NPORT-EX 3 NPORT_523F_26844922_0224.htm
Quarterly Report
February 29, 2024
MFS®  Intermediate High  
Income Fund
CIH-Q1
Portfolio of Investments
2/29/24 (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 – 139.1%
Aerospace & Defense – 5.0%
Bombardier, Inc., 7.125%, 6/15/2026 (n)   $ 80,000 $80,670
Bombardier, Inc., 7.5%, 2/01/2029 (n)     86,000 87,229
Bombardier, Inc., 8.75%, 11/15/2030 (n)     54,000 56,565
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n)     200,000 198,600
Moog, Inc., 4.25%, 12/15/2027 (n)     222,000 207,759
Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (n)     240,000 257,126
TransDigm, Inc., 5.5%, 11/15/2027      158,000 152,560
TransDigm, Inc., 6.75%, 8/15/2028 (n)     166,000 167,985
TransDigm, Inc., 4.625%, 1/15/2029      151,000 138,468
TransDigm, Inc., 6.375%, 3/01/2029 (n)     44,000 44,199
TransDigm, Inc., 6.875%, 12/15/2030 (n)     304,000 307,621
        $1,698,782
Airlines – 1.2%
Air Canada, 3.875%, 8/15/2026 (n)   $ 254,000 $240,552
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n)     165,426 161,778
        $402,330
Apparel Manufacturers – 0.3%
Wolverine World Wide, Inc., 4%, 8/15/2029 (n)   $ 120,000 $96,150
Automotive – 2.5%
Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n)   $ 155,000 $155,803
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n)     77,000 77,932
Dana, Inc., 5.375%, 11/15/2027      127,000 122,590
Dana, Inc., 4.25%, 9/01/2030      96,000 82,792
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)     153,000 137,334
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)     126,000 109,620
Wabash National Corp., 4.5%, 10/15/2028 (n)     165,000 150,975
        $837,046
Broadcasting – 1.3%
AMC Networks, Inc., 4.75%, 8/01/2025    $ 60,000 $57,221
Banijay Group S.A.S., 8.125%, 5/01/2029 (n)     200,000 206,845
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n)     211,000 188,381
        $452,447
Brokerage & Asset Managers – 2.9%
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n)   $ 162,000 $166,753
Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n)     154,000 167,668
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)     131,000 120,348
LPL Holdings, Inc., 4%, 3/15/2029 (n)     106,000 97,251
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)     149,000 134,779
NFP Corp., 4.875%, 8/15/2028 (n)     164,000 163,590
NFP Corp., 6.875%, 8/15/2028 (n)     130,000 132,030
        $982,419
Building – 5.4%
ABC Supply Co., Inc., 3.875%, 11/15/2029 (n)   $ 99,000 $88,416
Foundation Building Materials LLC, 6%, 3/01/2029 (n)     184,000 160,555
GYP Holding III Corp., 4.625%, 5/01/2029 (n)     214,000 199,437
Interface, Inc., 5.5%, 12/01/2028 (n)     100,000 93,787
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)     165,000 150,553
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)     198,000 188,673
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)     64,000 64,800
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)     201,000 201,754
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Building – continued
SRM Concrete, 8.875%, 11/15/2031 (n)   $ 210,000 $222,555
Standard Industries, Inc., 4.75%, 1/15/2028 (n)     72,000 67,927
Standard Industries, Inc., 4.375%, 7/15/2030 (n)     246,000 219,330
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)     185,000 180,385
        $1,838,172
Business Services – 1.5%
Iron Mountain, Inc., 4.875%, 9/15/2027 (n)   $ 119,000 $114,132
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)     139,000 133,968
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)     250,000 250,482
        $498,582
Cable TV – 10.8%
Cable One, Inc., 4%, 11/15/2030 (n)   $ 282,000 $213,079
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n)     106,000 100,187
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)     572,000 486,592
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)     309,000 256,322
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)     73,000 54,579
