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        <name>Iron Mountain, Inc.</name>
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        <name>Diebold Nixdorf, Inc.</name>
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        <name>Clydesdale Acquisition Holdings, Inc.</name>
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      <invstOrSec>
        <name>Credit Acceptance Corp.</name>
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        <name>Baldwin Insurance Group Holdings LLC</name>
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        <name>Graham Holdings Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <name>Bausch + Lomb Corp.</name>
        <lei>549300NY6OZM39SO6475</lei>
        <title>Bausch + Lomb Corp.</title>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Warnermedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>Warnermedia Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SNF Group SACA</name>
        <lei>969500F7036FEDYPRV54</lei>
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        <name>Matador Resources Co.</name>
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        <name>APi Group DE, Inc.</name>
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        <name>Genesis Energy LP</name>
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        <name>Permian Resources Operating LLC</name>
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        <name>Neptune Bidco US, Inc.</name>
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        <name>Mineral Resources Ltd.</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>Mineral Resources Ltd.</title>
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        <invCountry>AU</invCountry>
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        <name>Tallgrass Energy Partners LP</name>
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        <name>Real Hero Merger Sub 2, Inc.</name>
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        <name>XPLR Infrastructure Operating Partners LP</name>
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      <invstOrSec>
        <name>Wrangler Holdco Corp.</name>
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        <name>New Gold, Inc.</name>
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        <name>Credit Acceptance Corp.</name>
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        <name>Allison Transmission, Inc.</name>
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        <name>ams-OSRAM AG</name>
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        <name>MFS Institutional Money Market Portfolio</name>
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        <name>Six Flags Entertainment Corp.</name>
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        <name>TransMontaigne Partners LLC</name>
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        <name>HUB International Ltd.</name>
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        <name>AmeriTex HoldCo Intermediate LLC</name>
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        <name>Prime Healthcare Services, Inc.</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <name>Global Aircraft Leasing Co. Ltd.</name>
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        <name>Brundage-Bone Concrete Pumping Holdings, Inc.</name>
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        <name>US Foods, Inc.</name>
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        <name>RHP Hotel Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WULF Compute LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO Holdings LLC</name>
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        <name>Magnolia Oil &amp; Gas Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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      <invstOrSec>
        <name>OneMain Finance Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-15</maturityDt>
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      <invstOrSec>
        <name>Ardonagh Finco Ltd.</name>
        <lei>254900D2T84O1K03BA28</lei>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>Petco Health &amp; Wellness Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Asurion LLC and Asurion Co-Issuer, Inc.</name>
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        <name>Asurion LLC and Asurion Co-Issuer, Inc.</name>
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        <name>Quikrete Holdings, Inc.</name>
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        <name>Newell Brands, Inc.</name>
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        <name>Chord Energy Corp.</name>
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        <name>Wynn Resorts Finance LLC</name>
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        <name>XPLR Infrastructure Operating Partners LP</name>
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        <name>DISH Network Corp.</name>
        <lei>529900U350CWHH15G169</lei>
        <title>DISH Network Corp.</title>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Cornerstone Building Brands, Inc.</name>
        <lei>549300IW41QEWQ6T0H29</lei>
        <title>Cornerstone Building Brands, Inc.</title>
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          <isin value="US21925DAB55"/>
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        <balance>714000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>539318.76000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WR Grace Holdings LLC</name>
        <lei>549300WNOVFRGYOAEB12</lei>
        <title>WR Grace Holdings LLC</title>
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        <curCd>USD</curCd>
        <valUSD>1405755.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Partners LP</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>Buckeye Partners LP</title>
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          <isin value="US118230AM30"/>
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        <curCd>USD</curCd>
        <valUSD>536476.84000000</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>2043-11-15</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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      <invstOrSec>
        <name>Columbus McKinnon Corp.</name>
        <lei>549300W3HQB0HO1F3G69</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-15</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Six Flags Entertainment Corp.</name>
        <lei>N/A</lei>
        <title>Six Flags Entertainment Corp.</title>
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        <curCd>USD</curCd>
        <valUSD>483693.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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        <name>Eldorado Gold Corp.</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp.</title>
