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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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      <invstOrSec>
        <name>Performance Food Group, Inc.</name>
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      <invstOrSec>
        <name>Frontier Communications Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Celanese US Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Permian Resources Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Talen Energy Supply LLC</name>
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      <invstOrSec>
        <name>Albertsons Cos., Inc.</name>
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        <name>Block, Inc.</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>ITT Holdings LLC</name>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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        <name>Prime Healthcare Services, Inc.</name>
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        <name>Sunoco LP</name>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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        <name>Cloud Software Group, Inc.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>Cloud Software Group, Inc.</title>
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        <name>Smyrna Ready Mix Concrete LLC</name>
        <lei>549300S7RFWHQFOIOY93</lei>
        <title>Smyrna Ready Mix Concrete LLC</title>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Owens &amp; Minor, Inc.</name>
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        <name>Hertz Corp. (The)</name>
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        <name>Prime Security Services Borrower LLC</name>
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        <name>TK Elevator US Newco, Inc.</name>
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        <name>Voyager Parent LLC</name>
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        <name>Crescent Energy Finance LLC</name>
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        <name>Quikrete Holdings, Inc.</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>Hilton Domestic Operating Co., Inc.</name>
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        <name>McAfee Corp.</name>
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        <name>Rocket Mortgage LLC</name>
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      <invstOrSec>
        <name>Community Health Systems, Inc.</name>
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        <name>Panther Escrow Issuer LLC</name>
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        <name>Service Properties Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSC Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Paramount Global</name>
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        <title>Paramount Global</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-03-30</maturityDt>
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        <name>QXO Building Products, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Snap, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tenet Healthcare Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CommScope LLC</name>
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        <name>Sunrise FinCo. I BV</name>
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        <name>NGL Energy Operating LLC</name>
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        <name>Yum! Brands, Inc.</name>
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        <name>Directv Financing LLC</name>
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        <name>CQP Holdco LP</name>
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        <name>Ardonagh Finco Ltd.</name>
        <lei>254900D2T84O1K03BA28</lei>
        <title>Ardonagh Finco Ltd.</title>
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        <invCountry>JE</invCountry>

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        <fairValLevel>2</fairValLevel>
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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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      <invstOrSec>
        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
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        <name>SBA Communications Corp.</name>
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      <invstOrSec>
        <name>Delek Logistics Partners LP</name>
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        <name>Michaels Cos., Inc. (The)</name>
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        <name>CVS Health Corp.</name>
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        <name>RR Donnelley &amp; Sons Co.</name>
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        <name>American Airlines, Inc.</name>
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        <name>Vmed O2 UK Financing I plc</name>
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        <invCountry>GB</invCountry>
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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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        <name>Sinclair Television Group, Inc.</name>
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        <name>Lightning Power LLC</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>
        <title>Ball Corp.</title>
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        <name>Allied Universal Holdco LLC</name>
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      <invstOrSec>
        <name>PetSmart, Inc.</name>
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        <name>Jane Street Group</name>
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      <invstOrSec>
        <name>Intelsat Jackson Holdings SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Imola Merger Corp.</name>
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      <invstOrSec>
        <name>Valaris Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NFE Financing LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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          <annualizedRt>12.00000000</annualizedRt>
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        <name>Uniti Group LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sirius XM Radio LLC</name>
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        <name>WR Grace Holdings LLC</name>
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        <name>Repurchase Agreement</name>
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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>
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        <name>Coinbase Global, Inc.</name>
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        <name>Opal Bidco SAS</name>
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        <name>Saks Global Enterprises LLC</name>
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        <name>Husky Injection Molding Systems Ltd.</name>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>Jefferies Finance LLC</name>
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        <name>Avantor Funding, Inc.</name>
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        <name>Vital Energy, Inc.</name>
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        <name>Staples, Inc.</name>
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        <name>Howden UK Refinance plc</name>
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        <name>Axon Enterprise, Inc.</name>
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        <name>Wand NewCo 3, Inc.</name>
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        <name>Albion Financing 1 SARL</name>
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        <name>Sable International Finance Ltd.</name>
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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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        <name>Gray Media, Inc.</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>Cloud Software Group, Inc.</name>
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        <name>Connect Finco SARL</name>
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        <name>Smyrna Ready Mix Concrete LLC</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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      </invstOrSec>
      <invstOrSec>
        <name>Ardagh Metal Packaging Finance USA LLC</name>
        <lei>N/A</lei>
        <title>Ardagh Metal Packaging Finance USA LLC</title>
        <cusip>03969YAB4</cusip>
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          <isin value="US03969YAB48"/>
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        <curCd>USD</curCd>
