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CIH-Q1
 
Quarterly Report
February 28, 2026
MFS®  Intermediate High 
Income Fund  
 
Portfolio of Investments
2/28/26 (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 – 143.0%
Aerospace & Defense – 4.5%
Axon Enterprise, Inc., 6.125%, 3/15/2030 (n)
 
$
173,000
$178,298
Axon Enterprise, Inc., 6.25%, 3/15/2033 (n)
 
 
55,000
57,009
Bombardier, Inc., 7.5%, 2/01/2029 (n)
 
 
56,000
58,217
Bombardier, Inc., 8.75%, 11/15/2030 (n)
 
 
29,000
31,069
Bombardier, Inc., 7.25%, 7/01/2031 (n)
 
 
88,000
93,624
Bombardier, Inc., 7%, 6/01/2032 (n)
 
 
53,000
55,830
Bombardier, Inc., 6.75%, 6/15/2033 (n)
 
 
114,000
120,127
TransDigm, Inc., 6.75%, 8/15/2028 (n)
 
 
108,000
109,923
TransDigm, Inc., 6.375%, 3/01/2029 (n)
 
 
82,000
84,229
TransDigm, Inc., 6.875%, 12/15/2030 (n)
 
 
234,000
243,536
TransDigm, Inc., 6.375%, 5/31/2033 (n)
 
 
274,000
279,653
TransDigm, Inc., 6.125%, 7/31/2034 (n)
 
 
142,000
144,235
 
 
 
$1,455,750
Automotive – 3.9%
Allison Transmission, Inc., 3.75%, 1/30/2031 (n)
 
$
262,000
$249,229
Allison Transmission, Inc., 5.875%, 12/01/2033 (n)
 
 
36,000
36,764
American Axle & Manufacturing, Inc., 6.375%, 10/15/2032 (n)
 
 
69,000
70,223
American Axle & Manufacturing, Inc., 7.75%, 10/15/2033 (n)
 
 
123,000
125,010
Clarios Global LP/Clarios US Finance Co., 6.75%, 2/15/2030 (n)
 
 
92,000
96,366
Clarios Global LP/Clarios US Finance Co., 4.75%, 6/15/2031 (n)
 
EUR
100,000
120,571
Clarios Global LP/Clarios US Finance Co., 6.75%, 9/15/2032 (n)
 
$
42,000
43,597
Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n)
 
 
135,000
133,651
J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031 (n)
 
 
82,000
84,900
New Flyer Holdings, Inc., 9.25%, 7/01/2030 (n)
 
 
152,000
164,072
Wabash National Corp., 4.5%, 10/15/2028 (n)
 
 
158,000
145,545
 
 
 
$1,269,928
Broadcasting – 3.5%
Dotdash Meredith, Inc., 7.625%, 6/15/2032 (n)
 
$
126,000
$116,561
Gray Media, Inc., 9.625%, 7/15/2032 (n)
 
 
111,000
115,328
Gray Media, Inc., 7.25%, 8/15/2033 (n)
 
 
83,000
85,706
Scripps Escrow II, Inc., 3.875%, 1/15/2029 (n)
 
 
63,000
59,427
Sinclair Television Group, Inc., 8.125%, 2/15/2033 (n)
 
 
152,000
158,270
Stagwell Global LLC, 5.625%, 8/15/2029 (n)
 
 
165,000
152,087
Univision Communications, Inc., 8%, 8/15/2028 (n)
 
 
85,000
87,312
Univision Communications, Inc., 8.5%, 7/31/2031 (n)
 
 
187,000
191,377
Versant Media Group, Inc., 7.25%, 1/30/2031 (n)
 
 
82,000
83,918
WarnerMedia Holdings, Inc., 5.05%, 3/15/2042 
 
 
150,000
105,375
 
 
 
$1,155,361
Brokerage & Asset Managers – 2.7%
Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n)
 
$
101,000
$107,456
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)
 
 
69,000
68,230
Hightower Holding LLC, 6.75%, 4/15/2029 (n)
 
 
107,000
106,093
Hightower Holding LLC, 9.125%, 1/31/2030 (n)
 
 
66,000
68,263
Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n)
 
 
333,000
334,989
Osaic Holdings, Inc., 8%, 8/01/2033 (n)
 
 
201,000
200,243
 
 
 
$885,274
Building – 4.6%
AmeriTex Holdco Intermediate LLC, 7.625%, 8/15/2033 (n)
 
$
151,000
$158,100
Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n)
 
 
125,000
62,387
Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n)
 
 
65,000
47,247
Knife River Corp., 7.75%, 5/01/2031 (n)
 
 
107,000
111,550
LBM Acquisition LLC, 6.25%, 1/15/2029 (n)
 
