NPORT-EX 3 NPORT_523F_27603142_0821.htm
Quarterly Report
August 31, 2021
MFS®  Intermediate High  
Income Fund
CIH-Q3
Portfolio of Investments
8/31/21 (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 – 132.3%      
Aerospace & Defense – 3.0%
Bombardier, Inc., 7.5%, 3/15/2025 (n)   $ 143,000 $146,900
Bombardier, Inc., 7.125%, 6/15/2026 (n)     77,000 81,235
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)     200,000 206,176
Moog, Inc., 4.25%, 12/15/2027 (n)     285,000 292,837
TransDigm, Inc., 6.25%, 3/15/2026 (n)     200,000 210,000
TransDigm, Inc., 6.375%, 6/15/2026      185,000 192,085
TransDigm, Inc., 5.5%, 11/15/2027      140,000 143,181
TransDigm, Inc., 4.625%, 1/15/2029 (n)     132,000 130,350
        $1,402,764
Airlines – 0.4%
American Airlines, Inc./AAadvantage Loyalty IP Ltd., 5.5%, 4/20/2026 (n)   $ 195,000 $205,530
Automotive – 2.8%
Adient Global Holdings Ltd., 4.875%, 8/15/2026 (n)   $ 200,000 $205,500
Dana, Inc., 5.375%, 11/15/2027      143,000 150,865
Dana, Inc., 5.625%, 6/15/2028      47,000 50,521
Dana, Inc., 4.25%, 9/01/2030      95,000 98,779
IAA Spinco, Inc., 5.5%, 6/15/2027 (n)     200,000 208,750
Panther BR Aggregator 2 LP/Panther Finance Co., Inc., 8.5%, 5/15/2027 (n)     230,000 245,525
PM General Purchaser LLC, 9.5%, 10/01/2028 (n)     90,000 97,866
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)     130,000 134,637
Wheel Pros, Inc., 6.5%, 5/15/2029 (n)     120,000 119,850
        $1,312,293
Broadcasting – 4.3%
Advantage Sales & Marketing, Inc., 6.5%, 11/15/2028 (n)   $ 185,000 $193,325
iHeartCommunications, Inc., 8.375%, 5/01/2027      175,000 185,903
Netflix, Inc., 5.875%, 11/15/2028      50,000 62,000
Nexstar Escrow Corp., 5.625%, 7/15/2027 (n)     225,000 238,882
Scripps Escrow II, Inc., 5.875%, 7/15/2027 (n)     240,000 246,370
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n)     200,000 202,750
Summer (BC) Holdco S.à r.l., “A”, 9.25%, 10/31/2027    EUR 90,105 115,456
Univision Communications, Inc., 4.5%, 5/01/2029 (n)   $ 355,000 360,112
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)     420,000 442,583
        $2,047,381
Brokerage & Asset Managers – 1.1%
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)   $ 95,000 $99,513
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)     265,000 274,606
LPL Holdings, Inc., 4%, 3/15/2029 (n)     121,000 123,577
        $497,696
Building – 5.1%
ABC Supply Co., Inc., 4%, 1/15/2028 (n)   $ 330,000 $340,857
CP Atlas Buyer, Inc., 7%, 12/01/2028 (n)     76,000 77,520
GYP Holding III Corp., 4.625%, 5/01/2029 (n)     205,000 206,537
Interface, Inc., 5.5%, 12/01/2028 (n)     205,000 214,225
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/2026 (n)     226,000 232,215
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)     109,000 120,718
Park River Holdings, Inc., 5.625%, 2/01/2029 (n)     135,000 128,338
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)     200,000 217,000
Specialty Building Products Holdings LLC, 6.375%, 9/30/2026 (n)     155,000 163,137
SRM Escrow Issuer LLC, 6%, 11/01/2028 (n)     190,000 201,400
SRS Distribution, Inc., 6.125%, 7/01/2029 (n)     140,000 145,250
Standard Industries, Inc., 4.375%, 7/15/2030 (n)     206,000 211,626
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued      
Building – continued
Standard Industries, Inc., 3.375%, 1/15/2031 (n)   $ 40,000 $38,550
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)     115,000 122,331
        $2,419,704
Business Services – 3.3%
Ascend Learning LLC, 6.875%, 8/01/2025 (n)   $ 130,000 $132,275
Austin BidCo, Inc., 7.125%, 12/15/2028 (n)     115,000 116,581
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)     100,000 105,275