        <valUSD>376092.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>H&amp;E Equipment Services, Inc.</name>
        <lei>254900KVLRCDMQRYY541</lei>
        <title>H&amp;E Equipment Services, Inc.</title>
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          <isin value="US404030AJ72"/>
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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>2028-12-15</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Star Parent, Inc.</name>
        <lei>254900GRGCJYRMDRWT73</lei>
        <title>Star Parent, Inc.</title>
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          <isin value="US855170AA41"/>
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        <balance>523000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>540556.52000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>Level 3 Financing, Inc.</name>
        <lei>254900AE5FEFIJOXWL19</lei>
        <title>Level 3 Financing, Inc.</title>
        <cusip>527298BV4</cusip>
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          <isin value="US527298BV47"/>
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        <balance>736000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>834865.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SBA Communications Corp.</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA Communications Corp.</title>
        <cusip>78410GAG9</cusip>
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          <isin value="US78410GAG91"/>
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        <balance>665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>618558.26000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KeHE Distributors LLC</name>
        <lei>N/A</lei>
        <title>KeHE Distributors LLC</title>
        <cusip>487526AC9</cusip>
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          <isin value="US487526AC91"/>
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        <balance>384000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400342.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LCM Investments Holdings II LLC</name>
        <lei>549300P5V78NNQTG4428</lei>
        <title>LCM Investments Holdings II LLC</title>
        <cusip>50190EAA2</cusip>
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          <isin value="US50190EAA29"/>
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        <balance>471000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>453636.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Weatherford International Ltd.</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>Weatherford International Ltd.</title>
        <cusip>947075AU1</cusip>
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          <isin value="US947075AU14"/>
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        <balance>738000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>749596.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CCO Holdings LLC</name>
        <lei>N/A</lei>
        <title>CCO Holdings LLC</title>
        <cusip>1248EPCN1</cusip>
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          <isin value="US1248EPCN14"/>
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        <balance>378000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>344059.46000000</valUSD>
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        <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>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aethon United BR LP</name>
        <lei>N/A</lei>
        <title>Aethon United BR LP</title>
        <cusip>00810GAD6</cusip>
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          <isin value="US00810GAD60"/>
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        <balance>383000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>392342.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Brand Industrial Services, Inc.</name>
        <lei>549300B658W2BPDQMW42</lei>
        <title>Brand Industrial Services, Inc.</title>
        <cusip>104931AA8</cusip>
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          <isin value="US104931AA85"/>
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        <balance>563000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504753.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>Endo Finance Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Endo Finance Holdings, Inc.</title>
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          <isin value="US29281RAA77"/>
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        <balance>383000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
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          <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>
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          <isin value="US01883LAF04"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-30</maturityDt>
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      <invstOrSec>
        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EMRLD Borrower LP</name>
        <lei>N/A</lei>
        <title>EMRLD Borrower LP</title>
        <cusip>29103CAA6</cusip>
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          <isin value="US29103CAA62"/>
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        <balance>1290000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
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          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Shift4 Payments LLC</name>
        <lei>N/A</lei>
        <title>Shift4 Payments LLC</title>
        <cusip>82453AAB3</cusip>
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        <balance>815000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>Hilcorp Energy I LP</name>
        <lei>N/A</lei>
        <title>Hilcorp Energy I LP</title>
        <cusip>431318BG8</cusip>
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        <balance>457000.00000000</balance>
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        <valUSD>423086.90000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCIH Salt Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sensata Technologies BV</name>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Civitas Resources, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Permian Resources Operating LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Quikrete Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Allied Universal Holdco LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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        <name>Neptune Bidco US, Inc.</name>
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        <title>Neptune Bidco US, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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          <annualizedRt>9.29000000</annualizedRt>
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      <invstOrSec>
        <name>Carnival Corp.</name>
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        <invCountry>PA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
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        <name>HUB International Ltd.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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          <annualizedRt>7.25000000</annualizedRt>
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        <name>Univision Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.00000000</annualizedRt>
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        <name>United Rentals North America, Inc.</name>
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        <name>NRG Energy, Inc.</name>
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        <name>EchoStar Corp.</name>
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        <name>Hertz Corp. (The)</name>
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        <name>Ball Corp.</name>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>UKG, Inc.</name>
        <lei>529900FKHWSTQ1GXK240</lei>
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        <invCountry>US</invCountry>
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        <name>Tenneco, Inc.</name>
        <lei>549300U0EXXFAQFAD785</lei>
        <title>Tenneco, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-17</maturityDt>
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        <name>INVESCO GOVT AND AGCY LEX</name>
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        <name>Radiate Holdco LLC</name>
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        <name>Crescent Energy Finance LLC</name>
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        <name>Compass Group Diversified Holdings LLC</name>
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        <name>Standard Industries, Inc.</name>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