 
84,000
64,044
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Building – continued
LBM Acquisition LLC, 9.5%, 6/15/2031 (n)
 
$
126,000
$117,520
Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n)
 
 
47,000
47,390
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)
 
 
140,000
131,194
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)
 
 
56,000
56,420
Patrick Industries, Inc., 6.375%, 11/01/2032 (n)
 
 
214,000
219,804
Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n)
 
 
318,000
330,497
White Cap Supply Holding Co., 7.375%, 11/15/2030 (n)
 
 
160,000
162,454
 
 
 
$1,508,607
Business Services – 5.0%
ams-OSRAM AG, 10.5%, 3/30/2029 
 
EUR
100,000
$125,372
athenahealth, Inc., 6.5%, 2/15/2030 (n)
 
$
167,000
157,024
Black Pearl Compute LLC, 6.125%, 2/15/2031 (n)
 
 
185,000
189,339
CACI International, Inc., 6.375%, 6/15/2033 (n)
 
 
197,000
202,810
CACI International, Inc., “A”, 6.375%, 6/15/2033 (n)(w)
 
 
51,000
52,504
ION Platform Finance US, Inc., 7.875%, 9/30/2032 (n)
 
 
200,000
160,364
Iron Mountain, Inc., 5.625%, 7/15/2032 (n)
 
 
178,000
177,571
Iron Mountain, Inc., 6.25%, 1/15/2033 (n)
 
 
130,000
132,835
SV RNO Property Owner 1 LLC, 5.875%, 3/01/2031 (n)
 
 
202,000
202,905
Wulf Compute LLC, 7.75%, 10/15/2030 (n)
 
 
205,000
217,098
 
 
 
$1,617,822
Cable TV – 6.1%
Cable One, Inc., 4%, 11/15/2030 (n)
 
$
112,000
$77,535
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)
 
 
441,000
426,342
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)
 
 
299,000
285,194
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032 
 
 
70,000
64,061
CSC Holdings LLC, 5.375%, 2/01/2028 (n)
 
 
200,000
143,859
DIRECTV Financing LLC, 8.875%, 2/01/2030 (n)
 
 
65,000
65,075
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 10%, 2/15/2031 (n)
 
 
44,000
45,002
DISH DBS Corp., 5.125%, 6/01/2029 
 
 
143,000
127,704
DISH Network Corp., 11.75%, 11/15/2027 (n)
 
 
118,000
122,163
EchoStar Corp., 10.75%, 11/30/2029 
 
 
146,824
160,324
EchoStar Corp., 6.75% (6.75% Cash or 6.75% PIK) to 5/30/2027, 6.75% Cash to 11/30/2030 (p)
 
 
125,247
126,844
Virgin Media Finance PLC, 5%, 7/15/2030 (n)
 
 
200,000
167,567
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)
 
 
200,000
173,535
 
 
 
$1,985,205
Chemicals – 4.8%
Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n)
 
$
200,000
$204,000
Chemours Co., 4.625%, 11/15/2029 (n)
 
 
208,000
197,020
Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n)
 
 
150,000
126,000
FMC Corp., 8.45% to 11/01/2030, FLR (CMT - 5yr. + 4.366%) to 11/01/2055 
 
 
67,000
44,071
Maxam Prill S.à r.l., 6%, 7/15/2030 (n)
 
EUR
145,000
176,590
Qnity Electronics, Inc., 5.75%, 8/15/2032 (n)
 
$
124,000
126,873
Qnity Electronics, Inc., 6.25%, 8/15/2033 (n)
 
 
66,000
68,528
SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n)
 
 
186,000
185,535
SNF Group SACA, 3.375%, 3/15/2030 (n)
 
 
250,000
236,240
W.R. Grace Holdings LLC, 7%, 8/01/2033 (n)
 
 
188,000
191,412
 
 
 
$1,556,269
Computer Software – 3.8%
Amentum Escrow Corp., 7.25%, 8/01/2032 (n)
 
$
146,000
$152,984
APLD ComputeCo LLC, 9.25%, 12/15/2030 (n)
 
 
80,000
83,967
Cloud Software Group, Inc., 9%, 9/30/2029 (n)
 
 
41,000
40,149
Cloud Software Group, Inc., 8.25%, 6/30/2032 (n)
 
 
186,000
186,156
Cloud Software Group, Inc., 6.625%, 8/15/2033 (n)
 
 
111,000
104,761
CoreWeave, Inc., 9.25%, 6/01/2030 (n)
 
 
47,000
46,034
Fair Isaac Corp., 6%, 5/15/2033 (n)
 
 
242,000
244,608
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Computer Software – continued
Flash Compute LLC, 7.25%, 12/31/2030 (n)
 
