# EDGAR Filing Document

**Accession Number:** 0000719269
**File Stem:** 0001410368-25-028910
**Filing Date:** 2025-11
**Character Count:** 216653
**Document Hash:** b705bec8a81806c927ef03006e46f7ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-028910.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-028910

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS VARIABLE INSURANCE TRUST II
- **CENTRAL INDEX KEY:** 0000719269

**ORGANIZATION NAME:**
- **EIN:** 046540044
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03732
- **FILM NUMBER:** 251509795

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 16179545839

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS SUN LIFE SERIES TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS SERIES TRUST
- **DATE OF NAME CHANGE:** 19850325

## Series and Classes Contracts Data

### MFS High Yield Portfolio (Series ID: S000002636)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007241 | Initial Class |  |
| C000007242 | Service Class |  |

## Nport-Ex

HYS-Q3

![](img418d016f1.gif)

**Quarterly Report**

September 30, 2025

MFS<sup>®</sup> High Yield Portfolio

![](img80c6db542.gif)

MFS<sup>®</sup> Variable Insurance Trust II

------

**Portfolio of Investments**

9/30/25 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 95.5%  | Bonds – 95.5%  | Bonds – 95.5%  |
| Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% |
| Axon Enterprise, Inc., 6.125%, 3/15/2030 (n) | $796000 | &nbsp;&nbsp;&nbsp; $817514 |
| Axon Enterprise, Inc., 6.25%, 3/15/2033 (n) | 255000 | &nbsp;&nbsp;&nbsp; 262470 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 236000 | &nbsp;&nbsp;&nbsp; 245908 |
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | 306000 | &nbsp;&nbsp;&nbsp; 329988 |
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 444000 | &nbsp;&nbsp;&nbsp; 470654 |
| Bombardier, Inc., 7%, 6/01/2032 (n) | 235000 | &nbsp;&nbsp;&nbsp; 245618 |
| Bombardier, Inc., 6.75%, 6/15/2033 (n) | 536000 | &nbsp;&nbsp;&nbsp; 559347 |
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 354000 | &nbsp;&nbsp;&nbsp; 360747 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 678000 | &nbsp;&nbsp;&nbsp; 664422 |
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | 352000 | &nbsp;&nbsp;&nbsp; 359885 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 1264000 | &nbsp;&nbsp;&nbsp; 1309675 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 1274000 | &nbsp;&nbsp;&nbsp; 1288324 |
|  |  | &nbsp;&nbsp;&nbsp; $6914552 |
| Asset-Backed & Securitized – 0.0% | Asset-Backed & Securitized – 0.0% | Asset-Backed & Securitized – 0.0% |
| COBALT CMBS Commercial Mortgage Trust, 2006-2A, "F", CDO, FLR, 5.875% ((SOFR - 3mo. + 0.26161%) + 1.3% Cash or <br> PIK), 4/26/2050 (a)(n)(p)<br>| $1577538 | &nbsp;&nbsp;&nbsp; $158 |
| Automotive – 3.3% | Automotive – 3.3% | Automotive – 3.3% |
| Allison Transmission, Inc., 3.75%, 1/30/2031 (n) | $1214000 | &nbsp;&nbsp;&nbsp; $1121605 |
| American Axle & Manufacturing, Inc., 6.375%, 10/15/2032 (n) | 193000 | &nbsp;&nbsp;&nbsp; 192674 |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 (n) | 572000 | &nbsp;&nbsp;&nbsp; 576459 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 2/15/2030 (n) | 427000 | &nbsp;&nbsp;&nbsp; 441095 |
| Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n) | 372000 | &nbsp;&nbsp;&nbsp; 444976 |
| Clarios Global LP/Clarios US Finance Co., 6.75%, 9/15/2032 (n) | $193000 | &nbsp;&nbsp;&nbsp; 197277 |
| Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n) | 631000 | &nbsp;&nbsp;&nbsp; 624086 |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n) | 776000 | &nbsp;&nbsp;&nbsp; 667391 |
| Forvia SE, 6.75%, 9/15/2033 (n) | 561000 | &nbsp;&nbsp;&nbsp; 569168 |
| J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031 (n) | 511000 | &nbsp;&nbsp;&nbsp; 535197 |
| New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n) | 586000 | &nbsp;&nbsp;&nbsp; 627236 |
| Nissan Motor Acceptance Co. LLC, 5.625%, 9/29/2028 (n) | 322000 | &nbsp;&nbsp;&nbsp; 322208 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 590000 | &nbsp;&nbsp;&nbsp; 401517 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 739000 | &nbsp;&nbsp;&nbsp; 685657 |
|  |  | &nbsp;&nbsp;&nbsp; $7406546 |
| Broadcasting – 2.4% | Broadcasting – 2.4% | Broadcasting – 2.4% |
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | $800000 | &nbsp;&nbsp;&nbsp; $830863 |
| Dotdash Meredith, Inc., 7.625%, 6/15/2032 (n) | 533000 | &nbsp;&nbsp;&nbsp; 528043 |
| Gray Media, Inc., 9.625%, 7/15/2032 (n) | 517000 | &nbsp;&nbsp;&nbsp; 528187 |
| Gray Media, Inc., 7.25%, 8/15/2033 (n) | 324000 | &nbsp;&nbsp;&nbsp; 321069 |
| Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n) | 787000 | &nbsp;&nbsp;&nbsp; 764507 |
| Scripps Escrow II, Inc., 3.875%, 1/15/2029 (n) | 332000 | &nbsp;&nbsp;&nbsp; 292486 |
| Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n) | 697000 | &nbsp;&nbsp;&nbsp; 715310 |
| Univision Communications, Inc., 8%, 8/15/2028 (n) | 397000 | &nbsp;&nbsp;&nbsp; 411379 |
| Univision Communications, Inc., 8.5%, 7/31/2031 (n) | 749000 | &nbsp;&nbsp;&nbsp; 773449 |
| WarnerMedia Holdings, Inc., 5.05%, 3/15/2042  | 318000 | &nbsp;&nbsp;&nbsp; 253866 |
|  |  | &nbsp;&nbsp;&nbsp; $5419159 |
| Brokerage & Asset Managers – 2.0% | Brokerage & Asset Managers – 2.0% | Brokerage & Asset Managers – 2.0% |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | $514000 | &nbsp;&nbsp;&nbsp; $560004 |
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 179000 | &nbsp;&nbsp;&nbsp; 179858 |
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 504000 | &nbsp;&nbsp;&nbsp; 497260 |
| Hightower Holding LLC, 9.125%, 1/31/2030 (n) | 307000 | &nbsp;&nbsp;&nbsp; 325612 |
| ION Platform Finance US, Inc., 7.875%, 9/30/2032 (n) | 640000 | &nbsp;&nbsp;&nbsp; 635795 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 1532000 | &nbsp;&nbsp;&nbsp; 1552773 |
| Osaic Holdings, Inc., 6.75%, 8/01/2032 (n) | 122000 | &nbsp;&nbsp;&nbsp; 126006 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Brokerage & Asset Managers – continued | Brokerage & Asset Managers – continued | Brokerage & Asset Managers – continued |
| Osaic Holdings, Inc., 8%, 8/01/2033 (n) | $622000 | &nbsp;&nbsp;&nbsp; $644639 |
|  |  | &nbsp;&nbsp;&nbsp; $4521947 |
| Building – 4.0% | Building – 4.0% | Building – 4.0% |
| AmeriTex Holdco Intermediate LLC, 7.625%, 8/15/2033 (n) | $705000 | &nbsp;&nbsp;&nbsp; $733756 |
| Builders FirstSource, Inc., 6.75%, 5/15/2035 (n) | 644000 | &nbsp;&nbsp;&nbsp; 672421 |
| Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n) | 592000 | &nbsp;&nbsp;&nbsp; 481088 |
| Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n) | 297000 | &nbsp;&nbsp;&nbsp; 288577 |
| Foundation Building Materials LLC, 6%, 3/01/2029 (n) | 541000 | &nbsp;&nbsp;&nbsp; 548364 |
| Knife River Corp., 7.75%, 5/01/2031 (n) | 825000 | &nbsp;&nbsp;&nbsp; 865624 |
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 383000 | &nbsp;&nbsp;&nbsp; 354514 |
| LBM Acquisition LLC, 9.5%, 6/15/2031 (n) | 583000 | &nbsp;&nbsp;&nbsp; 612627 |
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | 220000 | &nbsp;&nbsp;&nbsp; 225996 |
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 711000 | &nbsp;&nbsp;&nbsp; 692595 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 270000 | &nbsp;&nbsp;&nbsp; 270599 |
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | 1004000 | &nbsp;&nbsp;&nbsp; 1018666 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 1292000 | &nbsp;&nbsp;&nbsp; 1338311 |
| White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | 888000 | &nbsp;&nbsp;&nbsp; 885362 |
|  |  | &nbsp;&nbsp;&nbsp; $8988500 |
| Business Services – 2.3% | Business Services – 2.3% | Business Services – 2.3% |
| ams OSRAM AG, 10.5%, 3/30/2029  | 344000 | &nbsp;&nbsp;&nbsp; $430300 |
| athenahealth, Inc., 6.5%, 2/15/2030 (n) | $747000 | &nbsp;&nbsp;&nbsp; 740888 |
| CACI International, Inc., 6.375%, 6/15/2033 (n) | 794000 | &nbsp;&nbsp;&nbsp; 819051 |
| GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 691000 | &nbsp;&nbsp;&nbsp; 654706 |
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 583000 | &nbsp;&nbsp;&nbsp; 581987 |
| Iron Mountain, Inc., 5.625%, 7/15/2032 (n) | 576000 | &nbsp;&nbsp;&nbsp; 572925 |
| Iron Mountain, Inc., 6.25%, 1/15/2033 (n) | 513000 | &nbsp;&nbsp;&nbsp; 523268 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n) | 767000 | &nbsp;&nbsp;&nbsp; 792995 |
|  |  | &nbsp;&nbsp;&nbsp; $5116120 |
| Cable TV – 4.3% | Cable TV – 4.3% | Cable TV – 4.3% |
| Cable One, Inc., 4%, 11/15/2030 (n) | $522000 | &nbsp;&nbsp;&nbsp; $442273 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 2196000 | &nbsp;&nbsp;&nbsp; 2107209 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 1366000 | &nbsp;&nbsp;&nbsp; 1290070 |
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 900000 | &nbsp;&nbsp;&nbsp; 789016 |
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 495000 | &nbsp;&nbsp;&nbsp; 188486 |
| CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 400000 | &nbsp;&nbsp;&nbsp; 261942 |
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 325000 | &nbsp;&nbsp;&nbsp; 322306 |
| DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n) | 203000 | &nbsp;&nbsp;&nbsp; 202702 |
| DISH DBS Corp., 5.125%, 6/01/2029  | 661000 | &nbsp;&nbsp;&nbsp; 565267 |
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 545000 | &nbsp;&nbsp;&nbsp; 576750 |
| EchoStar Corp., 10.75%, 11/30/2029  | 685723 | &nbsp;&nbsp;&nbsp; 754412 |
| EchoStar Corp., 6.75% (6.75% Cash or 6.75% PIK) to 5/30/2027, 6.75% Cash to 11/30/2030 (p) | 570820 | &nbsp;&nbsp;&nbsp; 588487 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 627000 | &nbsp;&nbsp;&nbsp; 582362 |
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 1116000 | &nbsp;&nbsp;&nbsp; 1011559 |
|  |  | &nbsp;&nbsp;&nbsp; $9682841 |
| Chemicals – 2.7% | Chemicals – 2.7% | Chemicals – 2.7% |
| Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n) | $733000 | &nbsp;&nbsp;&nbsp; $776064 |
| Chemours Co., 4.625%, 11/15/2029 (n) | 973000 | &nbsp;&nbsp;&nbsp; 879064 |
| Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n) | 150000 | &nbsp;&nbsp;&nbsp; 145989 |
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | 907000 | &nbsp;&nbsp;&nbsp; 755523 |
| Maxam Prill S.à r.l., 6%, 7/15/2030 (n) | 677000 | &nbsp;&nbsp;&nbsp; 806927 |
