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        <fairValLevel>2</fairValLevel>
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        <name>Artemis Gold, Inc.</name>
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        <name>Azule Energy Finance plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Biocon Biologics Global plc</name>
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      <invstOrSec>
        <name>Capstone Copper Corp.</name>
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        <name>Central American Bottling Corp.</name>
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        <name>Cia de Minas Buenaventura SAA</name>
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        <name>COX Asset Mexico SA de CV</name>
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        <name>Ecopetrol SA</name>
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        <name>Eldorado Gold Corp.</name>
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        <name>Energuate Trust 2 0</name>
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        <name>First Quantum Minerals Ltd.</name>
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        <name>HTA Group Ltd.</name>
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        <name>IHS Holding Ltd.</name>
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        <name>IIFL Finance Ltd.</name>
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        <name>Industrial Subordinated Trust</name>
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      <invstOrSec>
        <name>Oceanica Lux</name>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Petroleos Mexicanos</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Petroleos Mexicanos</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-23</maturityDt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-23</maturityDt>
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        <name>Petroleos Mexicanos</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-07</maturityDt>
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        <name>ReNew Wind Energy AP2</name>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-14</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>SCC Power plc</name>
        <lei>529900IYGYC6VSDSDF37</lei>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-17</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Saavi Energia Sarl</name>
        <lei>254900A2V0IO8K56UH35</lei>
        <title>Saavi Energia Sarl</title>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-10</maturityDt>
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      <invstOrSec>
        <name>SAN Miguel Industrias Pet SA</name>
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        <invCountry>PE</invCountry>
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          <maturityDt>2028-08-02</maturityDt>
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        <name>SierraCol Energy Andina LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-14</maturityDt>
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        <name>Telecommunications co Telekom Srbija AD Belgrade</name>
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        <name>Termocandelaria Power SA</name>
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        <name>Trident Energy Finance plc</name>
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        <name>Veon Midco BV</name>
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        <name>Wolf Midstream Canada LP</name>
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        <name>Wynn Macau Ltd.</name>
        <lei>254900NMDQ8ENTHU1I31</lei>
        <title>Wynn Macau Ltd.</title>
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        <invCountry>KY</invCountry>

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        <name>Monitchem HoldCo 3 SA</name>
        <lei>222100SJHJ1CNJMSW162</lei>
        <title>Monitchem HoldCo 3 SA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Constantia Flexibles GmbH</name>
        <lei>529900317WTFHPDWDI76</lei>
        <title>Constantia Flexibles GmbH</title>
        <cusip>N/A</cusip>
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          <isin value="XS3425738278"/>
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        <balance>325000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Zegona Finance plc</name>
        <lei>254900B3KC1SS7T2TE92</lei>
        <title>Zegona Finance plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3430526189"/>
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        <balance>587000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>672024.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Nomad Foods Bondco plc</name>
        <lei>213800BPK5X4TY4RZ619</lei>
        <title>Nomad Foods Bondco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3453584719"/>
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        <balance>496000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>569274.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ziggo BV</name>
        <lei>213800TQASLF9JXH5J59</lei>
        <title>Ziggo BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2069016165"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>107322.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ziggo BV</name>
        <lei>213800TQASLF9JXH5J59</lei>
        <title>Ziggo BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2069016322"/>
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        <balance>260000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>279039.14000000</valUSD>
        <pctVal>0.157277519806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <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>
      <invstOrSec>
        <name>ams-OSRAM AG</name>
        <lei>5299001JPPT2QFTV5D76</lei>
        <title>ams-OSRAM AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2724532333"/>
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        <balance>403170.74700000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>490854.29000000</valUSD>
        <pctVal>0.276664934237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Vmed O2 UK Financing I plc</name>
        <lei>213800MRR46ECNGZ7L69</lei>
        <title>Vmed O2 UK Financing I plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2231189924"/>
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        <balance>299000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74197737"/>
        <valUSD>362747.06000000</valUSD>
        <pctVal>0.204458621517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Ambipar Lux Sarl</name>
        <lei>9845008C0E14F9BDEK55</lei>
        <title>Ambipar Lux Sarl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USL0183EAB13"/>
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        <balance>385000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131862.50000000</valUSD>
        <pctVal>0.074322931741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.87500000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Heimstaden AB</name>
        <lei>549300WD2QBD89VBPV88</lei>
        <title>Heimstaden AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0016278352"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>242470.23000000</valUSD>