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        <name>Nexstar Media, Inc.</name>
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        <name>Carnival Corp.</name>
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        <name>Vmed O2 UK Financing I plc</name>
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        <name>PG&amp;E Corp.</name>
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        <name>Jane Street Group</name>
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        <name>TransDigm, Inc.</name>
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        <name>Venture Global LNG, Inc.</name>
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        <name>Olympus Water US Holding Corp.</name>
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        <name>Windstream Escrow LLC</name>
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        <name>Builders FirstSource, Inc.</name>
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        <name>VistaJet Malta Finance plc</name>
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        <name>Madison IAQ LLC</name>
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        <name>JetBlue Airways Corp.</name>
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        <name>Rogers Communications, Inc.</name>
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        <name>Cleveland-Cliffs, Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <name>DaVita, Inc.</name>
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        <name>Uniti Group LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEGNA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Boost Newco Borrower LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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      <invstOrSec>
        <name>CoreWeave, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alpha Generation LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fair Isaac Corp.</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
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        <name>1011778 BC ULC</name>
        <lei>N/A</lei>
        <title>1011778 BC ULC</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tenet Healthcare Corp.</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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        <name>MPH Acquisition Holdings LLC</name>
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        <name>Spirit AeroSystems, Inc.</name>
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        <name>Ryan Specialty LLC</name>
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        <name>Wynn Resorts Finance LLC</name>
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        <name>1261229 BC Ltd.</name>
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        <name>Rogers Communications, Inc.</name>
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        <name>WESCO Distribution, Inc.</name>
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        <name>Fertitta Entertainment LLC</name>
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        <name>Tronox, Inc.</name>
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      <invstOrSec>
        <name>Block, Inc.</name>
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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>
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        <name>United Rentals North America, Inc.</name>
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        <name>Chart Industries, Inc.</name>
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        <name>First Quantum Minerals Ltd.</name>
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        <name>Veritiv Operating Co.</name>
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        <name>American Airlines, Inc.</name>
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        <name>EquipmentShare.com, Inc.</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EquipmentShare.com, Inc.</title>
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        <balance>441000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>457714.78000000</valUSD>
        <pctVal>0.273671172180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROBLOX Corp.</name>
        <lei>N/A</lei>
        <title>ROBLOX Corp.</title>
        <cusip>771049AA1</cusip>
        <identifiers>
          <isin value="US771049AA15"/>
        </identifiers>
        <balance>851000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>791443.70000000</valUSD>
        <pctVal>0.473210249172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>Organon &amp; Co.</name>
        <lei>N/A</lei>
        <title>Organon &amp; Co.</title>
        <cusip>68622TAB7</cusip>
        <identifiers>
          <isin value="US68622TAB70"/>
        </identifiers>
        <balance>936000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>787535.33000000</valUSD>
        <pctVal>0.470873404819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>Churchill Downs, Inc.</name>
        <lei>529900FODTBQC8MIS994</lei>
        <title>Churchill Downs, Inc.</title>
        <cusip>12511VAA6</cusip>
        <identifiers>
          <isin value="US12511VAA61"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>837468.11000000</valUSD>
        <pctVal>0.500728596370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>Repurchase Agreement</name>
        <lei>N/A</lei>
        <title>Repurchase Agreement</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="CINS." value="250530680"/>
        </identifiers>
        <balance>1868449.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1868449.06000000</valUSD>
        <pctVal>1.117160001715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="254900OXTV81I73FAT50" name="CF SECURED, LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>4.32000000</repurchaseRt>
          <maturityDt>2025-06-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1868449.06000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1906504.20140000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GFL Environmental, Inc.</name>
        <lei>549300FYK4MBXWIVZU26</lei>
        <title>GFL Environmental, Inc.</title>
        <cusip>36168QAQ7</cusip>
        <identifiers>
          <isin value="US36168QAQ73"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>518643.71000000</valUSD>
        <pctVal>0.310101046026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>HUB International Ltd.</name>
        <lei>549300JQT6ATTUNS5E06</lei>
        <title>HUB International Ltd.</title>
        <cusip>44332PAJ0</cusip>
        <identifiers>
          <isin value="US44332PAJ03"/>
        </identifiers>
        <balance>1458000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1521567.34000000</valUSD>
        <pctVal>0.909756764877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</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>Caesars Entertainment, Inc.</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment, Inc.</title>
        <cusip>12769GAB6</cusip>
        <identifiers>
          <isin value="US12769GAB68"/>
        </identifiers>
        <balance>581000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>596046.74000000</valUSD>
        <pctVal>0.356380910422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
        <cusip>893647BY2</cusip>
        <identifiers>
          <isin value="US893647BY22"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493447.13000000</valUSD>
        <pctVal>0.295035817886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd.</title>
        <cusip>62886HBE0</cusip>
        <identifiers>
          <isin value="US62886HBE09"/>
        </identifiers>
        <balance>993000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>993147.96000000</valUSD>
        <pctVal>0.593810770895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Civitas Resources, Inc.</name>
        <lei>IIVIHPH28S64K95M2381</lei>
        <title>Civitas Resources, Inc.</title>
        <cusip>17888HAA1</cusip>
        <identifiers>
          <isin value="US17888HAA14"/>
        </identifiers>
        <balance>376000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>378732.02000000</valUSD>
        <pctVal>0.226446775119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</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>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
        <cusip>36485MAP4</cusip>
        <identifiers>
          <isin value="US36485MAP41"/>
        </identifiers>
        <balance>442000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>443499.71000000</valUSD>
        <pctVal>0.265171872967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</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>2025-06-30</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>
