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      <invstOrSec>
        <name>PTC, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-15</maturityDt>
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      <invstOrSec>
        <name>Granite US Holdings Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Scientific Games International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Crown Americas LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>Encino Acquisition Partners Holdings LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
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          <annualizedRt>8.50000000</annualizedRt>
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        <name>Genesis Energy LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Standard Industries, Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>Standard Industries, Inc.</title>
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        <balance>6380000.00000000</balance>
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        <valUSD>6380000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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        <name>Targa Resources Partners LP</name>
        <lei>N/A</lei>
        <title>Targa Resources Partners LP</title>
        <cusip>87612BBN1</cusip>
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          <isin value="US87612BBN10"/>
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        <balance>7850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8792000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <name>Allied Universal Holdco LLC</name>
        <lei>N/A</lei>
        <title>Allied Universal Holdco LLC</title>
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        <balance>4125000.00000000</balance>
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        <valUSD>4434375.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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        <name>BWX Technologies, Inc.</name>
        <lei>549300NP85N265KWMS58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Nexstar Media, Inc.</name>
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        <name>Western Midstream Operating LP</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-07-01</maturityDt>
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        <name>PetSmart, Inc.</name>
        <lei>N/A</lei>
        <title>PetSmart, Inc.</title>
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          <isin value="US71677KAA60"/>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>Videotron Ltd.</name>
        <lei>549300LW4GNJRBECSD81</lei>
        <title>Videotron Ltd.</title>
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        <name>Catalent Pharma Solutions, Inc.</name>
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        <name>PTC, Inc.</name>
        <lei>54930050SSMU8SKDJ030</lei>
        <title>PTC, Inc.</title>
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        <name>SPCM SA</name>
        <lei>969500F7036FEDYPRV54</lei>
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        <invCountry>FR</invCountry>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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        <name>APi Escrow Corp.</name>
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        <name>NCR Corp.</name>
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        <name>TransDigm, Inc.</name>
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        <name>EQM Midstream Partners LP</name>
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        <name>Match Group Holdings II LLC</name>
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        <name>SeaWorld Parks &amp; Entertainment, Inc.</name>
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        <name>Ascent Resources Utica Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Western Midstream Operating LP</name>
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        <name>Cimpress plc</name>
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        <name>Albertsons Cos., Inc.</name>
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        <name>Videotron Ltd.</name>
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        <name>Callon Petroleum Co.</name>
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        <name>Real Hero Merger Sub 2, Inc.</name>
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        <name>US Acute Care Solutions LLC</name>
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        <name>Match Group Holdings II LLC</name>
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        <name>Apache Corp.</name>
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        <name>Albertsons Cos., Inc.</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Boyd Gaming Corp.</name>
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        <name>Southwestern Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ardagh Packaging Finance plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MFS Institutional Money Market Portfolio</name>
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        <name>LCPR Senior Secured Financing DAC</name>
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          <isin value="US50201DAA19"/>
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        <name>Compass Minerals International, Inc.</name>
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        <name>Nielsen Finance LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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        <name>SRM Escrow Issuer LLC</name>
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        <name>US Foods, Inc.</name>
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        <name>Boyne USA, Inc.</name>
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        <name>CCO Holdings LLC</name>
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        <name>Taylor Morrison Communities, Inc.</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>N/A</name>
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        <name>Dycom Industries, Inc.</name>
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        <name>Go Daddy Operating Co. LLC</name>
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        <name>Kraft Heinz Foods Co.</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>Kraft Heinz Foods Co.</title>
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      <invstOrSec>
        <name>Venture Global Calcasieu Pass LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Live Nation Entertainment, Inc.</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>NFP Corp.</name>
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        <name>Calpine Corp.</name>
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        <name>Mattamy Group Corp.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MGM Growth Properties Operating Partnership LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Viavi Solutions, Inc.</name>
        <lei>5493006K3E3N1QOBF092</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Arches Buyer, Inc.</name>
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        <invCountry>US</invCountry>
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        <name>Taseko Mines Ltd.</name>
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        <invCountry>CA</invCountry>
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        <name>Western Midstream Operating LP</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>Teleflex, Inc.</name>
        <lei>UUL85LWXB4NGSWWXIQ25</lei>
