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      <invstOrSec>
        <name>Acrisure LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AECOM</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
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      <invstOrSec>
        <name>Osaic Holdings, Inc.</name>
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          <isin value="US00791GAB32"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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      <invstOrSec>
        <name>Albion Financing 1 SARL</name>
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          <isin value="US01330AAA43"/>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-21</maturityDt>
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      <invstOrSec>
        <name>Alliant Holdings Intermediate LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
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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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        <balance>799000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</name>
        <lei>98450038B4549046D794</lei>
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        <cusip>019576AD9</cusip>
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          <isin value="US019576AD90"/>
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        <balance>391000.00000000</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>2031-02-15</maturityDt>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</name>
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        <invCountry>US</invCountry>
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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>Alpha Generation LLC</name>
        <lei>254900K5V62L4YGVKF49</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Altice France SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Altice Financing SA</name>
        <lei>549300DIYGW8HVDF7Q17</lei>
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        <name>Amentum Holdings, Inc.</name>
        <lei>2549009FJIBLW40CU216</lei>
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        <name>American Axle &amp; Manufacturing, Inc.</name>
        <lei>RY5TAKFOBLDUGX31MS24</lei>
        <title>American Axle &amp; Manufacturing, Inc.</title>
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        <name>Ardagh Metal Packaging Finance USA LLC</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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        <name>Ardonagh Group Finance Ltd.</name>
        <lei>254900SRT1BTAJ76NW62</lei>
        <title>Ardonagh Group Finance Ltd.</title>
        <cusip>039956AA5</cusip>
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        <invCountry>JE</invCountry>

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      <invstOrSec>
        <name>Ardagh Group SA</name>
        <lei>6354006L1NWUUOPYX274</lei>
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        <name>Ball Corp.</name>
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        <name>Bausch + Lomb Corp.</name>
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        <name>Brand Industrial Services, Inc.</name>
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        <name>CSC Holdings LLC</name>
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        <name>CQP Holdco LP</name>
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        <name>CVS Health Corp.</name>
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        <name>CACI International, Inc.</name>
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        <name>California Buyer Ltd.</name>
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        <name>Carnival Corp.</name>
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        <name>Carnival Corp.</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>Chart Industries, Inc.</name>
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        <name>Cipher Compute LLC</name>
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        <name>CITGO Petroleum Corp.</name>
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        <name>SM Energy Co.</name>
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        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <name>Clarios Global LP</name>
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        <name>Clarios Global LP</name>
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        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings, Inc.</title>
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        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
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        <name>Cleveland-Cliffs, Inc.</name>
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        <name>Cloud Software Group, Inc.</name>
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        <name>Coinbase Global, Inc.</name>
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        <name>Commercial Metals Co.</name>
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        <name>Compass Group Diversified Holdings LLC</name>
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        <name>Comstock Resources, Inc.</name>
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        <name>Connect Finco SARL</name>
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        <name>CoreWeave, Inc.</name>
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        <name>Darling Ingredients, Inc.</name>
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        <name>Delek Logistics Partners LP</name>
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      <invstOrSec>
        <name>DISH Network Corp.</name>
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          <isin value="US25470MAG42"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RR Donnelley &amp; Sons Co.</name>
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        <title>RR Donnelley &amp; Sons Co.</title>
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          <isin value="US257867BJ97"/>
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        <balance>371000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382301.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Repurchase Agreement</name>
        <lei>N/A</lei>
        <title>Repurchase Agreement</title>
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          <other otherDesc="CINS." value="260227681"/>
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        <valUSD>567554.93000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="BNP Paribas Securities Corp." isCleared="Y"/>
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            <repurchaseCollateral>
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      <invstOrSec>
        <name>Repurchase Agreement</name>
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        <invCountry>US</invCountry>
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          <transCat>Repurchase</transCat>
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        <name>Repurchase Agreement</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="BOFA SECURITIES, INC." isCleared="Y"/>
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      <invstOrSec>
        <name>Repurchase Agreement</name>
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        <title>Repurchase Agreement</title>
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          <other otherDesc="CINS." value="260227686"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="CF SECURED, LLC" isCleared="Y"/>
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      <invstOrSec>
        <name>Repurchase Agreement</name>
        <lei>N/A</lei>
        <title>Repurchase Agreement</title>
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          <other otherDesc="CINS." value="260227689"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Natixis Securities Americas LLC" isCleared="Y"/>
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      <invstOrSec>
        <name>Repurchase Agreement</name>
        <lei>N/A</lei>
        <title>Repurchase Agreement</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Barclays Capital, Inc." isCleared="Y"/>
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      <invstOrSec>
        <name>Repurchase Agreement</name>
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          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Natixis Securities Americas LLC" isCleared="Y"/>
