NPORT-EX 4 NPORT_523F_1344484735.htm
Quarterly Report
February 28, 2021
MFS®  Intermediate High  
Income Fund
CIH-Q1
Portfolio of Investments
2/28/21 (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 Value ($)
Bonds – 134.4%
Aerospace – 3.3%
Bombardier, Inc., 7.5%, 3/15/2025 (n)   $ 308,000 $281,725
Bombardier, Inc., 7.875%, 4/15/2027 (n)     155,000 139,143
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)     200,000 202,000
Moog, Inc., 4.25%, 12/15/2027 (n)     285,000 292,837
TransDigm, Inc., 6.25%, 3/15/2026 (n)     200,000 210,760
TransDigm, Inc., 6.375%, 6/15/2026      185,000 190,583
TransDigm, Inc., 5.5%, 11/15/2027      120,000 123,274
TransDigm, Inc., 4.625%, 1/15/2029 (n)     132,000 129,855
        $1,570,177
Automotive – 2.8%
Adient Global Holdings Ltd., 4.875%, 8/15/2026 (n)   $ 200,000 $202,000
Adient U.S. LLC, 7%, 5/15/2026 (n)     20,000 21,527
Dana, Inc., 5.5%, 12/15/2024      20,000 20,350
Dana, Inc., 5.375%, 11/15/2027      143,000 149,435
Dana, Inc., 5.625%, 6/15/2028      47,000 49,879
IAA Spinco, Inc., 5.5%, 6/15/2027 (n)     250,000 261,006
KAR Auction Services, Inc., 5.125%, 6/01/2025 (n)     135,000 137,025
Panther BR Aggregator 2 LP/Panther Finance Co., Inc., 8.5%, 5/15/2027 (n)     245,000 264,355
PM General Purchaser LLC, 9.5%, 10/01/2028 (n)     90,000 99,086
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)     105,000 108,150
        $1,312,813
Broadcasting – 3.9%
Advantage Sales & Marketing, Inc., 6.5%, 11/15/2028 (n)   $ 145,000 $148,625
CBS Radio, Inc., 7.25%, 11/01/2024 (n)     75,000 75,855
iHeartCommunications, Inc., 8.375%, 5/01/2027      175,000 185,567
Netflix, Inc., 5.875%, 2/15/2025      315,000 360,273
Netflix, Inc., 3.625%, 6/15/2025 (n)     150,000 159,750
Netflix, Inc., 5.875%, 11/15/2028      70,000 83,790
Nexstar Escrow Corp., 5.625%, 7/15/2027 (n)     250,000 264,062
Scripps Escrow II, Inc., 5.875%, 7/15/2027 (n)     115,000 119,830
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)     420,000 431,416
        $1,829,168
Brokerage & Asset Managers – 0.7%
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)   $ 330,000 $337,524
Building – 5.8%
ABC Supply Co., Inc., 5.875%, 5/15/2026 (n)   $ 175,000 $180,868
ABC Supply Co., Inc., 4%, 1/15/2028 (n)     290,000 292,900
Core & Main LP, 8.625%, (8.625% cash or 9.375% PIK) 9/15/2024 (p)     85,000 86,306
Core & Main LP, 6.125%, 8/15/2025 (n)     108,000 110,441
Cornerstone Building Brands, Inc., 8%, 4/15/2026 (n)     160,000 166,101
Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n)     45,000 46,125
CP Atlas Buyer, Inc., 7%, 12/01/2028 (n)     121,000 125,689
Foundation Building Materials LLC, 6%, 3/01/2029 (n)     35,000 34,913
Interface, Inc., 5.5%, 12/01/2028 (n)     150,000 157,125
LBM Acquisition LLC, 6.25%, 1/15/2029 (n)     110,000 111,673
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/2026 (n)     226,000 232,780
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)     109,000 122,080
Park River Holdings, Inc., 5.625%, 2/01/2029 (n)     105,000 102,900
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)     210,000 229,162
Specialty Building Products Holdings LLC, 6.375%, 9/30/2026 (n)     150,000 155,625
SRM Escrow Issuer LLC, 6%, 11/01/2028 (n)     155,000 161,006
Standard Industries, Inc., 4.375%, 7/15/2030 (n)     196,000 202,258
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Building – continued
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)   $ 125,000 $132,500
White Cap Parent LLC, 8.25%, (8.25% cash or 9% PIK) 3/15/2026 (p)     75,000 79,079
        $2,729,531
Business Services – 2.6%
Ascend Learning LLC, 6.875%, 8/01/2025 (n)   $ 225,000 $231,188
Austin BidCo, Inc., 7.125%, 12/15/2028 (n)     105,000 107,756
CDK Global, Inc., 4.875%, 6/01/2027      130,000 136,013
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)     75,000 78,375
Iron Mountain, Inc., 5.25%, 7/15/2030 (n)     95,000 97,731
