Please wait
CIH-Q3
 
Quarterly Report
August 31, 2025
MFS®  Intermediate High 
Income Fund
 
Portfolio of Investments
8/31/25 (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 – 140.1%
Aerospace & Defense – 4.4%
Axon Enterprise, Inc., 6.125%, 3/15/2030 (n)
 
$
173,000
$177,744
Axon Enterprise, Inc., 6.25%, 3/15/2033 (n)
 
 
55,000
56,854
Bombardier, Inc., 7.5%, 2/01/2029 (n)
 
 
56,000
58,442
Bombardier, Inc., 8.75%, 11/15/2030 (n)
 
 
70,000
75,438
Bombardier, Inc., 7.25%, 7/01/2031 (n)
 
 
88,000
92,777
Bombardier, Inc., 7%, 6/01/2032 (n)
 
 
53,000
55,341
Bombardier, Inc., 6.75%, 6/15/2033 (n)
 
 
73,000
75,910
TransDigm, Inc., 6.75%, 8/15/2028 (n)
 
 
108,000
111,028
TransDigm, Inc., 4.625%, 1/15/2029 
 
 
151,000
147,756
TransDigm, Inc., 6.375%, 3/01/2029 (n)
 
 
82,000
83,954
TransDigm, Inc., 6.875%, 12/15/2030 (n)
 
 
234,000
242,657
TransDigm, Inc., 6.375%, 5/31/2033 (n)
 
 
288,000
291,827
 
 
 
$1,469,728
Automotive – 3.6%
Allison Transmission, Inc., 3.75%, 1/30/2031 (n)
 
$
262,000
$241,809
Clarios Global LP/Clarios US Finance Co., 6.75%, 2/15/2030 (n)
 
 
92,000
95,332
Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n)
 
EUR
100,000
118,547
Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n)
 
$
135,000
130,895
Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n)
 
 
161,000
139,728
J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031 (n)
 
 
109,000
112,574
New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n)
 
 
126,000
135,160
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)
 
 
125,000
91,363
Wabash National Corp., 4.5%, 10/15/2028 (n)
 
 
158,000
145,009
 
 
 
$1,210,417
Broadcasting – 3.4%
Banijay Group S.A.S., 8.125%, 5/01/2029 (n)
 
$
200,000
$208,060
Dotdash Meredith, Inc., 7.625%, 6/15/2032 (n)
 
 
115,000
112,666
Gray Media, Inc., 9.625%, 7/15/2032 (n)
 
 
111,000
111,567
Gray Media, Inc., 7.25%, 8/15/2033 (n)
 
 
69,000
67,976
Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n)
 
 
170,000
163,967
Scripps Escrow II, Inc., 3.875%, 1/15/2029 (n)
 
 
71,000
62,888
Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n)
 
 
152,000
155,724
Univision Communications, Inc., 8%, 8/15/2028 (n)
 
 
85,000
88,224
Univision Communications, Inc., 8.5%, 7/31/2031 (n)
 
 
160,000
164,874
 
 
 
$1,135,946
Brokerage & Asset Managers – 2.9%
AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n)
 
$
179,000
$183,369
Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n)
 
 
143,000
156,087
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)
 
 
65,000
65,225
Hightower Holding LLC, 6.75%, 4/15/2029 (n)
 
 
107,000
106,635
Hightower Holding LLC, 9.125%, 1/31/2030 (n)
 
 
66,000
70,873
Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n)
 
 
291,000
292,345
Osaic Holdings, Inc., 6.75%, 8/01/2032 (n)
 
 
26,000
26,492
Osaic Holdings, Inc., 8%, 8/01/2033 (n)
 
 
79,000
80,044
 
 
 
$981,070
Building – 6.7%
AmeriTex Holdco Intermediate LLC, 7.625%, 8/15/2033 (n)
 
$
151,000
$155,804
Builders FirstSource, Inc., 6.75%, 5/15/2035 (n)
 
 
139,000
144,957
Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n)
 
 
125,000
96,250
Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n)
 
 
65,000
62,560
Foundation Building Materials LLC, 6%, 3/01/2029 (n)
 
 
176,000
177,947
GYP Holding III Corp., 4.625%, 5/01/2029 (n)
 
 
154,000
155,776
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Building – continued
Knife River Corp., 7.75%, 5/01/2031 (n)
 