$
108,000
$110,551
Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n)
 
 
172,000
172,337
Neptune Bidco U.S., Inc., 10.375%, 5/15/2031 (n)
 
 
54,000
54,503
Neptune Bidco U.S., Inc., 9.5%, 2/15/2033 (n)
 
 
52,000
50,897
 
 
 
$1,246,947
Computer Software - Systems – 1.0%
SS&C Technologies Holdings, Inc., 6.5%, 6/01/2032 (n)
 
$
49,000
$49,943
Virtusa Corp., 7.125%, 12/15/2028 (n)
 
 
94,000
82,332
Zebra Technologies Corp., “A”, 6.5%, 6/01/2032 (n)
 
 
175,000
179,370
 
 
 
$311,645
Conglomerates – 2.1%
Amsted Industries, Inc., 6.375%, 3/15/2033 (n)
 
$
109,000
$113,277
Columbia Pipelines Holding Co. LLC, 7.125%, 2/01/2033 (n)
 
 
121,000
124,396
CompoSecure Holdings LLC, 5.625%, 2/01/2033 (n)
 
 
122,000
121,390
Emerald Debt Merger, 6.625%, 12/15/2030 (n)
 
 
157,000
162,494
SPX Flow, Inc., 8.75%, 4/01/2030 (n)
 
 
170,000
174,072
 
 
 
$695,629
Construction – 1.8%
Empire Communities Corp., 9.75%, 5/01/2029 (n)
 
$
137,000
$141,483
Mattamy Group Corp., 4.625%, 3/01/2030 (n)
 
 
86,000
83,959
Mattamy Group Corp., 6%, 12/15/2033 (n)
 
 
99,000
97,445
New Home Co., 8.5%, 11/01/2030 (n)
 
 
142,000
147,867
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)
 
 
122,000
120,418
 
 
 
$591,172
Consumer Products – 3.8%
Acushnet Co., 5.625%, 12/01/2033 (n)
 
$
172,000
$175,056
Amer Sports Co., 6.75%, 2/16/2031 (n)
 
 
122,000
127,294
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n)
 
 
125,000
102,602
Champ Acquisition Corp., 8.375%, 12/01/2031 (n)
 
 
131,000
139,309
Energizer Holdings, Inc., 4.375%, 3/31/2029 (n)
 
 
115,000
111,710
Energizer Holdings, Inc., 6%, 9/15/2033 (n)
 
 
53,000
51,743
MajorDrive Holdings IV LLC, 6.375%, 6/01/2029 (n)
 
 
62,000
45,924
Newell Brands, Inc., 6.375%, 5/15/2030 
 
 
157,000
157,482
Newell Brands, Inc., 6.625%, 5/15/2032 
 
 
87,000
86,996
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)
 
 
124,000
123,910
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)
 
 
140,000
130,919
 
 
 
$1,252,945
Consumer Services – 3.9%
Allied Universal Holdco LLC, 6.875%, 6/15/2030 (n)
 
$
71,000
$73,900
Allied Universal Holdco LLC, 7.875%, 2/15/2031 (n)
 
 
132,000
139,459
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/2030 (n)
 
 
25,000
26,938
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)
 
 
171,000
161,384
Garda World Security Corp., 6.5%, 1/15/2031 (n)
 
 
70,000
71,915
Garda World Security Corp., 8.375%, 11/15/2032 (n)
 
 
171,000
175,138
Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n)
 
 
186,000
179,033
Service Corp. International, 5.75%, 10/15/2032 
 
 
289,000
294,638
TriNet Group, Inc., 3.5%, 3/01/2029 (n)
 
 
130,000
116,672
TriNet Group, Inc., 7.125%, 8/15/2031 (n)
 
 
51,000
49,478
 
 
 
$1,288,555
Containers – 1.7%
Ball Corp., 6%, 6/15/2029 
 
$
106,000
$109,290
Ball Corp., 2.875%, 8/15/2030 
 
 
226,000
210,201
Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n)
 
 
163,000
162,281
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Containers – continued
Crown Americas LLC, 5.875%, 6/01/2033 (n)
 
$
67,000
$68,838
 
 
 
$550,610
Energy - Independent – 5.8%
Chord Energy Corp., 6%, 10/01/2030 (n)
 
$
42,000
$42,903
Chord Energy Corp., 6.75%, 3/15/2033 (n)
 
 
147,000
152,673
CNX Resources Corp., 7.25%, 3/01/2032 (n)
 
 
168,000
176,164
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)
 
 
217,000
216,161
Gulfport Energy Corp., 6.75%, 9/01/2029 (n)
 
 
176,000
182,259
Kraken Oil & Gas Partners LLC, 7.625%, 8/15/2029 (n)
 