Iron Mountain, Inc., REIT, 4.875%, 9/15/2027 (n)     175,000 181,858
Switch, Ltd., 3.75%, 9/15/2028 (n)     235,000 239,406
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)     165,000 177,256
        $1,249,583
Cable TV – 11.6%
CCO Holdings LLC, 4.25%, 2/01/2031 (n)   $ 150,000 $151,875
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 2/15/2026 (n)     234,000 241,839
CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027 (n)     340,000 351,900
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)     575,000 600,127
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)     150,000 155,271
CSC Holdings LLC, 5.5%, 5/15/2026 (n)     200,000 206,875
CSC Holdings LLC, 5.5%, 4/15/2027 (n)     600,000 630,750
CSC Holdings LLC, 5.75%, 1/15/2030 (n)     200,000 213,500
DISH DBS Corp., 5.875%, 11/15/2024      205,000 214,754
DISH DBS Corp., 7.75%, 7/01/2026      200,000 220,100
Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023 (a)(d)     180,000 114,300
Intelsat Jackson Holdings S.A., 9.75%, 7/15/2025 (a)(d)(n)     90,000 57,654
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)     200,000 214,750
Sirius XM Holdings, Inc., 4.625%, 7/15/2024 (n)     195,000 200,606
Sirius XM Holdings, Inc., 5.5%, 7/01/2029 (n)     390,000 422,175
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)     400,000 423,000
Telesat Holdings, Inc., 6.5%, 10/15/2027 (n)     155,000 159,965
Videotron Ltd., 5.375%, 6/15/2024 (n)     20,000 21,800
Videotron Ltd., 5.125%, 4/15/2027 (n)     440,000 459,250
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)     400,000 417,048
        $5,477,539
Chemicals – 1.5%
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)   $ 150,000 $156,750
Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n)     200,000 203,500
Element Solutions, Inc., 3.875%, 9/01/2028 (n)     158,000 157,818
Ingevity Corp., 3.875%, 11/01/2028 (n)     195,000 193,051
        $711,119
Computer Software – 1.3%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)   $ 295,000 $306,063
PTC, Inc., 3.625%, 2/15/2025 (n)     215,000 220,106
PTC, Inc., 4%, 2/15/2028 (n)     95,000 97,814
        $623,983
Computer Software - Systems – 2.3%
BY Crown Parent LLC, 4.25%, 1/31/2026 (n)   $ 65,000 $66,950
Endurance International Group Holdings, Inc., 6%, 2/15/2029 (n)     105,000 101,850
Fair Isaac Corp., 5.25%, 5/15/2026 (n)     385,000 436,012
Fair Isaac Corp., 4%, 6/15/2028 (n)     36,000 37,249
JDA Software Group, Inc., 7.375%, 10/15/2024 (n)     175,000 177,625
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)     275,000 291,239
        $1,110,925
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Conglomerates – 5.7%
Amsted Industries Co., 5.625%, 7/01/2027 (n)   $ 270,000 $286,200
BWX Technologies, Inc., 5.375%, 7/15/2026 (n)     335,000 346,087
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)     68,000 70,635
CFX Escrow Corp., 6.375%, 2/15/2026 (n)     210,000 223,912
EnerSys, 5%, 4/30/2023 (n)     275,000 287,375
EnerSys, 4.375%, 12/15/2027 (n)     55,000 57,888
Gates Global LLC, 6.25%, 1/15/2026 (n)     220,000 231,209
Granite Holdings U.S. Acquisition Co., 11%, 10/01/2027 (n)     135,000 151,200
Griffon Corp., 5.75%, 3/01/2028      223,000 234,150
MTS Systems Corp., 5.75%, 8/15/2027 (n)     135,000 146,880
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n)     200,000 215,250
TriMas Corp., 4.875%, 10/15/2025 (n)     460,000 469,200
        $2,719,986
Construction – 2.6%
Empire Communities Corp., 7%, 12/15/2025 (n)   $ 145,000 $152,613
Mattamy Group Corp., 5.25%, 12/15/2027 (n)     95,000 99,750
Mattamy Group Corp., 4.625%, 3/01/2030 (n)     155,000 161,006
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 2/15/2028 (n)     200,000 206,500
Toll Brothers Finance Corp., 4.875%, 11/15/2025      180,000 202,950
Toll Brothers Finance Corp., 4.35%, 2/15/2028      160,000 177,600