$
178,000
$186,688
LBM Acquisition LLC, 6.25%, 1/15/2029 (n)
 
 
109,000
99,995
LBM Acquisition LLC, 9.5%, 6/15/2031 (n)
 
 
126,000
132,051
Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n)
 
 
47,000
48,451
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)
 
 
165,000
162,201
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)
 
 
56,000
56,158
Patrick Industries, Inc., 6.375%, 11/01/2032 (n)
 
 
214,000
217,082
Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n)
 
 
170,000
175,330
Standard Industries, Inc., 4.75%, 1/15/2028 (n)
 
 
45,000
44,581
Standard Industries, Inc., 4.375%, 7/15/2030 (n)
 
 
112,000
107,327
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)
 
 
193,000
192,786
 
 
 
$2,215,944
Business Services – 3.6%
ams OSRAM AG, 10.5%, 3/30/2029 
 
EUR
100,000
$124,037
athenahealth, Inc., 6.5%, 2/15/2030 (n)
 
$
159,000
155,969
CACI International, Inc., 6.375%, 6/15/2033 (n)
 
 
170,000
175,345
GoDaddy, Inc., 3.5%, 3/01/2029 (n)
 
 
208,000
197,058
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)
 
 
132,000
131,687
Iron Mountain, Inc., 5.625%, 7/15/2032 (n)
 
 
122,000
120,924
Iron Mountain, Inc., 6.25%, 1/15/2033 (n)
 
 
105,000
107,446
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n)
 
 
166,000
172,120
 
 
 
$1,184,586
Cable TV – 6.3%
Cable One, Inc., 4%, 11/15/2030 (n)
 
$
112,000
$92,659
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)
 
 
495,000
475,729
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)
 
 
299,000
283,022
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032 
 
 
84,000
76,814
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)
 
 
98,000
85,091
CSC Holdings LLC, 5.375%, 2/01/2028 (n)
 
 
200,000
183,545
DIRECTV Financing LLC, 8.875%, 2/01/2030 (n)
 
 
65,000
64,525
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n)
 
 
44,000
43,741
DISH DBS Corp., 7.75%, 7/01/2026 
 
 
96,000
93,360
DISH DBS Corp., 5.125%, 6/01/2029 
 
 
98,000
80,899
DISH Network Corp., 11.75%, 11/15/2027 (n)
 
 
94,000
99,383
EchoStar Corp., 10.75%, 11/30/2029 
 
 
146,824
158,019
Virgin Media Finance PLC, 5%, 7/15/2030 (n)
 
 
200,000
182,929
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)
 
 
200,000
176,529
 
 
 
$2,096,245
Chemicals – 3.9%
Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n)
 
$
200,000
$211,656
Chemours Co., 4.625%, 11/15/2029 (n)
 
 
209,000
186,626
Chemours Co., 8%, 1/15/2033 (n)
 
 
59,000
57,715
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)
 
 
150,000
125,819
Maxam Prill S.à r.l., 6%, 7/15/2030 (n)
 
EUR
145,000
165,211
Qnity Electronics, Inc., 5.75%, 8/15/2032 (n)
 
$
68,000
69,127
Qnity Electronics, Inc., 6.25%, 8/15/2033 (n)
 
 
54,000
55,821
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)
 
 
198,000
198,796
SNF Group SACA, 3.375%, 3/15/2030 (n)
 
 
250,000
230,589
 
 
 
$1,301,360
Computer Software – 2.6%
Amentum Escrow Corp., 7.25%, 8/01/2032 (n)
 
$
189,000
$197,118
Cloud Software Group, Inc., 9%, 9/30/2029 (n)
 
 
41,000
42,740
Cloud Software Group, Inc., 8.25%, 6/30/2032 (n)
 
 
186,000
198,858
Cloud Software Group, Inc., 6.625%, 8/15/2033 (n)
 
 
111,000
112,534
Fair Isaac Corp., 6%, 5/15/2033 (n)
 
 
161,000
163,160
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Computer Software – continued
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)
 
$
144,000
$143,207
 
 
 
$857,617
Computer Software - Systems – 2.0%
Sabre GLBL, Inc., 8.625%, 6/01/2027 (n)
 