 
100,000
101,387
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/01/2032 (n)
 
 
184,000
192,328
Matador Resources Co., 6.875%, 4/15/2028 (n)
 
 
110,000
112,242
Matador Resources Co., 6.5%, 4/15/2032 (n)
 
 
54,000
55,148
Matador Resources Co., 6%, 4/15/2034 (n)(w)
 
 
68,000
67,918
Permian Resources Operating LLC, 5.875%, 7/01/2029 (n)
 
 
113,000
113,383
Permian Resources Operating LLC, 7%, 1/15/2032 (n)
 
 
113,000
118,599
Permian Resources Operating LLC, 6.25%, 2/01/2033 (n)
 
 
41,000
42,455
SM Energy Co., 8.375%, 7/01/2028 (n)
 
 
32,000
33,074
SM Energy Co., 8.625%, 11/01/2030 (n)
 
 
52,000
55,034
SM Energy Co., 8.75%, 7/01/2031 (n)
 
 
117,000
122,836
Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n)
 
 
114,000
117,005
 
 
 
$1,901,569
Entertainment – 3.1%
Life Time, Inc., 6%, 11/15/2031 (n)
 
$
110,000
$113,301
Lindblad Expeditions Holdings, Inc., 7%, 9/15/2030 (n)
 
 
123,000
129,031
NCL Corp. Ltd., 6.25%, 3/01/2030 (n)
 
 
177,000
181,206
NCL Corp. Ltd., 6.75%, 2/01/2032 (n)
 
 
70,000
72,088
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n)
 
 
160,000
162,670
Six Flags Entertainment Corp./Canada Wonderland Co., 8.625%, 1/15/2032 (n)
 
 
72,000
72,900
Viking Cruises Ltd. Co., 5.875%, 10/15/2033 (n)
 
 
117,000
119,359
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n)
 
 
174,000
173,857
 
 
 
$1,024,412
Financial Institutions – 10.3%
Azorra Finance Ltd., 7.75%, 4/15/2030 (n)
 
$
217,000
$227,910
Azorra Finance Ltd., 7.25%, 1/15/2031 (n)
 
 
58,000
60,534
Credit Acceptance Corp., 9.25%, 12/15/2028 (n)
 
 
69,000
72,095
Credit Acceptance Corp., 6.625%, 3/15/2030 (n)
 
 
117,000
116,390
CrossCountry Intermediate HoldCo LLC, 6.5%, 10/01/2030 (n)
 
 
96,000
95,619
CrossCountry Intermediate HoldCo LLC, 6.75%, 12/01/2032 (n)
 
 
56,000
55,426
Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n)
 
 
131,000
136,827
Freedom Mortgage Holdings LLC, 6.875%, 5/01/2031 (n)
 
 
69,000
66,550
Freedom Mortgage Holdings LLC, 9.125%, 5/15/2031 (n)
 
 
53,000
54,861
FTAI Aviation Ltd., 5.5%, 5/01/2028 (n)
 
 
170,000
169,982
FTAI Aviation Ltd., 7.875%, 12/01/2030 (n)
 
 
106,000
112,162
Global Aircraft Leasing Co. Ltd., 8.75%, 9/01/2027 (n)
 
 
137,000
141,213
goeasy Ltd., 6.875%, 2/15/2031 (n)
 
 
122,000
105,232
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029 
 
 
138,000
136,392
Icahn Enterprises LP/Ichan Enterprises Finance Corp., 10%, 11/15/2029 (n)
 
 
57,000
56,284
Jefferson Capital Holdings LLC, 8.25%, 5/15/2030 (n)
 
 
169,000
177,060
OneMain Finance Corp., 6.625%, 5/15/2029 
 
 
145,000
148,027
OneMain Finance Corp., 5.375%, 11/15/2029 
 
 
87,000
86,013
OneMain Finance Corp., 7.5%, 5/15/2031 
 
 
84,000
86,731
OneMain Finance Corp., 6.75%, 9/15/2033 
 
 
95,000
94,289
PennyMac Financial Services, Inc., 6.875%, 2/15/2033 (n)
 
 
351,000
351,389
Phoenix Aviation Capital, 9.25%, 7/15/2030 (n)
 
 
123,000
128,835
Rocket Cos., Inc., 6.5%, 8/01/2029 (n)
 
 
121,000
124,312
Rocket Cos., Inc., 6.125%, 8/01/2030 (n)
 
 
97,000
99,518
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Financial Institutions – continued
Rocket Cos., Inc., 6.375%, 8/01/2033 (n)
 
$
184,000
$190,168
Rocket Cos., Inc., 4%, 10/15/2033 (n)
 
 
46,000
42,332
TrueNoord Capital DAC, 8.75%, 3/01/2030 (n)
 