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)     231,000 241,353
        $1,241,772
Consumer Products – 1.9%
Coty, Inc., 6.5%, 4/15/2026 (n)   $ 190,000 $187,359
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n)     150,000 149,625
Mattel, Inc., 6.75%, 12/31/2025 (n)     160,000 168,080
Mattel, Inc., 5.875%, 12/15/2027 (n)     109,000 118,660
Prestige Brands Holdings, Inc., 3.75%, 4/01/2031 (n)     80,000 78,404
Prestige Brands, Inc., 5.125%, 1/15/2028 (n)     170,000 177,875
        $880,003
Consumer Services – 4.3%
Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n)   $ 59,000 $62,466
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)     175,000 193,119
ANGI Group LLC, 3.875%, 8/15/2028 (n)     210,000 214,725
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)     120,000 124,048
Frontdoor, Inc., 6.75%, 8/15/2026 (n)     155,000 164,881
Garda World Security Corp., 4.625%, 2/15/2027 (n)     75,000 74,438
GoDaddy, Inc., 3.5%, 3/01/2029 (n)     118,000 117,410
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)     131,000 141,480
Match Group, Inc., 5%, 12/15/2027 (n)     200,000 209,576
Match Group, Inc., 4.625%, 6/01/2028 (n)     220,000 228,400
Match Group, Inc., 4.125%, 8/01/2030 (n)     65,000 67,194
Realogy Group LLC, 9.375%, 4/01/2027 (n)     220,000 242,066
Realogy Group LLC, 5.75%, 1/15/2029 (n)     60,000 60,282
TriNet Group, Inc., 3.5%, 3/01/2029 (n)     147,000 145,852
        $2,045,937
Containers – 4.9%
Ardagh Metal Packaging, 4%, 9/01/2029 (n)   $ 200,000 $200,000
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)     255,000 264,083
Berry Global, Inc., 5.625%, 7/15/2027 (n)     95,000 100,700
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.5%, 1/15/2023      276,000 290,145
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026      270,000 290,925
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026      45,000 46,588
Flex Acquisition Co., Inc., 6.875%, 1/15/2025 (n)     175,000 177,277
Greif, Inc., 6.5%, 3/01/2027 (n)     125,000 131,250
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Containers – continued
Reynolds Group, 4%, 10/15/2027 (n)   $ 230,000 $229,425
Silgan Holdings, Inc., 4.75%, 3/15/2025      205,000 207,409
Silgan Holdings, Inc., 4.125%, 2/01/2028      152,000 157,860
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)     200,000 214,500
        $2,310,162
Electrical Equipment – 0.8%
CommScope Technologies LLC, 6%, 6/15/2025 (n)   $ 129,000 $131,392
CommScope Technologies LLC, 5%, 3/15/2027 (n)     180,000 176,324
TTM Technologies, Inc., 4%, 3/01/2029 (n)     73,000 73,752
        $381,468
Electronics – 2.4%
Diebold Nixdorf, Inc., 8.5%, 4/15/2024    $ 50,000 $51,000
Diebold Nixdorf, Inc., 9.375%, 7/15/2025 (n)     106,000 118,455
Entegris, Inc., 4.625%, 2/10/2026 (n)     250,000 258,158
Entegris, Inc., 4.375%, 4/15/2028 (n)     90,000 94,431
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)     140,000 154,350
Sensata Technologies B.V., 5%, 10/01/2025 (n)     285,000 312,702
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)     125,000 133,281
        $1,122,377
Energy - Independent – 4.6%
Apache Corp., 4.875%, 11/15/2027    $ 63,000 $66,150
Apache Corp., 4.375%, 10/15/2028      255,000 258,187
CNX Resources Corp., 6%, 1/15/2029 (n)     135,000 141,244
CrownRock LP/CrownRock Finance, Inc., 5.625%, 10/15/2025 (n)     130,000 131,304
EQT Corp., 5%, 1/15/2029      73,000 79,935
Laredo Petroleum, Inc., 10.125%, 1/15/2028      110,000 105,160
Leviathan Bond Ltd., 6.5%, 6/30/2027 (n)     159,000 176,331
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6%, 8/01/2026 (n)     150,000 154,638
Murphy Oil Corp., 6.875%, 8/15/2024      100,000 101,500
Murphy Oil Corp., 5.875%, 12/01/2027      60,000 59,100
Newfield Exploration Co., 5.375%, 1/01/2026      80,000 88,514
Occidental Petroleum Corp., 5.875%, 9/01/2025      155,000 168,175