CSC Holdings LLC, 5.375%, 2/01/2028 (n)     200,000 174,326
CSC Holdings LLC, 7.5%, 4/01/2028 (n)     200,000 142,177
CSC Holdings LLC, 11.75%, 1/31/2029 (n)     200,000 209,064
CSC Holdings LLC, 5.75%, 1/15/2030 (n)     200,000 117,615
DIRECTV Financing LLC, 8.875%, 2/01/2030 (n)     37,000 37,247
DISH DBS Corp., 7.75%, 7/01/2026      100,000 63,750
DISH DBS Corp., 5.25%, 12/01/2026 (n)     133,000 106,234
DISH DBS Corp., 5.125%, 6/01/2029      98,000 41,794
DISH Network Corp., 11.75%, 11/15/2027 (n)     67,000 69,853
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n)     180,000 170,100
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)     94,000 84,686
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)     291,000 275,185
Sirius XM Radio, Inc., 3.875%, 9/01/2031 (n)     128,000 105,802
Videotron Ltd., 5.125%, 4/15/2027 (n)     107,000 104,844
Videotron Ltd., 3.625%, 6/15/2029 (n)     106,000 95,222
Virgin Media Finance PLC, 5%, 7/15/2030 (n)     225,000 194,246
Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n)     225,000 207,560
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)     400,000 342,250
        $3,652,714
Chemicals – 3.6%
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)   $ 150,000 $144,818
Element Solutions, Inc., 3.875%, 9/01/2028 (n)     163,000 147,731
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)     183,000 158,814
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)     183,000 166,395
SCIL IV LLC/SCIL USA Holdings LLC, 9.5%, 7/15/2028 (n)   EUR 130,000 152,482
SNF Group SACA, 3.375%, 3/15/2030 (n)   $ 250,000 215,641
Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n)     210,000 217,281
        $1,203,162
Computer Software – 0.9%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8%, 6/15/2029 (n)   $ 152,000 $155,791
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)     170,000 156,400
        $312,191
Computer Software - Systems – 2.3%
Fair Isaac Corp., 5.25%, 5/15/2026 (n)   $ 244,000 $241,413
Sabre GLBL, Inc., 8.625%, 6/01/2027 (n)     87,000 76,574
Sabre GLBL, Inc., 11.25%, 12/15/2027 (n)     78,000 73,320
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)     304,000 296,035
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Computer Software - Systems – continued
Virtusa Corp., 7.125%, 12/15/2028 (n)   $ 97,000 $86,027
        $773,369
Conglomerates – 4.8%
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)   $ 128,000 $119,054
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)     307,000 284,899
Chart Industries, Inc., 9.5%, 1/01/2031 (n)     100,000 107,437
Emerald Debt Merger, 6.625%, 12/15/2030 (n)     277,000 277,969
Gates Global LLC, 6.25%, 1/15/2026 (n)     130,000 129,557
Griffon Corp., 5.75%, 3/01/2028      138,000 133,515
Madison IAQ LLC, 5.875%, 6/30/2029 (n)     160,000 142,855
Regal Rexnord Corp., 6.3%, 2/15/2030 (n)     130,000 132,369
TriMas Corp., 4.125%, 4/15/2029 (n)     340,000 309,924
        $1,637,579
Construction – 1.0%
Mattamy Group Corp., 5.25%, 12/15/2027 (n)   $ 84,000 $80,985
Mattamy Group Corp., 4.625%, 3/01/2030 (n)     112,000 100,508
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)     178,000 165,200
        $346,693
Consumer Products – 2.7%
Amer Sports Co., 6.75%, 2/16/2031 (n)   $ 130,000 $129,377
Energizer Gamma Acquisition B.V., 3.5%, 6/30/2029    EUR 100,000 95,608
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n)   $ 138,000 122,265
HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n)     253,000 257,111
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)     228,000 220,376
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)     102,000 88,119
        $912,856
Consumer Services – 6.1%
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)   $ 369,000 $367,717
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)     169,000 143,182
Cushman & Wakefield PLC, 6.75%, 5/15/2028 (n)     122,000 120,179
GoDaddy, Inc., 3.5%, 3/01/2029 (n)     264,000 235,059