| Qnity Electronics, Inc., 5.75%, 8/15/2032 (n) | $319000 | &nbsp;&nbsp;&nbsp; 321433 |
| Qnity Electronics, Inc., 6.25%, 8/15/2033 (n) | 255000 | &nbsp;&nbsp;&nbsp; 260402 |
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 922000 | &nbsp;&nbsp;&nbsp; 903961 |
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 1041000 | &nbsp;&nbsp;&nbsp; 966398 |
| Tronox, Inc., 4.625%, 3/15/2029 (n) | 191000 | &nbsp;&nbsp;&nbsp; 124579 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Chemicals – continued | Chemicals – continued | Chemicals – continued |
| Tronox, Inc., 9.125%, 9/30/2030 (n) | $129000 | &nbsp;&nbsp;&nbsp; $126384 |
|  |  | &nbsp;&nbsp;&nbsp; $6066724 |
| Computer Software – 1.9% | Computer Software – 1.9% | Computer Software – 1.9% |
| Amentum Escrow Corp., 7.25%, 8/01/2032 (n) | $870000 | &nbsp;&nbsp;&nbsp; $903379 |
| Cloud Software Group, Inc., 9%, 9/30/2029 (n) | 194000 | &nbsp;&nbsp;&nbsp; 201218 |
| Cloud Software Group, Inc., 8.25%, 6/30/2032 (n) | 859000 | &nbsp;&nbsp;&nbsp; 911187 |
| Cloud Software Group, Inc., 6.625%, 8/15/2033 (n) | 514000 | &nbsp;&nbsp;&nbsp; 523234 |
| Fair Isaac Corp., 6%, 5/15/2033 (n) | 867000 | &nbsp;&nbsp;&nbsp; 877788 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 793000 | &nbsp;&nbsp;&nbsp; 778480 |
|  |  | &nbsp;&nbsp;&nbsp; $4195286 |
| Computer Software - Systems – 1.4% | Computer Software - Systems – 1.4% | Computer Software - Systems – 1.4% |
| Sabre GLBL, Inc., 8.625%, 6/01/2027 (n) | $428000 | &nbsp;&nbsp;&nbsp; $434129 |
| Sabre GLBL, Inc., 10.75%, 11/15/2029 (n) | 201000 | &nbsp;&nbsp;&nbsp; 194246 |
| Sabre GLBL, Inc., 11.125%, 7/15/2030 (n) | 195000 | &nbsp;&nbsp;&nbsp; 188848 |
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 805000 | &nbsp;&nbsp;&nbsp; 803609 |
| SS&C Technologies Holdings, Inc., 6.5%, 6/01/2032 (n) | 241000 | &nbsp;&nbsp;&nbsp; 249155 |
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 436000 | &nbsp;&nbsp;&nbsp; 425972 |
| Zebra Technologies Corp., "A", 6.5%, 6/01/2032 (n) | 819000 | &nbsp;&nbsp;&nbsp; 841175 |
|  |  | &nbsp;&nbsp;&nbsp; $3137134 |
| Conglomerates – 1.4% | Conglomerates – 1.4% | Conglomerates – 1.4% |
| Amsted Industries, Inc., 6.375%, 3/15/2033 (n) | $510000 | &nbsp;&nbsp;&nbsp; $523454 |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 721000 | &nbsp;&nbsp;&nbsp; 741151 |
| Gates Corp., 6.875%, 7/01/2029 (n) | 552000 | &nbsp;&nbsp;&nbsp; 572783 |
| Husky Injection Molding Systems Ltd., 9%, 2/15/2029 (n) | 562000 | &nbsp;&nbsp;&nbsp; 587397 |
| SPX Flow, Inc., 8.75%, 4/01/2030 (n) | 737000 | &nbsp;&nbsp;&nbsp; 757085 |
|  |  | &nbsp;&nbsp;&nbsp; $3181870 |
| Construction – 1.2% | Construction – 1.2% | Construction – 1.2% |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | $765000 | &nbsp;&nbsp;&nbsp; $802118 |
| Mattamy Group Corp., 5.25%, 12/15/2027 (n) | 312000 | &nbsp;&nbsp;&nbsp; 309979 |
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 390000 | &nbsp;&nbsp;&nbsp; 376409 |
| New Home Co., 8.5%, 11/01/2030 (n) | 543000 | &nbsp;&nbsp;&nbsp; 563667 |
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 589000 | &nbsp;&nbsp;&nbsp; 576700 |
|  |  | &nbsp;&nbsp;&nbsp; $2628873 |
| Consumer Products – 3.6% | Consumer Products – 3.6% | Consumer Products – 3.6% |
| Acushnet Co., 7.375%, 10/15/2028 (n) | $654000 | &nbsp;&nbsp;&nbsp; $678090 |
| Amer Sports Co., 6.75%, 2/16/2031 (n) | 882000 | &nbsp;&nbsp;&nbsp; 916598 |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n) | 584000 | &nbsp;&nbsp;&nbsp; 456733 |
| Champ Acquisition Corp., 8.375%, 12/01/2031 (n) | 606000 | &nbsp;&nbsp;&nbsp; 644260 |
| Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | 530000 | &nbsp;&nbsp;&nbsp; 508302 |
| Energizer Holdings, Inc., 6%, 9/15/2033 (n) | 380000 | &nbsp;&nbsp;&nbsp; 371649 |
| MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n) | 291000 | &nbsp;&nbsp;&nbsp; 238467 |
| Newell Brands, Inc., 8.5%, 6/01/2028 (n) | 335000 | &nbsp;&nbsp;&nbsp; 354342 |
| Newell Brands, Inc., 6.375%, 5/15/2030  | 695000 | &nbsp;&nbsp;&nbsp; 688602 |
| Newell Brands, Inc., 6.625%, 5/15/2032  | 417000 | &nbsp;&nbsp;&nbsp; 411541 |
| Opal Bidco S.A.S., 5.5%, 3/31/2032 (n) | 325000 | &nbsp;&nbsp;&nbsp; 394916 |
| Opal Bidco S.A.S., 6.5%, 3/31/2032 (n) | $345000 | &nbsp;&nbsp;&nbsp; 353537 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032  | 894000 | &nbsp;&nbsp;&nbsp; 899994 |
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 573000 | &nbsp;&nbsp;&nbsp; 568320 |
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 645000 | &nbsp;&nbsp;&nbsp; 594116 |
|  |  | &nbsp;&nbsp;&nbsp; $8079467 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Consumer Services – 2.7% | Consumer Services – 2.7% | Consumer Services – 2.7% |
| Allied Universal Holdco LLC, 6.875%, 6/15/2030 (n) | $315000 | &nbsp;&nbsp;&nbsp; $323766 |
| Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n) | 621000 | &nbsp;&nbsp;&nbsp; 651116 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/2030 (n) | 258000 | &nbsp;&nbsp;&nbsp; 281564 |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 804000 | &nbsp;&nbsp;&nbsp; 788151 |
| Garda World Security Corp., 8.375%, 11/15/2032 (n) | 792000 | &nbsp;&nbsp;&nbsp; 822117 |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) | 859000 | &nbsp;&nbsp;&nbsp; 882767 |
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 547000 | &nbsp;&nbsp;&nbsp; 510617 |
| Service Corp. International, 5.75%, 10/15/2032  | 1090000 | &nbsp;&nbsp;&nbsp; 1104255 |
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 595000 | &nbsp;&nbsp;&nbsp; 556523 |
| TriNet Group, Inc., 7.125%, 8/15/2031 (n) | 140000 | &nbsp;&nbsp;&nbsp; 144610 |
|  |  | &nbsp;&nbsp;&nbsp; $6065486 |
| Containers – 0.9% | Containers – 0.9% | Containers – 0.9% |
| Ball Corp., 6%, 6/15/2029  | $510000 | &nbsp;&nbsp;&nbsp; $522059 |
| Ball Corp., 2.875%, 8/15/2030  | 1035000 | &nbsp;&nbsp;&nbsp; 940238 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n) | 623000 | &nbsp;&nbsp;&nbsp; 639972 |
|  |  | &nbsp;&nbsp;&nbsp; $2102269 |
| Electronics – 0.3% | Electronics – 0.3% | Electronics – 0.3% |
| Diebold Nixdorf, Inc., 7.75%, 3/31/2030 (n)  | $600000 | &nbsp;&nbsp;&nbsp; $632919 |
| Energy - Independent – 4.3% | Energy - Independent – 4.3% | Energy - Independent – 4.3% |
| Baytex Energy Corp., 8.5%, 4/30/2030 (n) | $444000 | &nbsp;&nbsp;&nbsp; $456238 |
| Chord Energy Corp., 6%, 10/01/2030 (n) | 192000 | &nbsp;&nbsp;&nbsp; 190663 |
| Chord Energy Corp., 6.75%, 3/15/2033 (n) | 682000 | &nbsp;&nbsp;&nbsp; 690995 |
| Civitas Resources, Inc., 8.375%, 7/01/2028 (n) | 269000 | &nbsp;&nbsp;&nbsp; 278832 |
| Civitas Resources, Inc., 8.625%, 11/01/2030 (n) | 236000 | &nbsp;&nbsp;&nbsp; 244417 |
| Civitas Resources, Inc., 8.75%, 7/01/2031 (n) | 548000 | &nbsp;&nbsp;&nbsp; 561432 |
| CNX Resources Corp., 7.25%, 3/01/2032 (n) | 540000 | &nbsp;&nbsp;&nbsp; 560210 |
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 1065000 | &nbsp;&nbsp;&nbsp; 1063260 |
| Gulfport Energy Corp., 6.75%, 9/01/2029 (n) | 821000 | &nbsp;&nbsp;&nbsp; 842505 |
| Kraken Oil & Gas Partners LLC, 7.625%, 8/15/2029 (n) | 458000 | &nbsp;&nbsp;&nbsp; 453961 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n) | 857000 | &nbsp;&nbsp;&nbsp; 879466 |
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 754000 | &nbsp;&nbsp;&nbsp; 769486 |
| Matador Resources Co., 6.5%, 4/15/2032 (n) | 254000 | &nbsp;&nbsp;&nbsp; 256431 |
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 650000 | &nbsp;&nbsp;&nbsp; 652909 |
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 469000 | &nbsp;&nbsp;&nbsp; 486418 |
| Permian Resources Operating LLC, 6.25%, 2/01/2033 (n) | 215000 | &nbsp;&nbsp;&nbsp; 219011 |
| Vital Energy, Inc., 7.875%, 4/15/2032 (n) | 435000 | &nbsp;&nbsp;&nbsp; 422271 |
| Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n) | 527000 | &nbsp;&nbsp;&nbsp; 532468 |
|  |  | &nbsp;&nbsp;&nbsp; $9560973 |
| Entertainment – 2.6% | Entertainment – 2.6% | Entertainment – 2.6% |
| Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032 (n) | $643000 | &nbsp;&nbsp;&nbsp; $610963 |
| Life Time, Inc., 6%, 11/15/2031 (n) | 832000 | &nbsp;&nbsp;&nbsp; 845282 |
| Lindblad Expeditions Holdings, Inc., 7%, 9/15/2030 (n) | 575000 | &nbsp;&nbsp;&nbsp; 586092 |
| NCL Corp. Ltd., 6.25%, 3/01/2030 (n) | 825000 | &nbsp;&nbsp;&nbsp; 835486 |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | 442000 | &nbsp;&nbsp;&nbsp; 454567 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 1074000 | &nbsp;&nbsp;&nbsp; 1094205 |
| Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n) | 271000 | &nbsp;&nbsp;&nbsp; 271104 |
| Viking Cruises Ltd. Co., 5.875%, 10/15/2033 (n) | 334000 | &nbsp;&nbsp;&nbsp; 334234 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 808000 | &nbsp;&nbsp;&nbsp; 807305 |
|  |  | &nbsp;&nbsp;&nbsp; $5839238 |
| Financial Institutions – 6.8% | Financial Institutions – 6.8% | Financial Institutions – 6.8% |
| Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p) | $874696 | &nbsp;&nbsp;&nbsp; $869062 |
| Azorra Finance Ltd., 7.75%, 4/15/2030 (n) | 1046000 | &nbsp;&nbsp;&nbsp; 1100799 |
| Azorra Finance Ltd., 7.25%, 1/15/2031 (n) | 272000 | &nbsp;&nbsp;&nbsp; 283231 |
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 335000 | &nbsp;&nbsp;&nbsp; 351961 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Financial Institutions – continued | Financial Institutions – continued | Financial Institutions – continued |
| Credit Acceptance Corp., 6.625%, 3/15/2030 (n) | $537000 | &nbsp;&nbsp;&nbsp; $537891 |
| CrossCountry Intermediate HoldCo LLC, 6.5%, 10/01/2030 (n) | 445000 | &nbsp;&nbsp;&nbsp; 446637 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 591000 | &nbsp;&nbsp;&nbsp; 621836 |
| Freedom Mortgage Holdings LLC, 9.125%, 5/15/2031 (n) | 262000 | &nbsp;&nbsp;&nbsp; 278651 |
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 788000 | &nbsp;&nbsp;&nbsp; 788125 |
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 504000 | &nbsp;&nbsp;&nbsp; 535574 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 9/01/2027 (n) | 640000 | &nbsp;&nbsp;&nbsp; 661208 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029  | 638000 | &nbsp;&nbsp;&nbsp; 643902 |
| Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n) | 264000 | &nbsp;&nbsp;&nbsp; 265166 |
| Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n) | 781000 | &nbsp;&nbsp;&nbsp; 816789 |