Occidental Petroleum Corp., 5.5%, 12/01/2025      105,000 111,510
Ovintiv, Inc., 6.5%, 8/15/2034      55,000 68,168
Range Resources Corp., 9.25%, 2/01/2026      65,000 70,734
Range Resources Corp., 8.25%, 1/15/2029 (n)     105,000 112,843
Southwestern Energy Co., 6.45%, 1/23/2025      98,300 103,215
Southwestern Energy Co., 7.5%, 4/01/2026      137,700 144,960
Southwestern Energy Co., 7.75%, 10/01/2027      35,000 37,405
        $2,179,073
Entertainment – 3.7%
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)   $ 75,000 $78,844
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)     150,000 152,250
Carnival Corp. PLC, 9.875%, 8/01/2027 (n)     150,000 172,512
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 5.5%, 5/01/2025 (n)     60,000 62,888
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 5.375%, 4/15/2027      105,000 107,323
Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n)     218,000 223,450
Live Nation Entertainment, Inc., 4.75%, 10/15/2027 (n)     75,000 75,765
Merlin Entertainments, 5.75%, 6/15/2026 (n)     200,000 211,000
NCL Corp. Ltd., 3.625%, 12/15/2024 (n)     80,000 74,776
NCL Corp. Ltd., 10.25%, 2/01/2026 (n)     95,000 110,437
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)     105,000 105,559
Royal Caribbean Cruises Ltd., 10.875%, 6/01/2023 (n)     90,000 101,954
Six Flags Entertainment Corp., 4.875%, 7/31/2024 (n)     185,000 185,152
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Entertainment – continued
Six Flags Entertainment Corp., 7%, 7/01/2025 (n)   $ 70,000 $75,462
        $1,737,372
Financial Institutions – 4.0%
Avation Capital S.A., 6.5%, 5/15/2021 (n)   $ 200,000 $160,000
Avolon Holdings Funding Ltd., 5.125%, 10/01/2023      150,000 160,786
Avolon Holdings Funding Ltd., 3.95%, 7/01/2024 (n)     130,000 135,923
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)     220,000 223,344
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)     150,000 160,500
Global Aircraft Leasing Co. Ltd., 6.5%, (6.5% cash or 7.25% PIK) 9/15/2024 (p)     462,348 429,105
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)     160,000 168,000
OneMain Finance Corp., 6.875%, 3/15/2025      95,000 107,149
OneMain Finance Corp., 8.875%, 6/01/2025      99,000 108,762
OneMain Finance Corp., 7.125%, 3/15/2026      100,000 115,500
Park Aerospace Holdings Ltd., 5.5%, 2/15/2024 (n)     120,000 130,509
        $1,899,578
Food & Beverages – 4.6%
Aramark Services, Inc., 6.375%, 5/01/2025 (n)   $ 270,000 $285,187
JBS USA LLC/JBS USA Finance, Inc., 6.75%, 2/15/2028 (n)     295,000 323,751
JBS USA Lux S.A./JBS USA Finance, Inc., 5.5%, 1/15/2030 (n)     115,000 128,800
Kraft Heinz Foods Co., 4.375%, 6/01/2046      305,000 330,037
Lamb Weston Holdings, Inc., 4.625%, 11/01/2024 (n)     295,000 306,210
Lamb Weston Holdings, Inc., 4.875%, 5/15/2028 (n)     43,000 46,870
Performance Food Group Co., 5.5%, 10/15/2027 (n)     210,000 220,773
Post Holdings, Inc., 5.625%, 1/15/2028 (n)     150,000 157,459
Post Holdings, Inc., 4.625%, 4/15/2030 (n)     150,000 152,250
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)     230,000 234,025
        $2,185,362
Gaming & Lodging – 8.0%
Boyd Gaming Corp., 4.75%, 12/01/2027    $ 130,000 $132,229
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/2025 (n)     180,000 178,682
CCM Merger, Inc., 6.375%, 5/01/2026 (n)     165,000 174,900
Churchill Downs, Inc., 5.5%, 4/01/2027 (n)     115,000 119,819
Colt Merger Sub, Inc., 5.75%, 7/01/2025 (n)     131,000 137,550
Colt Merger Sub, Inc., 8.125%, 7/01/2027 (n)     162,000 176,682
Hilton Domestic Operating Co., Inc., 3.75%, 5/01/2029 (n)     208,000 211,598
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)     146,000 144,041
MGM China Holdings Ltd., 5.875%, 5/15/2026 (n)     200,000 211,464
MGM Growth Properties LLC, 4.625%, 6/15/2025 (n)     185,000 196,100
MGM Growth Properties LLC, 5.75%, 2/01/2027      75,000 84,750