        <pctVal>0.136665832618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Flos B&amp;b Italia SpA</name>
        <lei>815600907387ED411436</lei>
        <title>Flos B&amp;b Italia SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2719293826"/>
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        <balance>120000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>143890.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Iliad Holding SAS</name>
        <lei>9695009BGMXB527HV965</lei>
        <title>Iliad Holding SAS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2397782322"/>
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        <balance>280000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>323795.39000000</valUSD>
        <pctVal>0.182503916346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grifols SA</name>
        <lei>959800HSSNXWRKBK4N60</lei>
        <title>Grifols SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2961445090"/>
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        <balance>394000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>472981.67000000</valUSD>
        <pctVal>0.266591217173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ardonagh Finco Ltd.</name>
        <lei>254900D2T84O1K03BA28</lei>
        <title>Ardonagh Finco Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2765406371"/>
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        <balance>363000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>iliad SA</name>
        <lei>969500FZ9BTRZS3JNB97</lei>
        <title>iliad SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR001400FV85"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>364031.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>437000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>520005.29000000</valUSD>
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        <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>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Flos B&amp;b Italia SpA</name>
        <lei>815600907387ED411436</lei>
        <title>Flos B&amp;b Italia SpA</title>
        <cusip>N/A</cusip>
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          <isin value="XS2719294634"/>
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        <balance>326400.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>391381.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arqiva Broadcast Finance plc</name>
        <lei>5493007PMKIGKNYH2S25</lei>
        <title>Arqiva Broadcast Finance plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3108489645"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74197737"/>
        <valUSD>362639.81000000</valUSD>
        <pctVal>0.204398171166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</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>
      <invstOrSec>
        <name>Odido Group Holding BV</name>
        <lei>724500FOAL1MNGOJKP07</lei>
        <title>Odido Group Holding BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2417092132"/>
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        <balance>752000.00000000</balance>
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        <valUSD>864946.38000000</valUSD>
        <pctVal>0.487518064355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>54669.00000000</balance>
        <units>NS</units>
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        <valUSD>4523.97000000</valUSD>
        <pctVal>0.002549888812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alexandrite Monnet UK Holdco plc</name>
        <lei>254900UEO4639PJFQ079</lei>
        <title>Alexandrite Monnet UK Holdco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3350943281"/>
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        <balance>414000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>484676.96000000</valUSD>
        <pctVal>0.273183146193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>888 Acquisitions Ltd.</name>
        <lei>254900RFD0BP3JOPZU89</lei>
        <title>888 Acquisitions Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2817891984"/>
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        <balance>370000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74197737"/>
        <valUSD>518361.42000000</valUSD>
        <pctVal>0.292169043027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sorik Marapi Geothermal Power PT</name>
        <lei>254900OW9VKG09S8C597</lei>
        <title>Sorik Marapi Geothermal Power PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USY7150KAA98"/>
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        <balance>466650.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>466216.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Multiversity SpA</name>
        <lei>N/A</lei>
        <title>Multiversity SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2816638873"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>295710.61000000</valUSD>
        <pctVal>0.166674221119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bulgarian Energy Holding EAD</name>
        <lei>635400E1RWKJXPSBCV07</lei>
        <title>Bulgarian Energy Holding EAD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2367164576"/>
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        <balance>970000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>1077709.21000000</valUSD>
        <pctVal>0.607439628797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FR Bondco SAS</name>
        <lei>9695005XHXDZWSFICJ23</lei>
        <title>FR Bondco SAS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3222747266"/>
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        <balance>449000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>524507.97000000</valUSD>
        <pctVal>0.295633482243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fibercop SpA</name>
        <lei>8156007022402E114A31</lei>
        <title>Fibercop SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3104481414"/>
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        <balance>574000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>674824.19000000</valUSD>
        <pctVal>0.380357662042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <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>CD&amp;R Firefly Bidco plc</name>
        <lei>213800OAU5VX61DYZ558</lei>
        <title>CD&amp;R Firefly Bidco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2798887076"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74197737"/>
        <valUSD>138789.23000000</valUSD>
        <pctVal>0.078227111330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>Altice France SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3161792661"/>
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        <balance>384017.62000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>434304.05000000</valUSD>
        <pctVal>0.244790977444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Forvia SE</name>
        <lei>969500F0VMZLK2IULV85</lei>
        <title>Forvia SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2774392638"/>
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        <balance>534000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
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        <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>