$
87,000
$88,056
Sabre GLBL, Inc., 10.75%, 11/15/2029 (n)
 
 
49,000
47,371
Sabre GLBL, Inc., 11.125%, 7/15/2030 (n)
 
 
42,000
41,164
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)
 
 
175,000
175,056
SS&C Technologies Holdings, Inc., 6.5%, 6/01/2032 (n)
 
 
49,000
50,847
Virtusa Corp., 7.125%, 12/15/2028 (n)
 
 
94,000
91,600
Zebra Technologies Corp., “A”, 6.5%, 6/01/2032 (n)
 
 
175,000
179,705
 
 
 
$673,799
Conglomerates – 2.0%
Amsted Industries, Inc., 6.375%, 3/15/2033 (n)
 
$
109,000
$111,647
Emerald Debt Merger, 6.625%, 12/15/2030 (n)
 
 
157,000
161,243
Gates Corp., 6.875%, 7/01/2029 (n)
 
 
114,000
118,531
Husky Injection Molding Systems Ltd., 9%, 2/15/2029 (n)
 
 
117,000
122,772
SPX Flow, Inc., 8.75%, 4/01/2030 (n)
 
 
159,000
164,749
 
 
 
$678,942
Construction – 1.7%
Empire Communities Corp., 9.75%, 5/01/2029 (n)
 
$
165,000
$168,300
Mattamy Group Corp., 5.25%, 12/15/2027 (n)
 
 
63,000
62,787
Mattamy Group Corp., 4.625%, 3/01/2030 (n)
 
 
86,000
82,381
New Home Co., 8.5%, 11/01/2030 (n)
 
 
118,000
122,385
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)
 
 
122,000
118,780
 
 
 
$554,633
Consumer Products – 4.9%
Acushnet Co., 7.375%, 10/15/2028 (n)
 
$
141,000
$147,377
Amer Sports Co., 6.75%, 2/16/2031 (n)
 
 
189,000
197,009
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n)
 
 
125,000
95,227
Champ Acquisition Corp., 8.375%, 12/01/2031 (n)
 
 
131,000
139,256
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n)
 
 
115,000
110,095
MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n)
 
 
62,000
49,860
Newell Brands, Inc., 8.5%, 6/01/2028 (n)
 
 
73,000
77,068
Newell Brands, Inc., 6.375%, 5/15/2030 
 
 
157,000
154,838
Newell Brands, Inc., 6.625%, 5/15/2032 
 
 
87,000
84,924
Opal Bidco S.A.S., 5.5%, 3/31/2032 (n)
 
EUR
100,000
120,992
Perrigo Finance Unlimited Co., 6.125%, 9/30/2032 
 
$
194,000
195,210
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)
 
 
124,000
123,203
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)
 
 
140,000
129,018
 
 
 
$1,624,077
Consumer Services – 3.9%
Allied Universal Holdco LLC, 6.875%, 6/15/2030 (n)
 
$
71,000
$73,121
Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n)
 
 
160,000
168,140
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/2030 (n)
 
 
55,000
58,424
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)
 
 
171,000
165,815
Garda World Security Corp., 8.375%, 11/15/2032 (n)
 
 
171,000
178,350
Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n)
 
 
186,000
189,481
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)
 
 
135,000
118,306
Service Corp. International, 5.75%, 10/15/2032 
 
 
199,000
200,978
TriNet Group, Inc., 3.5%, 3/01/2029 (n)
 
 
130,000
121,722
TriNet Group, Inc., 7.125%, 8/15/2031 (n)
 
 
29,000
30,156
 
 
 
$1,304,493
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Containers – 1.8%
Ball Corp., 6%, 6/15/2029 
 
$
106,000
$108,737
Ball Corp., 2.875%, 8/15/2030 
 
 
226,000
204,438
Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n)
 
 
134,000
138,090
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/2031 (n)
 
 
160,000
162,799
 
 
 
$614,064
Electrical Equipment – 0.6%
CommScope LLC, 4.75%, 9/01/2029 (n)
 
$
42,000
$41,496
CommScope LLC, 9.5%, 12/15/2031 (n)
 
 
73,000
75,496
CommScope Technologies LLC, 5%, 3/15/2027 (n)
 
 
71,000
70,280
 
 
 