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)     183,000 183,694
Match Group Holdings II LLC, 5%, 12/15/2027 (n)     179,000 170,734
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n)     215,000 202,137
Match Group Holdings II LLC, 4.125%, 8/01/2030 (n)     54,000 47,705
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n)     30,000 25,275
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)     125,000 92,981
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)     135,000 94,558
TriNet Group, Inc., 3.5%, 3/01/2029 (n)     279,000 247,038
WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n)     153,000 148,410
        $2,078,669
Containers – 4.1%
Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n)   $ 200,000 $173,330
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 5.25%, 8/15/2027 (n)     255,000 184,888
Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n)     275,000 238,582
Crown Americas LLC, 5.25%, 4/01/2030      88,000 84,762
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026      174,000 166,998
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026      130,000 127,186
Crown European Holdings S.A., 4.75%, 3/15/2029 (n)   EUR 100,000 109,282
Titan Holdings II B.V., 5.125%, 7/15/2029      100,000 94,549
Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n)   $ 200,000 194,959
        $1,374,536
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Electronics – 2.0%
Entegris Escrow Corp., 5.95%, 6/15/2030 (n)   $ 73,000 $71,581
Entegris, Inc., 4.375%, 4/15/2028 (n)     121,000 113,065
Entegris, Inc., 3.625%, 5/01/2029 (n)     110,000 97,350
Sensata Technologies B.V., 5%, 10/01/2025 (n)     207,000 205,070
Sensata Technologies B.V., 5.875%, 9/01/2030 (n)     200,000 194,788
        $681,854
Energy - Independent – 5.4%
Callon Petroleum Co., 8%, 8/01/2028 (n)   $ 90,000 $94,007
Callon Petroleum Co., 7.5%, 6/15/2030 (n)     45,000 47,407
Civitas Resources, Inc., 8.375%, 7/01/2028 (n)     134,000 140,221
Civitas Resources, Inc., 8.625%, 11/01/2030 (n)     45,000 48,154
Civitas Resources, Inc., 8.75%, 7/01/2031 (n)     90,000 95,712
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)     279,000 257,360
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n)     174,000 171,172
Matador Resources Co., 6.875%, 4/15/2028 (n)     172,000 174,656
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n)     137,000 136,205
Permian Resources Operating LLC, 7.75%, 2/15/2026 (n)     30,000 30,359
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n)     236,000 230,609
Permian Resources Operating LLC, 7%, 1/15/2032 (n)     96,000 98,571
Sitio Royalties Operating Partnership, LP, 7.875%, 11/01/2028 (n)     181,000 185,000
SM Energy Co., 6.5%, 7/15/2028      121,000 121,151
        $1,830,584
Energy - Integrated – 0.8%
Artera Services LLC, 8.5%, 2/15/2031 (n)   $ 119,000 $121,565
Citgo Petroleum Corp., 8.375%, 1/15/2029 (n)     152,000 159,626
        $281,191
Entertainment – 5.1%
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)   $ 143,000 $144,860
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)     268,000 264,643
Carnival Corp. PLC, 4%, 8/01/2028 (n)     96,000 88,546
Carnival Corp. PLC, 6%, 5/01/2029 (n)     108,000 105,539
Merlin Entertainments, 7.375%, 2/15/2031 (n)     200,000 200,103
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)     153,000 149,443
NCL Corp. Ltd., 7.75%, 2/15/2029 (n)     90,000 92,264
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)     142,000 139,273
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)     176,000 173,196
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)     123,000 114,698
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)     61,000 59,628
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n)     106,000 102,290
VOC Escrow Ltd., 5%, 2/15/2028 (n)     93,000 89,320
        $1,723,803
Financial Institutions – 7.1%
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p)   $ 210,916 $179,327
