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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Crown Americas LLC</name>
        <lei>N/A</lei>
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          <isin value="US228187AB66"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
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      <invstOrSec>
        <name>Encino Acquisition Partners Holdings LLC</name>
        <lei>549300BUKUEKT2UE4T49</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
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      <invstOrSec>
        <name>Standard Industries, Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>Standard Industries, Inc.</title>
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          <isin value="US853496AG21"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Targa Resources Partners LP</name>
        <lei>N/A</lei>
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          <isin value="US87612BBN10"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
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      <invstOrSec>
        <name>Allied Universal Holdco LLC</name>
        <lei>N/A</lei>
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          <isin value="US019576AB35"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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      <invstOrSec>
        <name>BWX Technologies, Inc.</name>
        <lei>549300NP85N265KWMS58</lei>
        <title>BWX Technologies, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-30</maturityDt>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-04</maturityDt>
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      <invstOrSec>
        <name>Catalent Pharma Solutions, Inc.</name>
        <lei>549300HALRZ339MSTH85</lei>
        <title>Catalent Pharma Solutions, 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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      <invstOrSec>
        <name>SPCM SA</name>
        <lei>969500F7036FEDYPRV54</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
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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>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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        <name>EQM Midstream Partners LP</name>
        <lei>549300NELT611CL6XM83</lei>
        <title>EQM Midstream Partners LP</title>
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          <maturityDt>2025-07-01</maturityDt>
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        <name>Match Group Holdings II LLC</name>
        <lei>5493003RFFE030RC9167</lei>
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        <name>Asbury Automotive Group, Inc.</name>
        <lei>549300JH4DTA7U42GL91</lei>
        <title>Asbury Automotive Group, Inc.</title>
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        <name>SeaWorld Parks &amp; Entertainment, Inc.</name>
        <lei>549300UZV72O3371JJ53</lei>
        <title>SeaWorld Parks &amp; Entertainment, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cimpress plc</name>
        <lei>549300X1IFD75XISOR81</lei>
        <title>Cimpress plc</title>
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        <invCountry>IE</invCountry>
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        <name>Albertsons Cos., Inc.</name>
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        <name>Videotron Ltd.</name>
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        <name>Real Hero Merger Sub 2, Inc.</name>
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        <name>Parkland Corp.</name>
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        <name>Albertsons Cos., Inc.</name>
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        <name>Boyd Gaming Corp.</name>
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        <name>Southwestern Energy Co.</name>
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        <name>Ardagh Packaging Finance plc</name>
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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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        <name>HUB International Ltd.</name>
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        <name>Ryan Specialty Group LLC</name>
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        <name>DISH DBS Corp.</name>
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        <name>SRM Escrow Issuer LLC</name>
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      <invstOrSec>
        <name>US Foods, Inc.</name>
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      <invstOrSec>
        <name>VICI Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO Holdings LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-30</maturityDt>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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        <curCd>USD</curCd>
        <valUSD>7004490.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-03</maturityDt>
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        <name>TMS International Corp.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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        <name>N/A</name>
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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>Dycom Industries, Inc.</name>
        <lei>549300F56EKTHQI3WT60</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clarivate Science Holdings Corp.</name>
        <lei>N/A</lei>
        <title>Clarivate Science Holdings Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
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        <name>Go Daddy Operating Co. LLC</name>
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          <maturityDt>2029-03-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Dornoch Debt Merger Sub, Inc.</name>
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        <name>RegionalCare Hospital Partners Holdings, Inc.</name>
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        <name>Match Group Holdings II LLC</name>
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        <name>Wynn Resorts Finance LLC</name>
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        <name>OneMain Finance Corp.</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OneMain Finance Corp.</title>
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        <name>Energizer Gamma Acquisition BV</name>
        <lei>5493002SUYZDHEQ3JN34</lei>
        <title>Energizer Gamma Acquisition BV</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Switch Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CCM Merger, Inc.</name>
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        <name>WASH Multifamily Acquisition, Inc.</name>
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        <name>NCR Corp.</name>
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        <name>Stericycle, Inc.</name>
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        <name>Eldorado Gold Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>NFP Corp.</name>
        <lei>VO2L9FZNXDJNQNEYH039</lei>
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        <name>Calpine Corp.</name>
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        <name>Mattamy Group Corp.</name>
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        <name>Encompass Health Corp.</name>