$187,272
Electronics – 0.4%
Diebold Nixdorf, Inc., 7.75%, 3/31/2030 (n)
 
$
129,000
$136,480
Energy - Independent – 5.9%
Chord Energy Corp., 6.75%, 3/15/2033 (n)
 
$
147,000
$150,766
Civitas Resources, Inc., 8.375%, 7/01/2028 (n)
 
 
96,000
99,698
Civitas Resources, Inc., 8.625%, 11/01/2030 (n)
 
 
52,000
54,134
Civitas Resources, Inc., 8.75%, 7/01/2031 (n)
 
 
81,000
83,326
CNX Resources Corp., 7.25%, 3/01/2032 (n)
 
 
116,000
120,367
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)
 
 
230,000
226,744
Gulfport Energy Corp., 6.75%, 9/01/2029 (n)
 
 
176,000
180,060
Kraken Oil & Gas Partners LLC, 7.625%, 8/15/2029 (n)
 
 
100,000
99,515
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n)
 
 
184,000
189,038
Matador Resources Co., 6.875%, 4/15/2028 (n)
 
 
162,000
165,754
Matador Resources Co., 6.5%, 4/15/2032 (n)
 
 
54,000
54,787
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n)
 
 
143,000
143,031
Permian Resources Operating LLC, 7%, 1/15/2032 (n)
 
 
96,000
99,534
Permian Resources Operating LLC, 6.25%, 2/01/2033 (n)
 
 
41,000
41,763
Vital Energy, Inc., 7.875%, 4/15/2032 (n)
 
 
135,000
133,014
Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n)
 
 
114,000
115,602
 
 
 
$1,957,133
Entertainment – 3.3%
Life Time, Inc., 6%, 11/15/2031 (n)
 
$
180,000
$181,915
Lindblad Expeditions Holdings, Inc., 7%, 9/15/2030 (n)
 
 
123,000
125,964
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)
 
 
14,000
14,033
NCL Corp. Ltd., 6.25%, 3/01/2030 (n)
 
 
177,000
179,620
NCL Corp. Ltd., 6.75%, 2/01/2032 (n)
 
 
95,000
97,975
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n)
 
 
231,000
234,754
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)
 
 
59,000
58,922
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n)
 
 
188,000
187,873
 
 
 
$1,081,056
Financial Institutions – 9.7%
Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p)
 
$
210,916
$209,253
Azorra Finance Ltd., 7.75%, 4/15/2030 (n)
 
 
217,000
227,802
Azorra Finance Ltd., 7.25%, 1/15/2031 (n)
 
 
58,000
59,904
Credit Acceptance Corp., 9.25%, 12/15/2028 (n)
 
 
69,000
72,842
Credit Acceptance Corp., 6.625%, 3/15/2030 (n)
 
 
117,000
118,514
Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n)
 
 
131,000
136,908
FTAI Aviation Ltd., 5.5%, 5/01/2028 (n)
 
 
170,000
169,938
FTAI Aviation Ltd., 7.875%, 12/01/2030 (n)
 
 
106,000
112,673
Global Aircraft Leasing Co. Ltd., 8.75%, 9/01/2027 (n)
 
 
137,000
140,963
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029 
 
 
138,000
137,186
Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n)
 
 
57,000
56,423
Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n)
 
 
169,000
176,962
LFS TopCo LLC, 8.75%, 7/15/2030 (n)
 
 
142,000
138,908
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Financial Institutions – continued
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)
 
$
135,000
$134,748
Nationstar Mortgage Holdings, Inc., 6.5%, 8/01/2029 (n)
 
 
121,000
123,881
OneMain Finance Corp., 6.625%, 5/15/2029 
 
 
145,000
149,102
OneMain Finance Corp., 5.375%, 11/15/2029 
 
 
120,000
118,652
OneMain Finance Corp., 7.5%, 5/15/2031 
 
 
55,000
57,656
PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n)
 
 
313,000
319,809
Phoenix Aviation Capital, 9.25%, 7/15/2030 (n)
 
 
100,000
105,985
Rocket Cos., Inc., 6.125%, 8/01/2030 (n)
 
 
97,000
99,808
Rocket Cos., Inc., 6.375%, 8/01/2033 (n)
 
 
97,000
100,659
Rocket Cos., Inc., 4%, 10/15/2033 (n)
 
