NPORT-EX 3 NPORT_523F_92557062_0222.htm
Quarterly Report
February 28, 2022
MFS®  Intermediate High  
Income Fund
CIH-Q1
Portfolio of Investments
2/28/22 (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 – 135.4%
Aerospace & Defense – 3.1%
Bombardier, Inc., 7.5%, 3/15/2025 (n)   $ 124,000 $125,240
Bombardier, Inc., 7.125%, 6/15/2026 (n)     127,000 126,841
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)     200,000 193,000
Moog, Inc., 4.25%, 12/15/2027 (n)     241,000 236,269
TransDigm, Inc., 6.25%, 3/15/2026 (n)     200,000 205,750
TransDigm, Inc., 6.375%, 6/15/2026      185,000 188,602
TransDigm, Inc., 5.5%, 11/15/2027      130,000 129,487
TransDigm, Inc., 4.625%, 1/15/2029      147,000 138,725
        $1,343,914
Automotive – 4.0%
Clarios Global LP/Clarios US Finance Cois, 8.5%, 5/15/2027 (n)   $ 300,000 $312,750
Dana, Inc., 5.375%, 11/15/2027      143,000 145,860
Dana, Inc., 5.625%, 6/15/2028      47,000 48,058
Dana, Inc., 4.25%, 9/01/2030      95,000 90,576
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)     120,000 111,300
Ford Motor Co., 5.113%, 5/03/2029      210,000 221,380
Ford Motor Co., 4.75%, 1/15/2043      155,000 149,962
Ford Motor Credit Co. LLC, 4.134%, 8/04/2025      200,000 202,250
IAA Spinco, Inc., 5.5%, 6/15/2027 (n)     200,000 202,750
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)     130,000 122,525
Wheel Pros, Inc., 6.5%, 5/15/2029 (n)     120,000 109,800
        $1,717,211
Broadcasting – 4.0%
Advantage Sales & Marketing, Inc., 6.5%, 11/15/2028 (n)   $ 199,000 $200,389
Gray Escrow II, Inc., 5.375%, 11/15/2031 (n)     305,000 293,611
iHeartCommunications, Inc., 8.375%, 5/01/2027      175,000 182,296
Scripps Escrow II, Inc., 5.875%, 7/15/2027 (n)     215,000 214,582
Summer (BC) Bidco B LLC, 5.5%, 10/31/2026 (n)     200,000 193,000
Summer (BC) Holdco S.à r.l., “A”, 9.25%, 10/31/2027    EUR 90,105 104,449
Univision Communications, Inc., 4.5%, 5/01/2029 (n)   $ 220,000 210,581
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)     340,000 326,400
        $1,725,308
Brokerage & Asset Managers – 2.3%
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)   $ 110,000 $109,017
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)     265,000 263,675
LPL Holdings, Inc., 4%, 3/15/2029 (n)     191,000 185,509
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)     125,000 121,875
NFP Corp., 4.875%, 8/15/2028 (n)     155,000 149,548
NFP Corp., 6.875%, 8/15/2028 (n)     153,000 142,252
        $971,876
Building – 5.3%
ABC Supply Co., Inc., 4%, 1/15/2028 (n)   $ 405,000 $395,887
Foundation Building Materials LLC, 6%, 3/01/2029 (n)     50,000 46,500
GYP Holding III Corp., 4.625%, 5/01/2029 (n)     240,000 223,920
Interface, Inc., 5.5%, 12/01/2028 (n)     205,000 206,025
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)     115,000 109,648
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)     138,000 142,485
Park River Holdings, Inc., 5.625%, 2/01/2029 (n)     65,000 56,063
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)     200,000 208,183
SRM Escrow Issuer LLC, 6%, 11/01/2028 (n)     190,000 189,930
SRS Distribution, Inc., 6.125%, 7/01/2029 (n)     190,000 181,537
Standard Industries, Inc., 4.75%, 1/15/2028 (n)     90,000 88,312
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Building – continued
Standard Industries, Inc., 4.375%, 7/15/2030 (n)   $ 241,000 $228,174
Standard Industries, Inc., 3.375%, 1/15/2031 (n)     40,000 35,400
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)     140,000 139,300
        $2,251,364
Business Services – 3.1%
Austin BidCo, Inc., 7.125%, 12/15/2028 (n)   $ 115,000 $112,413
HealthEquity, Inc., 4.5%, 10/01/2029 (n)     185,000 176,092
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)     100,000 100,026
Iron Mountain, Inc., REIT, 4.875%, 9/15/2027 (n)     140,000 140,171
Nielsen Finance LLC, 4.5%, 7/15/2029 (n)     205,000 184,171
Paysafe Finance PLC, 4%, 6/15/2029 (z)     185,000 160,987
Switch Ltd., 3.75%, 9/15/2028 (n)     250,000 237,207
Switch Ltd., 4.125%, 6/15/2029 (n)     70,000 67,113
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)     150,000 156,375
        $1,334,555
Cable TV – 10.9%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)   $ 601,000 $590,173
