# EDGAR Filing Document

**Accession Number:** 0000225604
**File Stem:** 0001752724-25-158184
**Filing Date:** 2025-6
**Character Count:** 219283
**Document Hash:** 46914a05e7437d834f3869dd35c3c2fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158184.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158184

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST III
- **CENTRAL INDEX KEY:** 0000225604

**ORGANIZATION NAME:**
- **EIN:** 046414785
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02794
- **FILM NUMBER:** 251077293

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS SERIES TRUST III /MA
- **DATE OF NAME CHANGE:** 19940411

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS HIGH INCOME FUND
- **DATE OF NAME CHANGE:** 19930408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSACHUSETTS FINANCIAL HIGH INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MFS High Yield Pooled Portfolio (Series ID: S000038262)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000118060 | Fund Shares  | HYPPX           |

## Nport-Ex

![](img19ddf7151.gif)

### Quarterly Report
April 30, 2025

MFS<sup>®</sup> High Yield Pooled Portfolio

![](img426fa8b02.gif)

HYP-Q1

------

### Portfolio of Investments
4/30/25 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – 95.0% | Bonds – 95.0% | Bonds – 95.0% |
| Aerospace & Defense – 3.3% | Aerospace & Defense – 3.3% | Aerospace & Defense – 3.3% |
| Axon Enterprise, Inc., 6.125%, 3/15/2030 (n) | $1675000 | &nbsp;&nbsp;&nbsp;&nbsp;$1704152 |
| Boeing Co., 5.805%, 5/01/2050 | 1848000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732154 |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 1068000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100139 |
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | &nbsp;&nbsp;&nbsp;922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987933 |
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 1133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160028 |
| Bombardier, Inc., 7%, 6/01/2032 (n) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505866 |
| F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n) | 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446520 |
| Moog, Inc., 4.25%, 12/15/2027 (n) | 1597000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540547 |
| TransDigm, Inc., 5.5%, 11/15/2027 | 1509000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501816 |
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 1411000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439353 |
| TransDigm, Inc., 4.625%, 1/15/2029 | 1602000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540855 |
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | &nbsp;&nbsp;&nbsp;868000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884242 |
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 2986000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076634 |
|  |  | &nbsp;&nbsp;&nbsp;$18620239 |
| Automotive – 1.6% | Automotive – 1.6% | Automotive – 1.6% |
| Adient Global Holdings Ltd., 7.5%, 2/15/2033 (n) | $&nbsp;&nbsp;&nbsp;853000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$808284 |
| Allison Transmission, Inc., 3.75%, 1/30/2031 (n) | 3141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821835 |
| Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n) | 1472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427959 |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n) | 1941000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341382 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 1512000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127972 |
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 1849000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9084544 |
| Broadcasting – 1.6% | Broadcasting – 1.6% | Broadcasting – 1.6% |
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | $2153000 | &nbsp;&nbsp;&nbsp;&nbsp;$2206404 |
| Gray Media, Inc., 10.5%, 7/15/2029 (n) | &nbsp;&nbsp;&nbsp;672000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689796 |
| Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n) | 1862000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757017 |
| Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n) | 1543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527354 |
| Univision Communications, Inc., 8%, 8/15/2028 (n) | &nbsp;&nbsp;&nbsp;992000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963577 |
| Univision Communications, Inc., 8.5%, 7/31/2031 (n) | 1887000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8925998 |
| Brokerage & Asset Managers – 1.8% | Brokerage & Asset Managers – 1.8% | Brokerage & Asset Managers – 1.8% |
| AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n) | $2169000 | &nbsp;&nbsp;&nbsp;&nbsp;$2234239 |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | 1657000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784178 |
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | &nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812477 |
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 1267000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211506 |
| Hightower Holding LLC, 9.125%, 1/31/2030 (n) | &nbsp;&nbsp;&nbsp;772000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789370 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 3530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469566 |
|  |  | &nbsp;&nbsp;&nbsp;$10301336 |
| Building – 4.9% | Building – 4.9% | Building – 4.9% |
| ABC Supply Co., Inc., 3.875%, 11/15/2029 (n) | $1451000 | &nbsp;&nbsp;&nbsp;&nbsp;$1339404 |
| AmeriTex Holdco Intermediate LLC, 10.25%, 10/15/2028 (n) | 1706000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757414 |
| BCPE Ulysses Intermediate, Inc., 7.75% (7.75% Cash or 8.5% PIK), 4/01/2027 (n)(p) | &nbsp;&nbsp;&nbsp;714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692693 |
| Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n) | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039690 |
| Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n) | &nbsp;&nbsp;&nbsp;714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621191 |
| Foundation Building Materials LLC, 6%, 3/01/2029 (n) | 2073000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747307 |
| GYP Holding III Corp., 4.625%, 5/01/2029 (n) | 2673000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513658 |
| Knife River Corp., 7.75%, 5/01/2031 (n) | 2088000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184083 |
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 1293000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133033 |
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | &nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590424 |
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 2074000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869028 |
| New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n) | 1233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196907 |
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | &nbsp;&nbsp;&nbsp;642000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642135 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Building – continued | Building – continued | Building – continued |
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | $2530000 | &nbsp;&nbsp;&nbsp;&nbsp;$2456196 |
| Quikrete Holdings Inc., 6.375%, 3/01/2032 (n) | 1704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713604 |
| Standard Building Solutions, Inc., 6.5%, 8/15/2032 (n) | 1027000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039790 |
| Standard Industries, Inc., 4.75%, 1/15/2028 (n) | 1312000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283980 |
| Standard Industries, Inc., 4.375%, 7/15/2030 (n) | 1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529487 |
| White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | 2298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239055 |
|  |  | &nbsp;&nbsp;&nbsp;$27589079 |
| Business Services – 1.5% | Business Services – 1.5% | Business Services – 1.5% |
| athenahealth, Inc., 6.5%, 2/15/2030 (n) | $1874000 | &nbsp;&nbsp;&nbsp;&nbsp;$1791265 |
| Iron Mountain, Inc., 4.875%, 9/15/2027 (n) | 1087000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071678 |
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 1568000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543839 |
| Iron Mountain, Inc., 5.625%, 7/15/2032 (n) | 1571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523591 |
| Iron Mountain, Inc., 6.25%, 1/15/2033 (n) | 1179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176843 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n) | 1591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8720883 |
| Cable TV – 5.6% | Cable TV – 5.6% | Cable TV – 5.6% |
| Cable One, Inc., 4%, 11/15/2030 (n) | $2275000 | &nbsp;&nbsp;&nbsp;&nbsp;$1850461 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 6120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777495 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 3861000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585264 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032 | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972884 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n) | 1538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295593 |
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878857 |
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 2590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298987 |
| CSC Holdings LLC, 4.125%, 12/01/2030 (n) | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668234 |
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | &nbsp;&nbsp;&nbsp;676000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645026 |
| DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n) | &nbsp;&nbsp;&nbsp;512000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484862 |
| DISH DBS Corp., 7.75%, 7/01/2026 | 1209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050865 |
| DISH DBS Corp., 5.125%, 6/01/2029 | 1397000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874681 |
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 1031000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083528 |
| EchoStar Corp., 10.75%, 11/30/2029 | 1710355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808756 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 2173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905090 |
| Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n) | 2778000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686741 |
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 3875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435276 |
|  |  | &nbsp;&nbsp;&nbsp;$31302600 |
| Chemicals – 1.9% | Chemicals – 1.9% | Chemicals – 1.9% |
| Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n) | $1865000 | &nbsp;&nbsp;&nbsp;&nbsp;$1876656 |
| Chemours Co., 4.625%, 11/15/2029 (n) | 2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059948 |
| Chemours Co., 8%, 1/15/2033 (n) | &nbsp;&nbsp;&nbsp;707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637091 |
| Consolidated Energy Finance S.A., 6.5%, 5/15/2026 (n) | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289178 |
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | 1939000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509007 |
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 2304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237826 |
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 2468000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231149 |
|  |  | &nbsp;&nbsp;&nbsp;$10840855 |
| Computer Software – 1.0% | Computer Software – 1.0% | Computer Software – 1.0% |
| Amentum Escrow Corp., 7.25%, 8/01/2032 (n) | $1727000 | &nbsp;&nbsp;&nbsp;&nbsp;$1756770 |
| Cloud Software Group, Inc., 8.25%, 6/30/2032 (n) | 2046000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134220 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 1696000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5400430 |
| Computer Software - Systems – 1.3% | Computer Software - Systems – 1.3% | Computer Software - Systems – 1.3% |
| Sabre GLBL, Inc., 8.625%, 6/01/2027 (n) | $&nbsp;&nbsp;&nbsp;921000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$881857 |
| Sabre GLBL, Inc., 10.75%, 11/15/2029 (n) | &nbsp;&nbsp;&nbsp;703000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669607 |
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 2939000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924509 |
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 1082000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031497 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Computer Software - Systems – continued | Computer Software - Systems – continued | Computer Software - Systems – continued |
| Zebra Technologies Corp., "A", 6.5%, 6/01/2032 (n) | $1630000 | &nbsp;&nbsp;&nbsp;&nbsp;$1637582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7145052 |
| Conglomerates – 2.1% | Conglomerates – 2.1% | Conglomerates – 2.1% |
| Amsted Industries, Inc., 6.375%, 3/15/2033 (n) | $1263000 | &nbsp;&nbsp;&nbsp;&nbsp;$1268687 |
| BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642677 |
| BWX Technologies, Inc., 4.125%, 4/15/2029 (n) | 3373000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207085 |
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 2454000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488624 |
| Gates Corp., 6.875%, 7/01/2029 (n) | 1414000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434685 |
| Husky Injection Molding Systems Ltd., 9%, 2/15/2029 (n) | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289215 |
| SPX Flow, Inc., 8.75%, 4/01/2030 (n) | 1717000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731274 |
|  |  | &nbsp;&nbsp;&nbsp;$12062247 |
| Construction – 1.1% | Construction – 1.1% | Construction – 1.1% |
| Beazer Homes USA, Inc., 7.5%, 3/15/2031 (n) | $1346000 | &nbsp;&nbsp;&nbsp;&nbsp;$1300475 |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | 1912000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865538 |
| Mattamy Group Corp., 5.25%, 12/15/2027 (n) | &nbsp;&nbsp;&nbsp;599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581854 |
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 1104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009933 |
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6170100 |
| Consumer Products – 2.9% | Consumer Products – 2.9% | Consumer Products – 2.9% |
| Acushnet Co., 7.375%, 10/15/2028 (n) | $1609000 | &nbsp;&nbsp;&nbsp;&nbsp;$1664967 |
| Amer Sports Co., 6.75%, 2/16/2031 (n) | 1949000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971300 |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n) | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171412 |
| Champ Acquisition Corp., 8.375%, 12/01/2031 (n) | 1203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267333 |
| MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n) | &nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251591 |
| Newell Brands, Inc., 6.375%, 5/15/2030 | 1908000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736841 |
| Newell Brands, Inc., 6.625%, 5/15/2032 | 1051000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942201 |
| Opal Bidco S.A.S., 5.5%, 3/31/2032 (n) | &nbsp;&nbsp;&nbsp;809000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912636 |
| Opal Bidco S.A.S., 6.5%, 3/31/2032 (n) | $&nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861217 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032 | 2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441904 |
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 1678000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664035 |
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 1833000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654835 |
|  |  | &nbsp;&nbsp;&nbsp;$16540272 |
| Consumer Services – 3.2% | Consumer Services – 3.2% | Consumer Services – 3.2% |
| Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n) | $1192000 | &nbsp;&nbsp;&nbsp;&nbsp;$1196233 |
| Allied Universal Holdco LLC, 6%, 6/01/2029 (n) | 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012797 |
| Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n) | &nbsp;&nbsp;&nbsp;851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869178 |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 1915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712211 |