Iron Mountain, Inc., 5.25%, 7/15/2030 (n)     130,000 138,450
Iron Mountain, Inc., REIT, 4.875%, 9/15/2027 (n)     175,000 182,219
Nielsen Finance LLC, 4.5%, 7/15/2029 (n)     280,000 277,452
Paysafe Finance PLC, 4%, 6/15/2029 (n)     160,000 154,117
Switch Ltd., 3.75%, 9/15/2028 (n)     235,000 239,091
Switch Ltd., 4.125%, 6/15/2029 (n)     70,000 72,188
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)     150,000 158,437
        $1,576,085
Cable TV – 11.6%
CCO Holdings LLC, 4.25%, 1/15/2034 (n)   $ 165,000 $166,485
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)     575,000 608,396
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)     150,000 156,729
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n)     240,000 246,300
CSC Holdings LLC, 5.5%, 4/15/2027 (n)     600,000 627,677
CSC Holdings LLC, 5.75%, 1/15/2030 (n)     400,000 422,680
DISH DBS Corp., 7.75%, 7/01/2026      80,000 91,636
DISH DBS Corp., 5.125%, 6/01/2029 (w)     135,000 134,322
Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023 (a)(d)     130,000 67,600
Intelsat Jackson Holdings S.A., 9.75%, 7/15/2025 (a)(d)(n)     90,000 47,700
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)     200,000 213,750
Sirius XM Holdings, Inc., 3.875%, 9/01/2031 (n)     230,000 229,011
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)     228,000 232,817
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)     390,000 427,050
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)     400,000 420,600
Videotron Ltd., 5.375%, 6/15/2024 (n)     20,000 22,025
Videotron Ltd., 5.125%, 4/15/2027 (n)     400,000 416,500
Videotron Ltd., 3.625%, 6/15/2029 (n)     76,000 78,280
Virgin Media Finance PLC, 5%, 7/15/2030 (n)     225,000 232,976
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)     225,000 233,156
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)     400,000 410,680
        $5,486,370
Chemicals – 2.2%
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)   $ 150,000 $157,494
Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n)     200,000 206,500
Element Solutions, Inc., 3.875%, 9/01/2028 (n)     213,000 217,260
Herens Holdco S.à r.l., 4.75%, 5/15/2028 (n)     200,000 200,712
Ingevity Corp., 3.875%, 11/01/2028 (n)     230,000 230,863
        $1,012,829
Computer Software – 1.4%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)   $ 245,000 $255,670
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n)     140,000 144,406
PTC, Inc., 3.625%, 2/15/2025 (n)     160,000 163,600
PTC, Inc., 4%, 2/15/2028 (n)     95,000 98,206
        $661,882
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued      
Computer Software - Systems – 2.3%
CommScope Holding Co., Inc., 7.125%, 7/01/2028 (n)   $ 50,000 $52,437
Endurance International Group Holdings, Inc., 6%, 2/15/2029 (n)     120,000 115,500
Fair Isaac Corp., 5.25%, 5/15/2026 (n)     385,000 439,397
Fair Isaac Corp., 4%, 6/15/2028 (n)     36,000 37,260
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)     275,000 291,211
Twilio, Inc., 3.625%, 3/15/2029      150,000 154,830
        $1,090,635
Conglomerates – 4.8%
Amsted Industries Co., 5.625%, 7/01/2027 (n)   $ 255,000 $267,112
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)     58,000 59,595
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)     280,000 288,050
EnerSys, 5%, 4/30/2023 (n)     190,000 197,600
EnerSys, 4.375%, 12/15/2027 (n)     55,000 57,750
Gates Global LLC, 6.25%, 1/15/2026 (n)     165,000 172,219
Granite Holdings U.S. Acquisition Co., 11%, 10/01/2027 (n)     135,000 150,019
Griffon Corp., 5.75%, 3/01/2028      223,000 236,645
Madison IAQ LLC, 5.875%, 6/30/2029 (n)     160,000 163,800
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n)     200,000 215,482