 
46,000
41,473
TrueNoord Capital DAC, 8.75%, 3/01/2030 (n)
 
 
82,000
87,113
Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n)
 
 
130,000
135,253
 
 
 
$3,232,415
Food & Beverages – 4.0%
Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n)
 
$
52,000
$55,185
Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n)
 
 
91,000
97,771
Performance Food Group Co., 5.5%, 10/15/2027 (n)
 
 
131,000
130,822
Performance Food Group Co., 6.125%, 9/15/2032 (n)
 
 
98,000
100,304
Post Holdings, Inc., 4.625%, 4/15/2030 (n)
 
 
255,000
245,918
Post Holdings, Inc., 6.25%, 10/15/2034 (n)
 
 
82,000
82,486
Primo Water Holdings Inc./Triton Water Holdings, 4.375%, 4/30/2029 (n)
 
 
245,000
236,866
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)
 
 
240,000
236,398
U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n)
 
 
38,000
38,124
Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n)
 
 
120,000
118,846
 
 
 
$1,342,720
Forest & Paper Products – 1.0%
Graphic Packaging International LLC, 6.375%, 7/15/2032 (n)
 
$
190,000
$193,049
Veritiv Operating Co., 10.5%, 11/30/2030 (n)
 
 
132,000
142,886
 
 
 
$335,935
Gaming & Lodging – 5.9%
CCM Merger, Inc., 6.375%, 5/01/2026 (n)
 
$
150,000
$150,143
CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n)
 
 
307,000
307,049
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030 
 
 
297,000
296,182
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)
 
 
154,000
140,566
Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n)
 
 
68,000
69,396
Melco Resorts Finance Limited, 5.375%, 12/04/2029 
 
 
200,000
192,539
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)
 
 
198,000
193,310
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)
 
 
200,000
198,884
Wynn Macau Ltd., 6.75%, 2/15/2034 (n)
 
 
200,000
200,928
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)
 
 
185,000
184,647
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n)
 
 
36,000
38,751
 
 
 
$1,972,395
Industrial – 1.7%
AECOM, 6%, 8/01/2033 (n)
 
$
209,000
$213,317
APi Escrow Corp., 4.75%, 10/15/2029 (n)
 
 
264,000
259,500
Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n)
 
 
87,000
86,805
 
 
 
$559,622
Insurance - Property & Casualty – 5.8%
Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n)
 
$
115,000
$119,453
Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n)
 
 
128,000
125,441
Acrisure LLC/Acrisure Finance, Inc., 7.5%, 11/06/2030 (n)
 
 
42,000
43,516
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/01/2032 (n)
 
 
88,000
90,288
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)
 
 
102,000
100,782
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n)
 
 
121,000
125,143
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Insurance - Property & Casualty – continued
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n)
 
$
227,000
$232,045
AmWINS Group Benefits, Inc., 6.375%, 2/15/2029 (n)
 
 
73,000
74,817
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)
 
 
93,000
90,728
Amynta Agency Borrower, Inc., 7.5%, 7/15/2033 (n)
 
 
97,000
99,085
Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n)
 
 
214,000
222,098
Hub International Ltd., 5.625%, 12/01/2029 (n)
 
 
79,000
79,267
Hub International Ltd., 7.25%, 6/15/2030 (n)
 
 
171,000
178,862
Hub International Ltd., 7.375%, 1/31/2032 (n)
 
 
74,000
77,836
Panther Escrow Issuer, 7.125%, 6/01/2031 (n)
 
 
250,000
259,423
 
 
 
$1,918,784
Interactive Media Services – 0.7%
Snap, Inc., 6.875%, 3/01/2033 (n)
 
$
177,000
$178,839
Snap, Inc., 6.875%, 3/15/2034 (n)
 
 
42,000
42,110
 
 
 
$220,949
Machinery & Tools – 1.3%
Manitowoc Co., Inc., 9.25%, 10/01/2031 (n)
 
$
116,000
$122,091
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)
 
 
281,000
294,880
 
 
 
$416,971
Medical & Health Technology & Services – 6.3%
180 Medical, Inc., 3.875%, 10/15/2029 (n)
 
$
200,000
$191,828
Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n)
 
 
116,000
120,800
Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n)
 
 
124,000
129,165
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)
 
 
86,000
61,801
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)
 