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)     150,000 144,462
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n)     240,000 224,866
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)     155,000 142,507
CSC Holdings LLC, 5.375%, 2/01/2028 (n)     200,000 194,375
CSC Holdings LLC, 5.75%, 1/15/2030 (n)     400,000 353,696
CSC Holdings LLC, 4.125%, 12/01/2030 (n)     200,000 179,584
DISH DBS Corp., 7.75%, 7/01/2026      80,000 81,015
DISH DBS Corp., 5.25%, 12/01/2026 (n)     150,000 147,047
DISH DBS Corp., 5.125%, 6/01/2029      135,000 113,906
Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023 (a)(d)     130,000 56,225
Intelsat Jackson Holdings S.A., 9.75%, 7/15/2025 (a)(d)(n)     90,000 38,813
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)     180,000 185,980
Sirius XM Holdings, Inc., 3.875%, 9/01/2031 (n)     230,000 211,892
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)     228,000 219,165
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)     390,000 398,775
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)     400,000 396,000
Videotron Ltd., 5.125%, 4/15/2027 (n)     190,000 193,325
Virgin Media Finance PLC, 5%, 7/15/2030 (n)     225,000 212,861
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)     225,000 214,461
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)     400,000 373,000
        $4,672,128
Chemicals – 3.2%
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)   $ 150,000 $150,375
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n)     170,000 155,125
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)     188,000 173,768
Element Solutions, Inc., 3.875%, 9/01/2028 (n)     213,000 202,018
Herens Holdco S.à r.l., 4.75%, 5/15/2028 (n)     200,000 187,000
Ingevity Corp., 3.875%, 11/01/2028 (n)     240,000 226,188
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)     110,000 104,639
S.P.C.M. S.A., 3.125%, 3/15/2027 (n)     200,000 189,382
        $1,388,495
Computer Software – 1.8%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)   $ 120,000 $120,114
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n)     45,000 42,525
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n)     215,000 202,457
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)     150,000 144,000
PTC, Inc., 3.625%, 2/15/2025 (n)     160,000 159,200
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Computer Software – continued
PTC, Inc., 4%, 2/15/2028 (n)   $ 95,000 $92,862
        $761,158
Computer Software - Systems – 2.2%
Fair Isaac Corp., 5.25%, 5/15/2026 (n)   $ 385,000 $408,581
Fair Isaac Corp., 4%, 6/15/2028 (n)     36,000 35,325
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)     250,000 256,940
Viavi Solutions, Inc., 3.75%, 10/01/2029 (n)     235,000 222,736
        $923,582
Conglomerates – 4.3%
Amsted Industries Co., 5.625%, 7/01/2027 (n)   $ 255,000 $257,550
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)     58,000 56,260
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)     315,000 305,550
Gates Global LLC, 6.25%, 1/15/2026 (n)     165,000 168,725
Granite Holdings U.S. Acquisition Co., 11%, 10/01/2027 (n)     135,000 143,775
Griffon Corp., 5.75%, 3/01/2028      231,000 230,105
Madison IAQ LLC, 5.875%, 6/30/2029 (n)     184,000 166,980
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n)     140,000 144,550
TriMas Corp., 4.125%, 4/15/2029 (n)     380,000 357,622
        $1,831,117
Construction – 1.9%
Empire Communities Corp., 7%, 12/15/2025 (n)   $ 145,000 $143,550
Mattamy Group Corp., 5.25%, 12/15/2027 (n)     95,000 95,356
Mattamy Group Corp., 4.625%, 3/01/2030 (n)     155,000 145,700
Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n)     165,000 172,013
Taylor Morrison Communities, Inc., 5.125%, 8/01/2030 (n)     100,000 99,664
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)     181,000 172,169
        $828,452
Consumer Products – 1.6%
Mattel, Inc., 3.375%, 4/01/2026 (n)   $ 147,000 $145,986
Mattel, Inc., 5.875%, 12/15/2027 (n)     109,000 115,540
Mattel, Inc., 5.45%, 11/01/2041      55,000 60,736
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)     175,000 175,219
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)     70,000 64,501
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n)     155,000 138,939
        $700,921