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        <title>Encompass Health Corp.</title>
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        <name>Viavi Solutions, Inc.</name>
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        <name>Catalent Pharma Solutions, Inc.</name>
        <lei>549300HALRZ339MSTH85</lei>
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        <name>Arches Buyer, Inc.</name>
        <lei>2549009ADY4208OH2Y47</lei>
        <title>Arches Buyer, Inc.</title>
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        <name>Taseko Mines Ltd.</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>Taseko Mines Ltd.</title>
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      <invstOrSec>
        <name>BellRing Brands, Inc.</name>
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      <invstOrSec>
        <name>Entegris Escrow Corp.</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>Teleflex, Inc.</name>
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        <name>Vector Group Ltd.</name>
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        <name>Motion Bondco DAC</name>
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        <name>NextEra Energy Operating Partners LP</name>
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        <name>Charles River Laboratories International, Inc.</name>
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        <name>Iliad Holding SASU</name>
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        <name>SBA Communications Corp.</name>
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        <name>Intelsat SA</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>Bombardier, Inc.</name>
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        <name>Altice France Holding SA</name>
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        <name>TransDigm, Inc.</name>
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        <name>LPL Holdings, Inc.</name>
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        <name>Scientific Games Holdings LP</name>
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        <name>Sands China Ltd.</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>Herens Holdco SARL</name>
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        <name>Element Solutions, Inc.</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>CommScope Technologies LLC</name>
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        <name>EQM Midstream Partners LP</name>
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        <name>Albion Financing 1 SARL</name>
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        <name>Kinetik Holdings LP</name>
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        <name>Global Aircraft Leasing Co. Ltd.</name>
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        <name>Legacy LifePoint Health LLC</name>
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        <name>Lamb Weston Holdings, Inc.</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>Lamb Weston Holdings, Inc.</title>
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      <invstOrSec>
        <name>Novelis Corp.</name>
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        <name>Univar Solutions USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Petra Diamonds US Treasury plc</name>
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        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Targa Resources Partners LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
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        <name>Victoria's Secret &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jazz Securities DAC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LPL Holdings, Inc.</name>
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        <name>GFL Environmental, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Terex Corp.</name>
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        <name>Synaptics, Inc.</name>
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        <name>EnLink Midstream LLC</name>
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        <name>Sprint Capital Corp.</name>
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          <maturityDt>2028-11-15</maturityDt>
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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>LSF11 A5 HoldCo LLC</name>
        <lei>254900FPK7P5WNA66Y10</lei>
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        <name>DT Midstream, Inc.</name>
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        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
        <cusip>46284VAE1</cusip>
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        <name>Clearway Energy Operating LLC</name>
        <lei>549300Z3NFMM54NWBB87</lei>
        <title>Clearway Energy Operating LLC</title>
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      <invstOrSec>
        <name>Fair Isaac Corp.</name>
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        <name>Asbury Automotive Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SWF Escrow Issuer Corp.</name>
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        <name>LTRI Holdings LP</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Iron Mountain, Inc.</name>
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        <name>Venture Global Calcasieu Pass LLC</name>
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        <name>Sirius XM Radio, Inc.</name>
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        <name>US Renal Care, Inc.</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>Dana, Inc.</name>
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        <name>ARD Finance SA</name>
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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>Tallgrass Energy Partners LP</name>
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        <name>Calpine Corp.</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp.</title>
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        <name>CCO Holdings LLC</name>
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      <invstOrSec>
        <name>Sprint Corp.</name>
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        <name>IQVIA, Inc.</name>
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        <name>TriMas Corp.</name>
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        <name>Mattel, Inc.</name>
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        <name>Realogy Group LLC</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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        <name>Williams Scotsman International, Inc.</name>
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        <name>MGM China Holdings Ltd.</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Marriott Ownership Resorts, Inc.</name>
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        <name>F-Brasile SpA</name>
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        <name>AG TTMT Escrow Issuer LLC</name>
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        <name>VICI Properties LP</name>
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        <name>Syneos Health, Inc.</name>
        <lei>549300F1ZGKDS8P6GU13</lei>
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      <invstOrSec>