TriMas Corp., 4.125%, 4/15/2029 (n)     442,000 450,239
        $2,258,511
Construction – 2.3%
Empire Communities Corp., 7%, 12/15/2025 (n)   $ 145,000 $152,975
Mattamy Group Corp., 5.25%, 12/15/2027 (n)     95,000 99,038
Mattamy Group Corp., 4.625%, 3/01/2030 (n)     155,000 158,875
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 2/15/2028 (n)     235,000 245,635
Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n)     110,000 124,025
Taylor Morrison Communities, Inc., 5.125%, 8/01/2030 (n)     100,000 109,398
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)     181,000 187,561
        $1,077,507
Consumer Products – 2.1%
Coty, Inc., 6.5%, 4/15/2026 (n)   $ 155,000 $159,844
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n)     205,000 205,588
Mattel, Inc., 3.375%, 4/01/2026 (n)     147,000 152,701
Mattel, Inc., 5.875%, 12/15/2027 (n)     109,000 118,946
Mattel, Inc., 5.45%, 11/01/2041      55,000 66,138
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)     175,000 183,312
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)     80,000 79,000
        $965,529
Consumer Services – 4.9%
Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n)   $ 59,000 $63,056
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)     155,000 169,531
ANGI Group LLC, 3.875%, 8/15/2028 (n)     210,000 206,325
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)     175,000 180,623
Garda World Security Corp., 4.625%, 2/15/2027 (n)     75,000 75,187
GoDaddy, Inc., 3.5%, 3/01/2029 (n)     313,000 309,087
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)     131,000 142,658
Match Group, Inc., 5%, 12/15/2027 (n)     200,000 210,340
Match Group, Inc., 4.625%, 6/01/2028 (n)     235,000 245,387
Match Group, Inc., 4.125%, 8/01/2030 (n)     65,000 68,088
Realogy Group LLC, 9.375%, 4/01/2027 (n)     145,000 160,044
Realogy Group LLC, 5.75%, 1/15/2029 (n)     60,000 62,793
TriNet Group, Inc., 3.5%, 3/01/2029 (n)     278,000 280,085
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/2026 (n)     120,000 125,554
        $2,298,758
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued      
Containers – 3.1%
Ardagh Metal Packaging, 4%, 9/01/2029 (n)   $ 200,000 $203,850
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)     255,000 263,925
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.5%, 1/15/2023      276,000 289,234
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026      250,000 269,375
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026      45,000 46,688
Greif, Inc., 6.5%, 3/01/2027 (n)     165,000 173,283
Reynolds Group, 4%, 10/15/2027 (n)     230,000 229,910
        $1,476,265
Electrical Equipment – 0.6%
CommScope Technologies LLC, 5%, 3/15/2027 (n)   $ 285,000 $280,593
Electronics – 2.7%
Diebold Nixdorf, Inc., 8.5%, 4/15/2024    $ 50,000 $51,063
Diebold Nixdorf, Inc., 9.375%, 7/15/2025 (n)     106,000 116,467
Entegris, Inc., 4.375%, 4/15/2028 (n)     75,000 79,327
Entegris, Inc., 3.625%, 5/01/2029 (n)     220,000 227,348
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)     140,000 155,750
Sensata Technologies B.V., 5%, 10/01/2025 (n)     285,000 318,593
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)     125,000 134,062
Synaptics, Inc., 4%, 6/15/2029 (n)     185,000 188,469
        $1,271,079
Energy - Independent – 5.1%
Apache Corp., 5.35%, 7/01/2049    $ 65,000 $72,488
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/2029 (n)     135,000 129,416
Callon Petroleum Co., 8%, 8/01/2028 (n)     80,000 77,000
CNX Resources Corp., 6%, 1/15/2029 (n)     185,000 192,646
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)     185,000 194,157