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      <invstOrSec>
        <name>Repurchase Agreement</name>
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          <clearedCentCparty centralCounterparty="BNP Paribas Securities Corp." isCleared="Y"/>
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      <invstOrSec>
        <name>Repurchase Agreement</name>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>EchoStar Corp.</name>
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        <title>EchoStar Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EG Global Finance plc</name>
        <lei>549300TL8Q5207VYET27</lei>
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        <name>EMRLD Borrower LP</name>
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          <isin value="US29103CAA62"/>
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        <name>Endo Finance Holdings LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EquipmentShare.com, Inc.</name>
        <lei>254900PWJK48CGPKPI80</lei>
        <title>EquipmentShare.com, Inc.</title>
        <cusip>29450YAA7</cusip>
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        <balance>441000.00000000</balance>
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        <valUSD>461168.25000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Fair Isaac Corp.</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
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        <name>Fertitta Entertainment LLC</name>
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      <invstOrSec>
        <name>Fertitta Entertainment LLC</name>
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      <invstOrSec>
        <name>Focus Financial Partners LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FTAI Aviation Investors LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
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        <name>GFL Environmental, Inc.</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GFL Environmental Holdings US, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Global Medical Response, Inc.</name>
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        <name>Gray Media, Inc.</name>
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        <name>Gray Media, Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
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        <name>Herc Holdings, Inc.</name>
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        <name>Hertz Corp. (The)</name>
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        <name>Hilcorp Energy I LP</name>
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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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        <name>Hilton Domestic Operating Co., Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
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        <name>Imola Merger Corp.</name>
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        <name>Olympus Water US Holding Corp.</name>
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        <name>KeHE Distributors LLC</name>
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        <name>LCM Investments Holdings II LLC</name>
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        <name>Level 3 Financing, Inc.</name>
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        <name>Light &amp; Wonder International, Inc.</name>
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        <name>LifePoint Health, Inc.</name>
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        <name>Lightning Power LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MPH Acquisition Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MPT Operating Partnership LP</name>
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        <name>Madison IAQ LLC</name>
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        <name>Discovery Global Holdings, Inc.</name>
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        <name>Discovery Global Holdings, Inc.</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>Mauser Packaging Solutions Holding Co.</name>
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        <name>McAfee Corp.</name>
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        <name>Stagwell Global LLC</name>
        <lei>984500904E015Z0C1F82</lei>
        <title>Stagwell Global LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Millrose Properties, Inc.</name>
        <lei>N/A</lei>
        <title>Millrose Properties, Inc.</title>
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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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      <invstOrSec>
        <name>AthenaHealth Group, Inc.</name>
        <lei>254900AA3KZN4Q7A5Z33</lei>
        <title>AthenaHealth Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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      <invstOrSec>
        <name>Medline Borrower LP</name>
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          <isin value="US62482BAB80"/>
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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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        <name>NCL Corp. Ltd.</name>
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        <title>NCL Corp. Ltd.</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>NGL Energy Operating LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>National Mentor Holdings, Inc.</name>
        <lei>5493004QULJVJP3CNZ62</lei>
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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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        <name>NCR Atleos Corp.</name>
        <lei>9845005FC3S0VA714741</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-01</maturityDt>
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        <name>Neptune Bidco US, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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        <name>Neptune Bidco US, Inc.</name>
        <lei>549300VG15T3VCYZ4531</lei>
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        <name>Newell Brands, Inc.</name>
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        <name>Nissan Motor Acceptance Co. LLC</name>
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        <name>Olympus Water US Holding Corp.</name>
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        <name>1011778 BC ULC</name>
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        <name>OneMain Finance Corp.</name>
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        <name>1261229 BC Ltd.</name>
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      <invstOrSec>
        <name>Opal Bidco SAS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Organon &amp; Co.</name>
        <lei>N/A</lei>
        <title>Organon &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Organon &amp; Co.</name>
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          <isin value="US68622TAB70"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PG&amp;E Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
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      <invstOrSec>
        <name>Panther Escrow Issuer LLC</name>
        <lei>N/A</lei>
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          <isin value="US69867RAA59"/>
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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>Performance Food Group, Inc.</name>
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          <isin value="US71376LAE02"/>
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      <invstOrSec>
        <name>Performance Food Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Permian Resources Operating LLC</name>
        <lei>5493004CTVUMQLRPOE23</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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        <name>Permian Resources Operating LLC</name>
        <lei>5493004CTVUMQLRPOE23</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>PetSmart LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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          <isin value="US737446AV69"/>
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        <balance>461000.00000000</balance>
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          <maturityDt>2033-03-01</maturityDt>