 
109,000
115,014
Walker & Dunlop, Inc., 6.625%, 4/01/2033 (n)
 
 
130,000
128,494
 
 
 
$3,379,659
Food & Beverages – 3.7%
Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n)
 
$
77,000
$79,313
Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n)
 
 
91,000
92,518
Industrial F&B Investments III, Inc., 7.75%, 2/11/2033 (n)
 
 
27,000
27,711
Performance Food Group Co., 6.125%, 9/15/2032 (n)
 
 
98,000
100,597
Performance Food Group Co., 5.625%, 3/01/2034 (n)
 
 
105,000
105,351
Post Holdings, Inc., 4.625%, 4/15/2030 (n)
 
 
281,000
275,057
Post Holdings, Inc., 6.25%, 10/15/2034 (n)
 
 
107,000
109,282
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)
 
 
234,000
233,016
U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n)
 
 
62,000
63,242
Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n)
 
 
120,000
121,476
 
 
 
$1,207,563
Forest & Paper Products – 0.4%
Veritiv Operating Co., 10.5%, 11/30/2030 (n)
 
$
132,000
$141,236
Gaming & Lodging – 5.2%
CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n)
 
$
238,000
$239,905
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030 
 
 
297,000
297,230
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)
 
 
143,000
133,238
Hilton Domestic Operating Co., Inc., 5.875%, 3/15/2033 (n)
 
 
68,000
69,988
Rivers Enterprise Lender LLC, 6.25%, 10/15/2030 (n)
 
 
109,000
111,373
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)
 
 
198,000
196,601
Wyndham Hotels Group LLC, 5.625%, 3/01/2033 (n)
 
 
74,000
74,465
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)
 
 
200,000
199,718
Wynn Macau Ltd., 6.75%, 2/15/2034 (n)
 
 
200,000
202,718
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)
 
 
149,000
149,850
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n)
 
 
36,000
38,878
 
 
 
$1,713,964
Industrial – 1.8%
AECOM, 6%, 8/01/2033 (n)
 
$
209,000
$213,548
APi Escrow Corp., 4.75%, 10/15/2029 (n)
 
 
255,000
251,166
Brundage-Bone Concrete Pumping Holdings, Inc., 7.5%, 2/01/2032 (n)
 
 
112,000
114,091
 
 
 
$578,805
Insurance - Health – 0.7%
Molina Healthcare, Inc., 6.5%, 2/15/2031 (n)
 
$
215,000
$215,687
Insurance - Property & Casualty – 6.3%
Acrisure LLC/Acrisure Finance, Inc., 7.5%, 11/06/2030 (n)
 
$
45,000
$45,795
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 7/01/2032 (n)
 
 
186,000
182,419
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n)
 
 
76,000
74,154
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n)
 
 
121,000
123,196
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n)
 
 
109,000
109,598
AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n)
 
 
56,000
54,370
Amynta Agency Borrower, Inc., 7.5%, 7/15/2033 (n)
 
 
137,000
134,203
Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n)
 
 
200,000
204,791
Asurion LLC, 8%, 12/31/2032 (n)
 
 
152,000
159,647
Asurion LLC, 8.375%, 2/01/2034 (n)
 
 
160,000
159,227
Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n)
 
 
187,000
187,613
Broadstreet Partners, Inc., 5.875%, 4/15/2029 (n)
 
 
53,000
51,330
Hub International Ltd., 5.625%, 12/01/2029 (n)
 
 
46,000
45,285
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Insurance - Property & Casualty – continued
Hub International Ltd., 7.25%, 6/15/2030 (n)
 
$
171,000
$176,379
Hub International Ltd., 7.375%, 1/31/2032 (n)
 
 
84,000
85,497
Panther Escrow Issuer, 7.125%, 6/01/2031 (n)
 
 
271,000
275,701
 
 
 
$2,069,205
Interactive Media Services – 0.7%
Snap, Inc., 6.875%, 3/01/2033 (n)
 
$
177,000
$176,295
Snap, Inc., 6.875%, 3/15/2034 (n)
 
 
42,000
41,872
 
 
 
$218,167
Machinery & Tools – 1.3%
Manitowoc Co., Inc., 9.25%, 10/01/2031 (n)
 
$
116,000
$126,094
Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n)
 
 
281,000
292,146
 
 
 
$418,240
Medical & Health Technology & Services – 5.7%
Acadia Healthcare Co., Inc., 7.375%, 3/15/2033 (n)
 
$
140,000
$144,529
Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n)
 
 
124,000
128,495
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)
 
 
133,000
117,587
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)
 
 
301,000
289,210
Concentra, Inc., 6.875%, 7/15/2032 (n)
 
