt>9.87500000</annualizedRt>
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        <name>Cleveland-Cliffs, Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs, Inc.</title>
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          <isin value="US185899AP61"/>
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        <balance>611000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Uniti Group LP</name>
        <lei>N/A</lei>
        <title>Uniti Group LP</title>
        <cusip>91327BAA8</cusip>
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          <isin value="US91327BAA89"/>
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        <balance>490000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
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        <curCd>USD</curCd>
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        <name>TEGNA, Inc.</name>
        <lei>549300YC5EDBGX85AO10</lei>
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        <name>Boost Newco Borrower LLC</name>
        <lei>254900S8RE1OL7TTCU64</lei>
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        <name>CommScope LLC</name>
        <lei>549300Z6K4JXMFE8QY54</lei>
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        <name>Alpha Generation LLC</name>
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        <name>1011778 BC ULC</name>
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        <name>N/A</name>
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        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Clear Channel Outdoor Holdings, Inc.</title>
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        <name>NCL Corp. Ltd.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>MPH Acquisition Holdings LLC</name>
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        <name>Spirit AeroSystems, Inc.</name>
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          <maturityDt>2030-11-15</maturityDt>
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        <name>Wynn Resorts Finance LLC</name>
        <lei>N/A</lei>
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        <name>WESCO Distribution, Inc.</name>
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        <name>Fertitta Entertainment LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Tronox, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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        <name>Block, Inc.</name>
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        <title>Block, Inc.</title>
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        <name>Amentum Holdings, Inc.</name>
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        <name>Acrisure LLC</name>
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        <name>NCR Atleos Corp.</name>
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        <name>Rocket Mortgage LLC</name>
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        <name>AthenaHealth Group, Inc.</name>
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        <name>VZ Secured Financing BV</name>
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        <name>New Fortress Energy, Inc.</name>
        <lei>254900EICTYTCHA5X705</lei>
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        <name>United Rentals North America, Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America, Inc.</title>
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      <invstOrSec>
        <name>Chart Industries, Inc.</name>
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      <invstOrSec>
        <name>Medline Borrower LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Airlines, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EquipmentShare.com, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Frontier Communications Holdings LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Repurchase Agreement</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROBLOX Corp.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Organon &amp; Co.</name>
        <lei>N/A</lei>
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        <name>Churchill Downs, Inc.</name>
        <lei>529900FODTBQC8MIS994</lei>
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        <name>GFL Environmental, Inc.</name>
        <lei>549300FYK4MBXWIVZU26</lei>
        <title>GFL Environmental, Inc.</title>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUB International Ltd.</name>
        <lei>549300JQT6ATTUNS5E06</lei>
        <title>HUB International Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Caesars Entertainment, Inc.</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment, Inc.</title>
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      <invstOrSec>
        <name>Carnival Holdings Bermuda Ltd.</name>
        <lei>N/A</lei>
        <title>Carnival Holdings Bermuda Ltd.</title>
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        <name>Civitas Resources, Inc.</name>
        <lei>IIVIHPH28S64K95M2381</lei>
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      <invstOrSec>
        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
        <cusip>36485MAP4</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd.</title>
        <cusip>780153BV3</cusip>
        <identifiers>
          <isin value="US780153BV38"/>
        </identifiers>
        <balance>853000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>863720.50000000</valUSD>
        <pctVal>0.579073927618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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="Each Repurchase Agreement was fully collateralized which had an aggregate value at the Trust level." noteItem="C.10.f.iii"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>ProShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Maria Clem Sell</ncom:signature>
      <ncom:signerName>Maria Clem Sell</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