Continental Resources, Inc., 4.9%, 6/01/2044      45,000 50,677
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n)     100,000 100,364
EQT Corp., 5%, 1/15/2029      158,000 179,697
Murphy Oil Corp., 5.875%, 12/01/2027      65,000 67,600
Occidental Petroleum Corp., 5.875%, 9/01/2025      165,000 185,635
Occidental Petroleum Corp., 5.5%, 12/01/2025      160,000 178,400
Occidental Petroleum Corp., 6.625%, 9/01/2030      30,000 37,425
Occidental Petroleum Corp., 6.45%, 9/15/2036      80,000 100,000
Occidental Petroleum Corp., 6.6%, 3/15/2046      160,000 202,418
Ovintiv, Inc., 6.5%, 2/01/2038      40,000 55,267
Range Resources Corp., 8.25%, 1/15/2029 (n)     150,000 166,509
SM Energy Co., 5.625%, 6/01/2025      70,000 70,225
SM Energy Co., 6.5%, 7/15/2028      70,000 70,341
Southwestern Energy Co., 6.45%, 1/23/2025      53,300 58,091
Southwestern Energy Co., 8.375%, 9/15/2028      90,000 100,800
Southwestern Energy Co., 5.375%, 3/15/2030      95,000 98,822
        $2,387,978
Entertainment – 4.6%
AMC Entertainment Holdings, Inc., 12%, (10% cash or 12% PIK) 6/15/2026 (p)   $ 65,000 $58,576
Boyne USA, Inc., 4.75%, 5/15/2029 (n)     220,000 227,150
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)     310,000 329,407
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)     150,000 153,349
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 5.375%, 4/15/2027      105,000 107,625
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 5.25%, 7/15/2029      65,000 66,585
Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n)     218,000 227,178
Live Nation Entertainment, Inc., 3.75%, 1/15/2028 (n)     100,000 100,038
Motion Bondco DAC, 6.625%, 11/15/2027 (n)     200,000 201,000
NCL Corp. Ltd., 3.625%, 12/15/2024 (n)     80,000 75,600
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)     85,000 85,212
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued      
Entertainment – continued
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)   $ 225,000 $226,645
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)     195,000 194,384
Six Flags Entertainment Corp., 4.875%, 7/31/2024 (n)     135,000 136,461
        $2,189,210
Financial Institutions – 4.0%
Avation Capital S.A., 8.25%, (8.25% cash or 9% PIK) 10/31/2026 (p)   $ 200,694 $164,569
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)     220,000 226,600
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)     185,000 185,477
Global Aircraft Leasing Co. Ltd., 6.5%, (6.5% cash or 7.25% PIK) 9/15/2024 (p)     448,020 444,100
Howard Hughes Corp., 4.125%, 2/01/2029 (n)     264,000 265,320
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)     200,000 210,750
Nationstar Mortgage Holdings, Inc., 5.5%, 8/15/2028 (n)     45,000 46,744
OneMain Finance Corp., 6.875%, 3/15/2025      95,000 107,588
OneMain Finance Corp., 8.875%, 6/01/2025      99,000 108,573
OneMain Finance Corp., 7.125%, 3/15/2026      100,000 116,875
        $1,876,596
Food & Beverages – 4.3%
Aramark Services, Inc., 6.375%, 5/01/2025 (n)   $ 270,000 $285,808
JBS USA Lux S.A./JBS USA Finance, Inc., 6.75%, 2/15/2028 (n)     295,000 323,394
JBS USA Lux S.A./JBS USA Finance, Inc., 5.5%, 1/15/2030 (n)     115,000 129,783
Kraft Heinz Foods Co., 4.375%, 6/01/2046      305,000 353,636
Performance Food Group Co., 5.5%, 10/15/2027 (n)     210,000 218,663
Post Holdings, Inc., 5.625%, 1/15/2028 (n)     150,000 157,875
Post Holdings, Inc., 4.625%, 4/15/2030 (n)     150,000 153,160
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)     145,000 146,379
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)     230,000 235,463
        $2,004,161
Gaming & Lodging – 9.7%
Boyd Gaming Corp., 4.75%, 12/01/2027    $ 190,000 $195,938