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        <name>Vector Group Ltd.</name>
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        <title>Vector Group Ltd.</title>
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        <name>Motion Bondco DAC</name>
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        <title>Motion Bondco DAC</title>
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        <invCountry>IE</invCountry>

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        <name>NextEra Energy Operating Partners LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>NextEra Energy Operating Partners LP</title>
        <cusip>65342QAK8</cusip>
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        <balance>4473000.00000000</balance>
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        <name>Iliad Holding SAS</name>
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        <name>SBA Communications Corp.</name>
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        <name>Michaels Cos., Inc. (The)</name>
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        <name>Prestige Brands, Inc.</name>
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        <name>Wynn Las Vegas LLC</name>
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        <name>Bombardier, Inc.</name>
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        <name>Altice France Holding SA</name>
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        <name>GrafTech Finance, Inc.</name>
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        <name>Vector Group Ltd.</name>
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        <name>Herens Holdco SARL</name>
        <lei>2221002FZ55AMAUX4G64</lei>
        <title>Herens Holdco SARL</title>
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        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Element Solutions, Inc.</name>
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        <title>Element Solutions, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CommScope Technologies LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EQM Midstream Partners LP</name>
        <lei>549300NELT611CL6XM83</lei>
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          <isin value="US26885BAC46"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Global Aircraft Leasing Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Global Aircraft Leasing Co. Ltd.</title>
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        <curCd>USD</curCd>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-15</maturityDt>
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      <invstOrSec>
        <name>Legacy LifePoint Health 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>2027-02-15</maturityDt>
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        <name>Lamb Weston Holdings, Inc.</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>Lamb Weston Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-31</maturityDt>
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      <invstOrSec>
        <name>Novelis Corp.</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>Novelis Corp.</title>
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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>2030-01-30</maturityDt>
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      <invstOrSec>
        <name>Univar Solutions USA, Inc.</name>
        <lei>5493008FTB9VZW6CVA82</lei>
        <title>Univar Solutions USA, Inc.</title>
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        <curCd>USD</curCd>
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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>2027-12-01</maturityDt>
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      <invstOrSec>
        <name>Petra Diamonds US Treasury plc</name>
        <lei>635400LZYOO6WHAO2H58</lei>
        <title>Petra Diamonds US Treasury plc</title>
        <cusip>N/A</cusip>
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          <isin value="XS2289899242"/>
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        <balance>1969771.51140000</balance>
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        <curCd>USD</curCd>
        <valUSD>2026402.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-08</maturityDt>
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          <annualizedRt>10.50000000</annualizedRt>
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      <invstOrSec>
        <name>Targa Resources Partners LP</name>
        <lei>N/A</lei>
        <title>Targa Resources Partners LP</title>
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        <curCd>USD</curCd>
        <valUSD>3989451.00000000</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>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>Victoria's Secret &amp; Co.</name>
        <lei>5493006T3O70U3UWVF17</lei>
        <title>Victoria's Secret &amp; Co.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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        <name>Jazz Securities DAC</name>
        <lei>6354009DV8VV7K6KOO02</lei>
        <title>Jazz Securities DAC</title>
        <cusip>47216FAA5</cusip>
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        <balance>8175000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
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        <name>Cheniere Energy Partners LP</name>
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        <title>Cheniere Energy Partners LP</title>
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        <invCountry>US</invCountry>
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        <name>EnLink Midstream LLC</name>
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        <title>EnLink Midstream LLC</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>LPL Holdings, Inc.</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
        <title>LPL Holdings, Inc.</title>
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        <name>PBF Holding Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PetSmart, Inc.</name>
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        <title>PetSmart, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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        <name>Terex Corp.</name>
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        <name>Synaptics, Inc.</name>
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        <name>Sprint Capital Corp.</name>
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        <name>CWCapital COBALT II LLC</name>
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        <name>Primo Water Holdings, Inc.</name>
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        <name>Encompass Health Corp.</name>
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        <name>LSF11 A5 HoldCo LLC</name>
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        <name>DT Midstream, Inc.</name>
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        <name>Fair Isaac Corp.</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
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        <name>SWF Escrow Issuer Corp.</name>
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        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>Sirius XM Radio, Inc.</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>Sirius XM Radio, Inc.</title>
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        <name>Switch Ltd.</name>
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        <name>US Renal Care, Inc.</name>
