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        <name>Neopharmed Gentili SpA</name>
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      <invstOrSec>
        <name>Central American Bottling Corp.</name>
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        <name>Ambipar Lux Sarl</name>
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        <name>N/A</name>
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        <name>Industrial Subordinated Trust</name>
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        <name>Iliad Holding SAS</name>
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        <name>PLT VII Finance Sarl</name>
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        <name>IIFL Finance Ltd.</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>Summer BidCo BV</name>
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        <name>Fressnapf Holding SE</name>
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        <name>Heimstaden AB</name>
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        <name>Petroleos Mexicanos</name>
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        <name>BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico</name>
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        <name>Capstone Copper Corp.</name>
        <lei>549300III6KGKKC42W63</lei>
        <title>Capstone Copper Corp.</title>
        <cusip>14071LAA6</cusip>
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        <balance>415000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Ipoteka-Bank ATIB</name>
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        <name>SAN Miguel Industrias Pet SA</name>
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        <name>Aegea Finance Sarl</name>
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        <name>Ardonagh Finco Ltd.</name>
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        <name>Muthoot Finance Ltd.</name>
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        <name>Ziggo BV</name>
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        <name>CD&amp;R Firefly Bidco plc</name>
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        <name>Sorik Marapi Geothermal Power PT</name>
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        <name>Eldorado Gold Corp.</name>
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        <name>CD&amp;R Firefly Bidco plc</name>
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        <name>Worldline SA</name>
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        <name>Sasol Financing USA LLC</name>
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      <invstOrSec>
        <name>Raizen Fuels Finance SA</name>
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        <name>Azule Energy Finance plc</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Saavi Energia Sarl</name>
        <lei>254900A2V0IO8K56UH35</lei>
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        <invCountry>LU</invCountry>

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        <name>Montego Bay Airport Revenue Finance Ltd.</name>
        <lei>2549008BQQ5ON8H2UC19</lei>
        <title>Montego Bay Airport Revenue Finance Ltd.</title>
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          <isin value="US61238BAA98"/>
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        <invCountry>KY</invCountry>

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          <maturityDt>2035-06-15</maturityDt>
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      <invstOrSec>
        <name>Iliad Holding SAS</name>
        <lei>9695009BGMXB527HV965</lei>
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          <isin value="XS2943818133"/>
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        <name>Kingston Airport Revenue Finance Ltd.</name>
        <lei>254900SK2YRR95AVHU30</lei>
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        <name>Grifols SA</name>
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        <invCountry>ES</invCountry>
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          <maturityDt>2030-05-01</maturityDt>
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        <name>Intrum Investments And Financing AB</name>
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          <isin value="XS3099990296"/>
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        <name>Multiversity SpA</name>
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        <name>iliad SA</name>
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        <name>Petra Diamonds US Treasury plc</name>
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        <name>Wolf Midstream Canada LP</name>
        <lei>2549001Q852MSO20OC46</lei>
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        <name>Arqiva Broadcast Finance plc</name>
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        <name>N/A</name>
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        <name>MC Brazil Downstream Trading SARL</name>
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        <name>SCC Power plc</name>
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        <name>Acu Petroleo Luxembourg SARL</name>
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        <name>Azule Energy Finance plc</name>
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        <name>Biocon Biologics Global plc</name>
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        <name>FIS Fabbrica Italiana Sintetici SpA</name>
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      <invstOrSec>
        <name>Punch Finance plc</name>
        <lei>2138006IJRIU1Q5DN388</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS3081707138"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-30</maturityDt>
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      <invstOrSec>
        <name>Banco GNB Sudameris SA</name>
        <lei>549300SO7QUETMQD9D84</lei>
        <title>Banco GNB Sudameris SA</title>
        <cusip>N/A</cusip>
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          <isin value="USP1265VAH52"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>422212.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-16</maturityDt>
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      <invstOrSec>
        <name>Telecommunications co Telekom Srbija AD Belgrade</name>
        <lei>254900OVY0XI1DFYC092</lei>
        <title>Telecommunications co Telekom Srbija AD Belgrade</title>
        <cusip>87945BAA8</cusip>
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          <isin value="US87945BAA89"/>
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        <curCd>USD</curCd>
        <valUSD>900209.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RS</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-28</maturityDt>
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      <invstOrSec>
        <name>Amber Finco plc</name>
        <lei>9845004C0870D380O790</lei>
        <title>Amber Finco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2857868942"/>
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        <balance>537000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bubbles Bidco SpA</name>
        <lei>815600073942740CEB24</lei>
        <title>Bubbles Bidco SpA</title>
        <cusip>N/A</cusip>
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          <isin value="XS2904660755"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.84363268"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Gruppo San Donato SpA</name>
        <lei>8156003649DB0704FC22</lei>
        <title>Gruppo San Donato SpA</title>
        <cusip>N/A</cusip>
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          <isin value="XS3212436813"/>
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        <balance>150000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Navoi Mining &amp; Metallurgical Combinat</name>
        <lei>N/A</lei>
        <title>Navoi Mining &amp; Metallurgical Combinat</title>
        <cusip>63890CAB0</cusip>
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          <isin value="US63890CAB00"/>