Boyd Gaming Corp., 4.75%, 6/15/2031 (n)     75,000 77,455
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/2025 (n)     215,000 218,053
CCM Merger, Inc., 6.375%, 5/01/2026 (n)     165,000 174,075
Colt Merger Sub, Inc., 5.75%, 7/01/2025 (n)     131,000 137,648
Colt Merger Sub, Inc., 8.125%, 7/01/2027 (n)     162,000 179,059
Hilton Domestic Operating Co., Inc., 3.75%, 5/01/2029 (n)     238,000 242,760
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)     191,000 189,568
International Game Technology PLC, 4.125%, 4/15/2026 (n)     200,000 207,710
International Game Technology PLC, 6.25%, 1/15/2027 (n)     200,000 228,000
Marriott Ownership Resorts, Inc., 4.5%, 6/15/2029 (n)     185,000 186,832
MGM China Holdings Ltd., 5.875%, 5/15/2026 (n)     200,000 209,940
MGM Growth Properties LLC, 4.625%, 6/15/2025 (n)     185,000 198,838
MGM Growth Properties LLC, 5.75%, 2/01/2027      75,000 86,335
MGM Growth Properties LLC, 3.875%, 2/15/2029 (n)     145,000 153,700
MGM Resorts International, 5.5%, 4/15/2027      135,000 146,941
Penn National Gaming, Inc., 4.125%, 7/01/2029 (n)     195,000 194,756
Scientific Games Corp., 8.625%, 7/01/2025 (n)     45,000 48,581
Scientific Games Corp., 8.25%, 3/15/2026 (n)     120,000 127,635
Scientific Games International, Inc., 7%, 5/15/2028 (n)     115,000 123,964
VICI Properties LP, REIT, 4.25%, 12/01/2026 (n)     140,000 147,058
VICI Properties LP, REIT, 3.75%, 2/15/2027 (n)     200,000 208,000
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)     284,000 293,852
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/2027 (n)     120,000 126,000
Wynn Macau Ltd., 5.5%, 1/15/2026 (n)     105,000 107,735
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)     200,000 202,592
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)     150,000 156,000
        $4,569,025
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued      
Industrial – 0.9%
Dycom Industries, Inc., 4.5%, 4/15/2029 (n)   $ 190,000 $195,225
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)     222,000 230,325
        $425,550
Insurance - Property & Casualty – 1.7%
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n)   $ 260,000 $270,400
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)     215,000 218,494
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)     120,000 120,778
Broadstreet Partners, Inc., 5.875%, 4/15/2029 (n)     120,000 120,934
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)     65,000 68,737
        $799,343
Machinery & Tools – 0.4%
Terex Corp., 5%, 5/15/2029 (n)   $ 185,000 $194,481
Medical & Health Technology & Services – 8.6%
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)   $ 279,000 $295,015
BCPE Cycle Merger Sub II, Inc., 10.625%, 7/15/2027 (n)     115,000 120,728
Catalent, Inc., 3.125%, 2/15/2029 (n)     288,000 284,534
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)     414,000 426,768
CHS/Community Health Systems, Inc., 6.625%, 2/15/2025 (n)     140,000 147,158
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)     35,000 38,544
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)     205,000 206,630
DaVita, Inc., 4.625%, 6/01/2030 (n)     140,000 146,322
DaVita, Inc., 3.75%, 2/15/2031 (n)     122,000 120,562
Encompass Health Corp., 5.75%, 9/15/2025      30,000 30,675
Encompass Health Corp., 4.625%, 4/01/2031      120,000 128,678
HCA, Inc., 5.875%, 2/15/2026      275,000 318,945
HCA, Inc., 5.625%, 9/01/2028      45,000 53,663
HCA, Inc., 5.875%, 2/01/2029      75,000 90,938
HCA, Inc., 3.5%, 9/01/2030      260,000 278,990
HealthSouth Corp., 5.125%, 3/15/2023      88,000 88,275
Heartland Dental LLC, 8.5%, 5/01/2026 (n)     130,000 134,875
IQVIA Holdings, Inc., 5%, 5/15/2027 (n)     400,000 417,972