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          <annualizedRt>6.37500000</annualizedRt>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Prime Healthcare Services, Inc.</name>
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        <name>Qnity Electronics, Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
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        <name>QXO Building Products, Inc.</name>
        <lei>549300HDXQWWCBOYXP31</lei>
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        <name>Quikrete Holdings, Inc.</name>
        <lei>5493007KIN86DIZWZT22</lei>
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        <name>Quikrete Holdings, Inc.</name>
        <lei>5493007KIN86DIZWZT22</lei>
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      <invstOrSec>
        <name>RHP Hotel Properties LP</name>
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      <invstOrSec>
        <name>Raven Acquisition Holdings LLC</name>
        <lei>N/A</lei>
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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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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Rocket Cos., Inc.</name>
        <lei>N/A</lei>
        <title>Rocket Cos., Inc.</title>
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          <isin value="US77311WAA99"/>
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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>2030-08-01</maturityDt>
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      <invstOrSec>
        <name>Rocket Cos., Inc.</name>
        <lei>N/A</lei>
        <title>Rocket Cos., Inc.</title>
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          <isin value="US77311WAB72"/>
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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>2033-08-01</maturityDt>
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      <invstOrSec>
        <name>Rogers Communications, Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
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          <isin value="US775109DG30"/>
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        <balance>685000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rogers Communications, Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
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          <isin value="US775109DH13"/>
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        <curCd>USD</curCd>
        <valUSD>175857.07000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>SBA Communications Corp.</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA Communications Corp.</title>
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          <isin value="US78410GAG91"/>
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        <balance>665000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <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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      <invstOrSec>
        <name>SCIH Salt Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>SCIH Salt Holdings, Inc.</title>
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          <isin value="US78433BAA61"/>
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        <balance>443000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sable International Finance Ltd.</name>
        <lei>2138009IE9A35LO5JS73</lei>
        <title>Sable International Finance Ltd.</title>
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        <balance>427000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <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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      <invstOrSec>
        <name>Sabre Financial Borrower LLC</name>
        <lei>N/A</lei>
        <title>Sabre Financial Borrower LLC</title>
        <cusip>78573XAA8</cusip>
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        <balance>638000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>11.12500000</annualizedRt>
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      <invstOrSec>
        <name>Service Properties Trust</name>
        <lei>529900IS770AG1K9QG27</lei>
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        <balance>446000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>469122.87000000</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>2031-11-15</maturityDt>
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          <annualizedRt>8.62500000</annualizedRt>
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      <invstOrSec>
        <name>Shift4 Payments 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>2032-08-15</maturityDt>
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      <invstOrSec>
        <name>Sinclair Television Group, Inc.</name>
        <lei>549300CQGEN0CH65UD62</lei>
        <title>Sinclair Television Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
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        <name>Sirius XM Radio LLC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>Sirius XM Radio LLC</title>
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        <name>Sirius XM Radio LLC</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
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      <invstOrSec>
        <name>Six Flags Entertainment Corp.</name>
        <lei>N/A</lei>
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        <name>Smyrna Ready Mix Concrete LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Snap, Inc.</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>Snap, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Solstice Advanced Materials, Inc.</name>
        <lei>2138004GZ4H9TW6HK435</lei>
        <title>Solstice Advanced Materials, Inc.</title>
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        <name>Talen Energy Supply LLC</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>Tenneco, Inc.</name>
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        <name>UKG, Inc.</name>
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        <name>United Rentals North America, Inc.</name>
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        <name>United Rentals North America, Inc.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>USA Compression Partners LP</name>
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        <name>VZ Secured Financing BV</name>
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        <name>Valaris Ltd.</name>
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        <name>Venture Global LNG, Inc.</name>
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        <name>Veritiv Operating Co.</name>
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        <name>Versant Media Group, Inc.</name>
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        <name>Paramount Global</name>
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        <name>Viking Cruises Ltd.</name>
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        <name>VistaJet Malta Finance plc</name>
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        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>U.S. Treasury 2 Year Note</issueTitle>
                <identifiers>
                  <ticker value="TUM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>-56922375.14000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-83454.06000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="TYM6COS"/>
          <other otherDesc="Future Ticker" value="TYM6 Comdty"/>
        </identifiers>
        <balance>-166.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-96279.36000000</valUSD>
        <pctVal>-0.05954598215</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>US Treasury 10 Year Note (CBT) BOND 18/JUN/2026 TYM6 COMDTY</issueTitle>
                <identifiers>
                  <ticker value="TYM6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-18</expDate>
            <notionalAmt>-18892875.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-96279.36000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The portfolio level risk metrics included in Item B.3. do not consider the impact related to the Fund investments in swaps on fixed income instruments.  The Fund continues to work with its vendor to include these instruments prospectively in their coverage." noteItem="B.3.a"/>
      <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>2026-03-30</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>
  <documents>XXXX</documents>
</edgarSubmission>