Credit Acceptance Corp., 9.25%, 12/15/2028 (n)     181,000 191,471
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)     134,000 133,012
Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n)     38,000 38,578
FTAI Aviation Ltd., 5.5%, 5/01/2028 (n)     87,000 83,299
FTAI Aviation Ltd., 7.875%, 12/01/2030 (n)     101,000 105,899
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p)     353,529 335,852
Howard Hughes Corp., 4.125%, 2/01/2029 (n)     220,000 195,292
Jefferson Capital Holdings LLC, 9.5%, 2/15/2029 (n)     133,000 134,335
Macquarie AirFinance Holdings Ltd., 8.375%, 5/01/2028 (n)     197,000 206,353
Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n)     33,000 34,312
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)     263,000 258,574
OneMain Finance Corp., 6.875%, 3/15/2025      140,000 141,400
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Financial Institutions – continued
OneMain Finance Corp., 7.125%, 3/15/2026    $ 213,000 $216,459
OneMain Finance Corp., 5.375%, 11/15/2029      105,000 97,433
PRA Group, Inc., 8.375%, 2/01/2028 (n)     60,000 58,650
        $2,410,246
Food & Beverages – 4.6%
B&G Foods, Inc., 5.25%, 9/15/2027    $ 135,000 $125,518
B&G Foods, Inc., 8%, 9/15/2028 (n)     56,000 58,299
Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n)     15,000 15,078
Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n)     120,000 123,739
Performance Food Group Co., 5.5%, 10/15/2027 (n)     190,000 186,073
Post Holdings, Inc., 5.625%, 1/15/2028 (n)     131,000 128,596
Post Holdings, Inc., 4.625%, 4/15/2030 (n)     256,000 232,928
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)     271,000 245,865
TreeHouse Foods, Inc., 4%, 9/01/2028      169,000 149,143
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)     215,000 201,836
United Natural Foods, Inc., 6.75%, 10/15/2028 (n)     98,000 81,608
        $1,548,683
Gaming & Lodging – 4.9%
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n)   $ 86,000 $78,518
Caesars Entertainment, Inc., 7%, 2/15/2030 (n)     157,000 160,840
Caesars Entertainment, Inc., 6.5%, 2/15/2032 (n)     45,000 45,337
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)     182,000 186,875
CCM Merger, Inc., 6.375%, 5/01/2026 (n)     155,000 152,904
CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n)     223,000 214,271
Penn National Gaming, Inc., 4.125%, 7/01/2029 (n)     224,000 188,160
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)     196,000 182,231
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)     200,000 187,912
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)     200,000 188,661
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n)     73,000 75,386
        $1,661,095
Industrial – 2.0%
Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n)   $ 200,000 $197,780
APi Escrow Corp., 4.75%, 10/15/2029 (n)     265,000 245,787
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)     237,000 222,548
        $666,115
Insurance - Property & Casualty – 4.7%
Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n)   $ 89,000 $87,935
Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/2029 (n)     20,000 17,739
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n)     92,000 82,828
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n)     123,000 119,498
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)     220,000 201,386
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n)     118,000 117,539
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)     184,000 169,703
Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n)     200,000 197,520
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)     136,000 125,096
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)     112,000 112,189
Hub International Ltd., 5.625%, 12/01/2029 (n)     154,000 142,934
Hub International Ltd., 7.25%, 6/15/2030 (n)     125,000 127,513
Hub International Ltd., 7.375%, 1/31/2032 (n)     100,000 100,317