MGM Growth Properties LLC, 3.875%, 2/15/2029 (n)     135,000 136,380
MGM Resorts International, 6.75%, 5/01/2025      185,000 198,067
MGM Resorts International, 5.5%, 4/15/2027      135,000 146,434
Scientific Games Corp., 8.25%, 3/15/2026 (n)     120,000 127,204
Scientific Games International, Inc., 7%, 5/15/2028 (n)     115,000 121,865
VICI Properties LP, REIT, 4.25%, 12/01/2026 (n)     140,000 144,375
VICI Properties LP, REIT, 3.75%, 2/15/2027 (n)     235,000 238,525
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)     39,000 39,833
Wyndham Hotels Group LLC, 5.375%, 4/15/2026 (n)     305,000 311,862
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.5%, 3/01/2025 (n)     150,000 159,000
Wynn Macau Ltd., 5.5%, 1/15/2026 (n)     105,000 109,410
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)     200,000 209,425
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)     85,000 89,463
        $3,799,658
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Industrial – 1.0%
Howard Hughes Corp., 4.125%, 2/01/2029 (n)   $ 264,000 $262,698
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)     182,000 187,005
        $449,703
Insurance - Property & Casualty – 1.7%
Acrisure LLC/Acrisure Finance, Inc., 7%, 11/15/2025 (n)   $ 150,000 $153,750
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n)     240,000 248,234
AssuredPartners, Inc., 7%, 8/15/2025 (n)     60,000 61,346
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)     55,000 55,275
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)     65,000 69,388
Hub International Ltd., 7%, 5/01/2026 (n)     215,000 224,009
        $812,002
Machinery & Tools – 0.3%
Clark Equipment Co., 5.875%, 6/01/2025 (n)   $ 155,000 $163,525
Major Banks – 1.4%
Barclays PLC, 7.875%, 12/29/2049    $ 200,000 $210,000
Credit Suisse Group AG, 7.25%, 12/29/2049 (n)     200,000 227,260
UBS Group AG, 6.875% to 8/07/2025, FLR (Swap Rate - 5yr. + 4.59%) to 12/29/2049      200,000 226,000
        $663,260
Medical & Health Technology & Services – 9.1%
AdaptHealth LLC, 4.625%, 8/01/2029 (n)   $ 160,000 $160,254
Akumin, Inc., 7%, 11/01/2025 (n)     120,000 125,400
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)     279,000 290,863
BCPE Cycle Merger Sub II, Inc., 10.625%, 7/15/2027 (n)     115,000 126,500
CHS/Community Health Systems, Inc., 6.625%, 2/15/2025 (n)     280,000 294,455
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)     35,000 38,369
DaVita, Inc., 4.625%, 6/01/2030 (n)     140,000 142,275
DaVita, Inc., 3.75%, 2/15/2031 (n)     122,000 116,569
Encompass Health Corp., 5.75%, 9/15/2025      120,000 124,200
Encompass Health Corp., 4.625%, 4/01/2031      120,000 127,470
HCA, Inc., 5.375%, 2/01/2025      400,000 449,000
HCA, Inc., 5.875%, 2/15/2026      275,000 317,886
HCA, Inc., 5.625%, 9/01/2028      45,000 52,370
HCA, Inc., 5.875%, 2/01/2029      75,000 88,414
HCA, Inc., 3.5%, 9/01/2030      175,000 180,910
HealthSouth Corp., 5.125%, 3/15/2023      265,000 265,000
Heartland Dental LLC, 8.5%, 5/01/2026 (n)     130,000 135,200
IQVIA Holdings, Inc., 5%, 5/15/2027 (n)     600,000 627,750
LifePoint Health, Inc., 4.375%, 2/15/2027 (n)     75,000 74,556
LifePoint Health, Inc., 5.375%, 1/15/2029 (n)     55,000 55,277
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)     235,000 253,264
Syneos Health, Inc., 3.625%, 1/15/2029 (n)     220,000 215,600
US Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)     45,000 46,013
        $4,307,595
Medical Equipment – 1.4%
Hill-Rom Holdings, Inc., 4.375%, 9/15/2027 (n)   $ 250,000 $260,625
Teleflex, Inc., 4.875%, 6/01/2026      80,000 82,400
Teleflex, Inc., 4.625%, 11/15/2027      295,000 310,856
        $653,881
Metals & Mining – 6.1%
Arconic Corp., 6%, 5/15/2025 (n)   $ 175,000 $185,938
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)     235,000 247,925
Big River Steel LLC/BRS Finance Corp., 6.625%, 1/31/2029 (n)     125,000 134,016