LifePoint Health, Inc., 4.375%, 2/15/2027 (n)     30,000 29,925
LifePoint Health, Inc., 5.375%, 1/15/2029 (n)     55,000 54,029
MPH Acquisition Holdings LLC, 5.5%, 9/01/2028 (n)     75,000 76,219
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)     130,000 138,287
Syneos Health, Inc., 3.625%, 1/15/2029 (n)     275,000 273,545
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)     105,000 109,200
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)     30,000 30,975
        $4,041,452
Medical Equipment – 1.2%
Hill-Rom Holdings, Inc., 4.375%, 9/15/2027 (n)   $ 250,000 $261,875
Teleflex, Inc., 4.625%, 11/15/2027      285,000 298,538
        $560,413
Metals & Mining – 5.5%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)   $ 220,000 $233,750
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)     215,000 213,387
Compass Minerals International, Inc., 6.75%, 12/01/2027 (n)     185,000 195,869
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)     175,000 177,844
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n)     200,000 216,500
Freeport-McMoRan, Inc., 5%, 9/01/2027      155,000 163,137
Freeport-McMoRan, Inc., 4.375%, 8/01/2028      100,000 106,000
Freeport-McMoRan, Inc., 5.25%, 9/01/2029      165,000 182,597
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)     150,000 153,000
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.375%, 12/15/2023 (n)     200,000 203,240
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued      
Metals & Mining – continued
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)   $ 282,000 $292,575
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n)     95,000 98,444
Novelis Corp., 3.25%, 11/15/2026 (n)     78,000 79,966
Novelis Corp., 4.75%, 1/30/2030 (n)     105,000 111,825
Novelis Corp., 3.875%, 8/15/2031 (n)     93,000 93,846
Petra Diamonds US$ Treasury PLC, 10.5%, (0% cash or 10.5% PIK) 3/08/2026 (n)(p)     67,105 67,608
        $2,589,588
Midstream – 6.2%
Cheniere Energy Partners LP, 4.5%, 10/01/2029    $ 90,000 $96,975
Cheniere Energy, Inc., 4%, 3/01/2031 (n)     180,000 189,450
DT Midstream, Inc., 4.125%, 6/15/2029 (n)     144,000 147,600
DT Midstream, Inc., 4.375%, 6/15/2031 (n)     244,000 251,930
EnLink Midstream Partners LP, 5.625%, 1/15/2028 (n)     135,000 141,075
EQM Midstream Partners LP, 6%, 7/01/2025 (n)     48,000 51,840
EQM Midstream Partners LP, 6.5%, 7/01/2027 (n)     47,000 52,405
EQM Midstream Partners LP, 5.5%, 7/15/2028      365,000 398,299
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n)     90,000 91,350
Genesis Energy LP/Genesis Energy Finance Corp., 5.625%, 6/15/2024      60,000 59,026
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/2026      172,500 166,031
Genesis Energy LP/Genesis Energy Finance Corp., 8%, 1/15/2027      15,000 14,896
Northriver Midstream Finance LP, 5.625%, 2/15/2026 (n)     235,000 246,407
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029      260,000 292,292
Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031      140,000 152,292
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)     135,000 139,132
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)     135,000 141,581
Western Midstream Operating LP, 5.3%, 2/01/2030      160,000 179,298
Western Midstream Operation LP, 4.65%, 7/01/2026      65,000 70,070
Western Midstream Operation LP, 5.5%, 8/15/2048      45,000 51,574
        $2,933,523
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    $ 80,000 $82,000
Network & Telecom – 0.4%
Front Range BidCo, Inc., 6.125%, 3/01/2028 (n)   $ 185,000 $188,238
Oil Services – 0.2%
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n)   $ 100,000 $106,009
Oils – 0.4%