 
141,000
147,224
Encompass Health Corp., 4.75%, 2/01/2030 
 
 
181,000
180,048
Encompass Health Corp., 4.625%, 4/01/2031 
 
 
58,000
56,941
IQVIA, Inc., 6.5%, 5/15/2030 (n)
 
 
200,000
205,643
IQVIA, Inc., 6.25%, 6/01/2032 (n)
 
 
131,000
134,757
Prime Healthcare Services, Inc., 9.375%, 9/01/2029 (n)
 
 
109,000
113,854
Star Parent, Inc., 9%, 10/01/2030 (n)
 
 
81,000
82,212
Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n)
 
 
163,000
162,802
U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n)
 
 
105,000
105,033
 
 
 
$1,868,335
Medical Equipment – 1.6%
Insulet Corp., 6.5%, 4/01/2033 (n)
 
$
169,000
$175,772
Medline Borrower LP, 5.25%, 10/01/2029 (n)
 
 
190,000
189,985
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n)
 
 
153,000
157,892
 
 
 
$523,649
Metals & Mining – 2.6%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)
 
$
155,000
$143,935
FMG Resources (August 2006) Pty Ltd., 4.375%, 4/01/2031 (n)
 
 
266,000
257,832
Mineral Resources Ltd., 9.25%, 10/01/2028 (n)
 
 
197,000
206,329
Mineral Resources Ltd., 7%, 4/01/2031 (n)
 
 
42,000
44,173
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030 (a)(z)
 
 
76,107
45,918
Taseko Mines Ltd., 8.25%, 5/01/2030 (n)
 
 
142,000
150,326
 
 
 
$848,513
Midstream – 10.0%
Antero Midstream Corp., 5.75%, 7/01/2034 (n)
 
$
276,000
$280,314
Buckeye Partners LP, 6.75%, 2/01/2030 (n)
 
 
114,000
119,006
Buckeye Partners LP, 5.85%, 11/15/2043 
 
 
48,000
45,225
Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n)
 
 
181,000
188,992
Delek Logistics Partners LP/Delek Logistics Corp., 7.375%, 6/30/2033 (n)
 
 
76,000
78,607
Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029 
 
 
144,000
150,328
Genesis Energy LP/Genesis Energy Finance Corp., 6.75%, 3/15/2034 
 
 
77,000
77,888
NuStar Logistics LP, 6.375%, 10/01/2030 
 
 
167,000
175,825
Prairie Acquiror LP, 9%, 8/01/2029 (n)
 
 
129,000
134,610
Rockies Express Pipeline LLC, 6.75%, 3/15/2033 (n)
 
 
75,000
79,007
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n)
 
 
146,000
150,371
Sunoco LP, 4.625%, 5/01/2030 (n)
 
 
173,000
169,272
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Midstream – continued
Sunoco LP, 7.25%, 5/01/2032 (n)
 
$
200,000
$211,317
Sunoco LP, 6.625%, 8/15/2032 (n)
 
 
68,000
70,387
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)
 
 
232,000
231,774
Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n)
 
 
66,000
68,423
Tallgrass Energy Partners LP, 6.75%, 3/15/2034 (n)
 
 
35,000
35,970
TransMontaigne Partners LLC, 8.5%, 6/15/2030 (n)
 
 
99,000
103,453
Venture Global LNG, Inc., 8.125%, 6/01/2028 (n)
 
 
71,000
72,852
Venture Global LNG, Inc., 9.5%, 2/01/2029 (n)
 
 
160,000
171,608
Venture Global LNG, Inc., 8.375%, 6/01/2031 (n)
 
 
167,000
171,014
Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n)
 
 
178,000
155,675
Venture Global Plaquemines LNG LLC, 7.5%, 5/01/2033 (n)
 
 
50,000
55,466
Venture Global Plaquemines LNG LLC, 6.5%, 1/15/2034 (n)
 
 
132,000
138,919
Venture Global Plaquemines LNG LLC, 6.75%, 1/15/2036 (n)
 
 
132,000
140,608
 
 
 
$3,276,911
Network & Telecom – 1.6%
Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n)
 
$
75,000
$75,286
Iliad Holding S.A.S., 5.375%, 4/15/2030 (n)
 
EUR
100,000
122,535
Iliad Holding S.A.S., 6.875%, 4/15/2031 (n)
 
 
100,000
125,798
Iliad Holding S.A.S., 6.875%, 4/15/2031 
 
 
100,000
125,798
Windstream Services LLC/Windstream Escrow, 8.25%, 10/01/2031 (n)
 
$
57,000
60,012
 
 
 
$509,429
Oil Services – 1.5%
Nabors Industries, Inc., 8.875%, 8/15/2031 (n)
 
$
140,000
$145,037
U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n)
 