        <name>Hilton Domestic Operating Co., Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>Hilton Domestic Operating Co., Inc.</title>
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          <isin value="US432833AN19"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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      <invstOrSec>
        <name>Caesars Entertainment, Inc.</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Entegris, Inc.</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
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      <invstOrSec>
        <name>Summer BC Holdco A SARL</name>
        <lei>984500EFA0BRE0008996</lei>
        <title>Summer BC Holdco A SARL</title>
        <cusip>N/A</cusip>
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          <isin value="XS2067265392"/>
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        <balance>1707494.73390000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Interface, Inc.</name>
        <lei>549300VXZWQOIDFPU355</lei>
        <title>Interface, Inc.</title>
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          <isin value="US458665AS53"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
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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>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ICA Tenedora SA de CV</name>
        <lei>N/A</lei>
        <title>ICA Tenedora SA de CV</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="AAW9916L0"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>International Game Technology plc</name>
        <lei>549300UQ6KHRCZDRGZ76</lei>
        <title>International Game Technology plc</title>
        <cusip>460599AF0</cusip>
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          <isin value="US460599AF06"/>
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        <balance>8715000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>White Cap Buyer LLC</name>
        <lei>N/A</lei>
        <title>White Cap Buyer LLC</title>
        <cusip>96350RAA2</cusip>
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          <isin value="US96350RAA23"/>
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        <balance>5495000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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        <name>Sensata Technologies, Inc.</name>
        <lei>5493002MMDDCUNV7NY90</lei>
        <title>Sensata Technologies, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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        <name>MIWD Holdco II LLC</name>
        <lei>N/A</lei>
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        <name>Wheel Pros, Inc.</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>GFL Environmental, Inc.</name>
        <lei>549300FYK4MBXWIVZU26</lei>
        <title>GFL Environmental, Inc.</title>
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        <invCountry>CA</invCountry>
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        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Clarivate Science Holdings Corp.</name>
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        <name>CWCapital COBALT II LLC</name>
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      <invstOrSec>
        <name>Empire Communities Corp.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>SS&amp;C Technologies, Inc.</name>
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        <name>Foundation Building Materials, Inc.</name>
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        <name>SM Energy Co.</name>
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          <maturityDt>2028-07-15</maturityDt>
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        <name>Sirius XM Radio, Inc.</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <name>Credit Acceptance Corp.</name>
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        <name>Encompass Health Corp.</name>
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        <name>Rocket Mortgage LLC</name>
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        <name>Axalta Coating Systems LLC</name>
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        <name>Scripps Escrow, Inc.</name>
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        <name>Albion Financing 2SARL</name>
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        <name>Centene Corp.</name>
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        <title>Centene Corp.</title>
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        <name>Bath &amp; Body Works, Inc.</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
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        <name>Ardagh Metal Packaging Finance USA LLC</name>
        <lei>N/A</lei>
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        <cusip>03969YAB4</cusip>
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        <name>Intelsat Jackson Holdings SA</name>
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        <name>XHR LP</name>
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      <invstOrSec>
        <name>Kaiser Aluminum Corp.</name>
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      <invstOrSec>
        <name>CNX Resources Corp.</name>
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        <name>Moss Creek Resources Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VICI Properties LP</name>
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        <name>TransDigm, Inc.</name>
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        <name>NextEra Energy Operating Partners LP</name>
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        <name>Avation Capital SA</name>
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        <name>Verscend Escrow Corp.</name>
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        <name>ANGI Group LLC</name>
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        <name>CSC Holdings LLC</name>
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        <name>Griffon Corp.</name>
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        <title>Griffon Corp.</title>
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        <name>SBA Communications Corp.</name>
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        <title>SBA Communications Corp.</title>
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        <name>Trivium Packaging Finance BV</name>
        <lei>724500GMZWW3PVYET548</lei>
        <title>Trivium Packaging Finance BV</title>
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      <invstOrSec>
        <name>iHeartCommunications, Inc.</name>
        <lei>54930076J6KDZL504O62</lei>
        <title>iHeartCommunications, Inc.</title>
        <cusip>45174HBD8</cusip>
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        <name>DT Midstream, Inc.</name>
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        <name>Wynn Macau Ltd.</name>
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        <name>IAMGOLD Corp.</name>
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        <name>Cheniere Energy Partners LP</name>
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        <name>Southwestern Energy Co.</name>
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        <name>Weekley Homes LLC</name>
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        <name>Organon &amp; Co.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <name>LB Commercial Conduit Mortgage Trust</name>