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/2025    $ 120,000 $84,000
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028      130,000 85,150
        $169,150
Personal Computers & Peripherals – 0.7%
NCR Corp., 5%, 10/01/2028 (n)   $ 220,000 $227,700
NCR Corp., 5.125%, 4/15/2029 (n)     115,000 119,236
        $346,936
Pharmaceuticals – 3.3%
Bausch Health Companies, Inc., 6.125%, 4/15/2025 (n)   $ 371,000 $379,347
Bausch Health Companies, Inc., 5%, 1/30/2028 (n)     350,000 333,813
Bausch Health Companies, Inc., 5%, 2/15/2029 (n)     95,000 88,709
Emergent BioSolutions, Inc., 3.875%, 8/15/2028 (n)     151,000 147,225
Endo Luxembourg Finance Co I S.à r.l., 6.125%, 4/01/2029 (n)     105,000 103,950
Jazz Securities DAC, 4.375%, 1/15/2029 (n)     200,000 207,250
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)     200,000 209,792
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued      
Pharmaceuticals – continued
Par Pharmaceutical, Inc., 7.5%, 4/01/2027 (n)   $ 105,000 $106,313
        $1,576,399
Pollution Control – 1.2%
GFL Environmental, Inc., 4%, 8/01/2028 (n)   $ 105,000 $104,212
GFL Environmental, Inc., 3.5%, 9/01/2028 (n)     125,000 124,721
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)     60,000 61,650
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)     80,000 80,400
Stericycle, Inc., 3.875%, 1/15/2029 (n)     210,000 213,719
        $584,702
Precious Metals & Minerals – 0.6%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)   $ 155,000 $154,419
Taseko Mines Ltd., 7%, 2/15/2026 (n)     100,000 102,856
        $257,275
Printing & Publishing – 0.8%
Cimpress N.V., 7%, 6/15/2026 (n)   $ 300,000 $313,500
Mav Acquisition Corp., 8%, 8/01/2029 (n)     80,000 78,600
        $392,100
Railroad & Shipping – 0.4%
Watco Cos. LLC/Watco Finance Corp., 6.5%, 6/15/2027 (n)   $ 187,000 $200,090
Real Estate - Other – 1.2%
EPR Properties, REIT, 4.5%, 6/01/2027    $ 135,000 $142,965
EPR Properties, REIT, 4.95%, 4/15/2028      30,000 32,406
InterMed Holdings Ltd., 5.875%, 10/01/2028 (n)     180,000 191,700
XHR LP, REIT, 4.875%, 6/01/2029 (n)     180,000 185,400
        $552,471
Retailers – 1.1%
Bath & Body Works, Inc., 5.25%, 2/01/2028    $ 350,000 $391,998
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)     120,000 120,178
        $512,176
Specialty Chemicals – 0.4%
Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n)   $ 186,000 $194,370
Specialty Stores – 2.1%
Group 1 Automotive, Inc., 4%, 8/15/2028 (n)   $ 221,000 $224,868
Magic Mergeco, Inc., 5.25%, 5/01/2028 (n)     100,000 102,625
Magic Mergeco, Inc., 7.875%, 5/01/2029 (n)     125,000 128,806
Penske Automotive Group Co., 3.75%, 6/15/2029      268,000 272,690
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 2/15/2028 (n)     250,000 260,312
        $989,301
Supermarkets – 0.8%
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n)   $ 215,000 $227,631
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n)     150,000 151,500
        $379,131
Telecommunications - Wireless – 4.3%
Altice France S.A., 6%, 2/15/2028 (n)   $ 200,000 $198,250
Digicel International Finance Ltd., 8.75%, 5/25/2024 (n)     200,000 207,750
SBA Communications Corp., 3.875%, 2/15/2027      161,000 167,324
SBA Communications Corp., 3.125%, 2/01/2029 (n)     215,000 211,237
Sprint Capital Corp., 6.875%, 11/15/2028      295,000 384,527
Sprint Corp., 7.125%, 6/15/2024      75,000 86,250
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued      
Telecommunications - Wireless – continued
Sprint Corp., 7.625%, 3/01/2026    $ 360,000 $443,862
T-Mobile USA, Inc., 2.625%, 2/15/2029      220,000 222,750
T-Mobile USA, Inc., 3.5%, 4/15/2031      90,000 95,828
        $2,017,778
Tobacco – 0.5%