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)     145,000 141,103
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Metals & Mining – continued
Compass Minerals International, Inc., 6.75%, 12/01/2027 (n)   $ 185,000 $198,875
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n)     200,000 217,000
Freeport-McMoRan, Inc., 5%, 9/01/2027      190,000 203,209
Freeport-McMoRan, Inc., 4.375%, 8/01/2028      100,000 106,375
Freeport-McMoRan, Inc., 5.25%, 9/01/2029      185,000 205,572
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)     150,000 153,030
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.375%, 12/15/2023 (n)     200,000 203,750
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)     252,000 263,070
Novelis Corp., 5.875%, 9/30/2026 (n)     285,000 297,112
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/2025 (n)     110,000 114,158
TMS International Corp., 7.25%, 8/15/2025 (n)     220,000 224,446
        $2,895,579
Midstream – 6.3%
Cheniere Energy Partners LP, 5.25%, 10/01/2025    $ 380,000 $390,564
Cheniere Energy Partners LP, 4.5%, 10/01/2029      110,000 115,362
Cheniere Energy, Inc., 4%, 3/01/2031 (n)     180,000 181,409
EnLink Midstream Partners LP, 4.85%, 7/15/2026      120,000 119,700
EnLink Midstream Partners LP, 5.625%, 1/15/2028 (n)     135,000 136,181
EQM Midstream Partners LP, 6%, 7/01/2025 (n)     48,000 50,760
EQM Midstream Partners LP, 6.5%, 7/01/2027 (n)     47,000 50,417
EQM Midstream Partners LP, 5.5%, 7/15/2028      370,000 381,100
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n)     90,000 87,244
Genesis Energy LP/Genesis Energy Finance Corp., 5.625%, 6/15/2024      60,000 58,800
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/2026      152,500 144,494
Genesis Energy LP/Genesis Energy Finance Corp., 8%, 1/15/2027      15,000 15,163
Northriver Midstream Finance LP, 5.625%, 2/15/2026 (n)     235,000 243,519
NuStar Logistics, LP, 5.75%, 10/01/2025      220,000 234,300
Targa Resources Partners LP/Targa Resources Finance Corp., 5.375%, 2/01/2027      180,000 186,750
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029      160,000 177,400
Western Midstream Operating LP, 5.3%, 2/01/2030      270,000 292,689
Western Midstream Operation LP, 4.65%, 7/01/2026      110,000 113,874
        $2,979,726
Municipals – 0.2%
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022    $ 105,000 $107,625
Network & Telecom – 0.9%
C&W Senior Financing DAC, 6.875%, 9/15/2027 (n)   $ 200,000 $214,250
Front Range BidCo, Inc., 6.125%, 3/01/2028 (n)     185,000 190,754
        $405,004
Oil Services – 0.2%
Ensign Drilling, Inc., 9.25%, 4/15/2024 (n)   $ 100,000 $75,000
Oils – 0.3%
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/2025    $ 120,000 $82,800
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028      130,000 82,550
        $165,350
Personal Computers & Peripherals – 0.4%
NCR Corp., 5%, 10/01/2028 (n)   $ 205,000 $208,118
Pharmaceuticals – 3.5%
Bausch Health Companies, Inc., 6.125%, 4/15/2025 (n)   $ 535,000 $547,112
Bausch Health Companies, Inc., 5%, 1/30/2028 (n)     350,000 357,000
Bausch Health Companies, Inc., 5%, 2/15/2029 (n)     45,000 45,506
Catalent, Inc., 3.125%, 2/15/2029 (n)     58,000 57,303
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Pharmaceuticals – continued
Emergent BioSolutions, Inc., 3.875%, 8/15/2028 (n)   $ 261,000 $264,670
Jaguar Holding Co. II/Pharmaceutical Development LLC, 5%, 6/15/2028 (n)     254,000 267,970
Par Pharmaceutical, Inc., 7.5%, 4/01/2027 (n)     105,000 112,875
        $1,652,436
Pollution Control – 1.1%
GFL Environmental, Inc., 3.75%, 8/01/2025 (n)   $ 60,000 $61,125
GFL Environmental, Inc., 8.5%, 5/01/2027 (n)     65,000 71,500
GFL Environmental, Inc., 4%, 8/01/2028 (n)     105,000 102,375
GFL Environmental, Inc., 3.5%, 9/01/2028 (n)     125,000 122,188
Stericycle, Inc., 3.875%, 1/15/2029 (n)     170,000 171,215