| LFS TopCo LLC, 8.75%, 7/15/2030 (n) | 654000 | &nbsp;&nbsp;&nbsp; 656947 |
| Nationstar Mortgage Holdings, Inc., 6.5%, 8/01/2029 (n) | 557000 | &nbsp;&nbsp;&nbsp; 571420 |
| OneMain Finance Corp., 6.625%, 5/15/2029  | 675000 | &nbsp;&nbsp;&nbsp; 693813 |
| OneMain Finance Corp., 5.375%, 11/15/2029  | 548000 | &nbsp;&nbsp;&nbsp; 541787 |
| OneMain Finance Corp., 7.5%, 5/15/2031  | 391000 | &nbsp;&nbsp;&nbsp; 408736 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n) | 1510000 | &nbsp;&nbsp;&nbsp; 1559992 |
| Phoenix Aviation Capital, 9.25%, 7/15/2030 (n) | 458000 | &nbsp;&nbsp;&nbsp; 487273 |
| Rocket Cos., Inc., 6.125%, 8/01/2030 (n) | 447000 | &nbsp;&nbsp;&nbsp; 458765 |
| Rocket Cos., Inc., 6.375%, 8/01/2033 (n) | 447000 | &nbsp;&nbsp;&nbsp; 461355 |
| Rocket Cos., Inc., 4%, 10/15/2033 (n) | 211000 | &nbsp;&nbsp;&nbsp; 192703 |
| TrueNoord Capital DAC, 8.75%, 3/01/2030 (n) | 385000 | &nbsp;&nbsp;&nbsp; 409062 |
| Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n) | 603000 | &nbsp;&nbsp;&nbsp; 616656 |
|  |  | &nbsp;&nbsp;&nbsp; $15259341 |
| Food & Beverages – 2.8% | Food & Beverages – 2.8% | Food & Beverages – 2.8% |
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | $237000 | &nbsp;&nbsp;&nbsp; $250114 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n) | 448000 | &nbsp;&nbsp;&nbsp; 483657 |
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 601000 | &nbsp;&nbsp;&nbsp; 599514 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 450000 | &nbsp;&nbsp;&nbsp; 460940 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 1157000 | &nbsp;&nbsp;&nbsp; 1115362 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 397000 | &nbsp;&nbsp;&nbsp; 400304 |
| Primo Water Holdings Inc./Triton Water Holdings, 4.375%, 4/30/2029 (n) | 1131000 | &nbsp;&nbsp;&nbsp; 1096960 |
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 1069000 | &nbsp;&nbsp;&nbsp; 1053014 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 184000 | &nbsp;&nbsp;&nbsp; 184964 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n) | 559000 | &nbsp;&nbsp;&nbsp; 559121 |
|  |  | &nbsp;&nbsp;&nbsp; $6203950 |
| Forest & Paper Products – 0.7% | Forest & Paper Products – 0.7% | Forest & Paper Products – 0.7% |
| Graphic Packaging International LLC, 6.375%, 7/15/2032 (n) | $878000 | &nbsp;&nbsp;&nbsp; $891580 |
| Veritiv Operating Co., 10.5%, 11/30/2030 (n) | 613000 | &nbsp;&nbsp;&nbsp; 657889 |
|  |  | &nbsp;&nbsp;&nbsp; $1549469 |
| Gaming & Lodging – 3.2% | Gaming & Lodging – 3.2% | Gaming & Lodging – 3.2% |
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | $1426000 | &nbsp;&nbsp;&nbsp; $1424714 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030  | 1389000 | &nbsp;&nbsp;&nbsp; 1381209 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 638000 | &nbsp;&nbsp;&nbsp; 583837 |
| Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n) | 320000 | &nbsp;&nbsp;&nbsp; 326655 |
| Rivers Enterprise Lender LLC, 6.25%, 10/15/2030 (n) | 508000 | &nbsp;&nbsp;&nbsp; 512530 |
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 909000 | &nbsp;&nbsp;&nbsp; 887358 |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 860000 | &nbsp;&nbsp;&nbsp; 859126 |
| Wynn Macau Ltd., 6.75%, 2/15/2034 (n) | 273000 | &nbsp;&nbsp;&nbsp; 276756 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 768000 | &nbsp;&nbsp;&nbsp; 769184 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n) | 212000 | &nbsp;&nbsp;&nbsp; 228185 |
|  |  | &nbsp;&nbsp;&nbsp; $7249554 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Industrial – 1.1% | Industrial – 1.1% | Industrial – 1.1% |
| AECOM, 6%, 8/01/2033 (n) | $975000 | &nbsp;&nbsp;&nbsp; $996830 |
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | 1180000 | &nbsp;&nbsp;&nbsp; 1156766 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n) | 404000 | &nbsp;&nbsp;&nbsp; 408180 |
|  |  | &nbsp;&nbsp;&nbsp; $2561776 |
| Insurance - Property & Casualty – 3.5% | Insurance - Property & Casualty – 3.5% | Insurance - Property & Casualty – 3.5% |
| Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n) | $484000 | &nbsp;&nbsp;&nbsp; $505157 |
| Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n) | 611000 | &nbsp;&nbsp;&nbsp; 602304 |
| Acrisure LLC/Acrisure Finance, Inc., 7.5%, 11/06/2030 (n) | 198000 | &nbsp;&nbsp;&nbsp; 206266 |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/01/2032 (n) | 394000 | &nbsp;&nbsp;&nbsp; 405695 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 350000 | &nbsp;&nbsp;&nbsp; 348175 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 582000 | &nbsp;&nbsp;&nbsp; 601339 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n) | 606000 | &nbsp;&nbsp;&nbsp; 619594 |
| AmWINS Group Benefits, Inc., 6.375%, 2/15/2029 (n) | 345000 | &nbsp;&nbsp;&nbsp; 352015 |
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 256000 | &nbsp;&nbsp;&nbsp; 248804 |
| Amynta Agency Borrower, Inc., 7.5%, 7/15/2033 (n) | 635000 | &nbsp;&nbsp;&nbsp; 650015 |
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 738000 | &nbsp;&nbsp;&nbsp; 766081 |
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 261000 | &nbsp;&nbsp;&nbsp; 260738 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 789000 | &nbsp;&nbsp;&nbsp; 822852 |
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 293000 | &nbsp;&nbsp;&nbsp; 305112 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 1152000 | &nbsp;&nbsp;&nbsp; 1198216 |
|  |  | &nbsp;&nbsp;&nbsp; $7892363 |
| Interactive Media Services – 0.5% | Interactive Media Services – 0.5% | Interactive Media Services – 0.5% |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $829000 | &nbsp;&nbsp;&nbsp; $847320 |
| Snap, Inc., 6.875%, 3/15/2034 (n) | 194000 | &nbsp;&nbsp;&nbsp; 196353 |
|  |  | &nbsp;&nbsp;&nbsp; $1043673 |
| Machinery & Tools – 0.9% | Machinery & Tools – 0.9% | Machinery & Tools – 0.9% |
| Manitowoc Co., Inc., 9.25%, 10/01/2031 (n) | $540000 | &nbsp;&nbsp;&nbsp; $566575 |
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 1338000 | &nbsp;&nbsp;&nbsp; 1399418 |
|  |  | &nbsp;&nbsp;&nbsp; $1965993 |
| Medical & Health Technology & Services – 4.0% | Medical & Health Technology & Services – 4.0% | Medical & Health Technology & Services – 4.0% |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n) | $538000 | &nbsp;&nbsp;&nbsp; $558546 |
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 599000 | &nbsp;&nbsp;&nbsp; 624270 |
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 410000 | &nbsp;&nbsp;&nbsp; 297387 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 1606000 | &nbsp;&nbsp;&nbsp; 1452858 |
| Concentra, Inc., 6.875%, 7/15/2032 (n) | 727000 | &nbsp;&nbsp;&nbsp; 754904 |
| Encompass Health Corp., 4.75%, 2/01/2030  | 803000 | &nbsp;&nbsp;&nbsp; 793589 |
| Encompass Health Corp., 4.625%, 4/01/2031  | 286000 | &nbsp;&nbsp;&nbsp; 278274 |
| IQVIA, Inc., 5%, 5/15/2027 (n) | 485000 | &nbsp;&nbsp;&nbsp; 483650 |
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 722000 | &nbsp;&nbsp;&nbsp; 746178 |
| IQVIA, Inc., 6.25%, 6/01/2032 (n) | 363000 | &nbsp;&nbsp;&nbsp; 373215 |
| Lifepoint Health, Inc., 9.875%, 8/15/2030 (n) | 436000 | &nbsp;&nbsp;&nbsp; 472161 |
| Lifepoint Health, Inc., 11%, 10/15/2030 (n) | 447000 | &nbsp;&nbsp;&nbsp; 492664 |
| Lifepoint Health, Inc., 10%, 6/01/2032 (n) | 274000 | &nbsp;&nbsp;&nbsp; 287689 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 569000 | &nbsp;&nbsp;&nbsp; 584503 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 678000 | &nbsp;&nbsp;&nbsp; 694260 |
|  |  | &nbsp;&nbsp;&nbsp; $8894148 |
| Medical Equipment – 1.2% | Medical Equipment – 1.2% | Medical Equipment – 1.2% |
| Insulet Corp., 6.5%, 4/01/2033 (n) | $790000 | &nbsp;&nbsp;&nbsp; $821309 |
| Medline Borrower LP, 3.875%, 4/01/2029 (n) | 363000 | &nbsp;&nbsp;&nbsp; 350093 |
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 890000 | &nbsp;&nbsp;&nbsp; 882305 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n) | 687000 | &nbsp;&nbsp;&nbsp; 704453 |
|  |  | &nbsp;&nbsp;&nbsp; $2758160 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Metals & Mining – 2.9% | Metals & Mining – 2.9% | Metals & Mining – 2.9% |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $749000 | &nbsp;&nbsp;&nbsp; $694713 |
| Cleveland-Cliffs, Inc., 7%, 3/15/2032 (n) | 317000 | &nbsp;&nbsp;&nbsp; 320159 |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 2005000 | &nbsp;&nbsp;&nbsp; 1914249 |
| Mineral Resources Ltd., 9.25%, 10/01/2028 (n) | 918000 | &nbsp;&nbsp;&nbsp; 961888 |
| Mineral Resources Ltd., 7%, 4/01/2031 (n) | 191000 | &nbsp;&nbsp;&nbsp; 193471 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 778000 | &nbsp;&nbsp;&nbsp; 750512 |
| Novelis, Inc., 6.875%, 1/30/2030 (n) | 399000 | &nbsp;&nbsp;&nbsp; 413752 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 403000 | &nbsp;&nbsp;&nbsp; 367410 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (z) | 357212 | &nbsp;&nbsp;&nbsp; 204929 |
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 673000 | &nbsp;&nbsp;&nbsp; 712804 |
|  |  | &nbsp;&nbsp;&nbsp; $6533887 |
| Midstream – 6.0% | Midstream – 6.0% | Midstream – 6.0% |
| Buckeye Partners LP, 6.75%, 2/01/2030 (n) | $601000 | &nbsp;&nbsp;&nbsp; $624228 |
| Buckeye Partners LP, 5.85%, 11/15/2043  | 226000 | &nbsp;&nbsp;&nbsp; 210782 |
| Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n) | 838000 | &nbsp;&nbsp;&nbsp; 873866 |
| Delek Logistics Partners LP/Delek Logistics Corp., 7.375%, 6/30/2033 (n) | 355000 | &nbsp;&nbsp;&nbsp; 360998 |
| Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029  | 993000 | &nbsp;&nbsp;&nbsp; 1035616 |
| NuStar Logistics LP, 6.375%, 10/01/2030  | 774000 | &nbsp;&nbsp;&nbsp; 801550 |
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 604000 | &nbsp;&nbsp;&nbsp; 628827 |
| Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n) | 347000 | &nbsp;&nbsp;&nbsp; 362204 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 680000 | &nbsp;&nbsp;&nbsp; 699859 |
| Sunoco LP, 7.25%, 5/01/2032 (n) | 868000 | &nbsp;&nbsp;&nbsp; 910950 |
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 1114000 | &nbsp;&nbsp;&nbsp; 1108333 |
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 460000 | &nbsp;&nbsp;&nbsp; 473728 |
| TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n) | 458000 | &nbsp;&nbsp;&nbsp; 477245 |