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          <isin value="US284902AF02"/>
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        <valUSD>1758755.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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      <invstOrSec>
        <name>Windstream Services LLC</name>
        <lei>N/A</lei>
        <title>Windstream Services LLC</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Icahn Enterprises LP</name>
        <lei>N/A</lei>
        <title>Icahn Enterprises LP</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>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
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      <invstOrSec>
        <name>Surgery Center Holdings, Inc.</name>
        <lei>54930054EVI5HWPPW113</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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          <annualizedRt>7.25000000</annualizedRt>
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        <name>Jefferson Capital Holdings LLC</name>
        <lei>N/A</lei>
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        <balance>1945000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.25000000</annualizedRt>
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        <name>Panther Escrow Issuer LLC</name>
        <lei>N/A</lei>
        <title>Panther Escrow Issuer LLC</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>PetSmart LLC</name>
        <lei>N/A</lei>
        <title>PetSmart LLC</title>
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        <curCd>USD</curCd>
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        <name>Mattamy Group Corp.</name>
        <lei>5493008TNY7A82WCXU31</lei>
        <title>Mattamy Group Corp.</title>
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        <invCountry>CA</invCountry>
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        <name>Encompass Health Corp.</name>
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        <title>Encompass Health Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Bombardier, Inc.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier, Inc.</title>
        <cusip>097751BZ3</cusip>
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        <balance>455000.00000000</balance>
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        <valUSD>472639.84000000</valUSD>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>Clarios Global LP</name>
        <lei>N/A</lei>
        <title>Clarios Global LP</title>
        <cusip>18060TAE5</cusip>
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        <balance>481000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Snap, Inc.</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>Snap, Inc.</title>
        <cusip>83304AAL0</cusip>
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        <name>Arches Buyer, Inc.</name>
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      <invstOrSec>
        <name>Acushnet Co.</name>
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        <name>Service Corp. International</name>
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        <name>Directv Financing LLC</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>LBM Acquisition LLC</name>
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        <name>Level 3 Financing, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ardonagh Finco Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Taseko Mines Ltd.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Iliad Holding SAS</name>
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        <name>Viking Baked Goods Acquisition Corp.</name>
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      <invstOrSec>
        <name>Delek Logistics Partners LP</name>
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        <name>Cloud Software Group, Inc.</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>Univision Communications, Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Patrick Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Novelis Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Iliad Holding SAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Community Health Systems, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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      <invstOrSec>
        <name>MPT Operating Partnership LP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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        <name>Antero Midstream Partners LP</name>
        <lei>N/A</lei>
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        <cusip>03690AAN6</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Mineral Resources Ltd.</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>Mineral Resources Ltd.</title>
        <cusip>603051AF0</cusip>
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          <isin value="US603051AF02"/>
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        <balance>465000.00000000</balance>
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        <valUSD>488694.36000000</valUSD>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>Grifols SA</name>
        <lei>959800HSSNXWRKBK4N60</lei>
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        <cusip>N/A</cusip>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
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        <name>CrossCountry Intermediate HoldCo LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>TriNet Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NuStar Logistics LP</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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        <name>PG&amp;E Corp.</name>
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          <maturityDt>2030-07-01</maturityDt>
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        <name>Talen Energy Supply LLC</name>
        <lei>K5K33XN0PQAU1XF7NN66</lei>
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        <name>Knife River Corp.</name>
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        <name>Sinclair Television Group, Inc.</name>
        <lei>549300CQGEN0CH65UD62</lei>
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        <name>Rivers Enterprise Lender LLC</name>
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        <name>Cerdia Finanz GmbH</name>
        <lei>391200KURNDJSX9GX570</lei>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OneMain Finance Corp.</name>
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        <name>Bombardier, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <name>Novelis Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Azorra Finance Ltd.</name>
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        <name>Petra Diamonds US Treasury plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>USA Compression Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