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        <name>PennyMac Financial Services, Inc.</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>Dana, Inc.</name>
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        <name>DaVita, Inc.</name>
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        <name>ARD Finance SA</name>
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        <invCountry>LU</invCountry>
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        <name>Advantage Sales &amp; Marketing, Inc.</name>
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        <name>Carnival Corp.</name>
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        <name>Stevens Holding Co., Inc.</name>
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        <name>Mattamy Group Corp.</name>
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        <name>MGM Growth Properties Operating Partnership LP</name>
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        <name>Calpine Corp.</name>
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        <name>Performance Food Group, Inc.</name>
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        <name>CCO Holdings LLC</name>
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        <name>Sprint Corp.</name>
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        <name>IQVIA, Inc.</name>
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        <name>TriMas Corp.</name>
        <lei>75G1WUQ8QK4P5MZOYD78</lei>
        <title>TriMas Corp.</title>
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      <invstOrSec>
        <name>Mattel, Inc.</name>
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        <name>Avantor Funding, Inc.</name>
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        <name>Ziggo Bond Co. BV</name>
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        <name>FMG Resources August 2006 Pty. Ltd.</name>
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          <maturityDt>2031-04-01</maturityDt>
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        <name>Williams Scotsman International, Inc.</name>
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        <name>Marriott Ownership Resorts, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>F-Brasile SpA</name>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
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        <name>VICI Properties LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Syneos Health, Inc.</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <name>Dana, Inc.</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
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        <name>Caesars Entertainment, Inc.</name>
        <lei>549300FA4CTCW903Y781</lei>
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        <name>Summer BC Holdco A SARL</name>
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        <name>Interface, Inc.</name>
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        <name>TransDigm, Inc.</name>
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        <name>ICA Tenedora SA de CV</name>
        <lei>N/A</lei>
        <title>ICA Tenedora SA de CV</title>
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        <assetCat>EC</assetCat>
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        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>White Cap Buyer LLC</name>
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        <name>Sensata Technologies, Inc.</name>
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        <name>MGM Resorts International</name>
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        <name>iShares iBoxx High Yield Corporate Bond ETF</name>
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        <name>Gray Escrow II, Inc.</name>
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        <name>Boyd Gaming Corp.</name>
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        <name>Canpack SA</name>
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        <name>Clarivate Science Holdings Corp.</name>
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        <name>Empire Communities Corp.</name>
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        <name>SS&amp;C Technologies, Inc.</name>
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        <name>SM Energy Co.</name>
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      <invstOrSec>
        <name>Sirius XM Radio, Inc.</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
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        <name>Continental Resources, Inc.</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Acceptance Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Encompass Health Corp.</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corp.</title>
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          <isin value="US421924BT72"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JBS USA LUX SA</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Axalta Coating Systems 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>2027-06-15</maturityDt>
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      <invstOrSec>
        <name>Scripps Escrow, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US81104PAA75"/>
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        <valUSD>7439950.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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        <name>GFL Environmental, Inc.</name>
        <lei>549300FYK4MBXWIVZU26</lei>
        <title>GFL Environmental, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>Bath &amp; Body Works, Inc.</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
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          <maturityDt>2028-02-01</maturityDt>
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        <name>Park Intermediate Holdings LLC</name>
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        <name>Ardagh Metal Packaging Finance USA LLC</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>XHR LP</name>
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        <name>Kaiser Aluminum Corp.</name>
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        <name>Murphy Oil Corp.</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
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        <name>CNX Resources Corp.</name>
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        <title>CNX Resources Corp.</title>
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        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.60000000</annualizedRt>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
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        <title>TransDigm, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Operating Partners LP</name>
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        <name>Endo Luxembourg Finance Co. I SARL</name>
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      <invstOrSec>
        <name>Avation Capital SA</name>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verscend Escrow Corp.</name>
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          <maturityDt>2026-08-15</maturityDt>
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      <invstOrSec>
        <name>ANGI Group LLC</name>
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        <balance>6518000.00000000</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>2028-08-15</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Griffon Corp.</name>