Vector Group Ltd., 10.5%, 11/01/2026 (n)   $ 105,000 $110,775
Vector Group Ltd., 5.75%, 2/01/2029 (n)     125,000 127,188
        $237,963
Utilities - Electric Power – 3.5%
Calpine Corp., 4.5%, 2/15/2028 (n)   $ 185,000 $190,550
Calpine Corp., 5.125%, 3/15/2028 (n)     240,000 244,200
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)     90,000 95,283
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)     285,000 289,587
NextEra Energy Operating Co., 4.25%, 9/15/2024 (n)     29,000 30,523
NextEra Energy Operating Co., 4.5%, 9/15/2027 (n)     120,000 129,300
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)     130,000 137,234
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)     120,000 123,450
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)     275,000 297,000
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)     110,000 115,767
        $1,652,894
Total Bonds   $62,351,714
Common Stocks – 1.7%
Construction – 0.1%  
ICA Tenedora, S.A. de C.V. (a)   11,385 $46,913
Oil Services – 0.1%  
LTRI Holdings LP (a)(u)   200 $51,130
Special Products & Services – 1.5%  
iShares iBoxx $ High Yield Corporate Bond ETF   8,000 $704,720
Total Common Stocks   $802,763
  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) $11.50 8/24/18 84 $1
Appvion Holdings Corp. - Tranche B (1 share for 1 warrant, Expiration 6/13/23) (a) 13.23 8/24/18 84 1
Total Warrants   $2
         
Investment Companies (h) – 2.8%
Money Market Funds – 2.8%  
MFS Institutional Money Market Portfolio, 0.04% (v)     1,322,053 $1,322,053
 
Other Assets, Less Liabilities – (36.8)%   (17,346,700)
Net Assets – 100.0% $47,129,832
(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 $1,322,053 and $63,154,479, respectively.      
9
Portfolio of Investments (unaudited) – continued
(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 $50,747,227, representing 107.7% 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.      
The following abbreviations are used in this report and are defined:
ETF Exchange-Traded Fund
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:
EUR Euro
Derivative Contracts at 8/31/21
Forward Foreign Currency Exchange Contracts
Currency
Purchased 		Currency
Sold 		Counterparty Settlement
Date 		Unrealized
Appreciation
(Depreciation)
Asset Derivatives
USD 118,229 EUR 99,766 JPMorgan Chase Bank N.A. 10/08/2021 $346
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
8/31/21 (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. 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. 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. Other financial instruments are derivative instruments, such as forward foreign currency exchange contracts. The following is a summary of the levels used as of August 31, 2021 in valuing the fund's assets or liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Equity Securities:        
United States $704,720 $2 $51,130 $755,852
Mexico — 46,913 — 46,913
Municipal Bonds — 82,000 — 82,000
U.S. Corporate Bonds — 54,864,853 — 54,864,853
Foreign Bonds — 7,404,861 — 7,404,861
Mutual Funds 1,322,053 — — 1,322,053
Total $2,026,773 $62,398,629 $51,130 $64,476,532
Other Financial Instruments        
Forward Foreign Currency Exchange Contracts – Assets $— $346 $— $346
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 (5,374)
Balance as of 8/31/21 $51,130
The net change in unrealized appreciation or depreciation from investments held as level 3 at August 31, 2021 is $(5,374). At August 31, 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 $15,100,453 $15,646,363 $38 $(38) $1,322,053
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $582 $—
(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