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 582000 | &nbsp;&nbsp;&nbsp; 602411 |
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 692000 | &nbsp;&nbsp;&nbsp; 762601 |
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 971000 | &nbsp;&nbsp;&nbsp; 1019521 |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | 862000 | &nbsp;&nbsp;&nbsp; 854311 |
| Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n) | 231000 | &nbsp;&nbsp;&nbsp; 255257 |
| Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n) | 613000 | &nbsp;&nbsp;&nbsp; 645279 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n) | 613000 | &nbsp;&nbsp;&nbsp; 651114 |
|  |  | &nbsp;&nbsp;&nbsp; $13358680 |
| Network & Telecom – 1.2% | Network & Telecom – 1.2% | Network & Telecom – 1.2% |
| Altice Financing S.A., 5.75%, 8/15/2029 (n) | $325000 | &nbsp;&nbsp;&nbsp; $244563 |
| Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n) | 666000 | &nbsp;&nbsp;&nbsp; 672643 |
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 827000 | &nbsp;&nbsp;&nbsp; 840257 |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | 165000 | &nbsp;&nbsp;&nbsp; 197856 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | 334000 | &nbsp;&nbsp;&nbsp; 416533 |
| Windstream Services LLC/Windstream Escrow, 8.25%, 10/01/2031 (n) | $273000 | &nbsp;&nbsp;&nbsp; 282794 |
|  |  | &nbsp;&nbsp;&nbsp; $2654646 |
| Oil Services – 1.0% | Oil Services – 1.0% | Oil Services – 1.0% |
| Nabors Industries, Inc., 8.875%, 8/15/2031 (n) | $779000 | &nbsp;&nbsp;&nbsp; $725491 |
| U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n) | 972000 | &nbsp;&nbsp;&nbsp; 1002447 |
| Valaris Ltd., 8.375%, 4/30/2030 (n) | 615000 | &nbsp;&nbsp;&nbsp; 638274 |
|  |  | &nbsp;&nbsp;&nbsp; $2366212 |
| Pharmaceuticals – 0.8% | Pharmaceuticals – 0.8% | Pharmaceuticals – 0.8% |
| 1261229 B.C. Ltd., 10%, 4/15/2032 (n) | $522000 | &nbsp;&nbsp;&nbsp; $535077 |
| Bausch Health Co., Inc., 4.875%, 6/01/2028 (n) | 532000 | &nbsp;&nbsp;&nbsp; 476140 |
| Bausch Health Co., Inc., 5.25%, 1/30/2030 (n) | 304000 | &nbsp;&nbsp;&nbsp; 214320 |
| Grifols S.A., 7.125%, 5/01/2030  | 427000 | &nbsp;&nbsp;&nbsp; 528078 |
|  |  | &nbsp;&nbsp;&nbsp; $1753615 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Pollution Control – 0.7% | Pollution Control – 0.7% | Pollution Control – 0.7% |
| Clean Harbors, Inc., 5.75%, 10/15/2033 (n) | $448000 | &nbsp;&nbsp;&nbsp; $451913 |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | 641000 | &nbsp;&nbsp;&nbsp; 625796 |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 233000 | &nbsp;&nbsp;&nbsp; 243816 |
| Wrangler Holdco Corp., 6.625%, 4/01/2032 (n) | 323000 | &nbsp;&nbsp;&nbsp; 336792 |
|  |  | &nbsp;&nbsp;&nbsp; $1658317 |
| Precious Metals & Minerals – 0.9% | Precious Metals & Minerals – 0.9% | Precious Metals & Minerals – 0.9% |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | $814000 | &nbsp;&nbsp;&nbsp; $816973 |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 531000 | &nbsp;&nbsp;&nbsp; 530347 |
| New Gold, Inc., 6.875%, 4/01/2032 (n) | 689000 | &nbsp;&nbsp;&nbsp; 721674 |
|  |  | &nbsp;&nbsp;&nbsp; $2068994 |
| Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% | Real Estate - Healthcare – 0.3% |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 5%, 10/15/2027  | $268000 | &nbsp;&nbsp;&nbsp; $259619 |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n) | 474000 | &nbsp;&nbsp;&nbsp; 503654 |
|  |  | &nbsp;&nbsp;&nbsp; $763273 |
| Real Estate - Other – 1.4% | Real Estate - Other – 1.4% | Real Estate - Other – 1.4% |
| Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n) | $690000 | &nbsp;&nbsp;&nbsp; $672748 |
| RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | 1087000 | &nbsp;&nbsp;&nbsp; 1121371 |
| RHP Hotel Properties LP/RHP Finance Corp., 6.5%, 4/01/2032 (n) | 128000 | &nbsp;&nbsp;&nbsp; 131595 |
| Starwood Property Trust, Inc., 5.75%, 1/15/2031 (n) | 321000 | &nbsp;&nbsp;&nbsp; 320800 |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 850000 | &nbsp;&nbsp;&nbsp; 832510 |
|  |  | &nbsp;&nbsp;&nbsp; $3079024 |
| Restaurants – 1.1% | Restaurants – 1.1% | Restaurants – 1.1% |
| 1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n) | $822000 | &nbsp;&nbsp;&nbsp; $840497 |
| 1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n) | 508000 | &nbsp;&nbsp;&nbsp; 478751 |
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 786000 | &nbsp;&nbsp;&nbsp; 737608 |
| New Red Finance, Inc., 5.625%, 9/15/2029 (n) | 469000 | &nbsp;&nbsp;&nbsp; 474640 |
|  |  | &nbsp;&nbsp;&nbsp; $2531496 |
| Retailers – 2.1% | Retailers – 2.1% | Retailers – 2.1% |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) | $649000 | &nbsp;&nbsp;&nbsp; $700052 |
| L Brands, Inc., 6.625%, 10/01/2030 (n) | 487000 | &nbsp;&nbsp;&nbsp; 497859 |
| Macy's Retail Holdings LLC, 5.875%, 3/15/2030 (n) | 43000 | &nbsp;&nbsp;&nbsp; 42959 |
| Macy's Retail Holdings LLC, 7.375%, 8/01/2033 (n) | 657000 | &nbsp;&nbsp;&nbsp; 685070 |
| Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n) | 483000 | &nbsp;&nbsp;&nbsp; 480697 |
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026  | 450000 | &nbsp;&nbsp;&nbsp; 493835 |
| Parkland Corp., 4.625%, 5/01/2030 (n) | $783000 | &nbsp;&nbsp;&nbsp; 761282 |
| Parkland Corp., 6.625%, 8/15/2032 (n) | 318000 | &nbsp;&nbsp;&nbsp; 326765 |
| Penske Automotive Group Co., 3.75%, 6/15/2029  | 732000 | &nbsp;&nbsp;&nbsp; 699244 |
|  |  | &nbsp;&nbsp;&nbsp; $4687763 |
| Specialty Stores – 0.9% | Specialty Stores – 0.9% | Specialty Stores – 0.9% |
| Carvana Co., 9%, 6/01/2031 (n) | $1135380 | &nbsp;&nbsp;&nbsp; $1285509 |
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 336000 | &nbsp;&nbsp;&nbsp; 309257 |
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 478000 | &nbsp;&nbsp;&nbsp; 399130 |
|  |  | &nbsp;&nbsp;&nbsp; $1993896 |
| Supermarkets – 1.1% | Supermarkets – 1.1% | Supermarkets – 1.1% |
| Albertsons Cos. LLC/Safeway, Inc., 6.25%, 3/15/2033 (n) | $1421000 | &nbsp;&nbsp;&nbsp; $1453257 |
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | 932000 | &nbsp;&nbsp;&nbsp; 980606 |
|  |  | &nbsp;&nbsp;&nbsp; $2433863 |
| Telecommunications - Wireless – 1.0% | Telecommunications - Wireless – 1.0% | Telecommunications - Wireless – 1.0% |
| Altice France S.A., 8.125%, 2/01/2027 (n) | $385000 | &nbsp;&nbsp;&nbsp; $366410 |
| Altice France S.A., 5.5%, 1/15/2028 (n) | 881000 | &nbsp;&nbsp;&nbsp; 775280 |
| Altice France S.A., 5.125%, 7/15/2029 (n) | 270000 | &nbsp;&nbsp;&nbsp; 230580 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Telecommunications - Wireless – continued | Telecommunications - Wireless – continued | Telecommunications - Wireless – continued |
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | 90000 | &nbsp;&nbsp;&nbsp; $111864 |
| Zegona Finance PLC, 8.625%, 7/15/2029 (n) | $657000 | &nbsp;&nbsp;&nbsp; 699377 |
|  |  | &nbsp;&nbsp;&nbsp; $2183511 |
| Telephone Services – 1.0% | Telephone Services – 1.0% | Telephone Services – 1.0% |
| Level 3 Financing, Inc., 3.875%, 10/15/2030 (n) | $501694 | &nbsp;&nbsp;&nbsp; $438026 |
| Level 3 Financing, Inc., 6.875%, 6/30/2033 (n) | 345186 | &nbsp;&nbsp;&nbsp; 351807 |
| Level 3 Financing, Inc., 7%, 3/31/2034 (n) | 326902 | &nbsp;&nbsp;&nbsp; 332560 |
| Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n) | 660000 | &nbsp;&nbsp;&nbsp; 619829 |
| Uniti Group/CSL Capital Co., 8.625%, 6/15/2032 (n) | 473000 | &nbsp;&nbsp;&nbsp; 451882 |
|  |  | &nbsp;&nbsp;&nbsp; $2194104 |
| Tobacco – 0.4% | Tobacco – 0.4% | Tobacco – 0.4% |
| Turning Point Brands, Inc., 7.625%, 3/15/2032 (n)  | $814000 | &nbsp;&nbsp;&nbsp; $861375 |
| Transportation - Services – 0.3% | Transportation - Services – 0.3% | Transportation - Services – 0.3% |
| Avis Budget Finance PLC, 7.25%, 7/31/2030 (n)  | 613000 | &nbsp;&nbsp;&nbsp; $742235 |
| Utilities - Electric Power – 3.3% | Utilities - Electric Power – 3.3% | Utilities - Electric Power – 3.3% |
| Calpine Corp., 4.5%, 2/15/2028 (n) | $412000 | &nbsp;&nbsp;&nbsp; $410262 |
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 1104000 | &nbsp;&nbsp;&nbsp; 1013465 |
| ContourGlobal Power Holdings S.A., 6.75%, 2/28/2030 (n) | 200000 | &nbsp;&nbsp;&nbsp; 207748 |
| Hawaiian Electric Co., Inc., 6%, 10/01/2033 (n) | 498000 | &nbsp;&nbsp;&nbsp; 502329 |
| NRG Energy, Inc., 5.75%, 1/15/2034 (n) | 330000 | &nbsp;&nbsp;&nbsp; 329663 |
| NRG Energy, Inc., 6%, 1/15/2036 (n) | 966000 | &nbsp;&nbsp;&nbsp; 966139 |
| PG&E Corp., 5.25%, 7/01/2030  | 1156000 | &nbsp;&nbsp;&nbsp; 1139984 |
| PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055  | 341000 | &nbsp;&nbsp;&nbsp; 350326 |
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 205000 | &nbsp;&nbsp;&nbsp; 202409 |
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 791000 | &nbsp;&nbsp;&nbsp; 785291 |
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 164000 | &nbsp;&nbsp;&nbsp; 158508 |
| XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n) | 432000 | &nbsp;&nbsp;&nbsp; 423823 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 615000 | &nbsp;&nbsp;&nbsp; 631435 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | 157000 | &nbsp;&nbsp;&nbsp; 164536 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | 157000 | &nbsp;&nbsp;&nbsp; 164644 |
|  |  | &nbsp;&nbsp;&nbsp; $7450562 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$214233942** |
| Common Stocks – 0.1%  | Common Stocks – 0.1%  | Common Stocks – 0.1%  |
| Oil Services – 0.1% | Oil Services – 0.1% |  |
| LTRI Holdings LP (a)(u)  | 1115 | &nbsp;&nbsp;&nbsp; $167038 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike** <br>**Price**<br>| &nbsp;&nbsp; **First** <br>**Exercise**<br>|  |  |
| Warrants – 0.0% |  |  |  |  |
| Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% | Other Banks & Diversified Financials – 0.0% |
| Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a) | GBP 1.14 | N/A | &nbsp;&nbsp;&nbsp;&nbsp; 11113 | &nbsp;&nbsp;&nbsp; $7473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 4.1%  | Mutual Funds (h) – 4.1%  | Mutual Funds (h) – 4.1%  |
| Money Market Funds – 4.1% | Money Market Funds – 4.1% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v)  | 9145664 | &nbsp;&nbsp;&nbsp; $9146579 |
| Other Assets, Less Liabilities – 0.3% |  | &nbsp;&nbsp;&nbsp; 774513 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$224329545** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