Consumer Services – 5.2%
Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n)   $ 59,000 $60,434
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)     265,000 276,925
ANGI Group LLC, 3.875%, 8/15/2028 (n)     227,000 201,462
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)     175,000 164,500
GoDaddy, Inc., 3.5%, 3/01/2029 (n)     343,000 324,879
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)     131,000 135,074
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n)     15,000 13,988
Match Group, Inc., 5%, 12/15/2027 (n)     185,000 185,000
Match Group, Inc., 4.625%, 6/01/2028 (n)     205,000 205,617
Match Group, Inc., 4.125%, 8/01/2030 (n)     65,000 62,919
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)     90,000 88,987
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)     115,000 109,595
TriNet Group, Inc., 3.5%, 3/01/2029 (n)     263,000 247,412
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/2026 (n)     134,000 135,071
        $2,211,863
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Containers – 2.8%
Ardagh Metal Packaging, 4%, 9/01/2029 (n)   $ 200,000 $187,560
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)     255,000 242,394
Can-Pack S.A., 3.875%, 11/15/2029 (n)     275,000 252,312
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026      250,000 256,186
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026      45,000 45,774
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)     200,000 205,136
        $1,189,362
Electrical Equipment – 0.6%
CommScope Technologies LLC, 5%, 3/15/2027 (n)   $ 285,000 $254,123
Electronics – 2.6%
Diebold Nixdorf, Inc., 8.5%, 4/15/2024    $ 65,000 $64,025
Diebold Nixdorf, Inc., 9.375%, 7/15/2025 (n)     106,000 109,739
Entegris, Inc., 4.375%, 4/15/2028 (n)     75,000 73,500
Entegris, Inc., 3.625%, 5/01/2029 (n)     95,000 89,063
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)     130,000 136,963
Sensata Technologies B.V., 5%, 10/01/2025 (n)     285,000 294,717
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)     125,000 121,562
Synaptics, Inc., 4%, 6/15/2029 (n)     215,000 207,262
        $1,096,831
Energy - Independent – 5.5%
Callon Petroleum Co., 6.125%, 10/01/2024    $ 90,000 $89,663
Callon Petroleum Co., 8%, 8/01/2028 (n)     105,000 109,200
CNX Resources Corp., 6%, 1/15/2029 (n)     157,000 160,328
Colgate Energy Partners III LLC, 5.875%, 7/01/2029 (n)     75,000 77,196
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)     155,000 157,720
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n)     120,000 122,100
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n)     100,000 101,250
EQT Corp., 5%, 1/15/2029      158,000 166,690
Laredo Petroleum, Inc., 10.125%, 1/15/2028      35,000 37,013
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n)     35,000 30,975
Occidental Petroleum Corp., 5.875%, 9/01/2025      165,000 176,962
Occidental Petroleum Corp., 5.5%, 12/01/2025      130,000 139,711
Occidental Petroleum Corp., 6.625%, 9/01/2030      278,000 323,499
Occidental Petroleum Corp., 6.45%, 9/15/2036      80,000 94,200
Occidental Petroleum Corp., 6.6%, 3/15/2046      115,000 137,425
SM Energy Co., 5.625%, 6/01/2025      95,000 94,541
SM Energy Co., 6.5%, 7/15/2028      100,000 102,500
Southwestern Energy Co., 5.95%, 1/23/2025      13,300 13,865
Southwestern Energy Co., 8.375%, 9/15/2028      90,000 98,212
Southwestern Energy Co., 5.375%, 3/15/2030      95,000 98,088
        $2,331,138
Entertainment – 4.8%
AMC Entertainment Holdings, Inc., 10%, (10% cash or 12% PIK) 6/15/2026 (n)(p)   $ 65,000 $60,044
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)     385,000 395,776
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)     150,000 146,101
Carnival Corp. PLC, 6%, 5/01/2029 (n)     45,000 43,692
Life Time, Inc., 5.75%, 1/15/2026 (n)     150,000 149,250
Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n)     218,000 221,815
Motion Bondco DAC, 6.625%, 11/15/2027 (n)     200,000 194,500
NCL Corp. Ltd., 3.625%, 12/15/2024 (n)     130,000 121,909
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)     115,000 110,688
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)     75,000 73,677
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)     225,000 220,520