        <lei>5493000C2SGNC7ZN3242</lei>
        <title>Griffon Corp.</title>
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        <balance>6631000.00000000</balance>
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        <valUSD>6929395.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>JBS USA LUX SA</name>
        <lei>N/A</lei>
        <title>JBS USA LUX SA</title>
        <cusip>472141AA8</cusip>
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        <balance>10760000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>iHeartCommunications, Inc.</name>
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        <title>iHeartCommunications, Inc.</title>
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        <name>DT Midstream, Inc.</name>
        <lei>N/A</lei>
        <title>DT Midstream, Inc.</title>
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        <name>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd.</title>
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        <balance>5369000.00000000</balance>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>IAMGOLD Corp.</name>
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        <title>IAMGOLD Corp.</title>
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        <invCountry>CA</invCountry>
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        <name>Cheniere Energy Partners LP</name>
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        <title>Cheniere Energy Partners LP</title>
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        <name>Southwestern Energy Co.</name>
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        <title>Southwestern Energy Co.</title>
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        <name>Weekley Homes LLC</name>
        <lei>N/A</lei>
        <title>Weekley Homes LLC</title>
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        <invCountry>US</invCountry>
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        <name>Organon &amp; Co.</name>
        <lei>N/A</lei>
        <title>Organon &amp; Co.</title>
        <cusip>68622TAA9</cusip>
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        <balance>4627000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-30</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>LB Commercial Conduit Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>AssuredPartners, Inc.</name>
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        <name>Carnival Corp.</name>
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        <name>Diebold Nixdorf, Inc.</name>
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      <invstOrSec>
        <name>HealthEquity, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Camelot Finance SA</name>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
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        <name>SPCM SA</name>
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        <invCountry>FR</invCountry>
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        <name>Comstock Resources, Inc.</name>
        <lei>I03QQGEA4SS774AURI46</lei>
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          <maturityDt>2029-03-01</maturityDt>
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      <invstOrSec>
        <name>Gates Global LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>Sensata Technologies BV</name>
        <lei>PUCKW5P5O3XMOZVH7T53</lei>
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        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>AMC Entertainment Holdings, Inc.</name>
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        <name>GYP Holdings III Corp.</name>
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        <name>Kaiser Aluminum Corp.</name>
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        <name>Novelis Corp.</name>
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        <name>Univision Communications, Inc.</name>
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        <name>EnerSys</name>
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        <name>Realogy Group LLC</name>
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        <name>EQT Corp.</name>
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        <name>Standard Industries, Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>Standard Industries, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Solaris Midstream Holdings LLC</name>
        <lei>5493007AWQW8ZKCHVV46</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-01</maturityDt>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings, Inc.</title>
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          <isin value="US737446AN44"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Watco Cos. LLC</name>
        <lei>N/A</lei>
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          <isin value="US941130AB21"/>
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        <balance>5759000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6118937.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Baffinland Iron Mines Corp.</name>
        <lei>N/A</lei>
        <title>Baffinland Iron Mines Corp.</title>
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          <isin value="US056623AA98"/>
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        <balance>6760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7160327.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
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          <annualizedRt>8.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freedom Mortgage Corp.</name>
        <lei>549300LYRWPSYPK6S325</lei>
        <title>Freedom Mortgage Corp.</title>
        <cusip>35640YAF4</cusip>
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          <isin value="US35640YAF43"/>
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        <balance>5720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5577000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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      <invstOrSec>
        <name>Crown Americas LLC</name>
        <lei>N/A</lei>
        <title>Crown Americas LLC</title>
        <cusip>22819KAB6</cusip>
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          <isin value="US22819KAB61"/>
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        <balance>8660000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9228355.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ardagh Metal Packaging Finance USA LLC</name>
        <lei>N/A</lei>
        <title>Ardagh Metal Packaging Finance USA LLC</title>
        <cusip>03969YAA6</cusip>
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          <isin value="US03969YAA64"/>
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        <balance>3245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3176043.75000000</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>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Videotron Ltd.</name>
        <lei>549300LW4GNJRBECSD81</lei>
        <title>Videotron Ltd.</title>
        <cusip>92660FAK0</cusip>
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          <isin value="US92660FAK03"/>
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        <balance>11980000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12384325.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</name>
        <lei>N/A</lei>
        <title>Allied Universal Holdco LLC</title>
        <cusip>019576AA5</cusip>
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          <isin value="US019576AA51"/>