------

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $9,146,579 and $214,408,453, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $195,945,226, representing 87.3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Payment-in-kind (PIK) security for which interest income may be received in additional
 securities and/or cash.

&nbsp;&nbsp;&nbsp;&nbsp;(u) The security was valued using significant unobservable inputs and is considered level
 3 under the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Restricted securities are not registered under the Securities Act of 1933 and are
 subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities
 are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult.
 The fund holds the following restricted securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 | 3/09/21-7/26/21 | $355062 | $204929 |
| % of Net assets |  |  | 0.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CDO | Collateralized Debt Obligation |
| CMT | Constant Maturity Treasury  |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise <br> indicated. A list of abbreviations is shown below: | Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise <br> indicated. A list of abbreviations is shown below: |
| EUR | Euro |
| GBP | British Pound |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** | **Derivative Contracts at 9/30/25** |
| **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  | **Forward Foreign Currency Exchange Contracts**  |
| **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Currency** <br>**Sold** | **Counterparty** | &nbsp;&nbsp; **Settlement** <br>**Date**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| USD | &nbsp;&nbsp; 212753 | EUR | &nbsp;&nbsp; 180750 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; $349 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| USD | &nbsp;&nbsp; 2543408 | EUR | &nbsp;&nbsp; 2171783 | Barclays Bank PLC | 10/17/2025 | &nbsp;&nbsp; $(8708)<br>|
| USD | &nbsp;&nbsp; 890645 | EUR | &nbsp;&nbsp; 760124 | Citibank N.A. | 10/17/2025 | &nbsp;&nbsp; (2596)<br>|
| USD | &nbsp;&nbsp; 735457 | EUR | &nbsp;&nbsp; 627994 | Deutsche Bank AG | 10/17/2025 | &nbsp;&nbsp; (2514)<br>|
| USD | &nbsp;&nbsp; 229451 | EUR | &nbsp;&nbsp; 196035 | State Street Corp. | 10/17/2025 | &nbsp;&nbsp; (915)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(14733)<br>|

---

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

------

**Supplemental Information**

9/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(1) Investment Valuations**

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided

by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an

evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less

may be valued at amortized cost, which approximates market value. Forward foreign currency exchange contracts are generally valued at the

mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods.

Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).

------

*Supplemental Information (unaudited) – continued*

Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as forward foreign currency exchange contracts. The following is a summary of the levels used as of September 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $167038 | &nbsp;&nbsp;&nbsp; $167038 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7473 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7473 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 179614101 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 179614101 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 158 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34619683 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34619683 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 9146579 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9146579 |
| Total | &nbsp;&nbsp;&nbsp; $9146579 | &nbsp;&nbsp;&nbsp; $214241415 | &nbsp;&nbsp;&nbsp; $167038 | &nbsp;&nbsp;&nbsp; $223555032 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts – Assets | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $349 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $349 |
| Forward Foreign Currency Exchange Contracts – Liabilities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14733)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14733)<br>|

---

For further information regarding security characteristics, see the Portfolio of Investments.

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table

presents the activity of level 3 securities held at the beginning and the end of the period.

---

| | |
|:---|:---|
|  | **Equity** <br>**Securities**<br>|
| Balance as of 12/31/24 | $253741 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation or depreciation | 94650 |
| &nbsp;&nbsp;&nbsp; Partial liquidation proceeds | (181353) |
| Balance as of 9/30/25 | $167038 |

---

The net change in unrealized appreciation or depreciation from investments held as level 3 at September 30, 2025 is $94,650. At

September 30, 2025, the fund held one level 3 security.

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $2658482 | &nbsp;&nbsp; $45737099 | &nbsp;&nbsp; $39248346 | &nbsp;&nbsp; $(492)<br>| &nbsp;&nbsp; $(164)<br>| &nbsp;&nbsp; $9146579<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $156852 | &nbsp;&nbsp; $— |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MFS VARIABLE INSURANCE TRUST II

- **b. Investment Company Act file number:** 811-03732

- **c. CIK number of Registrant:** 0000719269

- **d. LEI of Registrant:** LQOFLJQP174GQBC84T87

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

**Item A.2. Information about the Series.**

- **a. Name of Series:** MFS High Yield Portfolio

- **b. EDGAR series identifier (if any):** S000002636

- **c. LEI of Series:** ZJO44YL9IRHSPRALW090

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $228271245.75

**Total Liabilities:** $3982339.84

**Net Assets:** $224288905.91

**Delayed Delivery Securities:** $3871500.28

**Cash Not Reported:** $30880.30

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -1.96000000 | **1-Year:** -198.86000000 | **5-Year:** -309.03000000 | **10-Year:** -4.56000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -1003.08000000 | **1-Year:** -18521.14000000 | **5-Year:** -35719.78000000 | **10-Year:** -6598.74000000 | **30-Year:** -230.72000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007241 | 0.38%                | 1.46%                | 0.60%                |
| Class ID C000007242 | 0.39%                | 1.40%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-412604.49              | $-18377.91                                 |
| Month 2  | $107191.71               | $1715425.00                                |
| Month 3  | $-114203.64              | $473172.71                                 |