 
210,000
217,000
Valaris Ltd., 8.375%, 4/30/2030 (n)
 
 
132,000
138,430
 
 
 
$500,467
Oils – 0.2%
PBF Holding Co. LLC, 7.875%, 9/15/2030 (n)
 
$
68,000
$68,236
Pharmaceuticals – 2.1%
1261229 B.C. Ltd., 10%, 4/15/2032 (n)
 
$
200,000
$206,826
Bausch Health Co., Inc., 4.875%, 6/01/2028 (n)
 
 
110,000
102,369
Bausch Health Co., Inc., 5.25%, 1/30/2030 (n)
 
 
62,000
43,400
Genmab A.S., 6.25%, 12/15/2032 (n)
 
 
200,000
207,565
Grifols S.A., 7.125%, 5/01/2030 
 
EUR
100,000
123,456
 
 
 
$683,616
Pollution Control – 1.5%
Clean Harbors, Inc., 5.75%, 10/15/2033 (n)
 
$
204,000
$208,822
GFL Environmental, Inc., 4%, 8/01/2028 (n)
 
 
138,000
135,864
GFL Environmental, Inc., 6.75%, 1/15/2031 (n)
 
 
73,000
76,566
Wrangler Holdco Corp., 6.625%, 4/01/2032 (n)
 
 
74,000
77,087
 
 
 
$498,339
Precious Metals & Minerals – 1.4%
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)
 
$
171,000
$171,553
IAMGOLD Corp., 5.75%, 10/15/2028 (n)
 
 
146,000
146,345
New Gold, Inc., 6.875%, 4/01/2032 (n)
 
 
115,000
122,214
 
 
 
$440,112
Printing & Publishing – 0.5%
Graham Holdings Co., 5.625%, 12/01/2033 (n)
 
$
152,000
$151,998
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, 4.625%, 8/01/2029 
 
$
62,000
$53,568
MPT Operating Partnership LP/MPT Finance Corp., REIT, 8.5%, 2/15/2032 (n)
 
 
102,000
109,168
 
 
 
$162,736
Real Estate - Other – 2.6%
Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n)
 
$
187,000
$183,681
RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n)
 
 
236,000
242,334
RHP Hotel Properties LP/RHP Finance Corp., 6.5%, 4/01/2032 (n)
 
 
27,000
27,939
RHP Hotel Properties LP/RHP Finance Corp., 5.75%, 3/15/2034 (n)(w)
 
 
69,000
69,504
Starwood Property Trust, Inc., 5.75%, 1/15/2031 (n)
 
 
164,000
165,714
XHR LP, REIT, 4.875%, 6/01/2029 (n)
 
 
177,000
174,595
 
 
 
$863,767
Restaurants – 1.8%
1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n)
 
$
180,000
$185,123
1011778 B.C. ULC/New Red Finance, Inc., 5.625%, 9/15/2029 (n)
 
 
101,000
102,785
1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n)
 
 
132,000
126,761
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)
 
 
171,000
161,273
 
 
 
$575,942
Retailers – 2.3%
Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p)
 
$
210,809
$232,945
Macy’s Retail Holdings LLC, 5.875%, 3/15/2030 (n)
 
 
10,000
10,046
Macy's Retail Holdings LLC, 7.375%, 8/01/2033 (n)
 
 
139,000
145,621
Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n)
 
 
116,000
115,891
Maxeda DIY Holding B.V., 5.875%, 10/01/2026 
 
EUR
100,000
95,558
Penske Automotive Group Co., 3.75%, 6/15/2029 
 
$
159,000
153,773
 
 
 
$753,834
Specialty Stores – 3.4%
Carvana Co., 9%, 6/01/2031 (n)
 
$
312,915
$343,184
Michaels Cos., Inc., 5.25%, 5/01/2028 (n)
 
 
74,000
73,967
Michaels Cos., Inc., 7.875%, 5/01/2029 (n)
 
 
103,000
103,464
Michaels Cos., Inc., 8.5%, 3/15/2033 (n)
 
 
197,000
191,623
Michaels Cos., Inc., 11%, 3/15/2034 (n)
 
 
55,000
51,406
Petco Health & Wellness Co., Inc., 8.25%, 2/01/2031 (n)
 
 
94,000
91,804
PetSmart LLC/PetSmart Finance Corp., 7.5%, 9/15/2032 (n)
 
 
250,000
252,970
 
 
 
$1,108,418
Supermarkets – 1.5%
Albertsons Cos. LLC/Safeway, Inc., 6.25%, 3/15/2033 (n)
 
$
276,000
$284,605
KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n)
 
 
196,000
205,661
 
 
 
$490,266
Telecommunications - Wireless – 1.6%
Altice France S.A., 9.5%, 11/01/2029 (n)
 