        $1,602,197
Machinery & Tools – 1.4%
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)   $ 274,000 $288,042
Terex Corp., 5%, 5/15/2029 (n)     183,000 170,886
        $458,928
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Major Banks – 0.6%
Toronto-Dominion Bank, 8.125% to 10/31/2027, FLR (CMT - 5yr. + 4.075%) to 10/31/2082    $ 200,000 $208,152
Medical & Health Technology & Services – 8.1%
180 Medical, Inc., 3.875%, 10/15/2029 (n)   $ 200,000 $179,000
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)     287,000 270,894
Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n)     127,000 132,715
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)     277,000 249,890
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)     102,000 97,548
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)     216,000 135,125
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)     229,000 182,703
Encompass Health Corp., 5.75%, 9/15/2025      30,000 29,894
Encompass Health Corp., 4.75%, 2/01/2030      207,000 192,030
Encompass Health Corp., 4.625%, 4/01/2031      30,000 27,155
IQVIA, Inc., 5%, 5/15/2027 (n)     200,000 194,708
IQVIA, Inc., 6.5%, 5/15/2030 (n)     200,000 202,772
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n)     148,000 137,287
Star Parent, Inc., 9%, 10/01/2030 (n)     133,000 140,364
Tenet Healthcare Corp., 6.125%, 10/01/2028      128,000 126,560
Tenet Healthcare Corp., 4.375%, 1/15/2030      109,000 99,832
Tenet Healthcare Corp., 6.125%, 6/15/2030      179,000 177,274
Tenet Healthcare Corp., 6.75%, 5/15/2031 (n)     79,000 79,691
U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)     115,000 104,083
        $2,759,525
Medical Equipment – 1.3%
Garden SpinCo Corp., 8.625%, 7/20/2030 (n)   $ 163,000 $172,797
Medline Borrower LP, 5.25%, 10/01/2029 (n)     230,000 212,747
Teleflex, Inc., 4.625%, 11/15/2027      74,000 70,660
        $456,204
Metals & Mining – 4.7%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)   $ 166,000 $148,594
FMG Resources Ltd., 4.375%, 4/01/2031 (n)     427,000 382,656
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)     221,000 145,266
GrafTech Finance, Inc., 9.875%, 12/15/2028 (n)     43,000 34,142
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)     212,000 195,472
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n)     112,000 95,699
Novelis Corp., 3.25%, 11/15/2026 (n)     128,000 118,701
Novelis Corp., 4.75%, 1/30/2030 (n)     187,000 170,770
Novelis Corp., 3.875%, 8/15/2031 (n)     86,000 72,778
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n)     98,203 78,562
Taseko Mines Ltd., 7%, 2/15/2026 (n)     138,000 135,884
        $1,578,524
Midstream – 7.0%
DT Midstream, Inc., 4.125%, 6/15/2029 (n)   $ 177,000 $161,733
DT Midstream, Inc., 4.375%, 6/15/2031 (n)     224,000 201,664
EQM Midstream Partners LP, 5.5%, 7/15/2028      338,000 331,498
EQT Midstream Partners LP, 6.375%, 4/01/2029 (n)     45,000 45,129
Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n)     211,000 205,601
NuStar Logistics, LP, 6.375%, 10/01/2030      152,000 152,430
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)     247,000 234,650
Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n)     88,000 87,803
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)     170,000 152,577
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n)     80,000 79,873
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)     145,000 127,261
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)     196,000 199,118
Venture Global LNG, Inc., 9.5%, 2/01/2029 (n)     178,000 189,786
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Midstream – continued
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)   $ 212,000 $214,430
        $2,383,553
Natural Gas - Pipeline – 0.1%
Prairie Acquiror LP, 9%, 8/01/2029 (n)   $ 45,000 $45,342
Network & Telecom – 0.6%
Iliad Holding S.A.S., 7%, 10/15/2028 (n)   $ 200,000 $197,891