### Schedule of Portfolio Investments

| Name                                     | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMS-OSRAM AG                             | ams-OSRAM AG                                                                     | CUSIP: 000000000<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    344000 | PA      | $430300.26    | 0.19%             | 2029-03-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                     | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    254000 | PA      | $256430.53    | 0.11%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                 | Performance Food Group Inc                                                       | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    450000 | PA      | $460939.95    | 0.21%             | 2032-09-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| RITCHIE BROS HLDGS INC                   | Ritchie Bros Holdings Inc                                                        | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   1338000 | PA      | $1399418.21   | 0.62%             | 2031-03-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                 | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    808000 | PA      | $807305.12    | 0.36%             | 2029-02-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                  | Allied Universal Holdco LLC                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    621000 | PA      | $651115.84    | 0.29%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                     | Neptune Bidco US Inc                                                             | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    793000 | PA      | $778480.17    | 0.35%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                 | Primo Water Holdings Inc / Triton Water Holdings Inc                             | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1131000 | PA      | $1096960.23   | 0.49%             | 2029-04-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GRIFOLS SA                               | Grifols SA                                                                       | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    427000 | PA      | $528077.72    | 0.24%             | 2030-05-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $348174.82    | 0.16%             | 2029-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                      | New Home Co Inc/The                                                              | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    543000 | PA      | $563667.12    | 0.25%             | 2030-11-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| DISH NETWORK CORP                        | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    545000 | PA      | $576750.07    | 0.26%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                     | Fiesta Purchaser Inc                                                             | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    237000 | PA      | $250113.92    | 0.11%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                 | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc            | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    932000 | PA      | $980606.60    | 0.44%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| BAFFINLAND IRON CORP/LP                  | Baffinland Iron Mines Corp / Baffinland Iron Mines LP                            | CUSIP: 056623AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    749000 | PA      | $694712.97    | 0.31%             | 2026-07-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO                 | Wildfire Intermediate Holdings LLC                                               | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    527000 | PA      | $532467.63    | 0.24%             | 2029-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                  | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     43000 | PA      | $42958.99     | 0.02%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ARETEC GROUP INC                         | Aretec Group Inc                                                                 | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    514000 | PA      | $560004.54    | 0.25%             | 2030-08-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                   | Champ Acquisition Corp                                                           | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    606000 | PA      | $644259.81    | 0.29%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies Inc                    | SS&C Technologies Inc                                                            | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    805000 | PA      | $803609.36    | 0.36%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP INC                         | AmWINS Group Inc                                                                 | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    345000 | PA      | $352014.54    | 0.16%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                 | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    469000 | PA      | $474639.73    | 0.21%             | 2029-09-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| TRONOX INC                               | Tronox Inc                                                                       | CUSIP: 897051AD0<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    129000 | PA      | $126384.30    | 0.06%             | 2030-09-30      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                   | Energizer Holdings Inc                                                           | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    380000 | PA      | $371649.25    | 0.17%             | 2033-09-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FORVIA SE                                | Forvia SE                                                                        | CUSIP: 31209DAC9<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    561000 | PA      | $569167.54    | 0.25%             | 2033-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                  | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $619829.17    | 0.28%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                     | Matador Resources Co                                                             | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    754000 | PA      | $769486.41    | 0.34%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                       | Mattamy Group Corp                                                               | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |    312000 | PA      | $309978.99    | 0.14%             | 2027-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                   | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    615000 | PA      | $631435.26    | 0.28%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CHORD ENERGY CORP                        | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    682000 | PA      | $690994.69    | 0.31%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                 | Lindblad Expeditions LLC                                                         | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    575000 | PA      | $586091.75    | 0.26%             | 2030-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                    | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    638000 | PA      | $643901.50    | 0.29%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MAVIS TIRE EXPRESS SERVI                 | Mavis Tire Express Services Topco Corp                                           | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |    483000 | PA      | $480697.59    | 0.21%             | 2029-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    582000 | PA      | $602410.74    | 0.27%             | 2028-06-01      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                    | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    262000 | PA      | $278650.62    | 0.12%             | 2031-05-15      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                   | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co  | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1074000 | PA      | $1094205.16   | 0.49%             | 2032-05-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                      | Prestige Brands Inc                                                              | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    645000 | PA      | $594115.63    | 0.26%             | 2031-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET FINANCE PLC                  | Avis Budget Finance Plc                                                          | CUSIP: 000000000<br>LEI: 549300W3BJJPGKCIOI13 | Long             | DBT              | CORP              | JE        |    613000 | PA      | $742234.81    | 0.33%             | 2030-07-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NEWELL BRANDS INC                        | Newell Brands Inc                                                                | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    417000 | PA      | $411540.62    | 0.18%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                   | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    394000 | PA      | $405695.50    | 0.18%             | 2032-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                      | Axon Enterprise Inc                                                              | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    255000 | PA      | $262470.48    | 0.12%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC                    | Scripps Escrow II Inc                                                            | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    332000 | PA      | $292486.51    | 0.13%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    211000 | PA      | $192702.82    | 0.09%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                 | TerraForm Power Operating LLC                                                    | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    791000 | PA      | $785291.35    | 0.35%             | 2028-01-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ROCKET COS INC                           | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    447000 | PA      | $458765.04    | 0.20%             | 2030-08-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                  | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $473727.78    | 0.21%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                      | Walker & Dunlop Inc                                                              | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    603000 | PA      | $616655.94    | 0.27%             | 2033-04-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| ELDORADO GOLD CORP                       | Eldorado Gold Corp                                                               | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |    814000 | PA      | $816972.99    | 0.36%             | 2029-09-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                        | Amsted Industries Inc                                                            | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |    510000 | PA      | $523453.80    | 0.23%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                         | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    537000 | PA      | $537891.42    | 0.24%             | 2030-03-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                    | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1152000 | PA      | $1198215.94   | 0.53%             | 2031-06-01      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| CNX RESOURCES CORP                       | CNX Resources Corp                                                               | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    540000 | PA      | $560210.49    | 0.25%             | 2032-03-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| FAIR ISAAC CORP                          | Fair Isaac Corp                                                                  | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    867000 | PA      | $877788.23    | 0.39%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                    | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    345186 | PA      | $351806.67    | 0.16%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                   | Cloud Software Group Inc                                                         | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    514000 | PA      | $523233.58    | 0.23%             | 2033-08-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| CLEAN HARBORS INC                        | Clean Harbors Inc                                                                | CUSIP: 184496AR8<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    448000 | PA      | $451913.65    | 0.20%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                    | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1292000 | PA      | $1338310.45   | 0.60%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| OPAL BIDCO SAS                           | OPAL BIDCO SAS                                                                   | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    325000 | PA      | $394916.00    | 0.18%             | 2032-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                   | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    838000 | PA      | $873866.41    | 0.39%             | 2029-03-15      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| SPX FLOW INC                             | SPX FLOW Inc                                                                     | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |    737000 | PA      | $757084.72    | 0.34%             | 2030-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                 | Kraken Oil & Gas Partners LLC                                                    | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    458000 | PA      | $453961.04    | 0.20%             | 2029-08-15      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                 | AmeriTex HoldCo Intermediate LLC                                                 | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    705000 | PA      | $733755.90    | 0.33%             | 2033-08-15      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                   | Clearway Energy Operating LLC                                                    | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |   1104000 | PA      | $1013464.38   | 0.45%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC LTD                           | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    522000 | PA      | $535077.16    | 0.24%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| PG&E CORP                                | PG&E Corp                                                                        | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   1156000 | PA      | $1139983.74   | 0.51%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                            | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    685723 | PA      | $754411.87    | 0.34%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                     | Michaels Cos Inc/The                                                             | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    478000 | PA      | $399130.00    | 0.18%             | 2029-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| SABRE GLBL INC                           | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    201000 | PA      | $194246.17    | 0.09%             | 2029-11-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| API GROUP DE INC                         | APi Group DE Inc                                                                 | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1156765.68   | 0.52%             | 2029-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                       | Osaic Holdings Inc                                                               | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |    622000 | PA      | $644638.93    | 0.29%             | 2033-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm Inc                                                                    | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    678000 | PA      | $664421.56    | 0.30%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                   | Nationstar Mortgage Holdings Inc                                                 | CUSIP: 63861CAG4<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |    557000 | PA      | $571419.62    | 0.25%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                     | Cornerstone Building Brands Inc                                                  | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    297000 | PA      | $288577.08    | 0.13%             | 2029-08-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                   | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    623000 | PA      | $639972.39    | 0.29%             | 2030-04-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                   | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    511000 | PA      | $535197.38    | 0.24%             | 2031-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                     | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    336000 | PA      | $309257.40    | 0.14%             | 2028-05-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                     | Fiesta Purchaser Inc                                                             | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    448000 | PA      | $483657.22    | 0.22%             | 2032-09-15      | Fixed         | 9.63%                 | Yes           |                  2 | On Loan: No      |
| DOTDASH MEREDITH INC                     | Dotdash Meredith Inc                                                             | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |    533000 | PA      | $528043.10    | 0.24%             | 2032-06-15      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                 | ROCKIES EXPRESS PIPELINE                                                         | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    347000 | PA      | $362203.81    | 0.16%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                      | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    363000 | PA      | $350093.16    | 0.16%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                     | Wabash National Corp                                                             | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    739000 | PA      | $685656.76    | 0.31%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC                           | NRG Energy Inc                                                                   | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    966000 | PA      | $966138.75    | 0.43%             | 2036-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                      | Churchill Downs Inc                                                              | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |   1426000 | PA      | $1424714.32   | 0.64%             | 2030-04-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| KINGPIN INTERMEDIATE HO                  | Kingpin Intermediate Holdings LLC                                                | CUSIP: 49579RAB4<br>LEI: 549300HRZOJTMNZCST05 | Long             | DBT              | CORP              | US        |    643000 | PA      | $610962.92    | 0.27%             | 2032-10-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                                 | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    495000 | PA      | $188486.15    | 0.08%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| VIKING BAKED GOODS ACQUI                 | Viking Baked Goods Acquisition Corp                                              | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |    559000 | PA      | $559120.74    | 0.25%             | 2031-11-01      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| MAXAM PRILL SARL                         | Maxam Prill Sarl                                                                 | CUSIP: 000000000<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |    677000 | PA      | $806926.78    | 0.36%             | 2030-07-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| IQVIA Inc                                | IQVIA Inc                                                                        | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    485000 | PA      | $483649.76    | 0.22%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PG&E CORP                                | PG&E Corp                                                                        | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    341000 | PA      | $350326.37    | 0.16%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                      | Prestige Brands Inc                                                              | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    573000 | PA      | $568319.91    | 0.25%             | 2028-01-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                   | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    859000 | PA      | $911187.15    | 0.41%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                    | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    203000 | PA      | $202702.00    | 0.09%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                        | Iron Mountain Inc                                                                | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    576000 | PA      | $572925.37    | 0.26%             | 2032-07-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                    | Mineral Resources Ltd                                                            | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    191000 | PA      | $193470.78    | 0.09%             | 2031-04-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| KNIFE RIVER CORP                         | Knife River Corp                                                                 | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $865623.83    | 0.39%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                   | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    355000 | PA      | $360998.12    | 0.16%             | 2033-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| NEWELL BRANDS INC                        | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    335000 | PA      | $354341.56    | 0.16%             | 2028-06-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP                  | Empire Communities Corp                                                          | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |    765000 | PA      | $802117.80    | 0.36%             | 2029-05-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                 | New Enterprise Stone & Lime Co Inc                                               | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    270000 | PA      | $270599.21    | 0.12%             | 2028-07-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| CONTOURGLOBAL POWER HLDG                 | ContourGlobal Power Holdings SA                                                  | CUSIP: 21220LAB9<br>LEI: 549300O5AGIFK0PQ1516 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $207748.00    | 0.09%             | 2030-02-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                  | Starwood Property Trust Inc                                                      | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    321000 | PA      | $320800.30    | 0.14%             | 2031-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                       | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    599000 | PA      | $624270.31    | 0.28%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                     | Cornerstone Building Brands Inc                                                  | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    592000 | PA      | $481087.97    | 0.21%             | 2029-01-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                        | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-8708.