$
152,439
$154,779
Altice France S.A., 6.5%, 4/15/2032 (n)
 
 
152,439
145,991
Zegona Finance PLC, 8.625%, 7/15/2029 (n)
 
 
200,000
211,191
 
 
 
$511,961
Telephone Services – 1.2%
Level 3 Financing, Inc., 6.875%, 6/30/2033 (n)
 
$
74,334
$76,986
Level 3 Financing, Inc., 7%, 3/31/2034 (n)
 
 
70,248
73,026
Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n)
 
 
143,000
139,079
Uniti Group/CSL Capital Co., 8.625%, 6/15/2032 (n)
 
 
102,000
103,449
 
 
 
$392,540
Tobacco – 0.6%
Turning Point Brands, Inc., 7.625%, 3/15/2032 (n)
 
$
175,000
$187,663
8
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – continued
Transportation - Services – 0.3%
RXO, Inc., 6.375%, 5/15/2031 (n)
 
$
94,000
$91,503
Utilities - Electric Power – 6.0%
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)
 
$
184,000
$174,311
Clearway Energy Operating LLC, 5.75%, 1/15/2034 (n)
 
 
95,000
96,252
Hawaiian Electric Co., Inc., 6%, 10/01/2033 (n)
 
 
146,000
148,813
NRG Energy, Inc., 5.75%, 1/15/2034 (n)
 
 
249,000
252,413
NRG Energy, Inc., 6%, 1/15/2036 (n)
 
 
209,000
212,712
PG&E Corp., 5.25%, 7/01/2030 
 
 
250,000
250,207
PG&E Corp., 7.375% to 3/15/2030, FLR (CMT - 5yr. + 3.883%) to 3/15/2055 
 
 
98,000
101,381
Talen Energy Supply LLC, 6.25%, 2/01/2034 (n)
 
 
175,000
178,079
Talen Energy Supply LLC, 6.5%, 2/01/2036 (n)
 
 
68,000
69,915
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)
 
 
31,000
31,000
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)
 
 
162,000
162,206
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)
 
 
38,000
37,150
XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n)
 
 
130,000
134,934
XPLR Infrastructure Operating Partners LP, 8.375%, 1/15/2031 (n)
 
 
76,000
80,473
XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/2033 (n)
 
 
33,000
34,930
 
 
 
$1,964,776
Total Bonds
$46,713,237
Common Stocks – 0.1%
Metals & Mining – 0.0%
Petra Diamonds Ltd. (a)
 
5,176
$1,210
Oil Services – 0.1%
LTRI Holdings LP (a)(u)
 
200
$37,328
Total Common Stocks
$38,538
 
 
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
$1,297
 
 
 
 
 
Mutual Funds (h) – 2.1%
Money Market Funds – 2.1%
MFS Institutional Money Market Portfolio, 3.7% (v)
 
 
694,551
$694,621
 
Other Assets, Less Liabilities – (45.2)%
(14,776,398
)
Net Assets – 100.0%
$32,671,295
 
(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 $694,621 and
$46,753,072, 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 $42,616,283,
representing 130.4% of net assets.
(p)
Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.
(u)
The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy.
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
(w)
When-issued security.
9
Portfolio of Investments (unaudited) – continued
(z)
Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be
resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve
time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:
 
Restricted Securities
Acquisition
Date
Cost
Value
Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2030
7/21/21-7/26/21
$76,734
$45,918
% of Net assets
 
 
0.1%
 
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 2/28/26
Forward Foreign Currency Exchange Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Liability Derivatives
EUR
287,375
USD
345,266
State Street Corp.
4/17/2026
$(4,970
)
USD
1,391,367
EUR
1,189,441
HSBC Bank
4/17/2026
(17,112
)
 
 
$(22,082
)
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
10
Supplemental Information
2/28/26 (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. 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 February 28, 2026 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Equity Securities:
United States
$—
$—
$37,328
$37,328
United Kingdom
1,210
1,297
—
2,507
U.S. Corporate Bonds
—
39,624,272
—
39,624,272
Foreign Bonds
—
7,088,965
—
7,088,965
Investment Companies
694,621
—
—
694,621
Total
$695,831
$46,714,534
$37,328
$47,447,693
Other Financial Instruments
Forward Foreign Currency Exchange Contracts – Liabilities
$—
$(22,082
)
$—
$(22,082
)
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 11/30/25
$37,328
Change in unrealized appreciation or depreciation
0
Balance as of 2/28/26
$37,328
At February 28, 2026, 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. The following were affiliated issuers for the period ended February 28, 2026:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$818,174
$2,972,317
$3,095,898
$145
$(117
)
$694,621
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$8,602
$—
12