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        <name>Michaels Cos., Inc. (The)</name>
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        <name>CCO Holdings LLC</name>
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        <name>Bombardier, Inc.</name>
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        <name>LCPR Senior Secured Financing DAC</name>
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        <name>SRS Distribution, Inc.</name>
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        <name>Entegris, Inc.</name>
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        <name>Terraform Global Operating LP</name>
        <lei>549300LC7QMVR79H5O86</lei>
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      <invstOrSec>
        <name>Wyndham Hotels &amp; Resorts, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Meritage Homes Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="49896662"/>
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        <name>Sensata Technologies BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AssuredPartners, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="49896659"/>
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      <invstOrSec>
        <name>Carnival Corp.</name>
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        <name>HealthEquity, Inc.</name>
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        <name>Camelot Finance SA</name>
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        <name>Comstock Resources, Inc.</name>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <invCountry>DE</invCountry>
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        <name>Gates Global LLC</name>
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        <name>Sensata Technologies BV</name>
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        <name>GYP Holdings III Corp.</name>
        <lei>549300055I1KJWZH9690</lei>
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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>Life Time, Inc.</name>
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        <name>Intelsat Jackson Holdings SA</name>
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        <name>Realogy Group LLC</name>
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        <name>Standard Industries, Inc.</name>
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        <name>Solaris Midstream Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Post Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Baffinland Iron Mines Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Crown Americas LLC</name>
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        <name>Ardagh Metal Packaging Finance USA LLC</name>
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        <name>Videotron Ltd.</name>
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        <name>Allied Universal Holdco LLC</name>
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        <name>TerraForm Power Operating LLC</name>
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        <name>Clearway Energy Operating LLC</name>
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        <name>ERO Copper Corp.</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO Copper Corp.</title>
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        <name>Tenet Healthcare Corp.</name>
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        <title>Tenet Healthcare Corp.</title>
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        <name>Sands China Ltd.</name>
        <lei>549300EVO6UZDGY05787</lei>
        <title>Sands China Ltd.</title>
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        <name>Telenet Finance Luxembourg Notes SARL</name>
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        <name>American Builders &amp; Contractors Supply Co., Inc.</name>
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        <name>International Game Technology plc</name>
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        <name>TerraForm Power Operating LLC</name>
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        <name>DISH DBS Corp.</name>
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        <name>Colgate Energy Partners III LLC</name>
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        <name>IQVIA, Inc.</name>
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        <name>WMG Acquisition Corp.</name>
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        <name>Newell Brands, Inc.</name>
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        <name>Sprint Corp.</name>
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        <name>Group 1 Automotive, Inc.</name>
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        <name>180 Medical, Inc.</name>
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      <invstOrSec>
        <name>Taylor Morrison Communities, Inc.</name>
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      <invstOrSec>
        <name>Madison IAQ LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cheniere Energy Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
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      <invstOrSec>
        <name>Southwestern Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
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        <name>EQM Midstream Partners LP</name>
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          <isin value="US26885BAH33"/>
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        <balance>592000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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      <invstOrSec>
        <name>DaVita, Inc.</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DaVita, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NFP Corp.</name>
        <lei>VO2L9FZNXDJNQNEYH039</lei>
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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>Cable One, Inc.</name>
        <lei>549300648QS85T0XSH18</lei>
        <title>Cable One, Inc.</title>
        <cusip>12685JAC9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd.</title>
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        <invCountry>LR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Consolidated Energy Finance SA</name>
        <lei>549300PUNIS0USNSL750</lei>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CNX Resources Corp.</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX Resources Corp.</title>
        <cusip>12653CAK4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>BWX Technologies, Inc.</name>
        <lei>549300NP85N265KWMS58</lei>
        <title>BWX Technologies, Inc.</title>
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          <maturityDt>2029-04-15</maturityDt>
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        <name>DISH DBS Corp.</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp.</title>
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        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bond</title>
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        <name>Penske Automotive Group, Inc.</name>
        <lei>549300W7UTQ0M4C7LB15</lei>
        <title>Penske Automotive Group, Inc.</title>
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        <name>Moog, Inc.</name>
        <lei>549300WM2I4U7OBAHG07</lei>
        <title>Moog, Inc.</title>