        $528,403
Precious Metals & Minerals – 0.5%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)   $ 155,000 $160,203
Taseko Mines Ltd., 7%, 2/15/2026 (n)     60,000 61,213
        $221,416
Printing & Publishing – 0.7%
Cimpress N.V., 7%, 6/15/2026 (n)   $ 300,000 $316,410
Railroad & Shipping – 0.4%
Watco Cos. LLC/Watco Finance Corp., 6.5%, 6/15/2027 (n)   $ 182,000 $195,568
Real Estate - Healthcare – 0.4%
MPT Operating Partnership LP/MPT Financial Co., REIT, 5%, 10/15/2027    $ 185,000 $197,062
Real Estate - Other – 1.0%
InterMed Holdings Ltd., 5.875%, 10/01/2028 (n)   $ 180,000 $188,550
RHP Hotel Properties LP, 4.5%, 2/15/2029 (n)     110,000 108,944
Ryman Hospitality Properties, Inc., REIT, 4.75%, 10/15/2027 (n)     161,000 163,223
        $460,717
Retailers – 1.0%
L Brands, Inc., 5.25%, 2/01/2028    $ 350,000 $374,500
L Brands, Inc., 6.625%, 10/01/2030 (n)     75,000 84,188
        $458,688
Specialty Chemicals – 0.4%
Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n)   $ 201,000 $210,045
Specialty Stores – 1.4%
Group 1 Automotive, Inc., 4%, 8/15/2028 (n)   $ 221,000 $223,210
PetSmart, Inc., 7.125%, 3/15/2023 (n)     160,000 160,288
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 2/15/2028 (n)     250,000 258,988
        $642,486
Supermarkets – 0.7%
Albertsons Cos. LLC/Safeway, Inc., 5.75%, 3/15/2025    $ 22,000 $22,687
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n)     270,000 279,627
Albertsons Cos. LLC/Safeway, Inc., 5.875%, 2/15/2028 (n)     15,000 15,975
        $318,289
Telecommunications - Wireless – 6.9%
Altice France S.A., 7.375%, 5/01/2026 (n)   $ 200,000 $208,640
Altice France S.A., 8.125%, 2/01/2027 (n)     200,000 218,002
Altice France S.A., 5.5%, 1/15/2028 (n)     200,000 204,022
Altice France S.A., 6%, 2/15/2028 (n)     200,000 195,750
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Telecommunications - Wireless – continued
Digicel International Finance Ltd., 8.75%, 5/25/2024 (n)   $ 200,000 $208,000
SBA Communications Corp., 4.875%, 9/01/2024      220,000 225,654
SBA Communications Corp., 3.875%, 2/15/2027      161,000 166,881
SBA Communications Corp., 3.125%, 2/01/2029 (n)     145,000 141,687
Sprint Capital Corp., 6.875%, 11/15/2028      295,000 373,175
Sprint Corp., 7.125%, 6/15/2024      75,000 86,359
Sprint Corp., 7.625%, 3/01/2026      360,000 441,709
T-Mobile USA, Inc., 6.5%, 1/15/2026      130,000 134,063
T-Mobile USA, Inc., 2.25%, 2/15/2026      105,000 104,596
T-Mobile USA, Inc., 5.375%, 4/15/2027      310,000 328,212
T-Mobile USA, Inc., 2.625%, 2/15/2029      220,000 215,325
        $3,252,075
Tobacco – 0.5%
Vector Group Ltd., 10.5%, 11/01/2026 (n)   $ 105,000 $113,400
Vector Group Ltd., 5.75%, 2/01/2029 (n)     125,000 129,531
        $242,931
Utilities - Electric Power – 3.3%
Calpine Corp., 4.5%, 2/15/2028 (n)   $ 135,000 $138,712
Calpine Corp., 5.125%, 3/15/2028 (n)     150,000 150,750
Clearway Energy Operating LLC, 5.75%, 10/15/2025      450,000 470,497
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)     90,000 96,188
NextEra Energy Operating Co., 4.25%, 9/15/2024 (n)     29,000 30,740
NextEra Energy Operating Co., 4.5%, 9/15/2027 (n)     120,000 134,064
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)     130,000 137,475
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)     120,000 123,271
TerraForm Power Operating Co., 5%, 1/31/2028 (n)     245,000 270,725
        $1,552,422
Total Bonds   $63,590,426
Common Stocks – 1.6%
Construction – 0.0%  
ICA Tenedora, S.A. de C.V. (a)   11,385 $23,456
Oil Services – 0.1%  
LTRI Holdings LP (a)(u)   200 $56,504
Special Products & Services – 1.5%  
iShares iBoxx $ High Yield Corporate Bond ETF   8,000 $691,520
Total Common Stocks   $771,480
Floating Rate Loans (r) – 0.8%
Broadcasting – 0.1%    
Nexstar Broadcasting, Inc., Term Loan B4, 2.872%, 9/18/2026 $ 55,216 $55,231
Cable TV – 0.2%    