Oil Services – 0.6%
Nabors Industries Ltd., 7.25%, 1/15/2026 (n)   $ 91,000 $89,635
Nabors Industries Ltd., 7.5%, 1/15/2028 (n)     44,000 40,480
Nabors Industries Ltd., 9.125%, 1/31/2030 (n)     73,000 74,825
        $204,940
Oils – 1.4%
Parkland Corp., 4.625%, 5/01/2030 (n)   $ 328,000 $299,615
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028      175,000 170,187
        $469,802
Other Banks & Diversified Financials – 0.6%
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC, 7.25%, 2/15/2031 (n)   $ 200,000 $200,300
Personal Computers & Peripherals – 0.9%
NCR Voyix Corp., 5%, 10/01/2028 (n)   $ 207,000 $192,382
NCR Voyix Corp., 5.125%, 4/15/2029 (n)     110,000 101,989
        $294,371
Pharmaceuticals – 1.4%
1375209 BC Ltd., 9%, 1/30/2028 (n)   $ 108,000 $105,576
Bausch Health Co., Inc., 11%, 9/30/2028 (n)     116,000 78,010
Bausch Health Co., Inc., 14%, 10/15/2030 (n)     24,000 14,114
Grifols S.A., 3.2%, 5/01/2025    EUR 100,000 103,839
Organon Finance 1 LLC, 5.125%, 4/30/2031 (n)   $ 200,000 171,424
        $472,963
Pollution Control – 1.7%
GFL Environmental, Inc., 4.25%, 6/01/2025 (n)   $ 37,000 $36,346
GFL Environmental, Inc., 4%, 8/01/2028 (n)     176,000 161,369
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)     65,000 60,862
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)     80,000 72,886
GFL Environmental, Inc., 6.75%, 1/15/2031 (n)     34,000 34,777
Stericycle, Inc., 3.875%, 1/15/2029 (n)     233,000 209,681
        $575,921
Precious Metals & Minerals – 1.2%
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)   $ 110,000 $101,284
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)     110,000 103,023
IAMGOLD Corp., 5.75%, 10/15/2028 (n)     209,000 186,537
        $390,844
Printing & Publishing – 0.4%
Cimpress PLC, 7%, 6/15/2026    $ 150,000 $149,349
Real Estate - Other – 1.1%
RHP Hotel Properties, LP/RHP Finance Corp., 7.25%, 7/15/2028 (n)   $ 251,000 $257,069
XHR LP, REIT, 4.875%, 6/01/2029 (n)     143,000 132,061
        $389,130
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Restaurants – 0.5%
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)   $ 183,000 $161,635
Retailers – 2.7%
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)   $ 140,000 $127,532
Lithia Motors, Inc., 3.875%, 6/01/2029 (n)     151,000 134,768
Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n)     132,000 127,125
Maxeda DIY Holding B.V., 5.875%, 10/01/2026    EUR 100,000 90,156
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026 (n)   $ 128,000 125,547
Penske Automotive Group Co., 3.75%, 6/15/2029      205,000 181,576
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)     158,000 133,277
        $919,981
Specialty Stores – 1.2%
Michael Cos., Inc., 5.25%, 5/01/2028 (n)   $ 105,000 $81,522
Michael Cos., Inc., 7.875%, 5/01/2029 (n)     109,000 70,381
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n)     250,000 247,042
        $398,945
Supermarkets – 1.2%
KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n)   $ 150,000 $150,440
Ocado Group PLC, 3.875%, 10/08/2026    GBP 100,000 109,781
Picard Bondco S.A., 5.375%, 7/01/2027    EUR 124,000 130,749
        $390,970
Telecommunications - Wireless – 1.6%
Altice France S.A., 5.125%, 7/15/2029 (n)   $ 200,000 $151,029
SBA Communications Corp., 3.875%, 2/15/2027      145,000 136,820
SBA Communications Corp., 3.125%, 2/01/2029      269,000 238,064
        $525,913
U.S. Treasury Obligations – 0.7%
U.S. Treasury Notes, 3%, 6/30/2024    $ 256,000 $254,010
Utilities - Electric Power – 5.1%
Calpine Corp., 4.5%, 2/15/2028 (n)   $ 233,000 $219,474
Calpine Corp., 5.125%, 3/15/2028 (n)     165,000 156,856
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)     132,000 123,399
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)     346,000 291,770
Clearway Energy Operating LLC, 3.75%, 1/15/2032 (n)     48,000 40,150
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)     43,000 42,439