| Garda World Security Corp., 8.375%, 11/15/2032 (n) | 1864000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838694 |
| GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 2508000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336259 |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) | 1767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723435 |
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | &nbsp;&nbsp;&nbsp;644000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508569 |
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 1543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133595 |
| Service Corp. International, 5.75%, 10/15/2032 | 2075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048523 |
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673769 |
| TriNet Group, Inc., 7.125%, 8/15/2031 (n) | &nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370493 |
| WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n) | 1577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561158 |
|  |  | &nbsp;&nbsp;&nbsp;$17984914 |
| Containers – 1.6% | Containers – 1.6% | Containers – 1.6% |
| Ball Corp., 6%, 6/15/2029 | $&nbsp;&nbsp;&nbsp;849000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$866317 |
| Ball Corp., 2.875%, 8/15/2030 | 2827000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503020 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n) | 1784000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838096 |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/2032 (n) | &nbsp;&nbsp;&nbsp;481000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491824 |
| Owens-Brockway Glass Container, Inc., 7.25%, 5/15/2031 (n) | 1343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333662 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Containers – continued | Containers – continued | Containers – continued |
| Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n) | $1793000 | &nbsp;&nbsp;&nbsp;&nbsp;$1772169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8805088 |
| Electrical Equipment – 0.1% | Electrical Equipment – 0.1% | Electrical Equipment – 0.1% |
| CommScope Technologies LLC, 5%, 3/15/2027 (n) | $&nbsp;&nbsp;&nbsp;864000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$751871 |
| Electronics – 0.5% | Electronics – 0.5% | Electronics – 0.5% |
| Diebold Nixdorf, Inc., 7.75%, 3/31/2030 (n) | $1039000 | &nbsp;&nbsp;&nbsp;&nbsp;$1081723 |
| Entegris, Inc., 4.375%, 4/15/2028 (n) | &nbsp;&nbsp;&nbsp;926000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894883 |
| Entegris, Inc., 3.625%, 5/01/2029 (n) | &nbsp;&nbsp;&nbsp;541000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498115 |
| Entegris, Inc., 5.95%, 6/15/2030 (n) | &nbsp;&nbsp;&nbsp;524000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2997628 |
| Energy - Independent – 4.6% | Energy - Independent – 4.6% | Energy - Independent – 4.6% |
| Chord Energy Corp., 6.75%, 3/15/2033 (n) | $1029000 | &nbsp;&nbsp;&nbsp;&nbsp;$1001615 |
| Civitas Resources, Inc., 8.375%, 7/01/2028 (n) | 1244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222157 |
| Civitas Resources, Inc., 8.625%, 11/01/2030 (n) | &nbsp;&nbsp;&nbsp;646000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622613 |
| Civitas Resources, Inc., 8.75%, 7/01/2031 (n) | 1249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187210 |
| CNX Resources Corp., 7.25%, 3/01/2032 (n) | 1369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368228 |
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 2708000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581237 |
| Encino Acquisition Partners Holdings LLC, 8.75%, 5/01/2031 (n) | 1906000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940684 |
| Gulfport Energy Corp., 6.75%, 9/01/2029 (n) | 2057000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027150 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n) | 1901000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840599 |
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 1922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911316 |
| Matador Resources Co., 6.5%, 4/15/2032 (n) | &nbsp;&nbsp;&nbsp;787000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758052 |
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 1658000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619139 |
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 1151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158700 |
| Permian Resources Operating LLC, 6.25%, 2/01/2033 (n) | &nbsp;&nbsp;&nbsp;834000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815567 |
| Sitio Royalties Operating Partnership LP, 7.875%, 11/01/2028 (n) | 2001000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056396 |
| Viper Energy, Inc., 7.375%, 11/01/2031 (n) | &nbsp;&nbsp;&nbsp;686000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712158 |
| Vital Energy, Inc., 7.875%, 4/15/2032 (n) | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514941 |
| Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n) | 1716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570140 |
|  |  | &nbsp;&nbsp;&nbsp;$25907902 |
| Entertainment – 3.8% | Entertainment – 3.8% | Entertainment – 3.8% |
| Carnival Corp., 5.75%, 3/15/2030 (n) | $1687000 | &nbsp;&nbsp;&nbsp;&nbsp;$1675129 |
| Carnival Corp., 6.125%, 2/15/2033 (n) | &nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846779 |
| Life Time, Inc., 6%, 11/15/2031 (n) | 1933000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926939 |
| Lindblad Expeditions Holdings, Inc., 9%, 5/15/2028 (n) | 1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819050 |
| Motion Bondco DAC, 6.625%, 11/15/2027 (n) | 1415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338173 |
| NCL Corp. Ltd., 5.875%, 3/15/2026 (n) | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164158 |
| NCL Corp. Ltd., 6.25%, 3/01/2030 (n) | 1710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668019 |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | 1116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089707 |
| Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n) | 1047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045778 |
| Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n) | 1426000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424537 |
| Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n) | &nbsp;&nbsp;&nbsp;918000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910944 |
| Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n) | 2261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267224 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471977 |
| Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n) | &nbsp;&nbsp;&nbsp;614000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612754 |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 2262000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239314 |
|  |  | &nbsp;&nbsp;&nbsp;$21500482 |
| Financial Institutions – 5.0% | Financial Institutions – 5.0% | Financial Institutions – 5.0% |
| Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p) | $1932318 | &nbsp;&nbsp;&nbsp;&nbsp;$1879179 |
| Azorra Finance Ltd., 7.75%, 4/15/2030 (n) | 2507000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487646 |
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | &nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909913 |
| Credit Acceptance Corp., 6.625%, 3/15/2030 (n) | 1286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261836 |
| Freedom Mortgage Corp., 7.625%, 5/01/2026 (n) | 1366000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362346 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 1579000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608512 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Financial Institutions – continued | Financial Institutions – continued | Financial Institutions – continued |
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | $1995000 | &nbsp;&nbsp;&nbsp;&nbsp;$1959203 |
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 1158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210632 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029 | 1351000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333437 |
| Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n) | &nbsp;&nbsp;&nbsp;641000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626784 |
| Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n)(w) | 1373000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381727 |
| Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n) | 2124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124930 |
| Nationstar Mortgage Holdings, Inc., 6.5%, 8/01/2029 (n) | 1386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408722 |
| OneMain Finance Corp., 6.625%, 5/15/2029 | 1795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800232 |
| OneMain Finance Corp., 5.375%, 11/15/2029 | 1011000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966465 |
| OneMain Finance Corp., 7.5%, 5/15/2031 | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643963 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n) | 2559000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555430 |
| Truenoord Ltd., 8.75%, 3/01/2030 (n) | 1016000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037824 |
| Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n) | 1342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365029 |
|  |  | &nbsp;&nbsp;&nbsp;$27923810 |
| Food & Beverages – 3.5% | Food & Beverages – 3.5% | Food & Beverages – 3.5% |
| B&G Foods, Inc., 8%, 9/15/2028 (n) | $1586000 | &nbsp;&nbsp;&nbsp;&nbsp;$1573527 |
| Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n) | 1482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552241 |
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | 1324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386968 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n) | 1166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219207 |
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 2213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194860 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 1431000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431425 |
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 2677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523354 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783442 |
| Primo Water Holdings Inc./Triton Water Holdings, 4.375%, 4/30/2029 (n) | 2955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803746 |
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 2827000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745700 |
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | &nbsp;&nbsp;&nbsp;479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469184 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n) | 1339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271910 |
|  |  | &nbsp;&nbsp;&nbsp;$19955564 |
| Forest & Paper Products – 0.8% | Forest & Paper Products – 0.8% | Forest & Paper Products – 0.8% |
| Graphic Packaging International LLC, 6.375%, 7/15/2032 (n) | $2663000 | &nbsp;&nbsp;&nbsp;&nbsp;$2676105 |
| Veritiv Operating Co., 10.5%, 11/30/2030 (n) | 1543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4287844 |
| Gaming & Lodging – 3.4% | Gaming & Lodging – 3.4% | Gaming & Lodging – 3.4% |
| CCM Merger, Inc., 6.375%, 5/01/2026 (n) | $1776000 | &nbsp;&nbsp;&nbsp;&nbsp;$1778072 |
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | 3551000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472808 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030 | 3201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136797 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 2272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009775 |
| Melco Resorts Finance Ltd., 5.375%, 12/04/2029 | 2716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450850 |
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 2707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600130 |
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 1123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071908 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 2122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045895 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n) | &nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556013 |
|  |  | &nbsp;&nbsp;&nbsp;$19122248 |
| Industrial – 0.9% | Industrial – 0.9% | Industrial – 0.9% |
| Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n) | $1330000 | &nbsp;&nbsp;&nbsp;&nbsp;$1342501 |
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | 3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905780 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n) | &nbsp;&nbsp;&nbsp;687000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4918682 |
| 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) | $1340000 | &nbsp;&nbsp;&nbsp;&nbsp;$1371056 |
| Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n) | 1568000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485495 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 1221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178682 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 1536000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558882 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n) | 2502000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496870 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Insurance - Property & Casualty – continued | Insurance - Property & Casualty – continued | Insurance - Property & Casualty – continued |
| AmWINS Group Benefits, Inc., 6.375%, 2/15/2029 (n) | $&nbsp;&nbsp;&nbsp;883000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$893523 |
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 1259000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202002 |
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 2529000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573240 |
| Hub International Ltd., 5.625%, 12/01/2029 (n) | &nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942686 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 2612000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709279 |
| Hub International Ltd., 7.375%, 1/31/2032 (n) | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762379 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 2640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704667 |
|  |  | &nbsp;&nbsp;&nbsp;$19878761 |
| Interactive Media Services – 0.2% | Interactive Media Services – 0.2% | Interactive Media Services – 0.2% |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $1180000 | &nbsp;&nbsp;&nbsp;&nbsp;$1178508 |
| Machinery & Tools – 0.9% | Machinery & Tools – 0.9% | Machinery & Tools – 0.9% |
| Manitowoc Co., Inc., 9.25%, 10/01/2031 (n) | $1172000 | &nbsp;&nbsp;&nbsp;&nbsp;$1188115 |
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 3450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4805385 |
| Medical & Health Technology & Services – 5.5% | Medical & Health Technology & Services – 5.5% | Medical & Health Technology & Services – 5.5% |
| 180 Medical, Inc., 3.875%, 10/15/2029 (n) | $2375000 | &nbsp;&nbsp;&nbsp;&nbsp;$2224124 |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n) | 1342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340833 |
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 1464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520803 |
| Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n) | 1802000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649637 |
| CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n) | 1242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242617 |
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 1074000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732356 |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 3992000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405785 |
| Concentra, Inc., 6.875%, 7/15/2032 (n) | 1828000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871500 |
| Encompass Health Corp., 5.75%, 9/15/2025 | &nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237428 |