        <cusip>615394AM5</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ingevity Corp.</name>
        <lei>5493009UTFC4B5IMGF87</lei>
        <title>Ingevity Corp.</title>
        <cusip>45688CAB3</cusip>
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          <isin value="US45688CAB37"/>
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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>2028-11-01</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Fertitta Entertainment 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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          <maturityDt>2030-01-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>SLM Corp.</name>
        <lei>N/A</lei>
        <title>SLM Corp.</title>
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          <isin value="US78442PGE07"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
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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>2026-11-02</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
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          <isin value="US36257BAA70"/>
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        <balance>4582000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4135255.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sirius XM Radio, Inc.</name>
        <lei>WP5O65E6BMU84LNO4227</lei>
        <title>Sirius XM Radio, Inc.</title>
        <cusip>82967NBC1</cusip>
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          <isin value="US82967NBC11"/>
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        <balance>11485000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10592615.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Clarios Global LP</name>
        <lei>N/A</lei>
        <title>Clarios Global LP</title>
        <cusip>69867DAC2</cusip>
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          <isin value="US69867DAC20"/>
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        <balance>8470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8300600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Aretec Escrow Issuer, Inc.</name>
        <lei>N/A</lei>
        <title>Aretec Escrow Issuer, Inc.</title>
        <cusip>040133AA8</cusip>
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          <isin value="US040133AA87"/>
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        <balance>5690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4665800.00000000</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>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Novelis Corp.</name>
        <lei>549300G5F3W3B52WYL23</lei>
        <title>Novelis Corp.</title>
        <cusip>670001AH9</cusip>
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          <isin value="US670001AH91"/>
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        <balance>2807000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2174610.97000000</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>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>CrownRock LP</name>
        <lei>N/A</lei>
        <title>CrownRock LP</title>
        <cusip>228701AG3</cusip>
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          <isin value="US228701AG35"/>
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        <balance>5465000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Standard Industries, Inc.</name>
        <lei>54930064UHXCIUWVI755</lei>
        <title>Standard Industries, Inc.</title>
        <cusip>853496AD9</cusip>
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          <isin value="US853496AD99"/>
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        <balance>4758000.00000000</balance>
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        <valUSD>4169197.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Fair Isaac Corp.</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
        <title>Fair Isaac Corp.</title>
        <cusip>303250AF1</cusip>
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          <isin value="US303250AF16"/>
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        <balance>1687000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>LPL Holdings, Inc.</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
        <title>LPL Holdings, Inc.</title>
        <cusip>50212YAF1</cusip>
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        <balance>3830000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-05-15</maturityDt>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>OneMain Finance Corp.</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OneMain Finance Corp.</title>
        <cusip>85172FAN9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
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      <invstOrSec>
        <name>TriNet Group, Inc.</name>
        <lei>5299003FJVBETSFKE990</lei>
        <title>TriNet Group, Inc.</title>
        <cusip>896288AA5</cusip>
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        <balance>9255000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Mattel, Inc.</name>
        <lei>549300VELLG24KHTJ564</lei>
        <title>Mattel, Inc.</title>
        <cusip>577081AW2</cusip>
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        <balance>1890000.00000000</balance>
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        <valUSD>1468713.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>Dana, Inc.</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
        <title>Dana, Inc.</title>
        <cusip>235825AH9</cusip>
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        <balance>2740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2194630.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Alliant Holdings Intermediate LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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      <invstOrSec>
        <name>VICI Properties LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>GTCR AP Finance, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US40060QAA31"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Crown Americas LLC</name>
        <lei>RPPGGRL1J75WGF2DFO04</lei>
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          <isin value="US228180AA31"/>
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        <balance>4915000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Axalta Coating Systems LLC</name>
        <lei>549300G80QONCHILSF69</lei>
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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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      <invstOrSec>
        <name>Mattel, Inc.</name>
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        <title>Mattel, Inc.</title>
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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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          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd.</title>
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          <isin value="US98313RAG11"/>
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        <balance>2455000.00000000</balance>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>GFL Environmental, Inc.</name>
        <lei>549300FYK4MBXWIVZU26</lei>
        <title>GFL Environmental, Inc.</title>
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          <isin value="US36168QAJ31"/>