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        <balance>1697000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1782919.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>TerraForm Power Operating LLC</name>
        <lei>5493000S2OLR3UT5BE13</lei>
        <title>TerraForm Power Operating LLC</title>
        <cusip>88104LAG8</cusip>
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          <isin value="US88104LAG86"/>
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        <balance>3240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3356575.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Clearway Energy Operating LLC</name>
        <lei>549300Z3NFMM54NWBB87</lei>
        <title>Clearway Energy Operating LLC</title>
        <cusip>18539UAD7</cusip>
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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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          <annualizedRt>3.75000000</annualizedRt>
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        <name>Diebold Nixdorf, Inc.</name>
        <lei>549300XZK6EWDBAZSY16</lei>
        <title>Diebold Nixdorf, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-15</maturityDt>
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          <annualizedRt>9.37500000</annualizedRt>
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        <name>LifePoint Health, Inc.</name>
        <lei>549300G8ZVHRTBBBSZ90</lei>
        <title>LifePoint Health, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>Greif, Inc.</name>
        <lei>54930070FVGKR0Z1FI24</lei>
        <title>Greif, Inc.</title>
        <cusip>397624AH0</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Virgin Media Vendor Financing Notes IV DAC</name>
        <lei>635400ZZNJSEA4CAJR23</lei>
        <title>Virgin Media Vendor Financing Notes IV DAC</title>
        <cusip>92770QAA5</cusip>
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        <balance>6595000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Telenet Finance Luxembourg Notes SARL</name>
        <lei>2138007RI9GLJPCC3E25</lei>
        <title>Telenet Finance Luxembourg Notes SARL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE6300372289"/>
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        <balance>9600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10012800.00000000</valUSD>
        <pctVal>0.504011107936</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>VICI Properties LP</name>
        <lei>N/A</lei>
        <title>VICI Properties LP</title>
        <cusip>92564RAD7</cusip>
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          <isin value="US92564RAD70"/>
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        <balance>4870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5003925.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EQM Midstream Partners LP</name>
        <lei>549300NELT611CL6XM83</lei>
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        <name>International Game Technology plc</name>
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        <name>DISH DBS Corp.</name>
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        <name>IQVIA, Inc.</name>
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        <name>Ascend Learning LLC</name>
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        <name>Virgin Media Finance plc</name>
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        <name>WMG Acquisition Corp.</name>
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        <name>HCA, Inc.</name>
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        <name>Range Resources Corp.</name>
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        <name>Sprint Corp.</name>
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        <name>Ascent Resources Utica Holdings LLC</name>
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        <name>Taylor Morrison Communities, Inc.</name>
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        <name>Park River Holdings, Inc.</name>
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      <invstOrSec>
        <name>Madison IAQ LLC</name>
        <lei>549300IXDNBXNHUPBU73</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Southwestern Energy Co.</name>
        <lei>EFWMP121W54QV9MGOP87</lei>
        <title>Southwestern Energy Co.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
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      <invstOrSec>
        <name>EQM Midstream Partners LP</name>
        <lei>549300NELT611CL6XM83</lei>
        <title>EQM Midstream Partners LP</title>
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          <isin value="US26885BAH33"/>
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        <balance>592000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>658600.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Cedar Fair LP</name>
        <lei>N/A</lei>
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        <cusip>150190AB2</cusip>
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          <isin value="US150190AB26"/>
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        <curCd>USD</curCd>
        <valUSD>3084850.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
        <cusip>23918KAS7</cusip>
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          <isin value="US23918KAS78"/>
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        <curCd>USD</curCd>
        <valUSD>4170584.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>NFP Corp.</name>
        <lei>VO2L9FZNXDJNQNEYH039</lei>
        <title>NFP Corp.</title>
        <cusip>65342RAD2</cusip>
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          <isin value="US65342RAD26"/>
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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>2028-08-15</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
        <cusip>46284VAJ0</cusip>
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          <isin value="US46284VAJ08"/>
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        <balance>3291000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3436495.11000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd.</title>
        <cusip>62886HAP6</cusip>
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          <isin value="US62886HAP64"/>
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        <balance>3195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3007293.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-15</maturityDt>
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          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd.</title>
        <cusip>780153BG6</cusip>
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        <balance>6845000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6964787.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
        <cusip>335934AR6</cusip>
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        <balance>3010000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3134162.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-01</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>Consolidated Energy Finance SA</name>
        <lei>549300PUNIS0USNSL750</lei>
        <title>Consolidated Energy Finance SA</title>
        <cusip>20914UAF3</cusip>
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        <balance>5844000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5815364.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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        <name>BWX Technologies, Inc.</name>