| Encompass Health Corp., 4.75%, 2/01/2030 | 1958000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902519 |
| Encompass Health Corp., 4.625%, 4/01/2031 | &nbsp;&nbsp;&nbsp;749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713037 |
| IQVIA, Inc., 5%, 5/15/2027 (n) | 2483000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463202 |
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 1149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167416 |
| Lifepoint Health, Inc., 9.875%, 8/15/2030 (n) | 1097000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166904 |
| Lifepoint Health, Inc., 11%, 10/15/2030 (n) | &nbsp;&nbsp;&nbsp;977000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069469 |
| Lifepoint Health, Inc., 10%, 6/01/2032 (n) | &nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758540 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 1398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394827 |
| Tenet Healthcare Corp., 6.125%, 10/01/2028 | 1028000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025541 |
| Tenet Healthcare Corp., 6.125%, 6/15/2030 | 3157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167825 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 1732000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758294 |
|  |  | &nbsp;&nbsp;&nbsp;$30812657 |
| Medical Equipment – 1.0% | Medical Equipment – 1.0% | Medical Equipment – 1.0% |
| Insulet Corp., 6.5%, 4/01/2033 (n) | $1171000 | &nbsp;&nbsp;&nbsp;&nbsp;$1194659 |
| Medline Borrower LP, 3.875%, 4/01/2029 (n) | &nbsp;&nbsp;&nbsp;957000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892708 |
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 2538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410180 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n) | 1196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5702700 |
| Metals & Mining – 2.5% | Metals & Mining – 2.5% | Metals & Mining – 2.5% |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $1854000 | &nbsp;&nbsp;&nbsp;&nbsp;$1629122 |
| Cleveland-Cliffs, Inc., 7%, 3/15/2032 (n) | 1182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110472 |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 5188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695304 |
| Mineral Resources Ltd., 9.25%, 10/01/2028 (n) | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647814 |
| Novelis, Inc., 4.75%, 1/30/2030 (n) | 1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850474 |
| Novelis, Inc., 6.875%, 1/30/2030 (n) | 1001000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015422 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906235 |
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | &nbsp;&nbsp;&nbsp;901009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486642 |
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 1694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710442 |
|  |  | &nbsp;&nbsp;&nbsp;$14051927 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Midstream – 6.5% | Midstream – 6.5% | Midstream – 6.5% |
| Buckeye Partners LP, 6.75%, 2/01/2030 (n) | $1029000 | &nbsp;&nbsp;&nbsp;&nbsp;$1047014 |
| Buckeye Partners LP, 5.85%, 11/15/2043 | &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428206 |
| Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n) | 2125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181446 |
| DT Midstream, Inc., 4.125%, 6/15/2029 (n) | 1915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797283 |
| DT Midstream, Inc., 4.375%, 6/15/2031 (n) | 2469000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274043 |
| Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029 | 1886000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916760 |
| Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n) | 1832000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789956 |
| NFE Financing LLC, 12%, 11/15/2029 (n) | 1197248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824103 |
| NuStar Logistics LP, 6.375%, 10/01/2030 | 2082000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113861 |
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 1488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499472 |
| Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n) | &nbsp;&nbsp;&nbsp;799000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811811 |
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 1711000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615211 |
| Sunoco LP, 7.25%, 5/01/2032 (n) | 2059000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135214 |
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 2817000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738785 |
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 1251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246444 |
| TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n) | 1017000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023595 |
| Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n) | &nbsp;&nbsp;&nbsp;829000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759219 |
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 1449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301714 |
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 1413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403213 |
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 1911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980241 |
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | &nbsp;&nbsp;&nbsp;786000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740412 |
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 2709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612332 |
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | 2060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770642 |
| Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n) | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615545 |
|  |  | &nbsp;&nbsp;&nbsp;$36626522 |
| Network & Telecom – 1.3% | Network & Telecom – 1.3% | Network & Telecom – 1.3% |
| Altice Financing S.A., 5.75%, 8/15/2029 (n) | $&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$626893 |
| Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n) | 2081000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089732 |
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 2107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132688 |
| Iliad Holding S.A.S., 5.375%, 4/15/2030 (n) | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520628 |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | &nbsp;&nbsp;&nbsp;891000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076295 |
| Windstream Services, LLC / Windstream Escrow, 8.25%, 10/01/2031 (n) | $&nbsp;&nbsp;&nbsp;687000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703295 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7149531 |
| Oil Services – 0.7% | Oil Services – 0.7% | Oil Services – 0.7% |
| Nabors Industries, Inc., 8.875%, 8/15/2031 (n) | $2004000 | &nbsp;&nbsp;&nbsp;&nbsp;$1359189 |
| U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n) | 1927000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945675 |
| Valaris Ltd., 8.375%, 4/30/2030 (n) | &nbsp;&nbsp;&nbsp;911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4158460 |
| Pharmaceuticals – 1.0% | Pharmaceuticals – 1.0% | Pharmaceuticals – 1.0% |
| 1261229 B.C. Ltd., 10%, 4/15/2032 (n) | $1304000 | &nbsp;&nbsp;&nbsp;&nbsp;$1276843 |
| Bausch Health Co., Inc., 4.875%, 6/01/2028 (n) | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108585 |
| Bausch Health Co., Inc., 5.25%, 1/30/2030 (n) | &nbsp;&nbsp;&nbsp;798000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467145 |
| Grifols S.A., 3.875%, 10/15/2028 | &nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918670 |
| Organon Finance 1 LLC, 4.125%, 4/30/2028 (n) | $1934000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5595331 |
| Pollution Control – 0.6% | Pollution Control – 0.6% | Pollution Control – 0.6% |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | $1612000 | &nbsp;&nbsp;&nbsp;&nbsp;$1535525 |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | &nbsp;&nbsp;&nbsp;602000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625780 |
| Wrangler Holdco Corp., 6.625%, 4/01/2032 (n) | &nbsp;&nbsp;&nbsp;966000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3152931 |
| Precious Metals & Minerals – 1.0% | Precious Metals & Minerals – 1.0% | Precious Metals & Minerals – 1.0% |
| Coeur Mining, Inc., 5.125%, 2/15/2029 (n) | $&nbsp;&nbsp;&nbsp;713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$676395 |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | 2038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008865 |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 1834000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816793 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Precious Metals & Minerals – continued | Precious Metals & Minerals – continued | Precious Metals & Minerals – continued |
| New Gold, Inc., 6.875%, 4/01/2032 (n) | $1374000 | &nbsp;&nbsp;&nbsp;&nbsp;$1405274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5907327 |
| 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 | $&nbsp;&nbsp;&nbsp;664000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$586651 |
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n) | 1204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1809895 |
| Real Estate - Other – 1.2% | Real Estate - Other – 1.2% | Real Estate - Other – 1.2% |
| Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n) | $1715000 | &nbsp;&nbsp;&nbsp;&nbsp;$1605528 |
| RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | 2897000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977241 |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 2027000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6488069 |
| Restaurants – 0.9% | Restaurants – 0.9% | Restaurants – 0.9% |
| 1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n) | $1388000 | &nbsp;&nbsp;&nbsp;&nbsp;$1409951 |
| 1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n) | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996486 |
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 1813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586208 |
| New Red Finance, Inc., 5.625%, 9/15/2029 (n) | &nbsp;&nbsp;&nbsp;909000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4898636 |
| Retailers – 2.3% | Retailers – 2.3% | Retailers – 2.3% |
| Hanesbrands, Inc., 9%, 2/15/2031 (n) | $&nbsp;&nbsp;&nbsp;686000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$710693 |
| L Brands, Inc., 6.625%, 10/01/2030 (n) | 2277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317089 |
| Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n) | 1709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620663 |
| Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n) | 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143371 |
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026 | 1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126481 |
| Parkland Corp., 4.625%, 5/01/2030 (n) | $3105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922499 |
| Parkland Corp., 6.625%, 8/15/2032 (n) | &nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370287 |
| Penske Automotive Group Co., 3.75%, 6/15/2029 | 2214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052638 |
| Saks Global Enterprises, 11%, 12/15/2029 (n) | &nbsp;&nbsp;&nbsp;874000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530114 |
|  |  | &nbsp;&nbsp;&nbsp;$12793835 |
| Specialty Stores – 1.1% | Specialty Stores – 1.1% | Specialty Stores – 1.1% |
| Carvana Co., 9% (9% Cash or 12% PIK) to 8/15/2025, 9% Cash to 12/01/2028 (n)(p) | $&nbsp;&nbsp;&nbsp;638499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$656406 |
| Carvana Co., 14% (9% Cash or 14% PIK) to 8/15/2025, 9% Cash to 6/01/2031 (n)(p) | 2153683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424088 |
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | &nbsp;&nbsp;&nbsp;853000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444482 |
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405531 |
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n) | 2615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6366054 |
| Supermarkets – 1.0% | Supermarkets – 1.0% | Supermarkets – 1.0% |
| Albertsons Cos., LLC / Safeway, Inc., 6.25%, 3/15/2033 (n) | $3435000 | &nbsp;&nbsp;&nbsp;&nbsp;$3484969 |
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | 2332000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5870607 |
| Telecommunications - Wireless – 1.2% | Telecommunications - Wireless – 1.2% | Telecommunications - Wireless – 1.2% |
| Altice France S.A., 5.5%, 1/15/2028 (n) | $2092000 | &nbsp;&nbsp;&nbsp;&nbsp;$1731956 |
| Altice France S.A., 5.125%, 7/15/2029 (n) | &nbsp;&nbsp;&nbsp;717000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584989 |
| SBA Communications Corp., 3.125%, 2/01/2029 | 2741000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539466 |
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | &nbsp;&nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241765 |
| Zegona Finance PLC, 8.625%, 7/15/2029 (n) | $1677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6881531 |
| Telephone Services – 0.6% | Telephone Services – 0.6% | Telephone Services – 0.6% |
| Level 3 Financing, Inc., 11%, 11/15/2029 (n) | $1026241 | &nbsp;&nbsp;&nbsp;&nbsp;$1146824 |
| Level 3 Financing, Inc., 3.875%, 10/15/2030 (n) | 1111761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876846 |
| Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n) | 1342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3251372 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Tobacco – 0.2% | Tobacco – 0.2% | Tobacco – 0.2% |
| Turning Point Brands, Inc., 7.625%, 3/15/2032 (n) | $1343000 | &nbsp;&nbsp;&nbsp;$1395596 |
| Transportation - Services – 0.3% | Transportation - Services – 0.3% | Transportation - Services – 0.3% |
| Avis Budget Finance PLC, 7.25%, 7/31/2030 (n) | 1596000 | &nbsp;&nbsp;&nbsp;$1787688 |
| Utilities - Electric Power – 3.2% | Utilities - Electric Power – 3.2% | Utilities - Electric Power – 3.2% |
| Calpine Corp., 4.5%, 2/15/2028 (n) | $1950000 | &nbsp;&nbsp;&nbsp;$1907270 |
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 3858000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434674 |
| Clearway Energy Operating LLC, 3.75%, 1/15/2032 (n) | &nbsp;&nbsp;&nbsp;684000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593175 |
| PG&E Corp., 5.25%, 7/01/2030 | 2988000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878882 |
| PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055 | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832938 |
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | &nbsp;&nbsp;&nbsp;647000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632580 |
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 2949000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872330 |
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 1239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167790 |
| XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n) | 1118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056998 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 1544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528073 |
| XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n) | &nbsp;&nbsp;&nbsp;448000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449644 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n) | &nbsp;&nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$17744531 |
| **Total Bonds** |  | &nbsp;&nbsp;**$535167522** |
| Common Stocks – 0.3% | Common Stocks – 0.3% | Common Stocks – 0.3% |
| Oil Services – 0.2% | Oil Services – 0.2% |  |
| LTRI Holdings LP (a)(u) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;$901791 |
| Telecom Services – 0.1% | Telecom Services – 0.1% |  |
| Intelsat Emergence S.A. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20388 | &nbsp;&nbsp;$805326 |
| **Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1707117** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strike<br> Price** | &nbsp;&nbsp;**First<br> Exercise** |  |  |
| 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 | &nbsp;&nbsp;N/A | 42350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19472 |