 
336,000
301,165
Concentra, Inc., 6.875%, 7/15/2032 (n)
 
 
155,000
160,681
Encompass Health Corp., 5.75%, 9/15/2025 
 
 
8,000
7,992
Encompass Health Corp., 4.75%, 2/01/2030 
 
 
181,000
178,437
Encompass Health Corp., 4.625%, 4/01/2031 
 
 
58,000
56,234
IQVIA, Inc., 6.5%, 5/15/2030 (n)
 
 
200,000
207,390
IQVIA, Inc., 6.25%, 6/01/2032 (n)
 
 
99,000
102,051
Lifepoint Health, Inc., 9.875%, 8/15/2030 (n)
 
 
85,000
92,036
Lifepoint Health, Inc., 11%, 10/15/2030 (n)
 
 
94,000
103,623
Lifepoint Health, Inc., 10%, 6/01/2032 (n)
 
 
60,000
61,794
Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n)
 
 
150,000
155,563
U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n)
 
 
146,000
149,829
 
 
 
$2,080,389
Medical Equipment – 1.8%
Insulet Corp., 6.5%, 4/01/2033 (n)
 
$
169,000
$175,210
Medline Borrower LP, 3.875%, 4/01/2029 (n)
 
 
73,000
70,098
Medline Borrower LP, 5.25%, 10/01/2029 (n)
 
 
190,000
188,153
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n)
 
 
153,000
157,176
 
 
 
$590,637
Metals & Mining – 4.1%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)
 
$
155,000
$145,155
Cleveland-Cliffs, Inc., 7%, 3/15/2032 (n)
 
 
97,000
96,432
FMG Resources Ltd., 4.375%, 4/01/2031 (n)
 
 
431,000
409,826
Mineral Resources Ltd., 9.25%, 10/01/2028 (n)
 
 
197,000
205,947
Novelis, Inc., 4.75%, 1/30/2030 (n)
 
 
170,000
163,483
Novelis, Inc., 6.875%, 1/30/2030 (n)
 
 
89,000
92,348
Novelis, Inc., 3.875%, 8/15/2031 (n)
 
 
82,000
74,366
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (z)
 
 
76,107
43,001
Taseko Mines Ltd., 8.25%, 5/01/2030 (n)
 
 
142,000
149,295
 
 
 
$1,379,853
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Midstream – 9.0%
Buckeye Partners LP, 6.75%, 2/01/2030 (n)
 
$
129,000
$133,985
Buckeye Partners LP, 5.85%, 11/15/2043 
 
 
48,000
42,998
Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n)
 
 
181,000
189,201
Delek Logistics Partners LP/Delek Logistics Corp., 7.375%, 6/30/2033 (n)
 
 
76,000
76,049
Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029 
 
 
214,000
223,425
NFE Financing LLC, 12%, 11/15/2029 (n)
 
 
100,677
36,999
NuStar Logistics LP, 6.375%, 10/01/2030 
 
 
167,000
172,911
Prairie Acquiror LP, 9%, 8/01/2029 (n)
 
 
129,000
134,497
Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n)
 
 
75,000
78,343
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n)
 
 
146,000
146,991
Sunoco LP, 7.25%, 5/01/2032 (n)
 
 
188,000
198,881
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)
 
 
229,000
228,615
Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n)
 
 
102,000
105,095
TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n)
 
 
99,000
104,134
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)
 
 
128,000
132,634
Venture Global LNG, Inc., 9.5%, 2/01/2029 (n)
 
 
160,000
175,906
Venture Global LNG, Inc., 7%, 1/15/2030 (n)
 
 
59,000
60,796
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)
 
 
223,000
233,967
Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n)
 
 
178,000
176,761
Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n)
 
 
50,000
54,844
Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n)
 
 
132,000
137,804
Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n)
 
 
132,000
138,527
 
 
 
$2,983,363
Network & Telecom – 1.7%
Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n)
 
$
145,000
$146,410
Iliad Holding S.A.S., 5.375%, 4/15/2030 (n)
 
EUR
100,000
119,661
Iliad Holding S.A.S., 6.875%, 4/15/2031 (n)
 
 
100,000
123,692
Iliad Holding S.A.S., 6.875%, 4/15/2031 
 
 
100,000
123,691
Windstream Services LLC/Windstream Escrow, 8.25%, 10/01/2031 (n)
 