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          <isCashCollateral>N</isCashCollateral>
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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="XS2857869163"/>
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        <balance>250000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>297485.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Worldline SA</name>
        <lei>549300CJMQNCA0U4TS33</lei>
        <title>Worldline SA</title>
        <cusip>N/A</cusip>
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          <isin value="FR0014010A08"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>507644.02000000</valUSD>
        <pctVal>0.286128291573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Clarios Global LP</name>
        <lei>N/A</lei>
        <title>Clarios Global LP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3091295983"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>115527.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Allwyn Entertainment Financing UK plc</name>
        <lei>315700J7ZTIN8XGCX365</lei>
        <title>Allwyn Entertainment Financing UK plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3134529562"/>
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        <balance>598000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>677756.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Samarco Mineracao SA</name>
        <lei>529900U8HKV15GJC4O60</lei>
        <title>Samarco Mineracao SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USP8405QAA78"/>
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        <balance>1130165.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1138735.13000000</valUSD>
        <pctVal>0.641836256243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pinnacle Bidco plc</name>
        <lei>2138006Z5V8OBL2A2Q06</lei>
        <title>Pinnacle Bidco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2696093033"/>
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        <balance>560000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LSF12 Pillar Investments US, Inc.</name>
        <lei>254900ETUT5CVP444H39</lei>
        <title>LSF12 Pillar Investments US, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3368834159"/>
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        <balance>500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>B&amp;M European Value Retail plc</name>
        <lei>213800UK7ZRLY2K1X530</lei>
        <title>B&amp;M European Value Retail plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2942371274"/>
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        <balance>330000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Iliad Holding SAS</name>
        <lei>9695009BGMXB527HV965</lei>
        <title>Iliad Holding SAS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2943818133"/>
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        <balance>224000.00000000</balance>
        <units>PA</units>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Project Grand UK plc</name>
        <lei>984500555ED7B8666028</lei>
        <title>Project Grand UK plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2848791989"/>
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        <balance>330000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>354435.64000000</valUSD>
        <pctVal>0.199773975759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ContourGlobal Power Holdings SA</name>
        <lei>549300O5AGIFK0PQ1516</lei>
        <title>ContourGlobal Power Holdings SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3273053796"/>
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        <balance>495000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>554415.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PLT VII Finance Sarl</name>
        <lei>894500SKZV4JDP64R249</lei>
        <title>PLT VII Finance Sarl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2834244217"/>
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        <balance>448000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>529676.04000000</valUSD>
        <pctVal>0.298546411346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Beach Acquisition Bidco LLC</name>
        <lei>254900F2FNX3GBTB6202</lei>
        <title>Beach Acquisition Bidco LLC</title>
        <cusip>07337JAE7</cusip>
        <identifiers>
          <isin value="XS3109433477"/>
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        <balance>189000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>219189.55000000</valUSD>
        <pctVal>0.123543918575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PLT VII Finance Sarl</name>
        <lei>894500SKZV4JDP64R249</lei>
        <title>PLT VII Finance Sarl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2834242435"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>118231.26000000</valUSD>
        <pctVal>0.066639824565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SoftBank Group Corp.</name>
        <lei>5493003BZYYYCDIO0R13</lei>
        <title>SoftBank Group Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2854423469"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>496252.71000000</valUSD>
        <pctVal>0.279707697730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ipoteka-Bank ATIB</name>
        <lei>213800UWVX5JSNXJS434</lei>
        <title>Ipoteka-Bank ATIB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3200121716"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500040.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>UZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Edge Finco plc</name>
        <lei>648835NI8LJE5190NT73</lei>
        <title>Edge Finco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2914010157"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74197737"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cesar SpA</name>
        <lei>815600136D7200E49057</lei>
        <title>Cesar SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2904660755"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>236584.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Currenta Group Holdings Sarl</name>
        <lei>222100SF79KCJKYUPE47</lei>
        <title>Currenta Group Holdings Sarl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3067387558"/>
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        <balance>504000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>587264.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Itelyum Regeneration Spa</name>
        <lei>815600051FBC23AA8A45</lei>
        <title>Itelyum Regeneration Spa</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3041347637"/>
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        <balance>432000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>506392.30000000</valUSD>
        <pctVal>0.285422772565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Maxam Prill Sarl</name>
        <lei>984500C4C5B820A6B691</lei>
        <title>Maxam Prill Sarl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3107119003"/>
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        <balance>353000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>415426.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Via Celere Desarrollos Inmobiliarios SA</name>