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        <name>Forvia SE</name>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Ball Corp.</name>
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        <name>Allied Universal Holdco LLC</name>
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        <name>Amsted Industries, Inc.</name>
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        <name>PennyMac Financial Services, Inc.</name>
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        <name>Encompass Health Corp.</name>
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        <name>Venture Global LNG, Inc.</name>
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        <name>Valaris Ltd.</name>
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        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <name>Clarios Global LP</name>
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        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Phoenix Aviation Capital Ltd.</name>
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        <name>LTRI Holdings LP</name>
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        <name>N/A</name>
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        <name>Directv Financing LLC</name>
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        <name>Macy's Retail Holdings LLC</name>
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      <invstOrSec>
        <name>OneMain Finance Corp.</name>
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        <name>Carvana Co.</name>
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        <name>Zebra Technologies Corp.</name>
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        <name>Tallgrass Energy Partners LP</name>
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        <name>Bausch Health Cos., Inc.</name>
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        <name>Venture Global Plaquemines LNG LLC</name>
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        <name>MPT Operating Partnership LP</name>
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        <name>Performance Food Group, Inc.</name>
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        <name>SCIH Salt Holdings, Inc.</name>
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        <name>IQVIA, Inc.</name>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>Chemours Co. (The)</name>
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        <name>Qnity Electronics, Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
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        <name>IQVIA, Inc.</name>
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        <name>Freedom Mortgage Holdings LLC</name>
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        <name>goeasy Ltd.</name>
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        <name>Alliant Holdings Intermediate LLC</name>
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        <name>TransDigm, Inc.</name>
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        <name>Ziggo Bond Co. BV</name>
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        <name>Fortescue Treasury Pty. Ltd.</name>
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        <name>Buckeye Partners LP</name>
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        <name>AmWINS Group, Inc.</name>
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        <name>CD&amp;R Smokey Buyer, Inc.</name>
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        <name>Axon Enterprise, Inc.</name>
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        <name>Altice France SA</name>
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        <name>Scripps Escrow II, Inc.</name>
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        <name>Altice Financing SA</name>
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        <name>Manitowoc Co., Inc. (The)</name>
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        <name>Clean Harbors, Inc.</name>
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        <name>Maxeda DIY Holding BV</name>
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        <name>Versant Media Group, Inc.</name>
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        <name>Cornerstone Building Brands, Inc.</name>
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        <name>Beach Acquisition Bidco LLC</name>
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        <name>First Quantum Minerals Ltd.</name>
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        <name>MIWD Holdco II LLC</name>
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        <name>1011778 BC ULC</name>
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        <name>SPX FLOW, Inc.</name>
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        <name>Banijay Entertainment SAS</name>
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        <name>GFL Environmental, Inc.</name>
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        <name>Macy's Retail Holdings LLC</name>
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        <name>Post Holdings, Inc.</name>
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        <name>N/A</name>
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        <name>Sunoco LP</name>
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        <name>Cloud Software Group, Inc.</name>
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        <name>SS&amp;C Technologies, Inc.</name>
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        <name>Clarios Global LP</name>
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        <name>Delek Logistics Partners LP</name>
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        <name>Hawaiian Electric Co., Inc.</name>
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        <name>Qnity Electronics, Inc.</name>
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        <name>Viking Ocean Cruises Ship VII Ltd.</name>
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        <name>Level 3 Financing, Inc.</name>
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        <name>Medline Borrower LP</name>
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        <name>Altice France SA</name>
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        <name>Fiesta Purchaser, Inc.</name>
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        <name>Wabash National Corp.</name>
        <lei>5299004ZAWHQZI5XO485</lei>
        <title>Wabash National Corp.</title>
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        <name>Kingpin Intermediate Holdings LLC</name>
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        <name>XHR LP</name>
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        <name>TransDigm, Inc.</name>