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)     250,000 243,187
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Entertainment – continued
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)   $ 95,000 $88,587
        $2,069,746
Financial Institutions – 4.6%
Avation Capital S.A., 8.25%, (8.25% cash or 9% PIK) 10/31/2026 (n)(p)   $ 203,202 $176,786
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)     210,000 212,732
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)     150,000 144,000
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% cash or 7.25% PIK), 9/15/2024 (n)(p)     448,020 425,619
Howard Hughes Corp., 4.125%, 2/01/2029 (n)     271,000 256,434
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)     200,000 203,000
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031 (n)     80,000 77,400
OneMain Finance Corp., 6.875%, 3/15/2025      95,000 101,374
OneMain Finance Corp., 8.875%, 6/01/2025      99,000 104,445
OneMain Finance Corp., 7.125%, 3/15/2026      100,000 108,400
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n)     165,000 154,502
        $1,964,692
Food & Beverages – 4.4%
Aramark Services, Inc., 6.375%, 5/01/2025 (n)   $ 270,000 $279,585
Aramark Services, Inc., 5%, 2/01/2028 (n)     60,000 60,107
JBS USA Lux S.A./JBS USA Finance, Inc., 6.75%, 2/15/2028 (n)     169,000 177,874
Lamb Weston Holdings, Inc., 4.125%, 1/31/2030 (n)     315,000 304,763
Performance Food Group Co., 5.5%, 10/15/2027 (n)     210,000 213,675
Post Holdings, Inc., 5.625%, 1/15/2028 (n)     184,000 184,690
Post Holdings, Inc., 4.625%, 4/15/2030 (n)     245,000 230,658
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)     225,000 209,556
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)     230,000 227,516
        $1,888,424
Gaming & Lodging – 9.7%
Boyd Gaming Corp., 4.75%, 12/01/2027    $ 190,000 $190,746
Boyd Gaming Corp., 4.75%, 6/15/2031 (n)     75,000 73,688
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n)     150,000 142,312
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 7/01/2025 (n)     131,000 134,332
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)     162,000 174,633
CCM Merger, Inc., 6.375%, 5/01/2026 (n)     118,000 120,694
Hilton Domestic Operating Co., Inc., 3.75%, 5/01/2029 (n)     268,000 258,620
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)     191,000 181,565
International Game Technology PLC, 4.125%, 4/15/2026 (n)     200,000 197,000
International Game Technology PLC, 6.25%, 1/15/2027 (n)     200,000 212,000
Marriott Ownership Resorts, Inc., 4.5%, 6/15/2029 (n)     185,000 175,287
MGM China Holdings Ltd., 5.875%, 5/15/2026 (n)     200,000 190,750
MGM Growth Properties LLC, 4.625%, 6/15/2025 (n)     185,000 190,550
MGM Growth Properties LLC, 5.75%, 2/01/2027      75,000 81,187
MGM Growth Properties LLC, 3.875%, 2/15/2029 (n)     111,000 111,555
MGM Resorts International Co., 4.75%, 10/15/2028      152,000 151,336
Scientific Games Corp., 8.625%, 7/01/2025 (n)     45,000 47,700
Scientific Games Corp., 8.25%, 3/15/2026 (n)     120,000 125,340
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 3/01/2030 (n)     108,000 107,269
Scientific Games International, Inc., 7%, 5/15/2028 (n)     115,000 118,450
VICI Properties LP, REIT, 4.25%, 12/01/2026 (n)     135,000 136,350
VICI Properties LP, REIT, 3.75%, 2/15/2027 (n)     200,000 198,500
VICI Properties, Inc., 4.125%, 8/15/2030 (n)     45,000 44,663
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)     284,000 279,740
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/2027 (n)     95,000 94,050
Wynn Macau Ltd., 5.5%, 1/15/2026 (n)     105,000 95,287
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)     200,000 174,113
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)     150,000 144,375
        $4,152,092
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Industrial – 1.3%
APi Escrow Corp., 4.75%, 10/15/2029 (n)   $ 215,000 $203,175
Dycom Industries, Inc., 4.5%, 4/15/2029 (n)     125,000 120,313
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)     240,000 236,700
        $560,188
Insurance - Property & Casualty – 1.7%
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n)   $ 285,000 $278,588
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)     120,000 110,376