        <lei>9598003HCBBUMJ9HTD63</lei>
        <title>Via Celere Desarrollos Inmobiliarios SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3192216540"/>
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        <balance>494000.00000000</balance>
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        <valUSD>556036.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <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>MKS, Inc.</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS, Inc.</title>
        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Aegis Lux 1a Sarl</name>
        <lei>529900WB6L9XYCR8YT98</lei>
        <title>Aegis Lux 1a Sarl</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3213252623"/>
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        <balance>421000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-29</maturityDt>
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      <invstOrSec>
        <name>Cesar SpA</name>
        <lei>815600136D7200E49057</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2904658007"/>
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        <balance>450000.00000000</balance>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-30</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Punch Finance plc</name>
        <lei>2138006IJRIU1Q5DN388</lei>
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          <isin value="XS3081705603"/>
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        <currencyConditional curCd="GBP" exchangeRt="0.74197737"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Summer BidCo BV</name>
        <lei>724500EOJYP21L3XM206</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3277828276"/>
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        <balance>560299.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-31</maturityDt>
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          <annualizedRt>8.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SoftBank Group Corp.</name>
        <lei>5493003BZYYYCDIO0R13</lei>
        <title>SoftBank Group Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3109835192"/>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Intrum Investments And Financing AB</name>
        <lei>984500D7B1EFD7460452</lei>
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          <isin value="XS3099990296"/>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-11</maturityDt>
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      <invstOrSec>
        <name>Gruppo San Donato SpA</name>
        <lei>8156003649DB0704FC22</lei>
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          <isin value="XS3212436813"/>
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        <balance>150000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>SoftBank Group Corp.</name>
        <lei>5493003BZYYYCDIO0R13</lei>
        <title>SoftBank Group Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3344488864"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503493.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-22</maturityDt>
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          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>Gruppo San Donato SpA</name>
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        <balance>343000.00000000</balance>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-31</maturityDt>
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        <name>Eroski S Coop</name>
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          <isin value="XS3195078335"/>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>Termocandelaria Power SA</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-17</maturityDt>
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        <name>EURO</name>
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        <name>British Pound</name>
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        <name>Punch Finance plc</name>
        <lei>2138006IJRIU1Q5DN388</lei>
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        <name>Petra Diamonds US Treasury plc</name>
        <lei>635400LZYOO6WHAO2H58</lei>
        <title>Petra Diamonds US Treasury plc</title>
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        <name>CAB SELAS</name>
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        <name>Ephios Subco 1 Sarl</name>
        <lei>213800LY1P7I3RN7FL19</lei>
        <title>Ephios Subco 1 Sarl</title>
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        <identifiers>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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          <annualizedRt>9.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CD&amp;R Firefly Bidco plc</name>
        <lei>213800OAU5VX61DYZ558</lei>
        <title>CD&amp;R Firefly Bidco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2798887746"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74197737"/>
        <valUSD>485762.29000000</valUSD>
        <pctVal>0.273794881201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</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>Multiversity SpA</name>
        <lei>N/A</lei>
        <title>Multiversity SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2816638956"/>
        </identifiers>
        <balance>310000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>366681.15000000</valUSD>
        <pctVal>0.206676030580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Edge Finco plc</name>
        <lei>648835NI8LJE5190NT73</lei>
        <title>Edge Finco plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2914010314"/>
        </identifiers>
        <balance>414000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74197737"/>
        <valUSD>578560.17000000</valUSD>
        <pctVal>0.326099444674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Biffa Group Holdings Ltd.</name>
        <lei>21380012LWLXNMXB8I44</lei>
        <title>Biffa Group Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3246904687"/>
        </identifiers>
        <balance>499000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>571483.96000000</valUSD>
        <pctVal>0.322111012233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</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>
      <invstOrSec>
        <name>Cheplapharm Arzneimittel GmbH</name>
        <lei>529900ONXKBELT7EW052</lei>
        <title>Cheplapharm Arzneimittel GmbH</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3261897402"/>
        </identifiers>
        <balance>441000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>510702.16000000</valUSD>
        <pctVal>0.287851980495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIS Fabbrica Italiana Sintetici SpA</name>
        <lei>8156004D7056C63EC525</lei>
        <title>FIS Fabbrica Italiana Sintetici SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3280963409"/>
        </identifiers>
        <balance>425000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86718987"/>
        <valUSD>493325.56000000</valUSD>
        <pctVal>0.278057839964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-05</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>2026-08-31</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>