        <lei>549300NP85N265KWMS58</lei>
        <title>BWX Technologies, Inc.</title>
        <cusip>05605HAC4</cusip>
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        <balance>8619000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8746130.25000000</valUSD>
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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>4.12500000</annualizedRt>
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        <name>CommScope, Inc.</name>
        <lei>549300Z6K4JXMFE8QY54</lei>
        <title>CommScope, Inc.</title>
        <cusip>203372AV9</cusip>
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        <balance>1385000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>7.12500000</annualizedRt>
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        <name>MGM Growth Properties Operating Partnership LP</name>
        <lei>N/A</lei>
        <title>MGM Growth Properties Operating Partnership LP</title>
        <cusip>55303XAK1</cusip>
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        <balance>5895000.00000000</balance>
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        <valUSD>6337125.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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        <name>Mav Acquisition Corp.</name>
        <lei>N/A</lei>
        <title>Mav Acquisition Corp.</title>
        <cusip>57767XAB6</cusip>
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        <invCountry>US</invCountry>
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        <name>DISH DBS Corp.</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp.</title>
        <cusip>25470XAY1</cusip>
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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>2026-07-01</maturityDt>
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          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd.</title>
        <cusip>62886HBA8</cusip>
        <identifiers>
          <isin value="US62886HBA86"/>
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        <balance>3565000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3573912.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MPH Acquisition Holdings LLC</name>
        <lei>5493002WXOPRPTXWTU06</lei>
        <title>MPH Acquisition Holdings LLC</title>
        <cusip>553283AD4</cusip>
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          <isin value="US553283AD43"/>
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        <name>Moog, Inc.</name>
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        <name>SBA Communications Corp.</name>
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        <name>Ingevity Corp.</name>
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        <name>Garda World Security Corp.</name>
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        <name>Sirius XM Radio, Inc.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Clarios Global LP</name>
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        <name>Aretec Escrow Issuer, Inc.</name>
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        <name>Paysafe Finance plc</name>
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        <name>SM Energy Co.</name>
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        <name>Novelis Corp.</name>
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        <name>Targa Resources Partners LP</name>
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        <name>N/A</name>
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        <name>Fair Isaac Corp.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>New Enterprise Stone &amp; Lime Co., Inc.</name>
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        <name>TriNet Group, Inc.</name>
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        <name>Ovintiv, Inc.</name>
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        <name>Mattel, Inc.</name>
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        <name>Wynn Macau Ltd.</name>
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        <name>Mozart Debt Merger Sub, Inc.</name>
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        <name>Howard Hughes Corp. (The)</name>
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        <name>Ford Motor Co.</name>
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        <name>Coeur Mining, Inc.</name>
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        <name>Austin BidCo, Inc.</name>
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        <name>Intelsat Jackson Holdings SA</name>
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        <name>Prestige Brands, Inc.</name>
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        <name>Organon &amp; Co.</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Twilio, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
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        <name>Summer BC Bidco B LLC</name>
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        <name>Aramark Services, Inc.</name>
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        <name>MGM China Holdings Ltd.</name>
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        <name>IAA, Inc.</name>
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        <name>OneMain Finance Corp.</name>
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        <name>Allied Universal Holdco LLC</name>
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        <name>NextEra Energy Operating Partners LP</name>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</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>New Enterprise Stone &amp; Lime Co., Inc.</name>
        <lei>549300O5DQ5Y61B8VF38</lei>
        <title>New Enterprise Stone &amp; Lime Co., Inc.</title>
        <cusip>644274AG7</cusip>
        <identifiers>
          <isin value="US644274AG71"/>
        </identifiers>
        <balance>3222000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3455595.00000000</valUSD>
        <pctVal>0.173943179183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</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>Carnival Corp.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp.</title>
        <cusip>143658BR2</cusip>
        <identifiers>
          <isin value="US143658BR27"/>
        </identifiers>
        <balance>1430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1429106.25000000</valUSD>
        <pctVal>0.071936463768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
        <lei>B3BS7ACMDUWISF18KY76</lei>
        <title>Bausch Health Cos., Inc.</title>
        <cusip>071734AH0</cusip>
        <identifiers>
          <isin value="US071734AH05"/>
        </identifiers>
        <balance>10090000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9313271.80000000</valUSD>
        <pctVal>0.468799180891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Match Group Holdings II LLC</name>
        <lei>N/A</lei>
        <title>Match Group Holdings II LLC</title>
        <cusip>57665RAN6</cusip>
        <identifiers>
          <isin value="US57665RAN61"/>
        </identifiers>
        <balance>7255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7538525.40000000</valUSD>
        <pctVal>0.379464339551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</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="All applicable monthly total returns are reported excluding any sales loads or redemption fees for Item B.5." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Series Trust III</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