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)     65,000 65,000
Hub International Ltd., 5.625%, 12/01/2029 (n)     131,000 124,450
Ryan Specialty Group, 4.375%, 2/01/2030 (n)     145,000 139,497
        $717,911
Machinery & Tools – 1.0%
Ritchie Bros. Holdings Ltd., 4.75%, 12/15/2031 (n)   $ 195,000 $193,748
Terex Corp., 5%, 5/15/2029 (n)     230,000 227,753
        $421,501
Medical & Health Technology & Services – 9.0%
180 Medical, Inc., 3.875%, 10/15/2029 (n)   $ 200,000 $192,000
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)     255,000 258,825
Catalent, Inc., 3.125%, 2/15/2029 (n)     368,000 340,860
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)     433,000 416,200
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)     105,000 110,740
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)     265,000 246,450
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)     45,000 43,587
DaVita, Inc., 4.625%, 6/01/2030 (n)     140,000 134,225
DaVita, Inc., 3.75%, 2/15/2031 (n)     167,000 152,596
Encompass Health Corp., 5.125%, 3/15/2023      88,000 88,220
Encompass Health Corp., 5.75%, 9/15/2025      30,000 30,375
HCA, Inc., 5.875%, 2/15/2026      275,000 297,206
IQVIA Holdings, Inc., 5%, 5/15/2027 (n)     400,000 409,172
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n)     30,000 28,425
MPH Acquisition Holdings LLC, 5.5%, 9/01/2028 (n)     115,000 111,556
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)     130,000 136,356
Syneos Health, Inc., 3.625%, 1/15/2029 (n)     275,000 259,710
Tenet Healthcare Corp., 6.125%, 10/01/2028 (n)     277,000 280,601
U.S. Renal Care, Inc., 10.625%, 7/15/2027 (n)     135,000 134,325
US Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)     180,000 177,300
        $3,848,729
Medical Equipment – 0.6%
Teleflex, Inc., 4.625%, 11/15/2027    $ 240,000 $243,600
Metals & Mining – 5.4%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)   $ 220,000 $225,775
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)     186,000 164,089
Compass Minerals International, Inc., 6.75%, 12/01/2027 (n)     185,000 192,095
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)     175,000 176,750
Ero Copper Corp., 6.5%, 2/15/2030 (n)     78,000 75,378
First Quantum Minerals Ltd., 6.875%, 10/15/2027 (n)     200,000 212,544
FMG Resources Ltd., 4.375%, 4/01/2031 (n)     240,000 232,872
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)     166,000 161,311
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)     330,000 311,609
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n)     125,000 112,578
Novelis Corp., 3.25%, 11/15/2026 (n)     103,000 97,721
Novelis Corp., 4.75%, 1/30/2030 (n)     200,000 195,704
Novelis Corp., 3.875%, 8/15/2031 (n)     93,000 85,676
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Metals & Mining – continued
Petra Diamonds US$ Treasury PLC, 10.5% PIK to 12/31/2022, 10.5% PIK/9.75% Cash to 6/30/2023, 9.75% Cash to 3/08/2026 (n)   $ 70,628 $72,040
        $2,316,142
Midstream – 6.2%
Cheniere Energy Partners LP, 4.5%, 10/01/2029    $ 90,000 $91,728
Cheniere Energy Partners LP, 4%, 3/01/2031      245,000 241,325
DT Midstream, Inc., 4.125%, 6/15/2029 (n)     144,000 138,960
DT Midstream, Inc., 4.375%, 6/15/2031 (n)     254,000 248,107
EQM Midstream Partners LP, 6%, 7/01/2025 (n)     48,000 48,960
EQM Midstream Partners LP, 6.5%, 7/01/2027 (n)     32,000 33,468
EQM Midstream Partners LP, 5.5%, 7/15/2028      400,000 392,704
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n)     90,000 84,038
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/2026      82,500 79,200
Northriver Midstream Finance LP, 5.625%, 2/15/2026 (n)     95,000 95,475
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)     135,000 130,106
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029      260,000 282,987
Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031      192,000 197,374
Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032      80,000 78,802
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)     150,000 146,842
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)     150,000 148,500
Western Midstream Operating LP, 4.55%, 2/01/2030      86,000 88,456
Western Midstream Operation LP, 4.65%, 7/01/2026      65,000 67,350