---

---

| | | |
|:---|:---|:---|
| Mutual Funds (h) – 4.0% | Mutual Funds (h) – 4.0% | Mutual Funds (h) – 4.0% |
| Money Market Funds – 4.0% | Money Market Funds – 4.0% |  |
| MFS Institutional Money Market Portfolio, 4.36% (v) | 22731782 | &nbsp;&nbsp;&nbsp;$22731782 |
| Other Assets, Less Liabilities – 0.7% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846517 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$563472410** |

---

(a) Non-income producing security.

(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 $22,731,782 and $536,894,111, respectively.

(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 $482,374,058, representing 85.6% of net assets.

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

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

(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.

(w) When-issued security.

------

Portfolio of Investments (unaudited) – continued

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| 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 reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| REIT | Real Estate Investment Trust |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise 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 indicated. A list of abbreviations is shown below: |
| EUR | Euro |
| GBP | British Pound |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 4/30/25** | **Derivative Contracts at 4/30/25** | **Derivative Contracts at 4/30/25** | **Derivative Contracts at 4/30/25** | **Derivative Contracts at 4/30/25** | **Derivative Contracts at 4/30/25** | **Derivative Contracts at 4/30/25** |
| **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** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| USD | &nbsp;&nbsp;1751957 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1543996 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;$(5829) |
| USD | &nbsp;&nbsp;2360202 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2080335 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(8188) |
| USD | &nbsp;&nbsp;3270598 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2879977 | &nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(8158) |
|  |  |  |  |  |  | &nbsp;&nbsp;$(22175) |

---

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

------

### Supplemental Information
4/30/25 (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. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. 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 April 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$901791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$901791 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805326 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19472 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;453389754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;453389754 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81777768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81777768 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;22731782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22731782 |
| Total | &nbsp;&nbsp;&nbsp;$22731782 | &nbsp;&nbsp;&nbsp;$535992320 | &nbsp;&nbsp;&nbsp;$901791 | &nbsp;&nbsp;&nbsp;$559625893 |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts – Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(22175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(22175) |

---

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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of 1/31/25 | $750981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation or depreciation | 150810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of 4/30/25 | $901791 |

---

At April 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 April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$8373051 | &nbsp;&nbsp;$46696483 | &nbsp;&nbsp;$32335149 | &nbsp;&nbsp;$(136) | &nbsp;&nbsp;$(2467) | &nbsp;&nbsp;$22731782 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$145491 | &nbsp;&nbsp;$— |

---

## 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 Series Trust III

- **b. Investment Company Act file number:** 811-02794

- **c. CIK number of Registrant:** 0000225604

- **d. LEI of Registrant:** 549300V6TTODTL97GD50

- **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 Pooled Portfolio

- **b. EDGAR series identifier (if any):** S000038262

- **c. LEI of Series:** 549300B758U8480GXX22

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

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $568154899.25

**Total Liabilities:** $4680857.40

**Net Assets:** $563474041.85

**Cash Not Reported:** $0.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -17.48774530 | **1-Year:** -1278.96094890 | **5-Year:** -2988.10717010 | **10-Year:** -1520.09892650 | **30-Year:** -1046.32312010

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

- **3-Month:** -1715.13854450 | **1-Year:** -44940.33478760 | **5-Year:** -106159.26724820 | **10-Year:** -15290.14979870 | **30-Year:** -1472.01828770