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        <name>Wynn Macau Ltd.</name>
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        <name>Dealer Tire LLC</name>
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        <name>Matador Resources Co.</name>
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        <name>Kraken Oil &amp; Gas Partners LLC</name>
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        <name>Iliad Holding SAS</name>
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        <name>CSC Holdings LLC</name>
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        <name>TrueNoord Capital DAC</name>
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        <name>KeHE Distributors LLC</name>
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        <name>NRG Energy, Inc.</name>
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        <name>Wynn Macau Ltd.</name>
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        <name>Tallgrass Energy Partners LP</name>
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        <name>IAMGOLD Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bausch Health Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alliant Holdings Intermediate LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Weekley Homes LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Axon Enterprise, Inc.</name>
        <lei>549300QP2IEEGFE16681</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>EMRLD Borrower LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Michaels Cos., Inc. (The)</name>
        <lei>549300H9LWMBP7HYLR98</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Alliant Holdings Intermediate LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>1011778 BC ULC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IQVIA, Inc.</name>
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        <name>CCO Holdings LLC</name>
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        <name>Park Intermediate Holdings LLC</name>
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        <name>Uniti Group LP</name>
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        <name>CNX Resources Corp.</name>
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        <name>Post Holdings, Inc.</name>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>Rocket Mortgage LLC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Consolidated Energy Finance SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Terraform Global Operating LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gulfport Energy Operating Corp.</name>
        <lei>549300FJX18IDUFPHD40</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Wyndham Hotels &amp; Resorts, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JB Poindexter &amp; Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SM Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gray Media, Inc.</name>
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        <title>Gray Media, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
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          <annualizedRt>7.25000000</annualizedRt>
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        <name>Allied Universal Holdco LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>Permian Resources Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>XPLR Infrastructure Operating Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Azorra Finance Ltd.</name>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>New Flyer Holdings, Inc.</name>
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        <name>Dotdash Meredith, Inc.</name>
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        <name>Neptune Bidco US, Inc.</name>
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        <name>HUB International Ltd.</name>
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        <name>Univision Communications, Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
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        <name>EchoStar Corp.</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>EchoStar Corp.</title>
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        <name>Concentra Health Services, Inc.</name>
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        <name>Hightower Holding LLC</name>
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        <name>Ball Corp.</name>
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        <name>Comstock Resources, Inc.</name>
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        <name>Insulet Corp.</name>
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        <name>ION Platform Finance US, Inc.</name>
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        <name>Performance Food Group, Inc.</name>
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        <name>Energizer Holdings, Inc.</name>
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        <title>Energizer Holdings, Inc.</title>
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        <name>Chord Energy Corp.</name>
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        <name>Rocket Cos., Inc.</name>
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        <name>Maxam Prill Sarl</name>
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        <name>EchoStar Corp.</name>
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        <name>Raven Acquisition Holdings LLC</name>
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        <name>Albertsons Cos., Inc.</name>
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        <name>NCL Corp. Ltd.</name>
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        <name>Clearway Energy Operating LLC</name>
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        <name>American Axle &amp; Manufacturing, Inc.</name>
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        <name>Altice France SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gray Media, Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
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        <name>Mavis Tire Express Services Topco Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TerraForm Power Operating LLC</name>
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        <name>New Home Co., Inc. (The)</name>
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        <name>Fiesta Purchaser, Inc.</name>
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        <name>DISH DBS Corp.</name>
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        <name>US Foods, Inc.</name>
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        <name>RHP Hotel Properties LP</name>
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        <name>PG&amp;E Corp.</name>
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        <name>Perrigo Finance Unlimited Co.</name>