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        <balance>731000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>783807.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>UZ</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-17</maturityDt>
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          <annualizedRt>6.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maxeda DIY Holding BV</name>
        <lei>724500KEZU4CPEQLGZ87</lei>
        <title>Maxeda DIY Holding BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2232108568"/>
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        <balance>472000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
        <cusip>335934AW5</cusip>
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          <isin value="US335934AW52"/>
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        <balance>835000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>896005.81000000</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>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ephios Subco 3 Sarl</name>
        <lei>213800E4EG6VFUFVEH64</lei>
        <title>Ephios Subco 3 Sarl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2734938249"/>
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        <balance>100000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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        <name>Nova Securitisation Sarl</name>
        <lei>636700QG9R13IDZO4Y16</lei>
        <title>Nova Securitisation Sarl</title>
        <cusip>66984FAA5</cusip>
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          <isin value="US66984FAA57"/>
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        <balance>811000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>803052.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-03</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>Maxam Prill Sarl</name>
        <lei>984500C4C5B820A6B691</lei>
        <title>Maxam Prill Sarl</title>
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          <isin value="XS3107119003"/>
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        <balance>353000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>PLT VII Finance Sarl</name>
        <lei>894500SKZV4JDP64R249</lei>
        <title>PLT VII Finance Sarl</title>
        <cusip>N/A</cusip>
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          <isin value="XS2834244217"/>
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        <balance>548000.00000000</balance>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Czechoslovak Group A/S</name>
        <lei>315700SWFD7G70AVG768</lei>
        <title>Czechoslovak Group A/S</title>
        <cusip>N/A</cusip>
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          <isin value="XS3105190816"/>
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        <balance>638000.00000000</balance>
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        <invCountry>CZ</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-10</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Endeavour Mining plc</name>
        <lei>529900NI5MXQ91GHXR07</lei>
        <title>Endeavour Mining plc</title>
        <cusip>29261HAB1</cusip>
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          <isin value="US29261HAB15"/>
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        <balance>591000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>610062.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-28</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>Arcor SAIC</name>
        <lei>529900B2ROYOJG45VO88</lei>
        <title>Arcor SAIC</title>
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        <balance>100000.00000000</balance>
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        <valUSD>103362.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-31</maturityDt>
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          <annualizedRt>7.60000000</annualizedRt>
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        <name>Aegis Lux 1a Sarl</name>
        <lei>529900WB6L9XYCR8YT98</lei>
        <title>Aegis Lux 1a Sarl</title>
        <cusip>N/A</cusip>
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        <balance>421000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-29</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pinnacle Bidco plc</name>
        <lei>2138006Z5V8OBL2A2Q06</lei>
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        <name>Currenta Group Holdings Sarl</name>
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        <name>Bulgarian Energy Holding EAD</name>
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        <name>Iliad Holding SAS</name>
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        <name>SCC Power plc</name>
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        <name>Wynn Macau Ltd.</name>
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        <name>Grupo Antolin Irausa SA</name>
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        <name>Petroleos Mexicanos</name>
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        <name>Energuate Trust 2 0</name>
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        <name>Edge Finco plc</name>
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        <name>Cia de Minas Buenaventura SAA</name>
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        <name>Altice France SA</name>
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        <name>Biffa Group Holdings Ltd.</name>
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          <isin value="XS3246904687"/>
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        <invCountry>JE</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>888 Acquisitions Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Edge Finco plc</name>
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        <name>MKS, Inc.</name>
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        <name>Zegona Finance plc</name>
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        <name>AES Andes SA</name>
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        <name>Termocandelaria Power SA</name>
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        <name>Mong Duong Finance Holdings BV</name>
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        <name>Baffinland Iron Mines Corp.</name>
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        <name>Flos B&amp;b Italia SpA</name>
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        <name>Muthoot Finance Ltd.</name>
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        <name>SNF Group SACA</name>
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        <name>Allwyn Entertainment Financing UK plc</name>
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          <isin value="XS3134529562"/>
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        <name>SoftBank Group Corp.</name>
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        <name>Perrigo Finance Unlimited Co.</name>
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        <name>Beach Acquisition Bidco LLC</name>
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        <name>Trident Energy Finance plc</name>
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        <name>Kaixo Bondco Telecom SA</name>
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        <name>Verisure Midholding AB</name>
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        <name>Vmed O2 UK Financing I plc</name>
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        <name>Neopharmed Gentili SpA</name>
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        <name>Ephios Subco 3 SARL</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Kaixo Bondco Telecom SA</name>
        <lei>959800ULWB3MZHZ69055</lei>
        <title>Kaixo Bondco Telecom SA</title>
        <cusip>N/A</cusip>
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          <isin value="XS2397243887"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arcor SAIC</name>
        <lei>529900B2ROYOJG45VO88</lei>
        <title>Arcor SAIC</title>
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          <isin value="US03965PAE16"/>