$
57,000
59,290
 
 
 
$572,744
Oil Services – 1.5%
Nabors Industries, Inc., 8.875%, 8/15/2031 (n)
 
$
168,000
$151,303
U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n)
 
 
196,000
200,915
Valaris Ltd., 8.375%, 4/30/2030 (n)
 
 
132,000
137,423
 
 
 
$489,641
Pharmaceuticals – 1.4%
1261229 B.C. Ltd., 10%, 4/15/2032 (n)
 
$
200,000
$207,670
Bausch Health Co., Inc., 4.875%, 6/01/2028 (n)
 
 
110,000
99,275
Bausch Health Co., Inc., 5.25%, 1/30/2030 (n)
 
 
62,000
45,143
Grifols S.A., 7.125%, 5/01/2030 
 
EUR
100,000
122,915
 
 
 
$475,003
Pollution Control – 0.8%
GFL Environmental, Inc., 4%, 8/01/2028 (n)
 
$
147,000
$143,322
GFL Environmental, Inc., 6.75%, 1/15/2031 (n)
 
 
47,000
49,065
Wrangler Holdco Corp., 6.625%, 4/01/2032 (n)
 
 
74,000
77,141
 
 
 
$269,528
Precious Metals & Minerals – 1.3%
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)
 
$
171,000
$171,415
IAMGOLD Corp., 5.75%, 10/15/2028 (n)
 
 
116,000
115,200
New Gold, Inc., 6.875%, 4/01/2032 (n)
 
 
149,000
155,313
 
 
 
$441,928
7
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Real Estate - Healthcare – 0.5%
MPT Operating Partnership LP/MPT Finance Corp., REIT, 5%, 10/15/2027 
 
$
58,000
$54,942
MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n)
 
 
102,000
106,939
 
 
 
$161,881
Real Estate - Other – 1.8%
Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n)
 
$
146,000
$142,110
RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n)
 
 
242,000
249,077
RHP Hotel Properties LP/RHP Finance Corp., 6.5%, 4/01/2032 (n)
 
 
27,000
27,751
XHR LP, REIT, 4.875%, 6/01/2029 (n)
 
 
177,000
172,226
 
 
 
$591,164
Restaurants – 1.6%
1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n)
 
$
180,000
$184,367
1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n)
 
 
105,000
98,177
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)
 
 
171,000
160,817
New Red Finance, Inc., 5.625%, 9/15/2029 (n)
 
 
101,000
102,202
 
 
 
$545,563
Retailers – 3.3%
Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p)
 
$
200,000
$212,291
L Brands, Inc., 6.625%, 10/01/2030 (n)
 
 
161,000
165,281
Macy’s Retail Holdings LLC, 5.875%, 3/15/2030 (n)
 
 
10,000
9,903
Macy's Retail Holdings LLC, 7.375%, 8/01/2033 (n)
 
 
139,000
142,723
Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n)
 
 
104,000
103,894
Maxeda DIY Holding B.V., 5.875%, 10/01/2026 
 
EUR
100,000
110,041
Parkland Corp., 4.625%, 5/01/2030 (n)
 
$
173,000
167,454
Parkland Corp., 6.625%, 8/15/2032 (n)
 
 
29,000
29,868
Penske Automotive Group Co., 3.75%, 6/15/2029 
 
 
159,000
151,605
 
 
 
$1,093,060
Specialty Stores – 1.4%
Carvana Co., 9%, 12/01/2028 (n)
 
$
49,846
$50,981
Carvana Co., 9%, 6/01/2031 (n)
 
 
248,915
282,416
Michael Cos., Inc., 5.25%, 5/01/2028 (n)
 
 
84,000
66,294
Michael Cos., Inc., 7.875%, 5/01/2029 (n)
 
 
94,000
63,727
 
 
 
$463,418
Supermarkets – 1.6%
Albertsons Cos. LLC/Safeway, Inc., 6.25%, 3/15/2033 (n)
 
$
305,000
$311,982
KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n)
 
 
196,000
206,333
 
 
 
$518,315
Telecommunications - Wireless – 1.7%
Altice France S.A., 8.125%, 2/01/2027 (n)
 
$
200,000
$185,157
Altice France S.A., 5.125%, 7/15/2029 (n)
 