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)     29,000 27,985
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)     172,000 160,466
NextEra Energy, Inc., 7.25%, 1/15/2029 (n)     177,000 179,919
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)     155,000 152,698
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)     241,000 227,725
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)     108,000 97,642
        $1,720,523
Total Bonds   $47,111,181
Common Stocks – 0.5%
Cable TV – 0.2%  
Intelsat Emergence S.A. (a)   2,073 $53,380
Oil Services – 0.3%  
LTRI Holdings LP (a)(u)   200 $101,234
Total Common Stocks   $154,614
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Convertible Bonds – 0.2%
Utilities - Electric Power – 0.2%  
Pacific Gas and Electric Corp., 4.25%, 12/01/2027 (n)   $ 71,000 $70,929
  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) GBP 1.14 N/A 3,500 $663
         
Investment Companies (h) – 2.6%
Money Market Funds – 2.6%  
MFS Institutional Money Market Portfolio, 5.37% (v)     890,050 $890,050
Underlying/Expiration Date/Exercise Price Put/Call Counterparty Notional
Amount 		Par Amount/
Number of
Contracts 		 
Purchased Options – 0.0%  
Market Index Securities – 0.0%  
Russell 2000 Index – December 2024 @ $1,500 Put Exchange Traded $ 1,027,421   5 $8,520
Other Assets, Less Liabilities – (42.4)%   (14,368,491)
Net Assets – 100.0% $33,867,466
(a) Non-income producing security.      
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $890,050 and $47,345,907, 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 $41,989,197, representing 124.0% 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.      
The following abbreviations are used in this report and are defined:
CDI Interbank Deposit Certificates
CMT Constant Maturity Treasury
FLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
REIT Real Estate Investment Trust
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
EUR Euro
GBP British Pound
Derivative Contracts at 2/29/24
Forward Foreign Currency Exchange Contracts
Currency
Purchased 		Currency
Sold 		Counterparty Settlement
Date 		Unrealized
Appreciation
(Depreciation)
Asset Derivatives
USD 491,967 EUR 450,643 Merrill Lynch International 4/19/2024 $3,999
USD 200,665 EUR 184,593 State Street Bank Corp. 4/19/2024 782
USD 113,711 GBP 89,162 State Street Bank Corp. 4/19/2024 1,131
            $5,912
9
Portfolio of Investments (unaudited) – continued
Forward Foreign Currency Exchange Contracts − continued
Currency
Purchased 		Currency
Sold 		Counterparty Settlement
Date 		Unrealized
Appreciation
(Depreciation)
Liability Derivatives
USD 93,526 EUR 86,513 JPMorgan Chase Bank N.A. 4/19/2024 $(152)
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
2/29/24 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).
11
Supplemental Information (unaudited) – continued
Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as forward foreign currency exchange contracts. The following is a summary of the levels used as of February 29, 2024 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Equity Securities:        
United States $8,520 $— $101,234 $109,754
Luxembourg — 53,380 — 53,380
United Kingdom — 663 — 663
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents — 254,010 — 254,010
U.S. Corporate Bonds — 38,322,525 — 38,322,525
Foreign Bonds — 8,605,575 — 8,605,575
Mutual Funds 890,050 — — 890,050
Total $898,570 $47,236,153 $101,234 $48,235,957
Other Financial Instruments        
Forward Foreign Currency Exchange Contracts – Assets $— $5,912 $— $5,912
Forward Foreign Currency Exchange Contracts – Liabilities — (152) — (152)
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 11/30/23 $71,234
Change in unrealized appreciation or depreciation 30,000
Balance as of 2/29/24 $101,234
At February 29, 2024, 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 $1,807,807 $2,754,526 $3,672,235 $84 $(132) $890,050
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $17,374 $—
12