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                         | Altice France SA                                                                 | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    881000 | PA      | $775280.00    | 0.35%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                       | New Flyer Holdings Inc                                                           | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    586000 | PA      | $627235.87    | 0.28%             | 2030-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| REAL HERO MERGER SUB 2                   | Real Hero Merger Sub 2 Inc                                                       | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $401516.61    | 0.18%             | 2029-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                      | LBM Acquisition LLC                                                              | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    383000 | PA      | $354514.30    | 0.16%             | 2029-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC                                | IQVIA Inc                                                                        | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    363000 | PA      | $373215.18    | 0.17%             | 2032-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                 | Perrigo Finance Unlimited Co                                                     | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |    894000 | PA      | $899994.26    | 0.40%             | 2032-09-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                             | Calpine Corp                                                                     | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    412000 | PA      | $410261.94    | 0.18%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| LTRI HOLDINGS, LP                        | LTRI HOLDINGS, LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1115 | NS      | $167038.15    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| GULFPORT ENERGY OP CORP                  | Gulfport Energy Operating Corp                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    821000 | PA      | $842504.91    | 0.38%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                      | Amer Sports Co                                                                   | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    882000 | PA      | $916598.21    | 0.41%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                 | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1087000 | PA      | $1121370.94   | 0.50%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                   | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    484000 | PA      | $505156.61    | 0.23%             | 2029-02-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| GRAY MEDIA INC                           | Gray Media Inc                                                                   | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    324000 | PA      | $321068.67    | 0.14%             | 2033-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2196000 | PA      | $2107209.13   | 0.94%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| US FOODS INC                             | US Foods Inc                                                                     | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   1069000 | PA      | $1053014.08   | 0.47%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS                  | US Acute Care Solutions LLC                                                      | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    678000 | PA      | $694260.02    | 0.31%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| MAYA SAS/FRANCE                          | Maya SAS/Paris France                                                            | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    334000 | PA      | $416533.08    | 0.19%             | 2031-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                   | SCIH Salt Holdings Inc                                                           | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    922000 | PA      | $903960.64    | 0.40%             | 2029-05-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                 | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    972000 | PA      | $1002446.93   | 0.45%             | 2029-03-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                 | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    687000 | PA      | $704453.00    | 0.31%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS                 | Wyndham Hotels & Resorts Inc                                                     | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |    909000 | PA      | $887358.26    | 0.40%             | 2028-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    768000 | PA      | $769184.26    | 0.34%             | 2029-10-01      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| VALARIS LTD                              | Valaris Ltd                                                                      | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    615000 | PA      | $638274.23    | 0.28%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                 | Permian Resources Operating LLC                                                  | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    650000 | PA      | $652909.40    | 0.29%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                  | Dornoch Debt Merger Sub Inc                                                      | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    776000 | PA      | $667391.20    | 0.30%             | 2029-10-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FINANCING SA                      | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    325000 | PA      | $244562.50    | 0.11%             | 2029-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| LIFE TIME INC                            | Life Time Inc                                                                    | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    832000 | PA      | $845281.95    | 0.38%             | 2031-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                     | Wrangler Holdco Corp                                                             | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    323000 | PA      | $336791.78    | 0.15%             | 2032-04-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                   | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    690000 | PA      | $672747.65    | 0.30%             | 2029-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS CORP                            | DISH DBS Corp                                                                    | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    661000 | PA      | $565267.28    | 0.25%             | 2029-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                           | NRG Energy Inc                                                                   | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    330000 | PA      | $329663.18    | 0.15%             | 2034-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BALL CORP                                | Ball Corp                                                                        | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    510000 | PA      | $522058.95    | 0.23%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                  | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    474000 | PA      | $503654.39    | 0.22%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| US FOODS INC                             | US Foods Inc                                                                     | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    184000 | PA      | $184963.61    | 0.08%             | 2033-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NEW GOLD INC                             | New Gold Inc                                                                     | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |    689000 | PA      | $721674.45    | 0.32%             | 2032-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                 | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAM9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    680000 | PA      | $699858.72    | 0.31%             | 2040-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| VERITIV OPERATING CO                     | Veritiv Operating Co                                                             | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |    613000 | PA      | $657888.75    | 0.29%             | 2030-11-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Citibank NA                              | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-2595.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                      | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    796000 | PA      | $817513.87    | 0.36%             | 2030-03-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                    | Bausch Health Cos Inc                                                            | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    304000 | PA      | $214320.00    | 0.10%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                 | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    128000 | PA      | $131595.56    | 0.06%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                    | Encompass Health Corp                                                            | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    286000 | PA      | $278274.31    | 0.12%             | 2031-04-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    613000 | PA      | $651114.50    | 0.29%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                  | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    572000 | PA      | $576459.11    | 0.26%             | 2033-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ARCHES BUYER INC                         | Arches Buyer Inc                                                                 | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    804000 | PA      | $788150.59    | 0.35%             | 2028-12-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                    | Civitas Resources Inc                                                            | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    236000 | PA      | $244416.82    | 0.11%             | 2030-11-01      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Inc                        | Iron Mountain Inc                                                                | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    583000 | PA      | $581986.80    | 0.26%             | 2028-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                    | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1559991.57   | 0.70%             | 2033-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| MAXEDA DIY HOLDING BV                    | Maxeda DIY Holding BV                                                            | CUSIP: 000000000<br>LEI: 724500KEZU4CPEQLGZ87 | Long             | DBT              | CORP              | NL        |    450000 | PA      | $493835.34    | 0.22%             | 2026-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                 | Univision Communications Inc                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    397000 | PA      | $411379.34    | 0.18%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                  | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    268000 | PA      | $259619.02    | 0.12%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAYA SAS/FRANCE                          | Maya SAS/Paris France                                                            | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    165000 | PA      | $197855.93    | 0.09%             | 2030-04-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| DEALER TIRE LLC/DT ISSR                  | Dealer Tire LLC / DT Issuer LLC                                                  | CUSIP: 24229JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    631000 | PA      | $624086.15    | 0.28%             | 2028-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                  | Consolidated Energy Finance SA                                                   | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $145989.27    | 0.07%             | 2026-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                 | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    638000 | PA      | $583837.18    | 0.26%             | 2032-02-15      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                                 | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    400000 | PA      | $261942.00    | 0.12%             | 2030-12-01      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| CD&R SMOKEY / RADIO SYS                  | CD&R Smokey Buyer Inc / Radio Systems Corp                                       | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    584000 | PA      | $456733.55    | 0.20%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                   | Energizer Holdings Inc                                                           | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    530000 | PA      | $508301.85    | 0.23%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                     | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    317000 | PA      | $320158.91    | 0.14%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    447000 | PA      | $492664.18    | 0.22%             | 2030-10-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                  | Zebra Technologies Corp                                                          | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |    819000 | PA      | $841175.24    | 0.38%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| OPAL BIDCO SAS                           | OPAL BIDCO                                                                       | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    345000 | PA      | $353537.37    | 0.16%             | 2032-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                    | Qnity Electronics Inc                                                            | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    255000 | PA      | $260402.43    | 0.12%             | 2033-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                    | HUB International Ltd                                                            | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    293000 | PA      | $305112.33    | 0.14%             | 2032-01-31      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                 | Allison Transmission Inc                                                         | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   1214000 | PA      | $1121605.02   | 0.50%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| 180 MEDICAL INC                          | 180 Medical Inc                                                                  | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    920000 | PA      | $880712.65    | 0.39%             | 2029-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                            | Cable One Inc                                                                    | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |    522000 | PA      | $442272.54    | 0.20%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Avation Capital SA                       | Avation Capital SA                                                               | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | LU        |    874696 | PA      | $869061.81    | 0.39%             | 2026-10-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                   | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    194000 | PA      | $201218.04    | 0.09%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC                    | TrueNoord Capital DAC                                                            | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    385000 | PA      | $409062.12    | 0.18%             | 2030-03-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                        | Post Holdings Inc                                                                | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1157000 | PA      | $1115362.35   | 0.50%             | 2030-04-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Viking Cruises Ltd                       | Viking Cruises Ltd                                                               | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    271000 | PA      | $271104.06    | 0.12%             | 2027-09-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                       | CrossCountry Intermediate HoldCo LLC                                             | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    445000 | PA      | $446637.47    | 0.20%             | 2030-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PARKLAND CORP                            | Parkland Corp                                                                    | CUSIP: 70137WAL2<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    783000 | PA      | $761281.69    | 0.34%             | 2030-05-01      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    613000 | PA      | $645278.99    | 0.29%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ROCKET COS INC                           | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    447000 | PA      | $461354.96    | 0.21%             | 2033-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                  | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                          | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    547000 | PA      | $510617.17    | 0.23%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| COBALT CMBS Commercial Mortgage Trust    | CWCapital COBALT II LLC                                                          | CUSIP: 12668CAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1577537 | PA      | $157.75       | 0.00%             | 2050-04-26      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    692000 | PA      | $762601.30    | 0.34%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                 | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    538000 | PA      | $558545.68    | 0.25%             | 2033-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                    | GFL Environmental Inc                                                            | CUSIP: 36168QAQ7<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    233000 | PA      | $243816.02    | 0.11%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                  | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    787000 | PA      | $764506.60    | 0.34%             | 2029-08-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                        | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                     | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    508000 | PA      | $512529.56    | 0.23%             | 2030-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION BUILDING M                    | Foundation Building Materials Inc                                                | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |    541000 | PA      | $548363.70    | 0.24%             | 2029-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| VIRTUSA CORP                             | Virtusa Corp                                                                     | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |    436000 | PA      | $425972.13    | 0.19%             | 2028-12-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works Inc                    | Bath & Body Works Inc                                                            | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    487000 | PA      | $497858.64    | 0.22%             | 2030-10-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC                                | IQVIA Inc                                                                        | CUSIP: 46266TAD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    722000 | PA      | $746178.34    | 0.33%             | 2030-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                  | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                          | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $225995.66    | 0.10%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                    | Hightower Holding LLC                                                            | CUSIP: 43118DAA8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    504000 | PA      | $497259.95    | 0.22%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                   | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 65342QAB8<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    432000 | PA      | $423823.06    | 0.19%             | 2027-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                 | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    749000 | PA      | $773448.86    | 0.34%             | 2031-07-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| AZORRA FINANCE                           | Azorra Finance Ltd                                                               | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |   1046000 | PA      | $1100798.89   | 0.49%             | 2030-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                 | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    318000 | PA      | $253865.76    | 0.11%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                    | Nabors Industries Inc                                                            | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    779000 | PA      | $725490.46    | 0.32%             | 2031-08-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                             | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    675000 | PA      | $693812.93    | 0.31%             | 2029-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                      | Prairie Acquiror LP                                                              | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |    604000 | PA      | $628827.20    | 0.28%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| AECOM                                    | AECOM                                                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    975000 | PA      | $996830.25    | 0.44%             | 2033-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                 | Permian Resources Operating LLC                                                  | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    469000 | PA      | $486417.72    | 0.22%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                   | Patrick Industries Inc                                                           | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   1004000 | PA      | $1018666.43   | 0.45%             | 2032-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.            | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $348.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                 | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   1389000 | PA      | $1381209.10   | 0.62%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                         | Ziggo Bond Co BV                                                                 | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |   1116000 | PA      | $1011558.81   | 0.45%             | 2030-02-28      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                 | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    427000 | PA      | $441095.27    | 0.20%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    436000 | PA      | $472160.97    | 0.21%             | 2030-08-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                       | Osaic Holdings Inc                                                               | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |    122000 | PA      | $126005.99    | 0.06%             | 2032-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                 | Phoenix Aviation Capital Ltd                                                     | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |    458000 | PA      | $487272.61    | 0.22%             | 2030-07-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| AZORRA FINANCE                           | Azorra Finance Ltd                                                               | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    272000 | PA      | $283231.15    | 0.13%             | 2031-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                      | NCL Corp Ltd                                                                     | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    825000 | PA      | $835485.75    | 0.37%             | 2030-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                    | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    264000 | PA      | $265166.25    | 0.12%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| VIKING CRUISES LTD                       | Viking Cruises Ltd                                                               | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    334000 | PA      | $334234.39    | 0.15%             | 2033-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                        | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    397000 | PA      | $400304.23    | 0.18%             | 2034-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                 | Virgin Media Finance PLC                                                         | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |    627000 | PA      | $582362.43    | 0.26%             | 2030-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                      | LBM Acquisition LLC                                                              | CUSIP: 52109SAB5<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    583000 | PA      | $612627.34    | 0.27%             | 2031-06-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                  | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1532000 | PA      | $1552772.65   | 0.69%             | 2032-11-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| IAMGOLD CORP                             | IAMGOLD Corp                                                                     | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    531000 | PA      | $530346.66    | 0.24%             | 2028-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HUSKY INJECTION / TITAN                  | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC                      | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    562000 | PA      | $587397.32    | 0.26%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                   | MIWD Holdco II LLC / MIWD Finance Corp                                           | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    711000 | PA      | $692594.59    | 0.31%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                 | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp               | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    857000 | PA      | $879466.26    | 0.39%             | 2032-12-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                 | Sinclair Television Group Inc                                                    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    697000 | PA      | $715310.17    | 0.32%             | 2033-02-15      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| GATES CORPORATION/DE                     | Gates Corp/DE                                                                    | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    552000 | PA      | $572782.80    | 0.26%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1366000 | PA      | $1290070.48   | 0.58%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                         | Altice France SA                                                                 | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    385000 | PA      | $366410.36    | 0.16%             | 2027-02-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                       | Zegona Finance PLC                                                               | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    657000 | PA      | $699376.50    | 0.31%             | 2029-07-15      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio | MFS Institutional Money Market Portfolio                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | EC               | RF                | US        |   9121788 | NS      | $9122700.68   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GARDA WORLD SECURITY                     | Garda World Security Corp                                                        | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    792000 | PA      | $822117.11    | 0.37%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                 | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    822000 | PA      | $840496.64    | 0.37%             | 2029-06-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| CHEMOURS CO                              | Chemours Co/The                                                                  | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    973000 | PA      | $879063.86    | 0.39%             | 2029-11-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| MAYA SAS/FRANCE                          | Maya SAS/Paris France                                                            | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    827000 | PA      | $840257.17    | 0.37%             | 2028-10-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                  | Consolidated Energy Finance SA                                                   | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    907000 | PA      | $755523.20    | 0.34%             | 2028-10-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| AMYNTA AGENCY/WARRANTY                   | Amynta Agency Borrower Inc and Amynta Warranty Borrower Inc                      | CUSIP: 03238AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    635000 | PA      | $650015.21    | 0.29%             | 2033-07-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                    | GFL Environmental Inc                                                            | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    641000 | PA      | $625795.80    | 0.28%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                    | Banijay Entertainment SAS                                                        | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $830863.20    | 0.37%             | 2029-05-01      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                  | Beach Acquisition Bidco LLC                                                      | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    649000 | PA      | $700051.64    | 0.31%             | 2033-07-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                      | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    890000 | PA      | $882304.35    | 0.39%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                 | Weekley Homes LLC / Weekley Finance Corp                                         | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    589000 | PA      | $576699.56    | 0.26%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                    | Bausch Health Cos Inc                                                            | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    532000 | PA      | $476140.00    | 0.21%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| GRAY MEDIA INC                           | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    517000 | PA      | $528186.85    | 0.24%             | 2032-07-15      | Fixed         | 9.63%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                         | CSC Holdings LLC                                                                 | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    900000 | PA      | $789016.14    | 0.35%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                   | CACI International Inc                                                           | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    794000 | PA      | $819051.22    | 0.37%             | 2033-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.            | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-915.