 
200,000
171,000
Zegona Finance PLC, 8.625%, 7/15/2029 (n)
 
 
200,000
212,726
 
 
 
$568,883
Telephone Services – 1.3%
Level 3 Financing, Inc., 3.875%, 10/15/2030 (n)
 
$
108,479
$92,207
Level 3 Financing, Inc., 6.875%, 6/30/2033 (n)
 
 
74,334
75,001
Level 3 Financing, Inc., 7%, 3/31/2034 (n)
 
 
70,248
70,725
Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n)
 
 
143,000
136,194
Uniti Group/CSL Capital Co., 8.625%, 6/15/2032 (n)
 
 
74,000
72,765
 
 
 
$446,892
Tobacco – 0.6%
Turning Point Brands, Inc., 7.625%, 3/15/2032 (n)
 
$
175,000
$182,947
8
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Transportation - Services – 0.6%
Avis Budget Finance PLC, 7.25%, 7/31/2030 (n)
 
EUR
178,000
$213,959
Utilities - Electric Power – 3.8%
Calpine Corp., 4.5%, 2/15/2028 (n)
 
$
164,000
$162,428
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)
 
 
285,000
262,145
PG&E Corp., 5.25%, 7/01/2030 
 
 
250,000
243,642
PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055 
 
 
71,000
70,459
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)
 
 
44,000
43,759
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)
 
 
162,000
160,619
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)
 
 
38,000
36,667
XPLR Infrastructure Operating Partners LP, 4.5%, 9/15/2027 (n)
 
 
90,000
88,271
XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n)
 
 
130,000
132,774
XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n)
 
 
40,000
41,829
XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n)
 
 
33,000
34,803
 
 
 
$1,277,396
Total Bonds
$46,611,217
Common Stocks – 0.1%
Oil Services – 0.1%
LTRI Holdings LP (a)(u)
 
200
$29,962
 
 
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
$2,081
 
 
 
 
 
Mutual Funds (h) – 2.7%
Money Market Funds – 2.7%
MFS Institutional Money Market Portfolio, 4.33% (v)
 
 
904,970
$905,060
 
Other Assets, Less Liabilities – (42.9)%
(14,267,864
)
Net Assets – 100.0%
$33,280,456
 
(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 $905,060 and
$46,643,260, 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 $42,427,597,
representing 127.5% 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.
(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
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026
7/21/21-7/26/21
$76,734
$43,001
% of Net assets
 
 
0.1%
 
9
Portfolio of Investments (unaudited) – continued
The following abbreviations are used in this report and are defined:
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 8/31/25
Forward Foreign Currency Exchange Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Liability Derivatives
USD
1,264,649
EUR
1,079,424
HSBC Bank
10/17/2025
$(1,725
)
USD
128,184
EUR
109,517
State Street Corp.
10/17/2025
(300
)
 
 
$(2,025
)
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
10
Supplemental Information
8/31/25 (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. 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. Funds traded on a recognized securities exchange (such as Exchange Traded Funds or Closed End Funds) are generally valued at the official closing price on their primary market or exchange as provided by a third-party pricing service. If no sales are reported that day for these funds, generally they will be valued at the last quoted
daily bid quotation on their primary market or exchange as provided by a third-party pricing service. 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. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. 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 August 31, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Equity Securities:
United States
$—
$—
$29,962
$29,962
United Kingdom
—
2,081
—
2,081
U.S. Corporate Bonds
—
38,871,352
—
38,871,352
Foreign Bonds
—
7,739,865
—
7,739,865
Investment Companies
905,060
—
—
905,060
Total
$905,060
$46,613,298
$29,962
$47,548,320
Other Financial Instruments
Forward Foreign Currency Exchange Contracts – Liabilities
$—
$(2,025
)
$—
$(2,025
)
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 11/30/24
$45,514
Change in unrealized appreciation or depreciation
16,978
Partial liquidation proceeds
(32,530)
Balance as of 8/31/25
$29,962
The net change in unrealized appreciation or depreciation from investments held as level 3 at August 31, 2025 is $16,978. At August 31,
2025, 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 for the period ended August 31, 2025:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$599,137
$9,053,905
$8,747,959
$(74
)
$51
$905,060
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$36,593
$—
12