        <lei>549300E86RB6YCTMRM83</lei>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Avis Budget Finance plc</name>
        <lei>549300W3BJJPGKCIOI13</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jane Street Group</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LBM Acquisition LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
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          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
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          <isin value="US893647BU00"/>
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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>2029-03-01</maturityDt>
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          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Empire Communities Corp.</name>
        <lei>549300JM1L6KK2QFP273</lei>
        <title>Empire Communities Corp.</title>
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          <isin value="US29163VAG86"/>
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        <balance>1537000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1588222.06000000</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>2029-05-01</maturityDt>
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          <annualizedRt>9.75000000</annualizedRt>
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      <invstOrSec>
        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust, Inc.</title>
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          <isin value="US85571BBG95"/>
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        <balance>2477000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2508130.94000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="136234"/>
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        <curCd>N/A</curCd>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>State Street Bank and Trust</counterpartyName>
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      <invstOrSec>
        <name>Prairie Acquiror LP</name>
        <lei>254900Q6KU2LVSIISH22</lei>
        <title>Prairie Acquiror LP</title>
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          <isin value="US73943NAA46"/>
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        <balance>1540000.00000000</balance>
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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>2029-08-01</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>Miter Brands Acquisition Holdco, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US60672JAA79"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>Venture Global LNG, Inc.</name>
        <lei>54930011XLBUWMQUC829</lei>
        <title>Venture Global LNG, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
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        <name>Stagwell Global LLC</name>
        <lei>984500904E015Z0C1F82</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
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      <invstOrSec>
        <name>Virgin Media Finance plc</name>
        <lei>2138001LVYC87DDHT482</lei>
        <title>Virgin Media Finance plc</title>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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        <name>FTAI Aviation Investors LLC</name>
        <lei>529900E7PUVK6BC8PE80</lei>
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        <name>Osaic Holdings, Inc.</name>
        <lei>549300XL60BDV6UW5C86</lei>
        <title>Osaic Holdings, Inc., Series Jan</title>
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      <invstOrSec>
        <name>Walker &amp; Dunlop, Inc.</name>
        <lei>N/A</lei>
        <title>Walker &amp; Dunlop, Inc.</title>
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        <name>Turning Point Brands, Inc.</name>
        <lei>549300IYG00QF0VVP302</lei>
        <title>Turning Point Brands, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Molina Healthcare, Inc.</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>Molina Healthcare, Inc.</title>
        <cusip>60855RAN0</cusip>
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        <balance>1997000.00000000</balance>
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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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        <name>Venture Global LNG, Inc.</name>
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        <name>CrossCountry Intermediate HoldCo LLC</name>
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        <name>SS&amp;C Technologies, Inc.</name>
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        <name>NCL Corp. Ltd.</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <name>Nabors Industries, Inc.</name>
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        <name>Cable One, Inc.</name>
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        <name>Fair Isaac Corp.</name>
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        <name>1011778 BC ULC</name>
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        <name>Neptune Bidco US, Inc.</name>
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        <name>Rocket Cos., Inc.</name>
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        <name>Bombardier, Inc.</name>
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        <name>Penske Automotive Group, Inc.</name>
        <lei>549300W7UTQ0M4C7LB15</lei>
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        <name>OneMain Finance Corp.</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>OneMain Finance Corp.</title>
        <cusip>85172FAR0</cusip>
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        <name>Aretec Group, Inc.</name>
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        <name>Zegona Finance plc</name>
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        <name>Rockies Express Pipeline LLC</name>
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        <name>Newell Brands, Inc.</name>
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        <name>Hightower Holding LLC</name>
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      <invstOrSec>
        <name>Anywhere Real Estate Group LLC</name>
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        <name>AthenaHealth Group, Inc.</name>
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        <name>CSC Holdings LLC</name>
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        <name>TriNet Group, Inc.</name>
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        <name>Lindblad Expeditions LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TransDigm, Inc.</name>
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        <name>CACI International, Inc.</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