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        <balance>2160000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Howard Hughes Corp. (The)</name>
        <lei>549300BVHY25JZC1KI49</lei>
        <title>Howard Hughes Corp. (The)</title>
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        <balance>7825000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Coeur Mining, Inc.</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>Coeur Mining, Inc.</title>
        <cusip>192108BC1</cusip>
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        <balance>6538000.00000000</balance>
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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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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Virtusa Corp.</name>
        <lei>C77OMXDER63WLJCSKT03</lei>
        <title>Virtusa Corp.</title>
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        <balance>4720000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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          <annualizedRt>7.12500000</annualizedRt>
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        <name>VICI Properties LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
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        <name>Newell Brands, Inc.</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Prestige Brands, Inc.</name>
        <lei>549300JBVP4J6D42I235</lei>
        <title>Prestige Brands, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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        <name>Organon &amp; Co.</name>
        <lei>N/A</lei>
        <title>Organon &amp; Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-30</maturityDt>
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        <name>Garden Spinco Corp.</name>
        <lei>N/A</lei>
        <title>Garden Spinco Corp.</title>
        <cusip>365417AA2</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-20</maturityDt>
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          <annualizedRt>8.62500000</annualizedRt>
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      <invstOrSec>
        <name>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd.</title>
        <cusip>98313RAC0</cusip>
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          <isin value="US98313RAC07"/>
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        <balance>2650000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-01</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Summer BC Bidco B LLC</name>
        <lei>213800CCW2O2WZ7YV169</lei>
        <title>Summer BC Bidco B LLC</title>
        <cusip>865632AA1</cusip>
        <identifiers>
          <isin value="US865632AA18"/>
        </identifiers>
        <balance>5655000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4500312.45000000</valUSD>
        <pctVal>0.268155905477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>MGM China Holdings Ltd.</name>
        <lei>529900VZFN87OS7WJM66</lei>
        <title>MGM China Holdings Ltd.</title>
        <cusip>55300RAG6</cusip>
        <identifiers>
          <isin value="US55300RAG65"/>
        </identifiers>
        <balance>2091000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1568584.56000000</valUSD>
        <pctVal>0.093465779915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>IAA, Inc.</name>
        <lei>549300PZCOPC5178W747</lei>
        <title>IAA, Inc.</title>
        <cusip>449253AB9</cusip>
        <identifiers>
          <isin value="US449253AB91"/>
        </identifiers>
        <balance>6735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6302594.21000000</valUSD>
        <pctVal>0.375546781699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Patrick Industries, Inc.</name>
        <lei>549300FZ5ZTCCJ3Z5W14</lei>
        <title>Patrick Industries, Inc.</title>
        <cusip>703343AC7</cusip>
        <identifiers>
          <isin value="US703343AC76"/>
        </identifiers>
        <balance>6830000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6257454.21000000</valUSD>
        <pctVal>0.372857066772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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>Allied Universal Holdco LLC</name>
        <lei>N/A</lei>
        <title>Allied Universal Holdco LLC</title>
        <cusip>019576AC1</cusip>
        <identifiers>
          <isin value="US019576AC18"/>
        </identifiers>
        <balance>3155000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2190509.12000000</valUSD>
        <pctVal>0.130523816525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</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>NextEra Energy Operating Partners LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>NextEra Energy Operating Partners LP</title>
        <cusip>65342QAB8</cusip>
        <identifiers>
          <isin value="US65342QAB86"/>
        </identifiers>
        <balance>4430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4119900.00000000</valUSD>
        <pctVal>0.245488624901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>MPT Operating Partnership LP</name>
        <lei>N/A</lei>
        <title>MPT Operating Partnership LP</title>
        <cusip>55342UAH7</cusip>
        <identifiers>
          <isin value="US55342UAH77"/>
        </identifiers>
        <balance>2961000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2533964.58000000</valUSD>
        <pctVal>0.150988975531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</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>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
        <cusip>126307BB2</cusip>
        <identifiers>
          <isin value="US126307BB25"/>
        </identifiers>
        <balance>5880000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4626207.60000000</valUSD>
        <pctVal>0.275657501937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <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>Life Time, Inc.</name>
        <lei>549300PALKE96VYH4X17</lei>
        <title>Life Time, Inc.</title>
        <cusip>53190FAA3</cusip>
        <identifiers>
          <isin value="US53190FAA30"/>
        </identifiers>
        <balance>5270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4901100.00000000</valUSD>
        <pctVal>0.292037258065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>5042000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4327611.42000000</valUSD>
        <pctVal>0.257865330857</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>Ball Corp.</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>Ball Corp.</title>
        <cusip>058498AX4</cusip>
        <identifiers>
          <isin value="US058498AX40"/>
        </identifiers>
        <balance>5260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4027582.00000000</valUSD>
        <pctVal>0.239987758648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</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>Match Group Holdings II LLC</name>
        <lei>5493003RFFE030RC9167</lei>
        <title>Match Group Holdings II LLC</title>
        <cusip>57665RAN6</cusip>
        <identifiers>
          <isin value="US57665RAN61"/>
        </identifiers>
        <balance>8030000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7135698.90000000</valUSD>
        <pctVal>0.425188211041</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>2022-11-30</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>