Western Midstream Operation LP, 5.5%, 8/15/2048      45,000 46,144
        $2,640,526
Municipals – 0.1%
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022    $ 35,000 $35,875
Network & Telecom – 0.5%
Iliad Holding S.A.S., 7%, 10/15/2028 (n)   $ 200,000 $198,932
Oil Services – 0.3%
Nabors Industries, Inc., 5.75%, 2/01/2025    $ 35,000 $33,530
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n)     100,000 102,500
        $136,030
Oils – 1.0%
Parkland Corp., 4.625%, 5/01/2030 (n)   $ 260,000 $246,025
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/2025      120,000 100,800
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028      100,000 73,163
        $419,988
Personal Computers & Peripherals – 0.8%
NCR Corp., 5%, 10/01/2028 (n)   $ 225,000 $221,049
NCR Corp., 5.125%, 4/15/2029 (n)     115,000 113,706
        $334,755
Pharmaceuticals – 3.6%
Bausch Health Companies, Inc., 6.125%, 4/15/2025 (n)   $ 371,000 $372,855
Bausch Health Companies, Inc., 5%, 1/30/2028 (n)     350,000 293,125
Bausch Health Companies, Inc., 5%, 2/15/2029 (n)     95,000 76,896
Endo Luxembourg Finance Co I S.à r.l., 6.125%, 4/01/2029 (n)     105,000 98,700
Jazz Securities DAC, 4.375%, 1/15/2029 (n)     400,000 396,184
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)     200,000 199,654
Par Pharmaceutical, Inc., 7.5%, 4/01/2027 (n)     105,000 105,173
        $1,542,587
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Pollution Control – 1.1%
GFL Environmental, Inc., 4%, 8/01/2028 (n)   $ 180,000 $167,207
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)     60,000 56,659
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)     80,000 74,253
Stericycle, Inc., 3.875%, 1/15/2029 (n)     178,000 165,763
        $463,882
Precious Metals & Minerals – 0.6%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)   $ 155,000 $141,450
Taseko Mines Ltd., 7%, 2/15/2026 (n)     120,000 120,000
        $261,450
Printing & Publishing – 0.7%
Cimpress N.V., 7%, 6/15/2026 (n)   $ 300,000 $297,000
Railroad & Shipping – 0.2%
Watco Cos. LLC/Watco Finance Corp., 6.5%, 6/15/2027 (n)   $ 69,000 $69,690
Real Estate - Other – 1.0%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.875%, 10/01/2028 (n)   $ 245,000 $249,503
XHR LP, REIT, 4.875%, 6/01/2029 (n)     180,000 175,050
        $424,553
Restaurants – 0.3%
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)   $ 125,000 $118,992
Retailers – 1.7%
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)   $ 131,000 $127,725
Bath & Body Works, Inc., 5.25%, 2/01/2028      420,000 437,067
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)     180,000 169,200
        $733,992
Specialty Chemicals – 0.4%
Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n)   $ 186,000 $189,378
Specialty Stores – 1.4%
Group 1 Automotive, Inc., 4%, 8/15/2028 (n)   $ 174,000 $167,693
Michael Cos., Inc., 5.25%, 5/01/2028 (n)     100,000 93,500
Michael Cos., Inc., 7.875%, 5/01/2029 (n)     125,000 109,375
Penske Automotive Group Co., 3.75%, 6/15/2029      254,000 237,172
        $607,740
Supermarkets – 0.9%
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n)   $ 215,000 $215,943
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n)     175,000 162,750
        $378,693
Telecommunications - Wireless – 3.2%
Altice France S.A., 6%, 2/15/2028 (n)   $ 200,000 $177,148
SBA Communications Corp., 3.875%, 2/15/2027      176,000 175,696
SBA Communications Corp., 3.125%, 2/01/2029      305,000 283,284
Sprint Capital Corp., 6.875%, 11/15/2028      245,000 290,930
Sprint Corp., 7.125%, 6/15/2024      70,000 75,688
Sprint Corp., 7.625%, 3/01/2026      325,000 370,521
        $1,373,267
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Tobacco – 0.5%
Vector Group Ltd., 10.5%, 11/01/2026 (n)   $ 105,000 $107,803
Vector Group Ltd., 5.75%, 2/01/2029 (n)     105,000 96,863
        $204,666
Utilities - Electric Power – 4.0%
Calpine Corp., 4.5%, 2/15/2028 (n)   $ 228,000 $222,501
Calpine Corp., 5.125%, 3/15/2028 (n)     245,000 236,090
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)     115,000 115,592
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)     370,000 344,228
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)     92,000 93,809
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)     29,000 29,217