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        <balance>726000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>750408.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-31</maturityDt>
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      <invstOrSec>
        <name>Itelyum Regeneration Spa</name>
        <lei>815600051FBC23AA8A45</lei>
        <title>Itelyum Regeneration Spa</title>
        <cusip>N/A</cusip>
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          <isin value="XS3041347637"/>
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        <balance>432000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
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      <invstOrSec>
        <name>Punch Finance plc</name>
        <lei>2138006IJRIU1Q5DN388</lei>
        <title>Punch Finance plc</title>
        <cusip>N/A</cusip>
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          <isin value="XS3081705603"/>
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        <balance>100000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-30</maturityDt>
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      <invstOrSec>
        <name>Samarco Mineracao SA</name>
        <lei>529900U8HKV15GJC4O60</lei>
        <title>Samarco Mineracao SA</title>
        <cusip>N/A</cusip>
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          <isin value="USP8405QAA78"/>
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        <balance>1102433.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1106752.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>529900GXBX7DGL5YMO49</lei>
        <title>Artemis Gold, Inc.</title>
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          <isin value="CA04302LAB68"/>
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        <balance>725000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.36165000"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>Novelis Sheet Ingot GmbH</name>
        <lei>9845005E95899E77AY49</lei>
        <title>Novelis Sheet Ingot GmbH</title>
        <cusip>N/A</cusip>
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          <isin value="XS2326533614"/>
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        <balance>460000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eroski S Coop</name>
        <lei>959800J76YJMWZP6S661</lei>
        <title>Eroski S Coop</title>
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          <isin value="XS3195078335"/>
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        <balance>431000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
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      <invstOrSec>
        <name>MFS High Yield Pooled Portfolio</name>
        <lei>549300B758U8480GXX22</lei>
        <title>MFS High Yield Pooled Portfolio</title>
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          <isin value="US5529846686"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Millicom International Cellular SA</name>
        <lei>549300CTHC1CP86P2G96</lei>
        <title>Millicom International Cellular SA</title>
        <cusip>600814AN7</cusip>
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          <isin value="US600814AN71"/>
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        <balance>617400.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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      <invstOrSec>
        <name>SierraCol Energy Andina LLC</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>589488.87000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-14</maturityDt>
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        <name>Ziggo BV</name>
        <lei>213800TQASLF9JXH5J59</lei>
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          <isin value="XS2069016165"/>
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        <balance>100000.00000000</balance>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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        <name>Dometic Group AB</name>
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        <invCountry>SE</invCountry>
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        <name>Multiversity SpA</name>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Amber Finco plc</name>
        <lei>9845004C0870D380O790</lei>
        <title>Amber Finco plc</title>
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          <isin value="XS2857869163"/>
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        <balance>250000.00000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Laboratoire Eimer SELAS</name>
        <lei>969500DCZL54LLTFEM37</lei>
        <title>Laboratoire Eimer SELAS</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>EURO</name>
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        <name>British Pound</name>
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        <title>British Pound</title>
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        <balance>0.65000000</balance>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Forvia SE</name>
        <lei>969500F0VMZLK2IULV85</lei>
        <title>Forvia SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2774392638"/>
        </identifiers>
        <balance>534000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84363268"/>
        <valUSD>656474.54000000</valUSD>
        <pctVal>0.319385626442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</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>Summer BidCo BV</name>
        <lei>724500EOJYP21L3XM206</lei>
        <title>Summer BidCo BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2758100536"/>
        </identifiers>
        <balance>586126.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84363268"/>
        <valUSD>696063.81000000</valUSD>
        <pctVal>0.338646455353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QAZ5</cusip>
        <identifiers>
          <isin value="US71654QAZ54"/>
        </identifiers>
        <balance>1163000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1014048.43000000</valUSD>
        <pctVal>0.493351186260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Currenta Group Holdings Sarl</name>
        <lei>222100SF79KCJKYUPE47</lei>
        <title>Currenta Group Holdings Sarl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3067385420"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84363268"/>
        <valUSD>121535.71000000</valUSD>
        <pctVal>0.059129115462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</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>Summer BidCo BV</name>
        <lei>724500EOJYP21L3XM206</lei>
        <title>Summer BidCo BV, Series PIYC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3277828276"/>
        </identifiers>
        <balance>545000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84363268"/>
        <valUSD>654575.46000000</valUSD>
        <pctVal>0.318461692887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Azure Power Energy Ltd.</name>
        <lei>54930051LQDFHGQMHF47</lei>
        <title>Azure Power Energy Ltd.</title>
        <cusip>05502VAA1</cusip>
        <identifiers>
          <isin value="US05502VAA17"/>
        </identifiers>
        <balance>367209.89000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>365851.21000000</valUSD>
        <pctVal>0.177992611702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.57500000</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>Petra Diamonds Ltd.</name>
        <lei>213800X4QZIAVSA12860</lei>
        <title>Petra Diamonds Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG702782084"/>
        </identifiers>
        <balance>24457.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73080717"/>
        <valUSD>5019.86000000</valUSD>
        <pctVal>0.002442244189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Czechoslovak Group A/S</name>
        <lei>315700SWFD7G70AVG768</lei>
        <title>Czechoslovak Group A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3105190576"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84363268"/>
        <valUSD>124081.36000000</valUSD>
        <pctVal>0.060367615922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>