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        <name>Medline Borrower LP</name>
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        <name>Life Time, Inc.</name>
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        <name>Veritiv Operating Co.</name>
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        <name>Virtusa Corp.</name>
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        <name>Viking Cruises Ltd.</name>
        <lei>549300IJP90T4MV2GL84</lei>
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        <name>Prestige Brands, Inc.</name>
        <lei>549300JBVP4J6D42I235</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mattamy Group Corp.</name>
        <lei>5493008TNY7A82WCXU31</lei>
        <title>Mattamy Group Corp.</title>
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          <isin value="US57701RAQ56"/>
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        <curCd>USD</curCd>
        <valUSD>758543.04000000</valUSD>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Churchill Downs, Inc.</name>
        <lei>529900FODTBQC8MIS994</lei>
        <title>Churchill Downs, Inc.</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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      <invstOrSec>
        <name>Snap, Inc.</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>Snap, Inc.</title>
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          <isin value="US83304AAM80"/>
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        <balance>483000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>493203.20000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="136239"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GFL Environmental, Inc.</name>
        <lei>894500E7NLBY9VZRT696</lei>
        <title>GFL Environmental, Inc.</title>
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          <isin value="US36168QAQ73"/>
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        <balance>896000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="136187"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Bank and Trust</counterpartyName>
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      <invstOrSec>
        <name>HUB International Ltd.</name>
        <lei>549300JQT6ATTUNS5E06</lei>
        <title>HUB International Ltd.</title>
        <cusip>44332PAJ0</cusip>
        <identifiers>
          <isin value="US44332PAJ03"/>
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        <balance>1005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1052743.55000000</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>2032-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bombardier, Inc.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>Bombardier, Inc.</title>
        <cusip>097751CD1</cusip>
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          <isin value="US097751CD18"/>
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        <balance>1332000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1399122.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Petra Diamonds Ltd.</name>
        <lei>213800X4QZIAVSA12860</lei>
        <title>Petra Diamonds Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG702782084"/>
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        <balance>61268.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73080717"/>
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        <pctVal>0.002285420570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>XPLR Infrastructure Operating Partners LP</name>
        <lei>549300KJEC5IUVJWR786</lei>
        <title>XPLR Infrastructure Operating Partners LP</title>
        <cusip>65342QAB8</cusip>
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          <isin value="US65342QAB86"/>
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        <balance>1118000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1107834.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TransDigm, Inc.</title>
        <cusip>893647BY2</cusip>
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          <isin value="US893647BY22"/>
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        <balance>3116000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3172125.39000000</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>2033-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
        <title>CSC Holdings LLC</title>
        <cusip>126307BB2</cusip>
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          <isin value="US126307BB25"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>469963.10000000</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>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Acadia Healthcare Co., Inc.</name>
        <lei>5493005CW985Y9D0NC11</lei>
        <title>Acadia Healthcare Co., Inc.</title>
        <cusip>00404AAQ2</cusip>
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          <isin value="US00404AAQ22"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>New Enterprise Stone &amp; Lime Co., Inc.</name>
        <lei>549300O5DQ5Y61B8VF38</lei>
        <title>New Enterprise Stone &amp; Lime Co., Inc.</title>
        <cusip>644274AG7</cusip>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co.</title>
        <cusip>17888HAC7</cusip>
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          <isin value="US17888HAC79"/>
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        <balance>646000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co.</title>
        <cusip>17888HAA1</cusip>
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        <balance>328000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>Sunoco LP</title>
        <cusip>86765KAC3</cusip>
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          <isin value="US86765KAC36"/>
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        <balance>2328000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2462143.83000000</valUSD>
        <pctVal>0.447463275989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Garda World Security Corp.</name>
        <lei>549300ZF1NDXLMCHNO20</lei>
        <title>Garda World Security Corp.</title>
        <cusip>36485MAP4</cusip>
        <identifiers>
          <isin value="US36485MAP41"/>
        </identifiers>
        <balance>2014000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2067705.32000000</valUSD>
        <pctVal>0.375779101527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
        <cusip>46284VAQ4</cusip>
        <identifiers>
          <isin value="US46284VAQ41"/>
        </identifiers>
        <balance>1537000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1553124.67000000</valUSD>
        <pctVal>0.282260623603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Series Trust III</ncom:nameOfApplicant>
      <ncom:signature>James Byrne</ncom:signature>
      <ncom:signerName>James Byrne</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