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)     150,000 150,750
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)     120,000 119,700
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)     275,000 275,687
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)     110,000 107,942
        $1,695,516
Total Bonds   $57,843,935
Common Stocks – 1.7%
Construction – 0.0%  
ICA Tenedora, S.A. de C.V. (a)(u)   11,385 $9,450
Oil Services – 0.1%  
LTRI Holdings LP (a)(u)   200 $57,518
Special Products & Services – 1.6%  
iShares iBoxx $ High Yield Corporate Bond ETF   8,000 $669,360
Total Common Stocks   $736,328
  Strike
Price 		First
Exercise 		   
Warrants – 0.0%        
Other Banks & Diversified Financials – 0.0%
Avation Capital S.A. (1 share for 1 warrant, Expiration 10/31/26) (a)(u) GBP 1.14 3/16/21 3,500 $715
         
Investment Companies (h) – 3.8%
Money Market Funds – 3.8%  
MFS Institutional Money Market Portfolio, 0.06% (v)     1,630,348 $1,630,348
 
Other Assets, Less Liabilities – (40.9)%   (17,482,194)
Net Assets – 100.0% $42,729,132
(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 $1,630,348 and $58,580,978, 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 $48,524,277, representing 113.6% 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.
9
Portfolio of Investments (unaudited) – continued
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:
Restricted Securities Acquisition
Date 		Cost Value
Paysafe Finance PLC, 4%, 6/15/2029 6/10/21-9/09/21 $184,161 $160,987
% of Net assets     0.4%
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
GBP British Pound
Derivative Contracts at 2/28/22
Forward Foreign Currency Exchange Contracts
Currency
Purchased 		Currency
Sold 		Counterparty Settlement
Date 		Unrealized
Appreciation
(Depreciation)
Asset Derivatives
USD 113,675 EUR 99,766 JPMorgan Chase Bank N.A. 4/08/2022 $1,644
Futures Contracts
Description Long/
Short 		Currency Contracts Notional
Amount 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Interest Rate Futures 
U.S. Treasury Bond Long USD 6 $940,125 June – 2022 $15,922
U.S. Treasury Ultra Bond Long USD 1 185,938 June – 2022 2,099
            $18,021
Liability Derivatives
Interest Rate Futures 
U.S. Treasury Note 10 yr Short USD 15 $1,911,563 June – 2022 $(18,336)
At February 28, 2022, the fund had cash collateral of $11,900 to cover any collateral or margin obligations for certain derivative contracts.
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
2/28/22 (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. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as 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. 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).
11
Supplemental Information (unaudited) – continued
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 futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of February 28, 2022 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Equity Securities:        
United States $669,360 $— $57,518 $726,878
Mexico — — 9,450 9,450
United Kingdom — — 715 715
Municipal Bonds — 35,875 — 35,875
U.S. Corporate Bonds — 49,705,000 — 49,705,000
Foreign Bonds — 8,103,060 — 8,103,060
Mutual Funds 1,630,348 — — 1,630,348
Total $2,299,708 $57,843,935 $67,683 $60,211,326
Other Financial Instruments        
Futures Contracts – Assets $18,021 $— $— $18,021
Futures Contracts – Liabilities (18,336) — — (18,336)
Forward Foreign Currency Exchange Contracts – Assets — 1,644 — 1,644
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
Securities
Balance as of 11/30/21 $67,005
Change in unrealized appreciation or depreciation 678
Balance as of 2/28/22 $67,683
The net change in unrealized appreciation or depreciation from investments held as level 3 at February 28, 2022 is $678. At February 28, 2022, the fund held three level 3 securities.
(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 $828,333 $3,874,134 $3,072,119 $— $— $1,630,348
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $271 $—
(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.
(4) Russia and Ukraine Conflict
The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund’s assets and thus the fund’s performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.
12