CSC Holdings LLC, Term Loan B5, 2.611%, 4/15/2027 $ 63,360 $63,152
Chemicals – 0.3%    
Axalta Coating Systems U.S. Holdings, Inc., Term Loan B3, 2.004%, 6/01/2024 $ 52,580 $52,486
Element Solutions, Inc., Term Loan B1, 2.114%, 1/31/2026   63,200 63,121
        $115,607
Computer Software - Systems – 0.1%    
SS&C Technologies, Inc., Term Loan B5, 1.865%, 4/16/2025 $ 63,176 $63,011
9
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Floating Rate Loans (r) – continued
Pharmaceuticals – 0.1%    
Bausch Health Companies, Inc., Term Loan B, 2.865%, 11/27/2025 $ 54,857 $54,814
Total Floating Rate Loans   $351,815
  Strike
Price 		First
Exercise 		   
Warrants – 0.0%        
Forest & Paper Products – 0.0%        
Appvion Holdings Corp. - Tranche A (1 share for 1 warrant, Expiration 6/13/23) (a) $27.17 8/24/18 84 $0
Appvion Holdings Corp. - Tranche B (1 share for 1 warrant, Expiration 6/13/23) (a) 31.25 8/24/18 84 0
Total Warrants   $0
         
Investment Companies (h) – 1.9%
Money Market Funds – 1.9%  
MFS Institutional Money Market Portfolio, 0.07% (v)     906,466 $906,466
 
Other Assets, Less Liabilities – (38.7)%   (18,300,256)
Net Assets – 100.0% $47,319,931
(a) Non-income producing security.      
(d) In default.      
(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 $906,466 and $64,713,721, 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 $47,941,688, representing 101.3% of net assets.      
(p) Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.      
(r) The remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. The interest rate shown represents the weighted average of the floating interest rates on settled contracts within the loan facility at period end, unless otherwise indicated. The floating interest rates on settled contracts are determined periodically by reference to a base lending rate and a spread.      
(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.      
The following abbreviations are used in this report and are defined:
ETF Exchange-Traded Fund
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
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
10
Supplemental Information
2/28/21 (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
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. Open-end investment companies are generally valued at net asset value per share. 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, and other market data. 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.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an 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). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2021 in valuing the fund's assets or liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Equity Securities:        
United States $691,520 $0 $56,504 $748,024
Mexico — 23,456 — 23,456
Municipal Bonds — 107,625 — 107,625
U.S. Corporate Bonds — 54,348,498 — 54,348,498
Foreign Bonds — 9,134,303 — 9,134,303
Floating Rate Loans — 351,815 — 351,815
Mutual Funds 906,466 — — 906,466
Total $1,597,986 $63,965,697 $56,504 $65,620,187
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
11
Supplemental Information (unaudited) – continued
presents the activity of level 3 securities held at the beginning and the end of the period.
  Equity Securities
Balance as of 11/30/20 $56,504
Change in unrealized appreciation or depreciation 0
Balance as of 2/28/21 $56,504
The net change in unrealized appreciation or depreciation from investments held as level 3 at February 28, 2021 is $0. At February 28, 2021, 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:
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Institutional Money Market Portfolio $1,867,963 $4,911,256 $5,872,753 $38 $(38) $906,466
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $8,473 $—
(3) Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of the fund's investments and the fund's performance.
12