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118060 | 0.70%                | -1.09%               | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $403583.39               | $305859.46                                 |
| Month 2  | $6856.67                 | $-9032301.34                               |
| Month 3  | $-515315.50              | $-1142308.03                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bombardier, Inc.                                         | Bombardier, Inc.                                         | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1133000 | PA      | $1160027.72   | 0.21%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1571000 | PA      | $1523591.15   | 0.27%             | 2032-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                                    | Diebold Nixdorf, Inc.                                    | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |   1039000 | PA      | $1081722.64   | 0.19%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Viking Cruises Ltd.                                      | Viking Cruises Ltd.                                      | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    614000 | PA      | $612753.98    | 0.11%             | 2027-09-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                    | Clydesdale Acquisition Holdings, Inc.                    | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   1784000 | PA      | $1838096.23   | 0.33%             | 2030-04-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Corp.                                  | Credit Acceptance Corp.                                  | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1286000 | PA      | $1261836.06   | 0.22%             | 2030-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                                | Standard Industries, Inc.                                | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1529487.12   | 0.27%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                              | Allied Universal Holdco LLC                              | CUSIP: 019576AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1192000 | PA      | $1196232.79   | 0.21%             | 2027-07-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                                   | BWX Technologies, Inc.                                   | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    669000 | PA      | $642676.99    | 0.11%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Baldwin Insurance Group Holdings LLC                     | Baldwin Insurance Group Holdings LLC                     | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2529000 | PA      | $2573239.80   | 0.46%             | 2031-05-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                 | Encino Acquisition Partners Holdings LLC                 | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |   1906000 | PA      | $1940684.47   | 0.34%             | 2031-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Bausch + Lomb Corp.                                      | Bausch + Lomb Corp.                                      | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |   1464000 | PA      | $1520803.20   | 0.27%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| SNF Group SACA                                           | SNF Group SACA                                           | CUSIP: 7846ELAE7<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |   2468000 | PA      | $2231148.51   | 0.40%             | 2030-03-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                                    | Matador Resources Co.                                    | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   1922000 | PA      | $1911315.60   | 0.34%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Hanesbrands, Inc.                                        | Hanesbrands, Inc.                                        | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    686000 | PA      | $710693.03    | 0.13%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                                       | APi Group DE, Inc.                                       | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   3090000 | PA      | $2905780.38   | 0.52%             | 2029-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                        | Genesis Energy LP                                        | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1886000 | PA      | $1916759.85   | 0.34%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                          | Permian Resources Operating LLC                          | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    834000 | PA      | $815567.35    | 0.14%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                   | Mineral Resources Ltd.                                   | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    685000 | PA      | $647813.82    | 0.11%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Real Hero Merger Sub 2, Inc.                             | Real Hero Merger Sub 2, Inc.                             | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1512000 | PA      | $1127972.41   | 0.20%             | 2029-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Parkland Corp.                                           | Parkland Corp.                                           | CUSIP: 70137WAL2<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |   3105000 | PA      | $2922498.97   | 0.52%             | 2030-05-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                | XPLR Infrastructure Operating Partners LP                | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    448000 | PA      | $449644.38    | 0.08%             | 2031-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                                    | Wrangler Holdco Corp.                                    | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    966000 | PA      | $991626.05    | 0.18%             | 2032-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| New Gold, Inc.                                           | New Gold, Inc.                                           | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |   1008000 | PA      | $1030943.09   | 0.18%             | 2032-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Corp.                                  | Credit Acceptance Corp.                                  | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    861000 | PA      | $909912.55    | 0.16%             | 2028-12-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                               | Allison Transmission, Inc.                               | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   3141000 | PA      | $2821835.14   | 0.50%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises LP                                     | Icahn Enterprises LP                                     | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    641000 | PA      | $626784.09    | 0.11%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                 | MFS Institutional Money Market Portfolio, Class A        | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |  22652871 | NS      | $22652871.32  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp.                            | Six Flags Entertainment Corp.                            | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2471976.50   | 0.44%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| TransMontaigne Partners LLC                              | TransMontaigne Partners LLC                              | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1017000 | PA      | $1023595.25   | 0.18%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                                   | HUB International Ltd.                                   | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    965000 | PA      | $942686.11    | 0.17%             | 2029-12-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                      | Hilton Domestic Operating Co., Inc.                      | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   3201000 | PA      | $3136796.84   | 0.56%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Beazer Homes USA, Inc.                                   | Beazer Homes USA, Inc.                                   | CUSIP: 07556QBU8<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |   1346000 | PA      | $1300474.92   | 0.23%             | 2031-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings, Inc.            | Brundage-Bone Concrete Pumping Holdings, Inc.            | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    687000 | PA      | $670400.73    | 0.12%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                           | US Foods, Inc.                                           | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   2827000 | PA      | $2745700.57   | 0.49%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6120000 | PA      | $5777495.18   | 1.03%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Magnolia Oil & Gas Operating LLC                         | Magnolia Oil & Gas Operating LLC                         | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1901000 | PA      | $1840598.77   | 0.33%             | 2032-12-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Go Daddy Operating Co. LLC                               | Go Daddy Operating Co. LLC                               | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2508000 | PA      | $2336259.43   | 0.41%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                  | Quikrete Holdings, Inc.                                  | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1704000 | PA      | $1713603.61   | 0.30%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                      | Newell Brands, Inc.                                      | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   1908000 | PA      | $1736841.14   | 0.31%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                            | Dornoch Debt Merger Sub, Inc.                            | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1941000 | PA      | $1341381.43   | 0.24%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                 | Wynn Resorts Finance LLC                                 | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2122000 | PA      | $2045894.85   | 0.36%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                | XPLR Infrastructure Operating Partners LP                | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    391000 | PA      | $390176.55    | 0.07%             | 2033-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| DISH Network Corp.                                       | DISH Network Corp.                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1031000 | PA      | $1083528.12   | 0.19%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                       | Nationstar Mortgage Holdings, Inc.                       | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2124000 | PA      | $2124930.31   | 0.38%             | 2027-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Cornerstone Building Brands, Inc.                        | Cornerstone Building Brands, Inc.                        | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    714000 | PA      | $621190.64    | 0.11%             | 2029-08-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CCM Merger, Inc.                                         | CCM Merger, Inc.                                         | CUSIP: 14985VAE1<br>LEI: 549300P77RSBKKFME089 | Long             | DBT              | CORP              | US        |   1776000 | PA      | $1778072.59   | 0.32%             | 2026-05-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                       | Chemours Co. (The)                                       | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    707000 | PA      | $637091.13    | 0.11%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                 | Venture Global LNG, Inc.                                 | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    786000 | PA      | $740411.84    | 0.13%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| LifePoint Health, Inc.                                   | LifePoint Health, Inc.                                   | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1097000 | PA      | $1166904.13   | 0.21%             | 2030-08-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| WASH Multifamily Acquisition, Inc.                       | WASH Multifamily Acquisition, Inc.                       | CUSIP: 93710WAA3<br>LEI: 549300AS7PRY5PHG6L12 | Long             | DBT              | CORP              | US        |   1577000 | PA      | $1561158.40   | 0.28%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partners LP                                      | CUSIP: 118230AM3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    510000 | PA      | $428205.82    | 0.08%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Eldorado Gold Corp.                                      | Eldorado Gold Corp.                                      | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |   2038000 | PA      | $2008865.36   | 0.36%             | 2029-09-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Windstream Services LLC                                  | Windstream Services LLC                                  | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    687000 | PA      | $703294.95    | 0.12%             | 2031-10-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises LP                                     | Icahn Enterprises LP                                     | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1351000 | PA      | $1333437.00   | 0.24%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Surgery Center Holdings, Inc.                            | Surgery Center Holdings, Inc.                            | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |   1398000 | PA      | $1394827.38   | 0.25%             | 2032-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                        | Venture Global Calcasieu Pass LLC                        | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    829000 | PA      | $759219.01    | 0.13%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Jefferson Capital Holdings LLC                           | Jefferson Capital Holdings LLC                           | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    858000 | PA      | $863453.45    | 0.15%             | 2030-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    918000 | PA      | $910944.24    | 0.16%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Panther Escrow Issuer LLC                                | Panther Escrow Issuer LLC                                | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2640000 | PA      | $2704666.80   | 0.48%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Mattamy Group Corp.                                      | Mattamy Group Corp.                                      | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |   1104000 | PA      | $1009933.13   | 0.18%             | 2030-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                                   | Encompass Health Corp.                                   | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |   1958000 | PA      | $1902518.50   | 0.34%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bombardier, Inc.                                         | Bombardier, Inc.                                         | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1068000 | PA      | $1100139.32   | 0.20%             | 2029-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                      | Forward Foreign Currency Contract                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-8188.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Snap, Inc.                                               | Snap, Inc.                                               | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1178507.77   | 0.21%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                   | Tenet Healthcare Corp.                                   | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1028000 | PA      | $1025541.36   | 0.18%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                       | Arches Buyer, Inc.                                       | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1712210.69   | 0.30%             | 2028-12-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                              | Service Corp. International                              | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2048522.59   | 0.36%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                  | Bath & Body Works, Inc.                                  | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   2277000 | PA      | $2317088.86   | 0.41%             | 2030-10-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC                                    | Directv Financing LLC                                    | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    512000 | PA      | $484861.64    | 0.09%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   3992000 | PA      | $3405784.54   | 0.60%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| LBM Acquisition LLC                                      | LBM Acquisition LLC                                      | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |   1293000 | PA      | $1133032.76   | 0.20%             | 2029-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                           | Entegris, Inc.                                           | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    524000 | PA      | $522907.20    | 0.09%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBD1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1242000 | PA      | $1242617.27   | 0.22%             | 2027-12-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Sitio Royalties Operating Partnership LP                 | Sitio Royalties Operating Partnership LP                 | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2001000 | PA      | $2056395.68   | 0.36%             | 2028-11-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Motion Bondco DAC                                        | Motion Bondco DAC                                        | CUSIP: 61978XAA5<br>LEI: 635400KFD3IETNQLA755 | Long             | DBT              | CORP              | IE        |   1415000 | PA      | $1338172.58   | 0.24%             | 2027-11-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Taseko Mines Ltd.                                        | Taseko Mines Ltd.                                        | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |   1694000 | PA      | $1710441.96   | 0.30%             | 2030-05-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.           | Charles River Laboratories International, Inc.           | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |   1802000 | PA      | $1649636.76   | 0.29%             | 2029-03-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                      | Medline Borrower LP                                      | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    957000 | PA      | $892707.98    | 0.16%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                       | Iliad Holding SASU                                       | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |   2107000 | PA      | $2132688.54   | 0.38%             | 2028-10-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Viking Baked Goods Acquisition Corp.                     | Viking Baked Goods Acquisition Corp.                     | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |   1339000 | PA      | $1271909.94   | 0.23%             | 2031-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Delek Logistics Partners LP                              | Delek Logistics Partners LP                              | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2181446.31   | 0.39%             | 2029-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                               | Cloud Software Group, Inc.                               | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2046000 | PA      | $2134219.43   | 0.38%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Intelsat SA                                              | Intelsat SA                                              | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             | EC               | CORP              | LU        |     20388 | NS      | $805326.00    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                | Michaels Cos., Inc. (The)                                | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $405531.07    | 0.07%             | 2029-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                    | Prestige Brands, Inc.                                    | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |   1833000 | PA      | $1654835.33   | 0.29%             | 2031-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                      | Avation plc                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               |  | GB        |     42350 | NS      | $19471.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Univision Communications, Inc.                           | Univision Communications, Inc.                           | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1887000 | PA      | $1781849.85   | 0.32%             | 2031-07-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Patrick Industries, Inc.                                 | Patrick Industries, Inc.                                 | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   2530000 | PA      | $2456196.11   | 0.44%             | 2032-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                            | Novelis Corp.                                            | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1001000 | PA      | $1015422.37   | 0.18%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| American Builders & Contractors Supply Co., Inc.         | American Builders & Contractors Supply Co., Inc.         | CUSIP: 024747AG2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |   1451000 | PA      | $1339404.00   | 0.24%             | 2029-11-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                       | Iliad Holding SASU                                       | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |    450000 | PA      | $520628.12    | 0.09%             | 2030-04-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                           | Community Health Systems, Inc.                           | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1074000 | PA      | $732355.55    | 0.13%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP                             | MPT Operating Partnership LP                             | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1204000 | PA      | $1223243.54   | 0.22%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1047000 | PA      | $1045777.94   | 0.19%             | 2027-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CommScope Technologies LLC                               | CommScope Technologies LLC                               | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |    864000 | PA      | $751870.70    | 0.13%             | 2027-03-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TriNet Group, Inc.                                       | TriNet Group, Inc.                                       | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    364000 | PA      | $370492.67    | 0.07%             | 2031-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                      | NuStar Logistics LP                                      | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   2082000 | PA      | $2113860.85   | 0.38%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                               | PG&E Corp.                                               | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   2988000 | PA      | $2878882.36   | 0.51%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kinetik Holdings LP                                      | Kinetik Holdings LP                                      | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |   1832000 | PA      | $1789955.58   | 0.32%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Knife River Corp.                                        | Knife River Corp.                                        | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2088000 | PA      | $2184083.50   | 0.39%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                          | Sinclair Television Group, Inc.                          | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   1543000 | PA      | $1527353.98   | 0.27%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Cerdia Finanz GmbH                                       | Cerdia Finanz GmbH                                       | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   1865000 | PA      | $1876656.25   | 0.33%             | 2031-10-03      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Corp.                                   | Freedom Mortgage Corp.                                   | CUSIP: 35640YAH0<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |   1366000 | PA      | $1362346.50   | 0.24%             | 2026-05-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1795000 | PA      | $1800232.43   | 0.32%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Lindblad Expeditions Holdings, Inc.                      | Lindblad Expeditions Holdings, Inc.                      | CUSIP: 535219AA7<br>LEI: 549300GSPW24GZE6R597 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1819050.24   | 0.32%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                         | Altice France SA                                         | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    717000 | PA      | $584988.40    | 0.10%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                         | Bombardier, Inc.                                         | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    922000 | PA      | $987933.14    | 0.18%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                       | Venture Global Plaquemines LNG LLC                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    600000 | PA      | $615544.55    | 0.11%             | 2033-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                            | Novelis Corp.                                            | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1990000 | PA      | $1850473.54   | 0.33%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Petra Diamonds US Treasury plc                           | Petra Diamonds US Treasury plc                           | CUSIP: N/A<br>LEI: 635400LZYOO6WHAO2H58       | Long             | DBT              | CORP              | GB        |    901009 | PA      | $486641.62    | 0.09%             | 2026-03-08      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Acrisure LLC                                             | Acrisure LLC                                             | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1568000 | PA      | $1485495.02   | 0.26%             | 2029-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| USA Compression Partners LP                              | USA Compression Partners LP                              | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1927000 | PA      | $1945674.56   | 0.35%             | 2029-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                      | Forward Foreign Currency Contract                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2933.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ball Corp.                                               | Ball Corp.                                               | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   2827000 | PA      | $2503020.23   | 0.44%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                              | Allied Universal Holdco LLC                              | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    851000 | PA      | $869177.86    | 0.15%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| PetSmart, Inc.                                           | PetSmart, Inc.                                           | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2615000 | PA      | $2435547.19   | 0.43%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Amsted Industries, Inc.                                  | Amsted Industries, Inc.                                  | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |   1263000 | PA      | $1268687.29   | 0.23%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                        | PennyMac Financial Services, Inc.                        | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2559000 | PA      | $2555429.68   | 0.45%             | 2033-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                                   | Encompass Health Corp.                                   | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    749000 | PA      | $713036.99    | 0.13%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Chobani LLC                                              | Chobani LLC                                              | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1482000 | PA      | $1552240.87   | 0.28%             | 2029-07-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                 | Venture Global LNG, Inc.                                 | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2060000 | PA      | $1770641.89   | 0.31%             | 2029-09-30      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| DT Midstream, Inc.                                       | DT Midstream, Inc.                                       | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2469000 | PA      | $2274043.46   | 0.40%             | 2031-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Valaris Ltd.                                             | Valaris Ltd.                                             | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    911000 | PA      | $853596.43    | 0.15%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1568000 | PA      | $1543838.53   | 0.27%             | 2028-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NFE Financing LLC                                        | NFE Financing LLC                                        | CUSIP: 62909BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1197248 | PA      | $824103.03    | 0.15%             | 2029-11-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Acushnet Co.                                             | Acushnet Co.                                             | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |   1609000 | PA      | $1664967.46   | 0.30%             | 2028-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| LTRI Holdings LP                                         | LTRI Holdings LP                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      3300 | NS      | $901791.00    | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1087000 | PA      | $1071677.65   | 0.19%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                        | Venture Global Calcasieu Pass LLC                        | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   1449000 | PA      | $1301713.76   | 0.23%             | 2031-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC                                    | Directv Financing LLC                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    676000 | PA      | $645025.68    | 0.11%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Melco Resorts Finance Ltd.                               | Melco Resorts Finance Ltd.                               | CUSIP: N/A<br>LEI: 5493000FQDBWKDBZEF60       | Long             | DBT              | CORP              | KY        |   2716000 | PA      | $2450849.69   | 0.43%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    635000 | PA      | $643962.87    | 0.11%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Carvana Co.                                              | Carvana Co.                                              | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   2153683 | PA      | $2424087.70   | 0.43%             | 2031-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Zebra Technologies Corp.                                 | Zebra Technologies Corp.                                 | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1637581.52   | 0.29%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Mattamy Group Corp.                                      | Mattamy Group Corp.                                      | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |    599000 | PA      | $581853.86    | 0.10%             | 2027-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                             | Tallgrass Energy Partners LP                             | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2817000 | PA      | $2738785.15   | 0.49%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Opal Bidco SAS                                           | Opal Bidco SAS                                           | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    861000 | PA      | $861217.13    | 0.15%             | 2032-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                 | Bausch Health Cos., Inc.                                 | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    798000 | PA      | $467144.95    | 0.08%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                              | Saks Global Enterprises LLC                              | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    874000 | PA      | $530113.67    | 0.09%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                            | Calpine Corp.                                            | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1907270.04   | 0.34%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                             | Performance Food Group, Inc.                             | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   2213000 | PA      | $2194860.04   | 0.39%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1538000 | PA      | $1295593.05   | 0.23%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SCIH Salt Holdings, Inc.                                 | SCIH Salt Holdings, Inc.                                 | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2304000 | PA      | $2237825.78   | 0.40%             | 2029-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Husky Injection Molding Systems Ltd.                     | Husky Injection Molding Systems Ltd.                     | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1270000 | PA      | $1289215.10   | 0.23%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                              | IQVIA, Inc.                                              | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2483000 | PA      | $2463201.80   | 0.44%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                       | Chemours Co. (The)                                       | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   2460000 | PA      | $2059948.16   | 0.37%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                            | Freedom Mortgage Holdings LLC                            | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1579000 | PA      | $1608511.51   | 0.29%             | 2029-02-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                        | Alliant Holdings Intermediate LLC                        | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1221000 | PA      | $1178681.85   | 0.21%             | 2029-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                           | Anywhere Real Estate Group LLC                           | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1543000 | PA      | $1133595.04   | 0.20%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1411000 | PA      | $1439352.63   | 0.26%             | 2028-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ziggo Bond Co. BV                                        | Ziggo Bond Co. BV                                        | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |   3875000 | PA      | $3435276.24   | 0.61%             | 2030-02-28      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FMG Resources August 2006 Pty. Ltd.                      | FMG Resources August 2006 Pty. Ltd.                      | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   5188000 | PA      | $4695303.94   | 0.83%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | Buckeye Partners LP                                      | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   1029000 | PA      | $1047013.67   | 0.19%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                                       | Vital Energy, Inc.                                       | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1514941.16   | 0.27%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| AmWINS Group, Inc.                                       | AmWINS Group, Inc.                                       | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   1259000 | PA      | $1202001.92   | 0.21%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| B&G Foods, Inc.                                          | B&G Foods, Inc.                                          | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |   1586000 | PA      | $1573526.90   | 0.28%             | 2028-09-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| F-Brasile SpA                                            | F-Brasile SpA, Series XR                                 | CUSIP: 30191BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |   1450000 | PA      | $1446520.00   | 0.26%             | 2026-08-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| AG TTMT Escrow Issuer LLC                                | AG TTMT Escrow Issuer LLC                                | CUSIP: 00840KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2169000 | PA      | $2234239.18   | 0.40%             | 2027-09-30      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                                  | CD&R Smokey Buyer, Inc.                                  | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1171412.23   | 0.21%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Axon Enterprise, Inc.                                    | Axon Enterprise, Inc.                                    | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1704151.42   | 0.30%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                      | Hilton Domestic Operating Co., Inc.                      | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   2272000 | PA      | $2009775.08   | 0.36%             | 2032-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                           | Entegris, Inc.                                           | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    541000 | PA      | $498115.36    | 0.09%             | 2029-05-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                                      | Altice Financing SA                                      | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    850000 | PA      | $626893.36    | 0.11%             | 2029-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                      | Forward Foreign Currency Contract                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5828.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Manitowoc Co., Inc. (The)                                | Manitowoc Co., Inc. (The)                                | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |   1172000 | PA      | $1188115.00   | 0.21%             | 2031-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1509000 | PA      | $1501816.25   | 0.27%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maxeda DIY Holding BV                                    | Maxeda DIY Holding BV                                    | CUSIP: N/A<br>LEI: 724500KEZU4CPEQLGZ87       | Long             | DBT              | CORP              | NL        |   1210000 | PA      | $1126481.12   | 0.20%             | 2026-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                                      | White Cap Buyer LLC                                      | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2298000 | PA      | $2239055.38   | 0.40%             | 2028-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Cornerstone Building Brands, Inc.                        | Cornerstone Building Brands, Inc.                        | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1039690.09   | 0.18%             | 2029-01-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| LifePoint Health, Inc.                                   | LifePoint Health, Inc.                                   | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    977000 | PA      | $1069469.14   | 0.19%             | 2030-10-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| MIWD Holdco II LLC                                       | MIWD Holdco II LLC                                       | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2074000 | PA      | $1869028.03   | 0.33%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                           | 1011778 BC ULC                                           | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1388000 | PA      | $1409951.22   | 0.25%             | 2029-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| SPX FLOW, Inc.                                           | SPX FLOW, Inc.                                           | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |   1717000 | PA      | $1731273.42   | 0.31%             | 2030-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SAS                                | Banijay Entertainment SAS                                | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |   2153000 | PA      | $2206404.43   | 0.39%             | 2029-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                                 | RB Global Holdings, Inc.                                 | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   3450000 | PA      | $3617269.80   | 0.64%             | 2031-03-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                  | GFL Environmental, Inc.                                  | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   1612000 | PA      | $1535525.43   | 0.27%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                      | Post Holdings, Inc.                                      | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   2677000 | PA      | $2523353.61   | 0.45%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Standard Building Solutions, Inc.                        | Standard Building Solutions, Inc.                        | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   1027000 | PA      | $1039789.91   | 0.18%             | 2032-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| US Acute Care Solutions LLC                              | US Acute Care Solutions LLC                              | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1732000 | PA      | $1758293.49   | 0.31%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                  | SS&C Technologies, Inc.                                  | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   2939000 | PA      | $2924508.67   | 0.52%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Foundation Building Materials, Inc.                      | Foundation Building Materials, Inc.                      | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |   2073000 | PA      | $1747306.82   | 0.31%             | 2029-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Viking Ocean Cruises Ship VII Ltd.                       | Viking Ocean Cruises Ship VII Ltd.                       | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2262000 | PA      | $2239314.40   | 0.40%             | 2029-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                                   | Encompass Health Corp.                                   | CUSIP: 421924BT7<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    238000 | PA      | $237428.11    | 0.04%             | 2025-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL, Inc.                                         | Sabre GLBL, Inc.                                         | CUSIP: 78573NAJ1<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    921000 | PA      | $881857.50    | 0.16%             | 2027-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Albion Financing 2 SARL                                  | Albion Financing 2 SARL                                  | CUSIP: 013305AA5<br>LEI: 2594009X2UW7EQPIKY23 | Long             | DBT              | CORP              | LU        |   1330000 | PA      | $1342500.67   | 0.24%             | 2027-04-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                      | Medline Borrower LP                                      | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1196000 | PA      | $1205152.99   | 0.21%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Fortress Transportation and Infrastructure Investors LLC | Fortress Transportation and Infrastructure Investors LLC | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   1158000 | PA      | $1210632.26   | 0.21%             | 2030-12-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Fiesta Purchaser, Inc.                                   | Fiesta Purchaser, Inc.                                   | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1166000 | PA      | $1219206.91   | 0.22%             | 2032-09-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                      | Forward Foreign Currency Contract                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5224.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wabash National Corp.                                    | Wabash National Corp.                                    | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |   1849000 | PA      | $1557111.50   | 0.28%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                              | Adient Global Holdings Ltd.                              | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    853000 | PA      | $808284.16    | 0.14%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| XHR LP                                                   | XHR LP                                                   | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |   2027000 | PA      | $1905299.73   | 0.34%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Primo Water Holdings, Inc.                               | Primo Water Holdings, Inc.                               | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2955000 | PA      | $2803745.99   | 0.50%             | 2029-04-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Parkland Corp.                                           | Parkland Corp.                                           | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    372000 | PA      | $370286.61    | 0.07%             | 2032-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1602000 | PA      | $1540854.66   | 0.27%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Avation Capital SA                                       | Avation Capital SA                                       | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | LU        |   1932318 | PA      | $1879179.26   | 0.33%             | 2026-10-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                  | Level 3 Financing, Inc.                                  | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   1026241 | PA      | $1146824.32   | 0.20%             | 2029-11-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Dealer Tire LLC                                          | Dealer Tire LLC                                          | CUSIP: 24229JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1472000 | PA      | $1427959.38   | 0.25%             | 2028-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                                    | Matador Resources Co.                                    | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    787000 | PA      | $758052.41    | 0.13%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                       | Iliad Holding SASU                                       | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |    891000 | PA      | $1076294.57   | 0.19%             | 2031-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $1878856.84   | 0.33%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| TrueNoord Capital DAC                                    | TrueNoord Capital DAC                                    | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1016000 | PA      | $1037823.81   | 0.18%             | 2030-03-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| SBA Communications Corp.                                 | SBA Communications Corp.                                 | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   2741000 | PA      | $2539466.33   | 0.45%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| KeHE Distributors LLC                                    | KeHE Distributors LLC                                    | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2332000 | PA      | $2385638.33   | 0.42%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1095000 | PA      | $972884.14    | 0.17%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                             | Trivium Packaging Finance BV                             | CUSIP: 89686QAB2<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   1793000 | PA      | $1772169.28   | 0.31%             | 2027-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| DT Midstream, Inc.                                       | DT Midstream, Inc.                                       | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1797283.23   | 0.32%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Wynn Macau Ltd.                                          | Wynn Macau Ltd.                                          | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   1123000 | PA      | $1071908.15   | 0.19%             | 2028-08-26      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                             | Tallgrass Energy Partners LP                             | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1251000 | PA      | $1246444.23   | 0.22%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| IAMGOLD Corp.                                            | IAMGOLD Corp.                                            | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |   1834000 | PA      | $1816793.05   | 0.32%             | 2028-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                 | Bausch Health Cos., Inc.                                 | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1365000 | PA      | $1108584.75   | 0.20%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                        | Alliant Holdings Intermediate LLC                        | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1536000 | PA      | $1558882.34   | 0.28%             | 2031-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Weekley Homes LLC                                        | Weekley Homes LLC                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1412299.83   | 0.25%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                            | Organon & Co.                                            | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1934000 | PA      | $1824088.11   | 0.32%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                 | Venture Global LNG, Inc.                                 | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2709000 | PA      | $2612331.83   | 0.46%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                        | EMRLD Borrower LP                                        | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2454000 | PA      | $2488623.49   | 0.44%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                | Michaels Cos., Inc. (The)                                | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    853000 | PA      | $444481.77    | 0.08%             | 2028-05-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                        | Alliant Holdings Intermediate LLC                        | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2502000 | PA      | $2496870.15   | 0.44%             | 2031-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments LLC                                      | Shift4 Payments LLC                                      | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1591000 | PA      | $1613667.23   | 0.29%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                           | 1011778 BC ULC                                           | CUSIP: 68245XAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    909000 | PA      | $905991.30    | 0.16%             | 2029-09-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                              | IQVIA, Inc.                                              | CUSIP: 46266TAD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1149000 | PA      | $1167416.17   | 0.21%             | 2030-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                         | CCO Holdings LLC                                         | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3861000 | PA      | $3585263.60   | 0.64%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Park Intermediate Holdings LLC                           | Park Intermediate Holdings LLC                           | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1715000 | PA      | $1605528.38   | 0.28%             | 2029-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                                      | CNX Resources Corp.                                      | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |   1369000 | PA      | $1368227.75   | 0.24%             | 2032-03-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Viper Energy, Inc.                                       | Viper Energy, Inc.                                       | CUSIP: 92763MAB1<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |    686000 | PA      | $712157.87    | 0.13%             | 2031-11-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                      | Post Holdings, Inc.                                      | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    790000 | PA      | $783442.16    | 0.14%             | 2034-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Energy Finance SA                           | Consolidated Energy Finance SA                           | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $289177.80    | 0.05%             | 2026-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                           | Entegris, Inc.                                           | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    926000 | PA      | $894882.51    | 0.16%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Terraform Global Operating LP                            | Terraform Global Operating LP                            | CUSIP: 88104UAC7<br>LEI: 549300LC7QMVR79H5O86 | Long             | DBT              | CORP              | US        |    647000 | PA      | $632579.60    | 0.11%             | 2026-03-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                          | Gulfport Energy Operating Corp.                          | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |   2057000 | PA      | $2027149.64   | 0.36%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Carvana Co.                                              | Carvana Co.                                              | CUSIP: 146869AL6<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    638499 | PA      | $656406.34    | 0.12%             | 2028-12-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Wyndham Hotels & Resorts, Inc.                           | Wyndham Hotels & Resorts, Inc.                           | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |   2707000 | PA      | $2600129.81   | 0.46%             | 2028-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                     | Owens-Brockway Glass Container, Inc.                     | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   1343000 | PA      | $1333661.93   | 0.24%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                  | Civitas Resources, Inc.                                  | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   1249000 | PA      | $1187209.72   | 0.21%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Opal Bidco SAS                                           | Opal Bidco SAS                                           | CUSIP: N/A<br>LEI: 969500R96XT7XY2UJ564       | Long             | DBT              | CORP              | FR        |    809000 | PA      | $912635.62    | 0.16%             | 2032-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                          | Permian Resources Operating LLC                          | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1151000 | PA      | $1158700.19   | 0.21%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                | XPLR Infrastructure Operating Partners LP                | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1544000 | PA      | $1528072.70   | 0.27%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Azorra Finance Ltd.                                      | Azorra Finance Ltd.                                      | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |   2507000 | PA      | $2487645.96   | 0.44%             | 2030-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| AmWINS Group, Inc.                                       | AmWINS Group, Inc.                                       | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    883000 | PA      | $893523.59    | 0.16%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Neptune Bidco US, Inc.                                   | Neptune Bidco US, Inc.                                   | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1696000 | PA      | $1509440.00   | 0.27%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                                   | HUB International Ltd.                                   | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   2612000 | PA      | $2709278.72   | 0.48%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                           | Univision Communications, Inc.                           | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    992000 | PA      | $963576.62    | 0.17%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| EchoStar Corp.                                           | EchoStar Corp.                                           | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1710355 | PA      | $1808756.48   | 0.32%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Concentra Health Services, Inc.                          | Concentra Health Services, Inc.                          | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |   1828000 | PA      | $1871500.09   | 0.33%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Hightower Holding LLC                                    | Hightower Holding LLC                                    | CUSIP: 43118DAA8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |   1267000 | PA      | $1211506.03   | 0.22%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ball Corp.                                               | Ball Corp.                                               | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    849000 | PA      | $866317.03    | 0.15%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                 | Comstock Resources, Inc.                                 | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   2708000 | PA      | $2581236.90   | 0.46%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Insulet Corp.                                            | Insulet Corp.                                            | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |   1171000 | PA      | $1194658.88   | 0.21%             | 2033-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                             | Performance Food Group, Inc.                             | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1431000 | PA      | $1431425.01   | 0.25%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                               | Grifols SA                                               | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |    865000 | PA      | $918670.55    | 0.16%             | 2028-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                       | Nationstar Mortgage Holdings, Inc.                       | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1386000 | PA      | $1408721.60   | 0.25%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GYP Holdings III Corp.                                   | GYP Holdings III Corp.                                   | CUSIP: 36261NAA5<br>LEI: 549300055I1KJWZH9690 | Long             | DBT              | CORP              | US        |   2673000 | PA      | $2513657.66   | 0.45%             | 2029-05-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Chord Energy Corp.                                       | Chord Energy Corp.                                       | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   1029000 | PA      | $1001615.35   | 0.18%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Zegona Finance plc                                       | Zegona Finance plc                                       | CUSIP: N/A<br>LEI: 254900B3KC1SS7T2TE92       | Long             | DBT              | CORP              | GB        |    202000 | PA      | $241764.92    | 0.04%             | 2029-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                           | Anywhere Real Estate Group LLC                           | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    644000 | PA      | $508568.58    | 0.09%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                         | Gray Media, Inc.                                         | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    672000 | PA      | $689795.90    | 0.12%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                    | Clydesdale Acquisition Holdings, Inc.                    | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    481000 | PA      | $491823.61    | 0.09%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Wildfire Intermediate Holdings LLC                       | Wildfire Intermediate Holdings LLC                       | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |   1716000 | PA      | $1570140.00   | 0.28%             | 2029-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Baffinland Iron Mines Corp.                              | Baffinland Iron Mines Corp.                              | CUSIP: 056623AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1854000 | PA      | $1629122.04   | 0.29%             | 2026-07-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                           | Raven Acquisition Holdings LLC                           | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1767000 | PA      | $1723435.09   | 0.31%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                           | Carnival Corp.                                           | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    854000 | PA      | $846778.75    | 0.15%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TerraForm Power Operating LLC                            | TerraForm Power Operating LLC                            | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |   1239000 | PA      | $1167789.59   | 0.21%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                    | Albertsons Cos., Inc.                                    | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3435000 | PA      | $3484968.95   | 0.62%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                           | NCL Corp. Ltd.                                           | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   1710000 | PA      | $1668019.16   | 0.30%             | 2030-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Clearway Energy Operating LLC                            | Clearway Energy Operating LLC                            | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |   3858000 | PA      | $3434674.39   | 0.61%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Virgin Media Vendor Financing Notes IV DAC               | Virgin Media Vendor Financing Notes IV DAC               | CUSIP: 92770QAA5<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | IE        |   2778000 | PA      | $2686740.48   | 0.48%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp.                  | Mavis Tire Express Services Topco Corp.                  | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1143370.89   | 0.20%             | 2029-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TerraForm Power Operating LLC                            | TerraForm Power Operating LLC                            | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |   2949000 | PA      | $2872329.83   | 0.51%             | 2028-01-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Fiesta Purchaser, Inc.                                   | Fiesta Purchaser, Inc.                                   | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1324000 | PA      | $1386968.12   | 0.25%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                           | DISH DBS Corp.                                           | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1397000 | PA      | $874680.98    | 0.16%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                          | Permian Resources Operating LLC                          | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1658000 | PA      | $1619138.64   | 0.29%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                           | US Foods, Inc.                                           | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    479000 | PA      | $469184.24    | 0.08%             | 2033-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BCPE Ulysses Intermediate, Inc.                          | BCPE Ulysses Intermediate, Inc.                          | CUSIP: 05553LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    714000 | PA      | $692693.24    | 0.12%             | 2027-04-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                  | RHP Hotel Properties LP                                  | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2897000 | PA      | $2977241.11   | 0.53%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| PG&E Corp.                                               | PG&E Corp.                                               | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    858000 | PA      | $832937.97    | 0.15%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Co.                            | Perrigo Finance Unlimited Co., Series USD                | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |   2460000 | PA      | $2441903.99   | 0.43%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Avis Budget Finance plc                                  | Avis Budget Finance plc                                  | CUSIP: N/A<br>LEI: 549300W3BJJPGKCIOI13       | Long             | DBT              | CORP              | JE        |   1596000 | PA      | $1787688.28   | 0.32%             | 2030-07-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Jane Street Group                                        | Jane Street Group                                        | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3530000 | PA      | $3469565.34   | 0.62%             | 2032-11-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    868000 | PA      | $884242.18    | 0.16%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Empire Communities Corp.                                 | Empire Communities Corp.                                 | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |   1912000 | PA      | $1865538.40   | 0.33%             | 2029-05-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Prairie Acquiror LP                                      | Prairie Acquiror LP                                      | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |   1488000 | PA      | $1499472.48   | 0.27%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Miter Brands Acquisition Holdco, Inc.                    | Miter Brands Acquisition Holdco, Inc.                    | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $590424.21    | 0.10%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                 | Venture Global LNG, Inc.                                 | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1911000 | PA      | $1980241.17   | 0.35%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                      | Stagwell Global LLC                                      | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   1862000 | PA      | $1757017.46   | 0.31%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Virgin Media Finance plc                                 | Virgin Media Finance plc                                 | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |   2173000 | PA      | $1905090.40   | 0.34%             | 2030-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Fortress Transportation and Infrastructure Investors LLC | Fortress Transportation and Infrastructure Investors LLC | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   1995000 | PA      | $1959202.92   | 0.35%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Walker & Dunlop, Inc.                                    | Walker & Dunlop, Inc.                                    | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1342000 | PA      | $1365028.72   | 0.24%             | 2033-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Turning Point Brands, Inc.                               | Turning Point Brands, Inc.                               | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   1343000 | PA      | $1395595.91   | 0.25%             | 2032-03-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                 | Venture Global LNG, Inc.                                 | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1413000 | PA      | $1403213.28   | 0.25%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| 180 Medical, Inc.                                        | 180 Medical, Inc.                                        | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2224124.33   | 0.39%             | 2029-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                           | NCL Corp. Ltd.                                           | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   1116000 | PA      | $1089706.49   | 0.19%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Sabre GLBL, Inc.                                         | Sabre GLBL, Inc.                                         | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    703000 | PA      | $669607.50    | 0.12%             | 2029-11-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                  | Nabors Industries, Inc.                                  | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   2004000 | PA      | $1359188.75   | 0.24%             | 2031-08-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                             | Rockies Express Pipeline LLC                             | CUSIP: 77340RAM9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |   1711000 | PA      | $1615211.09   | 0.29%             | 2040-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                   | Cleveland-Cliffs, Inc.                                   | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1182000 | PA      | $1110472.10   | 0.20%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Cable One, Inc.                                          | Cable One, Inc.                                          | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   2275000 | PA      | $1850460.89   | 0.33%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Uniti Group LP                                           | Uniti Group LP                                           | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1342000 | PA      | $1227701.89   | 0.22%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                     | Frontier Communications Holdings LLC                     | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2081000 | PA      | $2089731.88   | 0.37%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1426000 | PA      | $1424536.64   | 0.25%             | 2028-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Energy Finance SA                           | Consolidated Energy Finance SA                           | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   1939000 | PA      | $1509007.36   | 0.27%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                                   | BWX Technologies, Inc.                                   | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   3373000 | PA      | $3207084.83   | 0.57%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                         | Altice France SA                                         | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   2092000 | PA      | $1731955.92   | 0.31%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                           | DISH DBS Corp.                                           | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1209000 | PA      | $1050864.98   | 0.19%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                           | 1011778 BC ULC                                           | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1095000 | PA      | $996485.51    | 0.18%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                           | NCL Corp. Ltd.                                           | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    165000 | PA      | $164158.37    | 0.03%             | 2026-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Acrisure LLC                                             | Acrisure LLC                                             | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1371055.84   | 0.24%             | 2029-02-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                   | Tenet Healthcare Corp.                                   | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   3157000 | PA      | $3167825.35   | 0.56%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                           | Carnival Corp.                                           | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1687000 | PA      | $1675129.09   | 0.30%             | 2030-03-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AmeriTex HoldCo Intermediate LLC                         | AmeriTex HoldCo Intermediate LLC                         | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1706000 | PA      | $1757413.72   | 0.31%             | 2028-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Clearway Energy Operating LLC                            | Clearway Energy Operating LLC                            | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    684000 | PA      | $593175.10    | 0.11%             | 2032-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                         | Bombardier, Inc.                                         | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $505865.53    | 0.09%             | 2032-06-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Penske Automotive Group, Inc.                            | Penske Automotive Group, Inc.                            | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |   2214000 | PA      | $2052638.15   | 0.36%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                    | OneMain Finance Corp.                                    | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1011000 | PA      | $966465.45    | 0.17%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Moog, Inc.                                               | Moog, Inc.                                               | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1881069.06   | 0.33%             | 2027-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Champ Acquisition Corp.                                  | Champ Acquisition Corp.                                  | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1203000 | PA      | $1267332.83   | 0.22%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                 | Wynn Resorts Finance LLC                                 | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    539000 | PA      | $556013.00    | 0.10%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                          | 1261229 BC Ltd.                                          | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1304000 | PA      | $1276843.03   | 0.23%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                               | Fertitta Entertainment LLC                               | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1813000 | PA      | $1586207.84   | 0.28%             | 2030-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Aretec Group, Inc.                                       | Aretec Group, Inc.                                       | CUSIP: 040133AA8<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    831000 | PA      | $812476.93    | 0.14%             | 2029-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Amer Sports Co.                                          | Amer Sports Co.                                          | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |   1949000 | PA      | $1971300.46   | 0.35%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Aretec Group, Inc.                                       | Aretec Group, Inc.                                       | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |   1657000 | PA      | $1784178.06   | 0.32%             | 2030-08-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Amentum Holdings, Inc.                                   | Amentum Holdings, Inc.                                   | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |   1727000 | PA      | $1756770.03   | 0.31%             | 2032-08-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Zegona Finance plc                                       | Zegona Finance plc                                       | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |   1677000 | PA      | $1783355.34   | 0.32%             | 2029-07-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                            | Novelis Corp.                                            | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $906235.47    | 0.16%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                             | Rockies Express Pipeline LLC                             | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    799000 | PA      | $811811.17    | 0.14%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Graphic Packaging International LLC                      | Graphic Packaging International LLC                      | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   2663000 | PA      | $2676105.16   | 0.47%             | 2032-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                      | Newell Brands, Inc.                                      | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   1051000 | PA      | $942200.57    | 0.17%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Hightower Holding LLC                                    | Hightower Holding LLC                                    | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    772000 | PA      | $789370.00    | 0.14%             | 2030-01-31      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| MajorDrive Holdings IV LLC                               | MajorDrive Holdings IV LLC                               | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |    342000 | PA      | $251590.56    | 0.04%             | 2029-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                                | Standard Industries, Inc.                                | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1312000 | PA      | $1283980.26   | 0.23%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                 | AthenaHealth Group, Inc.                                 | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   1874000 | PA      | $1791265.43   | 0.32%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $1298987.10   | 0.23%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| New Enterprise Stone & Lime Co., Inc.                    | New Enterprise Stone & Lime Co., Inc.                    | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |   1233000 | PA      | $1196906.88   | 0.21%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Macy's Retail Holdings LLC                               | Macy's Retail Holdings LLC                               | CUSIP: 55617LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1709000 | PA      | $1620663.33   | 0.29%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| TriNet Group, Inc.                                       | TriNet Group, Inc.                                       | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |   1835000 | PA      | $1673769.38   | 0.30%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                  | Level 3 Financing, Inc.                                  | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   1111761 | PA      | $876845.90    | 0.16%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                          | TransDigm, Inc.                                          | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   2986000 | PA      | $3076634.06   | 0.55%             | 2030-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                         | Boeing Co. (The)                                         | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1848000 | PA      | $1732154.28   | 0.31%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                      | Medline Borrower LP                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   2538000 | PA      | $2410180.28   | 0.43%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Life Time, Inc.                                          | Life Time, Inc.                                          | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |   1933000 | PA      | $1926939.48   | 0.34%             | 2031-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Veritiv Operating Co.                                    | Veritiv Operating Co.                                    | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |   1543000 | PA      | $1611739.11   | 0.29%             | 2030-11-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Coeur Mining, Inc.                                       | Coeur Mining, Inc.                                       | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |    713000 | PA      | $676394.87    | 0.12%             | 2029-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Virtusa Corp.                                            | Virtusa Corp.                                            | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |   1082000 | PA      | $1031496.68   | 0.18%             | 2028-12-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                    | Prestige Brands, Inc.                                    | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |   1678000 | PA      | $1664035.01   | 0.30%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                                    | Churchill Downs, Inc.                                    | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |   3551000 | PA      | $3472808.40   | 0.62%             | 2030-04-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                  | GFL Environmental, Inc.                                  | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    602000 | PA      | $625779.45    | 0.11%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                                   | HUB International Ltd.                                   | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    740000 | PA      | $762379.02    | 0.14%             | 2032-01-31      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                              | Allied Universal Holdco LLC                              | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1012797.29   | 0.18%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                | XPLR Infrastructure Operating Partners LP                | CUSIP: 65342QAB8<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1118000 | PA      | $1056998.23   | 0.19%             | 2027-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP                             | MPT Operating Partnership LP                             | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    664000 | PA      | $586651.53    | 0.10%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                         | CSC Holdings LLC                                         | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    975000 | PA      | $668234.37    | 0.12%             | 2030-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                              | Acadia Healthcare Co., Inc.                              | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   1342000 | PA      | $1340833.13   | 0.24%             | 2033-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| New Enterprise Stone & Lime Co., Inc.                    | New Enterprise Stone & Lime Co., Inc.                    | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    642000 | PA      | $642134.82    | 0.11%             | 2028-07-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| LifePoint Health, Inc.                                   | LifePoint Health, Inc.                                   | CUSIP: 53219LAX7<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    782000 | PA      | $758540.00    | 0.13%             | 2032-06-01      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                  | Civitas Resources, Inc.                                  | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    646000 | PA      | $622613.38    | 0.11%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                  | Civitas Resources, Inc.                                  | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   1244000 | PA      | $1222157.10   | 0.22%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                | Sunoco LP                                                | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2059000 | PA      | $2135213.89   | 0.38%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                               | Garda World Security Corp.                               | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   1864000 | PA      | $1838693.96   | 0.33%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                             | Royal Caribbean Cruises Ltd.                             | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   2261000 | PA      | $2267224.28   | 0.40%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                      | Iron Mountain, Inc.                                      | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1179000 | PA      | $1176843.26   | 0.21%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Gates Corp.                                              | Gates Corp.                                              | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |   1414000 | PA      | $1434685.41   | 0.25%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** MFS Series Trust III

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer