Quarterly Report
July 31, 2021
MFS® Special Value Trust
MFV-Q3
Portfolio of Investments
7/31/21 (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 – 53.2% | ||||
| Aerospace & Defense – 0.9% | ||||
| Bombardier, Inc., 7.5%, 3/15/2025 (n) | $ | 46,000 | $46,870 | |
| Bombardier, Inc., 7.125%, 6/15/2026 (n) | 23,000 | 23,920 | ||
| Moog, Inc., 4.25%, 12/15/2027 (n) | 90,000 | 92,812 | ||
| TransDigm, Inc., 6.25%, 3/15/2026 (n) | 70,000 | 73,412 | ||
| TransDigm, Inc., 6.375%, 6/15/2026 | 40,000 | 41,350 | ||
| TransDigm, Inc., 5.5%, 11/15/2027 | 60,000 | 61,950 | ||
| TransDigm, Inc., 4.625%, 1/15/2029 (n) | 41,000 | 40,898 | ||
| $381,212 | ||||
| Airlines – 0.2% | ||||
| American Airlines, Inc./AAadvantage Loyalty IP Ltd., 5.5%, 4/20/2026 (n) | $ | 60,000 | $62,775 | |
| Automotive – 0.9% | ||||
| Dana, Inc., 5.375%, 11/15/2027 | $ | 46,000 | $48,645 | |
| Dana, Inc., 5.625%, 6/15/2028 | 15,000 | 16,140 | ||
| Dana, Inc., 4.25%, 9/01/2030 | 25,000 | 25,977 | ||
| IAA Spinco, Inc., 5.5%, 6/15/2027 (n) | 80,000 | 83,900 | ||
| Panther BR Aggregator 2 LP/Panther Finance Co., Inc., 8.5%, 5/15/2027 (n) | 75,000 | 81,000 | ||
| PM General Purchaser LLC, 9.5%, 10/01/2028 (n) | 30,000 | 31,500 | ||
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 40,000 | 41,356 | ||
| Wheel Pros, Inc., 6.5%, 5/15/2029 (n) | 35,000 | 35,525 | ||
| $364,043 | ||||
| Broadcasting – 1.6% | ||||
| Advantage Sales & Marketing, Inc., 6.5%, 11/15/2028 (n) | $ | 60,000 | $62,100 | |
| iHeartCommunications, Inc., 8.375%, 5/01/2027 | 55,000 | 58,506 | ||
| Netflix, Inc., 5.875%, 2/15/2025 | 90,000 | 103,628 | ||
| Netflix, Inc., 5.875%, 11/15/2028 | 20,000 | 24,850 | ||
| Nexstar Broadcasting, Inc., 4.75%, 11/01/2028 (n) | 15,000 | 15,468 | ||
| Nexstar Escrow Corp., 5.625%, 7/15/2027 (n) | 75,000 | 79,290 | ||
| Scripps Escrow II, Inc., 5.875%, 7/15/2027 (n) | 65,000 | 67,275 | ||
| Univision Communications, Inc., 4.5%, 5/01/2029 (n) | 95,000 | 95,232 | ||
| WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | 135,000 | 138,712 | ||
| $645,061 | ||||
| Brokerage & Asset Managers – 0.4% | ||||
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | $ | 35,000 | $36,838 | |
| LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 90,000 | 92,812 | ||
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 36,000 | 36,540 | ||
| $166,190 | ||||
| Building – 1.9% | ||||
| ABC Supply Co., Inc., 4%, 1/15/2028 (n) | $ | 105,000 | $107,625 | |
| CP Atlas Buyer, Inc., 7%, 12/01/2028 (n) | 39,000 | 40,249 | ||
| GYP Holding III Corp., 4.625%, 5/01/2029 (n) | 65,000 | 65,650 | ||
| Interface, Inc., 5.5%, 12/01/2028 (n) | 65,000 | 67,762 | ||
| New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/2026 (n) | 70,000 | 71,722 | ||
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 35,000 | 39,025 | ||
| Park River Holdings, Inc., 5.625%, 2/01/2029 (n) | 40,000 | 39,200 | ||
| Patrick Industries, Inc., 7.5%, 10/15/2027 (n) | 65,000 | 70,687 | ||
| Specialty Building Products Holdings LLC, 6.375%, 9/30/2026 (n) | 50,000 | 52,625 | ||
| SRM Escrow Issuer LLC, 6%, 11/01/2028 (n) | 60,000 | 64,050 | ||
| SRS Distribution, Inc., 6.125%, 7/01/2029 (n) | 45,000 | 45,997 | ||
| Standard Industries, Inc., 4.375%, 7/15/2030 (n) | 66,000 | 67,980 | ||
| Standard Industries, Inc., 3.375%, 1/15/2031 (n) | 10,000 | 9,697 | ||
1
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Building – continued | ||||
| White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | $ | 40,000 | $42,700 | |
| $784,969 | ||||
| Business Services – 1.3% | ||||
| Ascend Learning LLC, 6.875%, 8/01/2025 (n) | $ | 40,000 | $40,750 | |
| Austin BidCo, Inc., 7.125%, 12/15/2028 (n) | 35,000 | 35,788 | ||
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 30,000 | 31,350 | ||
| Iron Mountain, Inc., 5.25%, 7/15/2030 (n) | 40,000 | 42,625 | ||
| Iron Mountain, Inc., REIT, 4.875%, 9/15/2027 (n) | 55,000 | 56,994 | ||
| Nielsen Finance LLC, 4.5%, 7/15/2029 (n) | 90,000 | 90,675 | ||
| Nielsen Finance LLC, 4.75%, 7/15/2031 (n) | 23,000 | 23,197 | ||
| Paysafe Finance PLC, 4%, 6/15/2029 (z) | 50,000 | 48,549 | ||
| Switch Ltd., 3.75%, 9/15/2028 (n) | 74,000 | 75,700 | ||
| Switch Ltd., 4.125%, 6/15/2029 (n) | 20,000 | 20,605 | ||
| Verscend Escrow Corp., 9.75%, 8/15/2026 (n) | 50,000 | 52,812 | ||
| $519,045 | ||||
| Cable TV – 4.0% | ||||
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 2/15/2026 (n) | $ | 55,000 | $56,870 | |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 165,000 | 174,892 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 50,000 | 52,500 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n) | 90,000 | 92,859 | ||
| CSC Holdings LLC, 5.5%, 4/15/2027 (n) | 200,000 | 209,240 | ||
| DISH DBS Corp., 7.75%, 7/01/2026 | 65,000 | 74,181 | ||
| DISH DBS Corp., 5.125%, 6/01/2029 (n) | 40,000 | 39,652 | ||
| Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023 (a)(d) | 45,000 | 24,638 | ||
| Intelsat Jackson Holdings S.A., 9.75%, 7/15/2025 (a)(d)(z) | 30,000 | 16,800 | ||
| Sirius XM Radio, Inc., 4.625%, 7/15/2024 (n) | 65,000 | 66,544 | ||
| Sirius XM Radio, Inc., 4%, 7/15/2028 (n) | 67,000 | 69,122 | ||
| Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n) | 125,000 | 136,894 | ||
| Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n) | 200,000 | 210,600 | ||
| Videotron Ltd., 5.375%, 6/15/2024 (n) | 25,000 | 27,560 | ||
| Videotron Ltd., 5.125%, 4/15/2027 (n) | 120,000 | 125,100 | ||
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 24,000 | 24,600 | ||
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 200,000 | 205,500 | ||
| $1,607,552 | ||||
| Chemicals – 0.7% | ||||
| Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n) | $ | 150,000 | $158,063 | |
| Element Solutions, Inc., 3.875%, 9/01/2028 (n) | 65,000 | 66,318 | ||
| Ingevity Corp., 3.875%, 11/01/2028 (n) | 74,000 | 74,000 | ||
| $298,381 | ||||
| Computer Software – 0.6% | ||||
| Calrivate Science Holdings Corp., 4.875%, 6/30/2029 (n) | $ | 45,000 | $45,321 | |
| Camelot Finance S.A., 4.5%, 11/01/2026 (n) | 80,000 | 83,400 | ||
| PTC, Inc., 3.625%, 2/15/2025 (n) | 65,000 | 66,788 | ||
| PTC, Inc., 4%, 2/15/2028 (n) | 35,000 | 36,181 | ||
| $231,690 | ||||
| Computer Software - Systems – 0.8% | ||||
| Endurance International Group Holdings, Inc., 6%, 2/15/2029 (n) | $ | 35,000 | $33,950 | |
| Fair Isaac Corp., 5.25%, 5/15/2026 (n) | 130,000 | 147,875 | ||
| Fair Isaac Corp., 4%, 6/15/2028 (n) | 7,000 | 7,313 | ||
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 95,000 | 100,543 | ||
| Twilio, Inc., 3.625%, 3/15/2029 | 45,000 | 46,070 | ||
| $335,751 | ||||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Conglomerates – 1.7% | ||||
| Amsted Industries Co., 5.625%, 7/01/2027 (n) | $ | 85,000 | $89,250 | |
| BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | 23,000 | 23,575 | ||
| BWX Technologies, Inc., 4.125%, 4/15/2029 (n) | 87,000 | 89,189 | ||
| EnerSys, 5%, 4/30/2023 (n) | 60,000 | 62,625 | ||
| EnerSys, 4.375%, 12/15/2027 (n) | 20,000 | 20,900 | ||
| Gates Global LLC, 6.25%, 1/15/2026 (n) | 55,000 | 57,116 | ||
| Granite Holdings U.S. Acquisition Co., 11%, 10/01/2027 (n) | 40,000 | 44,454 | ||
| Griffon Corp., 5.75%, 3/01/2028 | 75,000 | 78,909 | ||
| Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n) | 65,000 | 69,713 | ||
| TriMas Corp., 4.125%, 4/15/2029 (n) | 140,000 | 142,100 | ||
| $677,831 | ||||
| Construction – 0.9% | ||||
| Empire Communities Corp., 7%, 12/15/2025 (n) | $ | 45,000 | $47,419 | |
| Mattamy Group Corp., 5.25%, 12/15/2027 (n) | 30,000 | 31,195 | ||
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 55,000 | 56,996 | ||
| Shea Homes LP/Shea Homes Funding Corp., 4.75%, 2/15/2028 (n) | 75,000 | 76,875 | ||
| Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n) | 35,000 | 39,419 | ||
| Taylor Morrison Communities, Inc., 5.125%, 8/01/2030 (n) | 30,000 | 32,625 | ||
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 59,000 | 61,016 | ||
| $345,545 | ||||
| Consumer Products – 0.8% | ||||
| Coty, Inc., 6.5%, 4/15/2026 (n) | $ | 50,000 | $50,250 | |
| Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | 65,000 | 65,445 | ||
| Mattel, Inc., 3.375%, 4/01/2026 (n) | 46,000 | 47,849 | ||
| Mattel, Inc., 5.875%, 12/15/2027 (n) | 39,000 | 42,754 | ||
| Mattel, Inc., 5.45%, 11/01/2041 | 15,000 | 17,662 | ||
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 55,000 | 58,094 | ||
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 25,000 | 24,719 | ||
| $306,773 | ||||
| Consumer Services – 1.8% | ||||
| Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n) | $ | 20,000 | $21,175 | |
| Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n) | 50,000 | 54,805 | ||
| ANGI Group LLC, 3.875%, 8/15/2028 (n) | 65,000 | 64,919 | ||
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 55,000 | 56,778 | ||
| Garda World Security Corp., 4.625%, 2/15/2027 (n) | 20,000 | 20,074 | ||
| GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 98,000 | 98,122 | ||
| GW B-CR Security Corp., 9.5%, 11/01/2027 (n) | 44,000 | 47,960 | ||
| Match Group, Inc., 5%, 12/15/2027 (n) | 70,000 | 73,540 | ||
| Match Group, Inc., 4.625%, 6/01/2028 (n) | 70,000 | 73,413 | ||
| Match Group, Inc., 4.125%, 8/01/2030 (n) | 20,000 | 20,925 | ||
| Realogy Group LLC, 9.375%, 4/01/2027 (n) | 50,000 | 55,313 | ||
| Realogy Group LLC, 5.75%, 1/15/2029 (n) | 20,000 | 20,975 | ||
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 86,000 | 86,107 | ||
| WASH Multifamily Acquisition, Inc., 5.75%, 4/15/2026 (n) | 35,000 | 36,619 | ||
| $730,725 | ||||
| Containers – 1.5% | ||||
| ARD Finance S.A., 6.5%, (6.5% cash or 7.25% PIK) 6/30/2027 (n)(p) | $ | 200,000 | $210,980 | |
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026 | 100,000 | 107,290 | ||
| Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026 | 40,000 | 41,400 | ||
| Flex Acquisition Co., Inc., 6.875%, 1/15/2025 (n) | 40,000 | 40,509 | ||
| Greif, Inc., 6.5%, 3/01/2027 (n) | 50,000 | 52,625 | ||
| Reynolds Group, 4%, 10/15/2027 (n) | 75,000 | 74,906 | ||
| Silgan Holdings, Inc., 4.75%, 3/15/2025 | 20,000 | 20,275 | ||
| Silgan Holdings, Inc., 4.125%, 2/01/2028 | 54,000 | 56,025 | ||
| $604,010 | ||||
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Electrical Equipment – 0.2% | ||||
| CommScope Technologies LLC, 5%, 3/15/2027 (n) | $ | 90,000 | $91,062 | |
| Electronics – 1.0% | ||||
| Diebold Nixdorf, Inc., 8.5%, 4/15/2024 | $ | 15,000 | $15,287 | |
| Diebold Nixdorf, Inc., 9.375%, 7/15/2025 (n) | 35,000 | 38,456 | ||
| Entegris, Inc., 4.375%, 4/15/2028 (n) | 30,000 | 31,500 | ||
| Entegris, Inc., 3.625%, 5/01/2029 (n) | 67,000 | 68,675 | ||
| Sensata Technologies B.V., 5.625%, 11/01/2024 (n) | 50,000 | 55,683 | ||
| Sensata Technologies B.V., 5%, 10/01/2025 (n) | 95,000 | 106,044 | ||
| Sensata Technologies, Inc., 4.375%, 2/15/2030 (n) | 30,000 | 32,100 | ||
| Synaptics, Inc., 4%, 6/15/2029 (n) | 60,000 | 60,832 | ||
| $408,577 | ||||
| Emerging Market Quasi-Sovereign – 0.8% | ||||
| Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n) | $ | 200,000 | $201,184 | |
| Petroleos Mexicanos, 6.49%, 1/23/2027 | 100,000 | 106,220 | ||
| $307,404 | ||||
| Emerging Market Sovereign – 1.7% | ||||
| Arab Republic of Egypt, 6.588%, 2/21/2028 | $ | 200,000 | $209,100 | |
| Government of Ukraine, 7.75%, 9/01/2024 | 100,000 | 108,520 | ||
| Republic of Ecuador, 1%, 7/31/2030 (n) | 8,116 | 4,484 | ||
| Republic of Ecuador, 5%, 7/31/2030 (n) | 37,800 | 32,981 | ||
| Republic of Ecuador, 5%, 7/31/2035 (n) | 99,060 | 68,600 | ||
| Republic of Ecuador, 0.5%, 7/31/2040 (n) | 45,400 | 27,922 | ||
| Republic of Turkey, 5.75%, 3/22/2024 | 200,000 | 207,760 | ||
| Republic of Venezuela, 7%, 3/31/2038 (a)(d) | 203,000 | 21,112 | ||
| $680,479 | ||||
| Energy - Independent – 1.8% | ||||
| Apache Corp., 4.375%, 10/15/2028 | $ | 65,000 | $68,863 | |
| Apache Corp., 4.75%, 4/15/2043 | 30,000 | 30,825 | ||
| Callon Petroleum Co., 8%, 8/01/2028 (n) | 25,000 | 23,485 | ||
| CNX Resources Corp., 6%, 1/15/2029 (n) | 50,000 | 53,013 | ||
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 45,000 | 47,018 | ||
| Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n) | 30,000 | 29,990 | ||
| EQT Corp., 5%, 1/15/2029 | 48,000 | 54,274 | ||
| Occidental Petroleum Corp., 5.875%, 9/01/2025 | 65,000 | 72,062 | ||
| Occidental Petroleum Corp., 5.5%, 12/01/2025 | 50,000 | 55,000 | ||
| Occidental Petroleum Corp., 6.45%, 9/15/2036 | 50,000 | 60,369 | ||
| Occidental Petroleum Corp., 6.6%, 3/15/2046 | 70,000 | 86,111 | ||
| Range Resources Corp., 8.25%, 1/15/2029 (n) | 35,000 | 38,752 | ||
| SM Energy Co., 6.5%, 7/15/2028 | 20,000 | 19,917 | ||
| Southwestern Energy Co., 6.45%, 1/23/2025 | 34,900 | 38,213 | ||
| Southwestern Energy Co., 7.5%, 4/01/2026 | 42,900 | 45,251 | ||
| Southwestern Energy Co., 7.75%, 10/01/2027 | 10,000 | 10,725 | ||
| $733,868 | ||||
| Entertainment – 1.4% | ||||
| AMC Entertainment Holdings, Inc., 12%, (10% cash or 12% PIK) 6/15/2026 (n)(p) | $ | 20,000 | $17,850 | |
| Boyne USA, Inc., 4.75%, 5/15/2029 (n) | 70,000 | 72,187 | ||
| Carnival Corp. PLC, 7.625%, 3/01/2026 (n) | 95,000 | 100,344 | ||
| Carnival Corp. PLC, 5.75%, 3/01/2027 (n) | 50,000 | 50,812 | ||
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 5.375%, 4/15/2027 | 35,000 | 35,700 | ||
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 5.25%, 7/15/2029 | 30,000 | 30,478 | ||
| Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n) | 71,000 | 73,929 | ||
| Live Nation Entertainment, Inc., 3.75%, 1/15/2028 (n) | 30,000 | 30,073 | ||
| NCL Corp. Ltd., 3.625%, 12/15/2024 (n) | 25,000 | 23,781 | ||
| NCL Corp. Ltd., 5.875%, 3/15/2026 (n) | 25,000 | 25,188 | ||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Entertainment – continued | ||||
| Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n) | $ | 70,000 | $71,379 | |
| Six Flags Entertainment Corp., 4.875%, 7/31/2024 (n) | 45,000 | 45,225 | ||
| $576,946 | ||||
| Financial Institutions – 1.3% | ||||
| Credit Acceptance Corp., 5.125%, 12/31/2024 (n) | $ | 70,000 | $72,363 | |
| Freedom Mortgage Corp., 7.625%, 5/01/2026 (n) | 60,000 | 61,575 | ||
| Global Aircraft Leasing Co. Ltd., 6.5%,(6.5% cash or 7.25% PIK) 9/15/2024 (n)(p) | 144,266 | 144,987 | ||
| Howard Hughes Corp., 4.125%, 2/01/2029 (n) | 84,000 | 83,232 | ||
| Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n) | 60,000 | 62,550 | ||
| OneMain Finance Corp., 6.875%, 3/15/2025 | 40,000 | 45,373 | ||
| OneMain Finance Corp., 8.875%, 6/01/2025 | 30,000 | 32,999 | ||
| OneMain Finance Corp., 7.125%, 3/15/2026 | 30,000 | 35,325 | ||
| $538,404 | ||||
| Food & Beverages – 1.6% | ||||
| Aramark Services, Inc., 6.375%, 5/01/2025 (n) | $ | 90,000 | $94,963 | |
| JBS USA Lux S.A./JBS USA Finance, Inc., 6.75%, 2/15/2028 (n) | 110,000 | 120,451 | ||
| JBS USA Lux S.A./JBS USA Finance, Inc., 5.5%, 1/15/2030 (n) | 35,000 | 39,069 | ||
| Kraft Heinz Foods Co., 4.375%, 6/01/2046 | 95,000 | 109,464 | ||
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 65,000 | 67,709 | ||
| Post Holdings, Inc., 5.625%, 1/15/2028 (n) | 45,000 | 47,362 | ||
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 45,000 | 45,844 | ||
| Primo Water Holding, Inc., 4.375%, 4/30/2029 (n) | 45,000 | 45,000 | ||
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 75,000 | 76,500 | ||
| $646,362 | ||||
| Gaming & Lodging – 2.9% | ||||
| Boyd Gaming Corp., 4.75%, 12/01/2027 | $ | 60,000 | $62,175 | |
| Boyd Gaming Corp., 4.75%, 6/15/2031 (n) | 25,000 | 25,865 | ||
| Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/2025 (n) | 65,000 | 65,530 | ||
| CCM Merger, Inc., 6.375%, 5/01/2026 (n) | 55,000 | 57,570 | ||
| Colt Merger Sub, Inc., 5.75%, 7/01/2025 (n) | 45,000 | 47,306 | ||
| Colt Merger Sub, Inc., 8.125%, 7/01/2027 (n) | 50,000 | 54,984 | ||
| Hilton Domestic Operating Co., Inc., 3.75%, 5/01/2029 (n) | 75,000 | 75,807 | ||
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 61,000 | 60,847 | ||
| Marriott Ownership Resorts, Inc., 4.5%, 6/15/2029 (n) | 40,000 | 40,250 | ||
| MGM Growth Properties LLC, 4.625%, 6/15/2025 (n) | 60,000 | 63,750 | ||
| MGM Growth Properties LLC, 5.75%, 2/01/2027 | 25,000 | 27,938 | ||
| MGM Growth Properties LLC, 3.875%, 2/15/2029 (n) | 42,000 | 43,003 | ||
| MGM Resorts International, 6.75%, 5/01/2025 | 60,000 | 63,675 | ||
| MGM Resorts International, 5.5%, 4/15/2027 | 45,000 | 48,902 | ||
| Penn National Gaming, Inc., 4.125%, 7/01/2029 (n) | 40,000 | 39,438 | ||
| Scientific Games Corp., 8.25%, 3/15/2026 (n) | 35,000 | 37,144 | ||
| Scientific Games International, Inc., 7%, 5/15/2028 (n) | 40,000 | 43,100 | ||
| VICI Properties LP, REIT, 4.25%, 12/01/2026 (n) | 55,000 | 57,215 | ||
| VICI Properties LP, REIT, 3.75%, 2/15/2027 (n) | 65,000 | 66,869 | ||
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 88,000 | 90,965 | ||
| Wynn Macau Ltd., 5.5%, 1/15/2026 (n) | 35,000 | 36,225 | ||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 45,000 | 46,787 | ||
| $1,155,345 | ||||
| Industrial – 0.3% | ||||
| Dycom Industries, Inc., 4.5%, 4/15/2029 (n) | $ | 60,000 | $60,750 | |
| Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n) | 70,000 | 72,100 | ||
| $132,850 | ||||
5
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Insurance - Property & Casualty – 0.6% | ||||
| Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n) | $ | 85,000 | $88,719 | |
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 65,000 | 66,300 | ||
| AssuredPartners, Inc., 5.625%, 1/15/2029 (n) | 35,000 | 34,745 | ||
| Broadstreet Partners, Inc., 5.875%, 4/15/2029 (n) | 35,000 | 35,437 | ||
| GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n) | 20,000 | 21,200 | ||
| $246,401 | ||||
| Machinery & Tools – 0.1% | ||||
| Terex Corp., 5%, 5/15/2029 (n) | $ | 55,000 | $56,994 | |
| Medical & Health Technology & Services – 3.2% | ||||
| Avantor Funding, Inc., 4.625%, 7/15/2028 (n) | $ | 90,000 | $94,725 | |
| BCPE Cycle Merger Sub II, Inc., 10.625%, 7/15/2027 (n) | 40,000 | 43,434 | ||
| Catalent, Inc., 3.125%, 2/15/2029 (n) | 89,000 | 87,220 | ||
| Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n) | 85,000 | 87,231 | ||
| CHS/Community Health Systems, Inc., 6.625%, 2/15/2025 (n) | 45,000 | 47,187 | ||
| CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n) | 10,000 | 11,060 | ||
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 65,000 | 65,847 | ||
| DaVita, Inc., 4.625%, 6/01/2030 (n) | 40,000 | 41,350 | ||
| DaVita, Inc., 3.75%, 2/15/2031 (n) | 45,000 | 43,640 | ||
| Encompass Health Corp., 5.75%, 9/15/2025 | 10,000 | 10,263 | ||
| Encompass Health Corp., 4.625%, 4/01/2031 | 35,000 | 38,068 | ||
| HCA, Inc., 5.875%, 2/15/2026 | 90,000 | 104,625 | ||
| HCA, Inc., 5.625%, 9/01/2028 | 20,000 | 24,050 | ||
| HCA, Inc., 5.875%, 2/01/2029 | 20,000 | 24,450 | ||
| HCA, Inc., 3.5%, 9/01/2030 | 80,000 | 86,876 | ||
| HealthSouth Corp., 5.125%, 3/15/2023 | 30,000 | 30,150 | ||
| Heartland Dental LLC, 8.5%, 5/01/2026 (n) | 45,000 | 46,800 | ||
| IQVIA Holdings, Inc., 5%, 5/15/2027 (n) | 200,000 | 208,500 | ||
| LifePoint Health, Inc., 4.375%, 2/15/2027 (n) | 25,000 | 25,062 | ||
| LifePoint Health, Inc., 5.375%, 1/15/2029 (n) | 15,000 | 14,925 | ||
| Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n) | 45,000 | 47,819 | ||
| Syneos Health, Inc., 3.625%, 1/15/2029 (n) | 89,000 | 88,332 | ||
| US Acute Care Solutions LLC, 6.375%, 3/01/2026 (n) | 35,000 | 36,400 | ||
| $1,308,014 | ||||
| Medical Equipment – 0.4% | ||||
| Hill-Rom Holdings, Inc., 4.375%, 9/15/2027 (n) | $ | 85,000 | $88,671 | |
| Teleflex, Inc., 4.625%, 11/15/2027 | 85,000 | 89,650 | ||
| $178,321 | ||||
| Metals & Mining – 2.0% | ||||
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $ | 75,000 | $79,853 | |
| Coeur Mining, Inc., 5.125%, 2/15/2029 (n) | 70,000 | 67,946 | ||
| Compass Minerals International, Inc., 6.75%, 12/01/2027 (n) | 65,000 | 69,529 | ||
| Freeport-McMoRan, Inc., 5%, 9/01/2027 | 55,000 | 58,041 | ||
| Freeport-McMoRan, Inc., 4.375%, 8/01/2028 | 35,000 | 37,056 | ||
| Freeport-McMoRan, Inc., 5.25%, 9/01/2029 | 55,000 | 60,696 | ||
| GrafTech Finance, Inc., 4.625%, 12/15/2028 (n) | 49,000 | 50,286 | ||
| Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.375%, 12/15/2023 (n) | 65,000 | 65,815 | ||
| Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n) | 88,000 | 91,870 | ||
| Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n) | 25,000 | 26,000 | ||
| Novelis Corp., 5.875%, 9/30/2026 (n) | 95,000 | 98,579 | ||
| Novelis Corp., 3.25%, 11/15/2026 (n) | 24,000 | 24,360 | ||
| Novelis Corp., 4.75%, 1/30/2030 (n) | 30,000 | 31,944 | ||
| Novelis Corp., 3.875%, 8/15/2031 (n) | 29,000 | 29,326 | ||
| Petra Diamonds US$ Treasury PLC, 10.5%, (0% cash or 10.5% PIK) 3/08/2026 (n)(p) | 20,642 | 20,848 | ||
| $812,149 | ||||
6
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Midstream – 2.6% | ||||
| Cheniere Energy Partners LP, 4.5%, 10/01/2029 | $ | 27,000 | $29,126 | |
| Cheniere Energy, Inc., 4%, 3/01/2031 (n) | 55,000 | 58,179 | ||
| DT Midstream, Inc., 4.125%, 6/15/2029 (n) | 44,000 | 45,126 | ||
| DT Midstream, Inc., 4.375%, 6/15/2031 (n) | 74,000 | 76,775 | ||
| EnLink Midstream Partners LP, 5.625%, 1/15/2028 (n) | 44,000 | 46,561 | ||
| EQM Midstream Partners LP, 6%, 7/01/2025 (n) | 15,000 | 16,336 | ||
| EQM Midstream Partners LP, 6.5%, 7/01/2027 (n) | 15,000 | 16,838 | ||
| EQM Midstream Partners LP, 5.5%, 7/15/2028 | 120,000 | 129,900 | ||
| EQM Midstream Partners LP, 4.5%, 1/15/2029 (n) | 30,000 | 30,361 | ||
| Genesis Energy LP/Genesis Energy Finance Corp., 5.625%, 6/15/2024 | 15,000 | 14,888 | ||
| Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/2026 | 53,900 | 53,091 | ||
| Genesis Energy LP/Genesis Energy Finance Corp., 8%, 1/15/2027 | 5,000 | 5,155 | ||
| Northriver Midstream Finance LP, 5.625%, 2/15/2026 (n) | 75,000 | 77,344 | ||
| Peru LNG, 5.375%, 3/22/2030 | 200,000 | 154,000 | ||
| Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029 | 80,000 | 89,848 | ||
| Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031 | 45,000 | 48,656 | ||
| Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n) | 40,000 | 40,850 | ||
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 40,000 | 41,418 | ||
| Western Midstream Operating LP, 5.3%, 2/01/2030 | 45,000 | 50,514 | ||
| Western Midstream Operation LP, 4.65%, 7/01/2026 | 20,000 | 21,439 | ||
| Western Midstream Operation LP, 5.5%, 8/15/2048 | 15,000 | 16,725 | ||
| $1,063,130 | ||||
| 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 | $ | 75,000 | $76,875 | |
| Network & Telecom – 0.2% | ||||
| Front Range BidCo, Inc., 6.125%, 3/01/2028 (n) | $ | 60,000 | $61,060 | |
| Oil Services – 0.6% | ||||
| MV24 Capital B.V., 6.748%, 6/01/2034 (n) | $ | 186,754 | $202,464 | |
| Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n) | 30,000 | 31,424 | ||
| $233,888 | ||||
| Oils – 0.1% | ||||
| PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/2025 | $ | 45,000 | $27,000 | |
| PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028 | 40,000 | 20,888 | ||
| $47,888 | ||||
| Other Banks & Diversified Financials – 0.5% | ||||
| BBVA Bancomer S.A./Texas, 5.875%, 9/13/2034 (n) | $ | 200,000 | $216,994 | |
| Personal Computers & Peripherals – 0.3% | ||||
| NCR Corp., 5%, 10/01/2028 (n) | $ | 70,000 | $72,084 | |
| NCR Corp., 5.125%, 4/15/2029 (n) | 35,000 | 36,430 | ||
| $108,514 | ||||
| Pharmaceuticals – 1.5% | ||||
| Bausch Health Companies, Inc., 6.125%, 4/15/2025 (n) | $ | 138,000 | $140,846 | |
| Bausch Health Companies, Inc., 5%, 1/30/2028 (n) | 105,000 | 100,144 | ||
| Bausch Health Companies, Inc., 5%, 2/15/2029 (n) | 30,000 | 28,349 | ||
| Emergent BioSolutions, Inc., 3.875%, 8/15/2028 (n) | 50,000 | 49,687 | ||
| Endo Luxembourg Finance Co I S.à r.l., 6.125%, 4/01/2029 (n) | 30,000 | 29,812 | ||
| Organon Finance 1 LLC, 4.125%, 4/30/2028 (n) | 200,000 | 205,082 | ||
| Par Pharmaceutical, Inc., 7.5%, 4/01/2027 (n) | 35,000 | 35,700 | ||
| $589,620 | ||||
7
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Pollution Control – 0.4% | ||||
| GFL Environmental, Inc., 3.75%, 8/01/2025 (n) | $ | 20,000 | $20,525 | |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | 35,000 | 34,588 | ||
| GFL Environmental, Inc., 3.5%, 9/01/2028 (n) | 40,000 | 40,127 | ||
| GFL Environmental, Inc., 4.75%, 6/15/2029 (n) | 20,000 | 20,673 | ||
| Stericycle, Inc., 3.875%, 1/15/2029 (n) | 65,000 | 65,894 | ||
| $181,807 | ||||
| Precious Metals & Minerals – 0.2% | ||||
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $ | 50,000 | $51,375 | |
| Taseko Mines Ltd., 7%, 2/15/2026 (n) | 30,000 | 30,872 | ||
| $82,247 | ||||
| Printing & Publishing – 0.4% | ||||
| Cimpress N.V., 7%, 6/15/2026 (n) | $ | 150,000 | $157,500 | |
| Mav Acquisition Corp., 8%, 8/01/2029 (n) | 25,000 | 24,465 | ||
| $181,965 | ||||
| Railroad & Shipping – 0.2% | ||||
| Watco Cos. LLC/Watco Finance Corp., 6.5%, 6/15/2027 (n) | $ | 58,000 | $62,011 | |
| Real Estate - Other – 0.4% | ||||
| EPR Properties, REIT, 4.5%, 6/01/2027 | $ | 35,000 | $37,275 | |
| EPR Properties, REIT, 4.95%, 4/15/2028 | 10,000 | 10,819 | ||
| InterMed Holdings Ltd., 5.875%, 10/01/2028 (n) | 60,000 | 64,050 | ||
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 55,000 | 56,207 | ||
| $168,351 | ||||
| Retailers – 0.4% | ||||
| L Brands, Inc., 5.25%, 2/01/2028 | $ | 110,000 | $123,733 | |
| Victoria's Secret & Co., 4.625%, 7/15/2029 (n) | 20,000 | 20,027 | ||
| $143,760 | ||||
| Specialty Chemicals – 0.2% | ||||
| Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n) | $ | 60,000 | $62,792 | |
| Specialty Stores – 0.6% | ||||
| Group 1 Automotive, Inc., 4%, 8/15/2028 (n) | $ | 69,000 | $70,839 | |
| Magic Mergeco, Inc., 5.25%, 5/01/2028 (n) | 30,000 | 31,050 | ||
| Magic Mergeco, Inc., 7.875%, 5/01/2029 (n) | 40,000 | 41,500 | ||
| Penske Automotive Group Co., 3.75%, 6/15/2029 | 86,000 | 87,182 | ||
| $230,571 | ||||
| Supermarkets – 0.3% | ||||
| Albertsons Cos. LLC/Safeway, Inc., 5.75%, 3/15/2025 | $ | 7,000 | $7,144 | |
| Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n) | 75,000 | 79,350 | ||
| Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n) | 50,000 | 50,500 | ||
| $136,994 | ||||
| Telecommunications - Wireless – 2.3% | ||||
| Altice France S.A., 6%, 2/15/2028 (n) | $ | 200,000 | $197,250 | |
| Digicel International Finance Ltd., 8.75%, 5/25/2024 (n) | 200,000 | 208,000 | ||
| SBA Communications Corp., 3.875%, 2/15/2027 | 55,000 | 56,719 | ||
| SBA Communications Corp., 3.125%, 2/01/2029 (n) | 70,000 | 68,747 | ||
| Sprint Capital Corp., 6.875%, 11/15/2028 | 95,000 | 122,560 | ||
| Sprint Corp., 7.125%, 6/15/2024 | 25,000 | 28,744 | ||
| Sprint Corp., 7.625%, 3/01/2026 | 120,000 | 146,579 | ||
| T-Mobile USA, Inc., 2.625%, 2/15/2029 | 68,000 | 68,014 | ||
8
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Telecommunications - Wireless – continued | ||||
| T-Mobile USA, Inc., 3.5%, 4/15/2031 | $ | 30,000 | $31,464 | |
| $928,077 | ||||
| Tobacco – 0.2% | ||||
| Vector Group Ltd., 10.5%, 11/01/2026 (n) | $ | 30,000 | $31,913 | |
| Vector Group Ltd., 5.75%, 2/01/2029 (n) | 40,000 | 40,600 | ||
| $72,513 | ||||
| Transportation - Services – 0.5% | ||||
| Rumo Luxembourg S.à r.l., 5.25%, 1/10/2028 (n) | $ | 200,000 | $213,482 | |
| Utilities - Electric Power – 1.8% | ||||
| Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 200,000 | $217,300 | |
| Calpine Corp., 4.5%, 2/15/2028 (n) | 60,000 | 61,800 | ||
| Calpine Corp., 5.125%, 3/15/2028 (n) | 75,000 | 75,937 | ||
| Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n) | 30,000 | 31,800 | ||
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 90,000 | 90,000 | ||
| NextEra Energy Operating Co., 4.25%, 9/15/2024 (n) | 10,000 | 10,525 | ||
| NextEra Energy Operating Co., 4.5%, 9/15/2027 (n) | 35,000 | 37,713 | ||
| NextEra Energy, Inc., 4.25%, 7/15/2024 (n) | 36,000 | 37,852 | ||
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 40,000 | 41,100 | ||
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 85,000 | 91,800 | ||
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 25,000 | 26,313 | ||
| $722,140 | ||||
| Total Bonds | $21,519,408 | |||
| Common Stocks – 42.8% | ||||
| Aerospace & Defense – 3.2% | ||||
| Honeywell International, Inc. | 2,894 | $676,588 | ||
| Northrop Grumman Corp. | 1,739 | 631,292 | ||
| $1,307,880 | ||||
| Brokerage & Asset Managers – 3.7% | ||||
| BlackRock, Inc. | 747 | $647,776 | ||
| NASDAQ, Inc. | 4,530 | 845,887 | ||
| $1,493,663 | ||||
| Business Services – 4.1% | ||||
| Accenture PLC, “A” | 1,645 | $522,584 | ||
| Equifax, Inc. | 2,645 | 689,287 | ||
| Fiserv, Inc. (a) | 3,923 | 451,576 | ||
| $1,663,447 | ||||
| Cable TV – 2.2% | ||||
| Comcast Corp., “A” | 14,803 | $870,861 | ||
| Construction – 1.8% | ||||
| ICA Tenedora, S.A. de C.V. (a) | 10,542 | $34,131 | ||
| Sherwin-Williams Co. | 2,328 | 677,518 | ||
| $711,649 | ||||
| Electronics – 2.0% | ||||
| Texas Instruments, Inc. | 4,329 | $825,194 | ||
| Food & Beverages – 1.7% | ||||
| Nestle S.A., ADR | 5,325 | $674,467 | ||
9
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Common Stocks – continued | ||||
| Health Maintenance Organizations – 1.5% | ||||
| Cigna Corp. | 2,692 | $617,787 | ||
| Insurance – 4.2% | ||||
| Aon PLC | 2,316 | $602,229 | ||
| Chubb Ltd. | 3,248 | 548,068 | ||
| Marsh & McLennan Cos., Inc. | 3,664 | 539,414 | ||
| $1,689,711 | ||||
| Machinery & Tools – 1.8% | ||||
| Illinois Tool Works, Inc. | 3,266 | $740,304 | ||
| Major Banks – 1.9% | ||||
| JPMorgan Chase & Co. | 5,016 | $761,328 | ||
| Medical Equipment – 3.8% | ||||
| Medtronic PLC | 4,987 | $654,843 | ||
| Thermo Fisher Scientific, Inc. | 1,639 | 885,076 | ||
| $1,539,919 | ||||
| Oil Services – 0.0% | ||||
| LTRI Holdings LP (a)(u) | 60 | $15,339 | ||
| Other Banks & Diversified Financials – 3.3% | ||||
| American Express Co. | 3,638 | $620,388 | ||
| Citigroup, Inc. | 10,328 | 698,380 | ||
| $1,318,768 | ||||
| Pharmaceuticals – 1.7% | ||||
| Johnson & Johnson | 4,070 | $700,854 | ||
| Special Products & Services – 1.1% | ||||
| iShares iBoxx $ High Yield Corporate Bond ETF | 5,200 | $456,768 | ||
| Utilities - Electric Power – 4.8% | ||||
| Dominion Energy, Inc. | 6,889 | $515,779 | ||
| Duke Energy Corp. | 6,934 | 728,833 | ||
| Southern Co. | 10,914 | 697,077 | ||
| $1,941,689 | ||||
| Total Common Stocks | $17,329,628 | |||
| Floating Rate Loans (r) – 0.3% | ||||
| Broadcasting – 0.0% | ||||
| Nexstar Broadcasting, Inc., Term Loan B4, 2.6%, 9/18/2026 | $ | 18,118 | $17,933 | |
| Cable TV – 0.1% | ||||
| CSC Holdings LLC, Term Loan B5, 2.593%, 4/15/2027 | $ | 20,685 | $20,407 | |
| Chemicals – 0.1% | ||||
| Axalta Coating Systems U.S. Holdings, Inc., Term Loan B3, 1.897%, 6/01/2024 | $ | 17,138 | $16,927 | |
| Element Solutions, Inc., Term Loan B1, 2.092%, 1/31/2026 | 20,632 | 20,514 | ||
| $37,441 | ||||
| Computer Software - Systems – 0.1% | ||||
| SS&C Technologies, Inc., Term Loan B5, 1.842%, 4/16/2025 | $ | 20,618 | $20,291 | |
10
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Floating Rate Loans (r) – continued | ||||
| Pharmaceuticals – 0.0% | ||||
| Bausch Health Companies, Inc., Term Loan B, 2.854%, 11/27/2025 | $ | 18,000 | $17,820 | |
| Total Floating Rate Loans | $113,892 | |||
| Strike Price | First Exercise | |||
| Warrants – 0.0% | ||||
| Forest & Paper Products – 0.0% | ||||
| Appvion Holdings Corp. - Tranche A (1 share for 1 warrant, Expiration 6/13/23) (a) | $27.17 | 8/24/18 | 40 | $0 |
| Appvion Holdings Corp. - Tranche B (1 share for 1 warrant, Expiration 6/13/23) (a) | 31.25 | 8/24/18 | 40 | 0 |
| Total Warrants | $0 | |||
| Investment Companies (h) – 3.5% | ||||
| Money Market Funds – 3.5% | ||||
| MFS Institutional Money Market Portfolio, 0.03% (v) | 1,423,535 | $1,423,535 | ||
| Other Assets, Less Liabilities – 0.2% | 62,425 | |||
| Net Assets – 100.0% | $40,448,888 | |||
| (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 $1,423,535 and $38,962,928, 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 $16,882,662, representing 41.7% of net assets. |
| (p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
| (r) | The remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. The interest rate shown represents the weighted average of the floating interest rates on settled contracts within the loan facility at period end, unless otherwise indicated. The floating interest rates on settled contracts are determined periodically by reference to a base lending rate and a spread. |
| (u) | The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. |
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
| (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 |
| Intelsat Jackson Holdings S.A., 9.75%, 7/15/2025 | 2/12/20 | $28,706 | $16,800 |
| Paysafe Finance PLC, 4%, 6/15/2029 | 6/10/21 | 50,000 | 48,549 |
| Total Restricted Securities | $65,349 | ||
| % of Net assets | 0.2% |
| The following abbreviations are used in this report and are defined: | |
| ADR | American Depositary Receipt |
| 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 |
11
Portfolio of Investments (unaudited) –
continued
| Derivative Contracts at 7/31/21 | ||||||
| Forward Foreign Currency Exchange Contracts | ||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
| Liability Derivatives | ||||||
| EUR | 104,882 | USD | 124,727 | Citibank N.A. | 10/08/2021 | $(149) |
| USD | 109,407 | EUR | 92,322 | JPMorgan Chase Bank N.A. | 10/08/2021 | (253) |
| $(402) | ||||||
See attached supplemental
information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
12
Supplemental Information
7/31/21 (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, including commodity-linked structured notes,
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 July 31, 2021 in valuing the fund's assets or liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Equity Securities: | ||||
| United States | $16,605,691 | $0 | $15,339 | $16,621,030 |
| Switzerland | 674,467 | — | — | 674,467 |
| Mexico | — | 34,131 | — | 34,131 |
| Non - U.S. Sovereign Debt | — | 987,883 | — | 987,883 |
| Municipal Bonds | — | 76,875 | — | 76,875 |
| U.S. Corporate Bonds | — | 17,123,931 | — | 17,123,931 |
| Foreign Bonds | — | 3,330,719 | — | 3,330,719 |
| Floating Rate Loans | — | 113,892 | — | 113,892 |
| Mutual Funds | 1,423,535 | — | — | 1,423,535 |
| Total | $18,703,693 | $21,667,431 | $15,339 | $40,386,463 |
| Other Financial Instruments | ||||
| Forward Foreign Currency Exchange Contracts – Liabilities | $— | $(402) | $— | $(402) |
13
Supplemental Information (unaudited) –
continued
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 10/31/20 | $16,951 |
| Change in unrealized appreciation or depreciation | (1,612) |
| Balance as of 7/31/21 | $15,339 |
The net change in unrealized
appreciation or depreciation from investments held as level 3 at July 31, 2021 is $(1,612). At July 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 | $1,148,461 | $7,183,040 | $6,907,966 | $— | $— | $1,423,535 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $12,933 | $— |
(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.
14