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LFS TOPCO LLC                            | LFS Topco LLC                                                                    | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    654000 | PA      | $656946.59    | 0.29%             | 2030-07-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                    | Hightower Holding LLC                                                            | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    307000 | PA      | $325611.57    | 0.15%             | 2030-01-31      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                  | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    788000 | PA      | $788125.33    | 0.35%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    410000 | PA      | $297387.03    | 0.13%             | 2030-04-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                    | Directv Financing LLC                                                            | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $322305.75    | 0.14%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                 | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    193000 | PA      | $197276.88    | 0.09%             | 2032-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BAYTEX ENERGY CORP                       | Baytex Energy Corp                                                               | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    444000 | PA      | $456238.42    | 0.20%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| VITAL ENERGY INC                         | Vital Energy Inc                                                                 | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    435000 | PA      | $422270.73    | 0.19%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                  | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    657000 | PA      | $685069.67    | 0.31%             | 2033-08-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                   | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1421000 | PA      | $1453256.70   | 0.65%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| WYNN MACAU LTD                           | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    860000 | PA      | $859126.26    | 0.38%             | 2028-08-26      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| ACUSHNET CO                              | Acushnet Co                                                                      | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |    654000 | PA      | $678090.09    | 0.30%             | 2028-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| TRINET GROUP INC                         | TriNet Group Inc                                                                 | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    140000 | PA      | $144609.78    | 0.06%             | 2031-08-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                    | Mineral Resources Ltd                                                            | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    918000 | PA      | $961888.66    | 0.43%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| SNAP INC                                 | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    829000 | PA      | $847319.77    | 0.38%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP                                | Sunoco LP                                                                        | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    868000 | PA      | $910949.51    | 0.41%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| SNF GROUP SACA                           | SNF Group SACA                                                                   | CUSIP: 7846ELAE7<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |   1041000 | PA      | $966397.78    | 0.43%             | 2030-03-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                    | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance  | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    738000 | PA      | $766080.90    | 0.34%             | 2031-05-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    354000 | PA      | $360746.89    | 0.16%             | 2028-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| WYNN MACAU LTD                           | Wynn Macau Ltd                                                                   | CUSIP: 98313RAL0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    273000 | PA      | $276755.59    | 0.12%             | 2034-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                 | Raven Acquisition Holdings LLC                                                   | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    859000 | PA      | $882766.81    | 0.39%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    582000 | PA      | $601338.85    | 0.27%             | 2031-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                       | Zegona Finance PLC                                                               | CUSIP: 000000000<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |     90000 | PA      | $111864.29    | 0.05%             | 2029-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                 | EMRLD Borrower LP / Emerald Co-Issuer Inc                                        | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |    721000 | PA      | $741151.23    | 0.33%             | 2030-12-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP INC                         | AmWINS Group Inc                                                                 | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    256000 | PA      | $248804.04    | 0.11%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                         | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $351961.39    | 0.16%             | 2028-12-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                   | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    157000 | PA      | $164644.17    | 0.07%             | 2033-03-15      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                  | TransMontaigne Partners LLC                                                      | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    458000 | PA      | $477245.25    | 0.21%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    862000 | PA      | $854310.62    | 0.38%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                       | Cerdia Finanz GmbH                                                               | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    733000 | PA      | $776063.75    | 0.35%             | 2031-10-03      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                 | Jefferson Capital Holdings LLC                                                   | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    781000 | PA      | $816789.33    | 0.36%             | 2030-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                         | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $-2513.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                  | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABG2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    666000 | PA      | $672643.35    | 0.30%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    231000 | PA      | $255257.31    | 0.11%             | 2033-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                      | Buckeye Partners LP                                                              | CUSIP: 118230AM3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    226000 | PA      | $210781.97    | 0.09%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Avation PLC                              | Avation PLC                                                                      | CUSIP: 000000000<br>LEI: 213800KA972GUP1B6I78 | N/A              | DE               |  | GB        |     11113 | NS      | $7472.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                 | TerraForm Power Operating LLC                                                    | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    164000 | PA      | $158507.80    | 0.07%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                     | LifePoint Health Inc                                                             | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    274000 | PA      | $287688.77    | 0.13%             | 2032-06-01      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                 | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    320000 | PA      | $326654.72    | 0.15%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP                             | Novelis Corp                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    399000 | PA      | $413752.63    | 0.18%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC                           | Bombardier Inc                                                                   | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    536000 | PA      | $559347.30    | 0.25%             | 2033-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                  | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAK1<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    322000 | PA      | $322207.48    | 0.14%             | 2028-09-29      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| SABRE GLBL INC                           | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    195000 | PA      | $188847.75    | 0.08%             | 2030-07-15      | Fixed         | 11.13%                | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm Inc                                                                    | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    352000 | PA      | $359885.15    | 0.16%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                  | Global Aircraft Leasing Co Ltd                                                   | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    640000 | PA      | $661208.32    | 0.29%             | 2027-09-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                   | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    198000 | PA      | $206266.50    | 0.09%             | 2030-11-06      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                    | SS&C Technologies Inc                                                            | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    241000 | PA      | $249154.74    | 0.11%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TRINET GROUP INC                         | TriNet Group Inc                                                                 | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    595000 | PA      | $556523.43    | 0.25%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                  | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    193000 | PA      | $192674.13    | 0.09%             | 2032-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                     | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    870000 | PA      | $903378.42    | 0.40%             | 2032-08-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                   | XPLR Infrastructure Operating Partners LP                                        | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    157000 | PA      | $164536.00    | 0.07%             | 2031-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| SNAP INC                                 | Snap Inc                                                                         | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    194000 | PA      | $196353.50    | 0.09%             | 2034-03-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP                  | Penske Automotive Group Inc                                                      | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |    732000 | PA      | $699244.46    | 0.31%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                        | Chord Energy Corp                                                                | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    192000 | PA      | $190663.16    | 0.09%             | 2030-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PARKLAND CORP                            | Parkland Corp                                                                    | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    318000 | PA      | $326764.72    | 0.15%             | 2032-08-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                 | 1011778 BC ULC / New Red Finance Inc                                             | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    508000 | PA      | $478751.09    | 0.21%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                             | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    391000 | PA      | $408736.47    | 0.18%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                 | Windstream Services LLC / Windstream Escrow Finance Corp                         | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    273000 | PA      | $282794.25    | 0.13%             | 2031-10-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                   | Brundage-Bone Concrete Pumping Holdings Inc                                      | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    404000 | PA      | $408179.78    | 0.18%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    606000 | PA      | $619594.18    | 0.28%             | 2031-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm Inc                                                                    | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1264000 | PA      | $1309674.64   | 0.58%             | 2030-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC                           | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    444000 | PA      | $470654.33    | 0.21%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                         | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $323766.45    | 0.14%             | 2030-06-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                    | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    591000 | PA      | $621835.79    | 0.28%             | 2029-02-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                    | HUB International Ltd                                                            | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    261000 | PA      | $260737.51    | 0.12%             | 2029-12-01      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                 | Fortescue Treasury Pty Ltd                                                       | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   2005000 | PA      | $1914248.69   | 0.85%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC                           | Bombardier Inc                                                                   | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    235000 | PA      | $245618.00    | 0.11%             | 2032-06-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                  | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                          | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    258000 | PA      | $281563.91    | 0.13%             | 2030-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| PETRA DIAMONDS US TREAS                  | Petra Diamonds US Treasury PLC                                                   | CUSIP: 000000000<br>LEI: 635400LZYOO6WHAO2H58 | Long             | DBT              | CORP              | GB        |    357212 | PA      | $204928.77    | 0.09%             | 2026-03-08      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP                             | Novelis Corp                                                                     | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    403000 | PA      | $367410.30    | 0.16%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                    | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    789000 | PA      | $822852.14    | 0.37%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO                         | Hawaiian Electric Co Inc                                                         | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |    498000 | PA      | $502328.74    | 0.22%             | 2033-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                  | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    767000 | PA      | $792994.40    | 0.35%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| INSULET CORPORATION                      | Insulet Corp                                                                     | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |    790000 | PA      | $821309.28    | 0.37%             | 2033-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                       | Mattamy Group Corp                                                               | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |    390000 | PA      | $376409.24    | 0.17%             | 2030-03-01      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                 | Performance Food Group Inc                                                       | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    601000 | PA      | $599513.79    | 0.27%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                 | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    215000 | PA      | $219010.83    | 0.10%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                   | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $1063260.43   | 0.47%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                   | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    611000 | PA      | $602303.70    | 0.27%             | 2029-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                  | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1108332.75   | 0.49%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm Inc                                                                    | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1274000 | PA      | $1288323.49   | 0.57%             | 2033-05-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1606000 | PA      | $1452858.55   | 0.65%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                    | Level 3 Financing Inc                                                            | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    326902 | PA      | $332560.38    | 0.15%             | 2034-03-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| XHR LP                                   | XHR LP                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |    850000 | PA      | $832509.64    | 0.37%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| NEWELL BRANDS INC                        | Newell Brands Inc                                                                | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    695000 | PA      | $688602.25    | 0.31%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                   | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    786000 | PA      | $737608.20    | 0.33%             | 2030-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CARVANA CO                               | Carvana Co                                                                       | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   1135380 | PA      | $1285509.03   | 0.57%             | 2031-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                    | Civitas Resources Inc                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    269000 | PA      | $278831.68    | 0.12%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                             | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    548000 | PA      | $541787.16    | 0.24%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                      | NCL Corp Ltd                                                                     | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    442000 | PA      | $454566.76    | 0.20%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                        | Iron Mountain Inc                                                                | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    513000 | PA      | $523267.70    | 0.23%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BALL CORP                                | Ball Corp                                                                        | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $940237.90    | 0.42%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                   | AthenaHealth Group Inc                                                           | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    747000 | PA      | $740888.02    | 0.33%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                      | NuStar Logistics LP                                                              | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    774000 | PA      | $801549.76    | 0.36%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                 | Turning Point Brands Inc                                                         | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    814000 | PA      | $861374.80    | 0.38%             | 2032-03-15      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                         | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    270000 | PA      | $230580.00    | 0.10%             | 2029-07-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| TRONOX INC                               | Tronox Inc                                                                       | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    191000 | PA      | $124579.12    | 0.06%             | 2029-03-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| ARETEC GROUP INC                         | Aretec Group Inc                                                                 | CUSIP: 040133AA8<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    179000 | PA      | $179857.95    | 0.08%             | 2029-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                  | FTAI Aviation Investors LLC                                                      | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    504000 | PA      | $535574.09    | 0.24%             | 2030-12-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| MANITOWOC COMPANY INC                    | Manitowoc Co Inc/The                                                             | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |    540000 | PA      | $566574.83    | 0.25%             | 2031-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                      | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    600000 | PA      | $632918.54    | 0.28%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                    | Qnity Electronics Inc                                                            | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    319000 | PA      | $321432.94    | 0.14%             | 2032-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                 | Graphic Packaging International LLC                                              | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    878000 | PA      | $891580.03    | 0.40%             | 2032-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SERVICE CORP INTL                        | Service Corp International/US                                                    | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1104255.02   | 0.49%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    971000 | PA      | $1019521.17   | 0.45%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP                             | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    778000 | PA      | $750511.78    | 0.33%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                      | White Cap Buyer LLC                                                              | CUSIP: 96350RAA2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |    888000 | PA      | $885362.20    | 0.39%             | 2028-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC                           | Bombardier Inc                                                                   | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    236000 | PA      | $245908.22    | 0.11%             | 2029-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                    | Level 3 Financing Inc                                                            | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    501694 | PA      | $438025.77    | 0.20%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| TASEKO MINES LTD                         | Taseko Mines Ltd                                                                 | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    673000 | PA      | $712803.89    | 0.32%             | 2030-05-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                  | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    473000 | PA      | $451881.64    | 0.20%             | 2032-06-15      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                 | Builders FirstSource Inc                                                         | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    644000 | PA      | $672421.36    | 0.30%             | 2035-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    212000 | PA      | $228185.29    | 0.10%             | 2031-02-15      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                      | Buckeye Partners LP                                                              | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    601000 | PA      | $624228.05    | 0.28%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| TERRAFORM GLOBAL OPERATI                 | Terraform Global Operating LP                                                    | CUSIP: 88104UAC7<br>LEI: 549300LC7QMVR79H5O86 | Long             | DBT              | CORP              | US        |    205000 | PA      | $202408.88    | 0.09%             | 2026-03-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| SABRE GLBL INC                           | Sabre GLBL Inc                                                                   | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    428000 | PA      | $434129.05    | 0.19%             | 2027-06-01      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                    | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    993000 | PA      | $1035615.59   | 0.46%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                           | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    306000 | PA      | $329987.95    | 0.15%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                    | Encompass Health Corp                                                            | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    803000 | PA      | $793588.76    | 0.35%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                      | Go Daddy Operating Co LLC / GD Finance Co Inc                                    | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    691000 | PA      | $654706.28    | 0.29%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                 | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    372000 | PA      | $444976.21    | 0.20%             | 2031-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                    | Civitas Resources Inc                                                            | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    548000 | PA      | $561432.04    | 0.25%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                 | MajorDrive Holdings IV LLC                                                       | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |    291000 | PA      | $238466.79    | 0.11%             | 2029-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ECHOSTAR CORP                            | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    570820 | PA      | $588486.88    | 0.26%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                  | Surgery Center Holdings Inc                                                      | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    569000 | PA      | $584502.97    | 0.26%             | 2032-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CONCENTRA HEALTH SERVICE                 | Concentra Health Services Inc                                                    | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |    727000 | PA      | $754903.71    | 0.34%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** MFS VARIABLE INSURANCE TRUST II

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer