Quarterly Report
July 31, 2024
MFS® Intermediate
Income Trust
Income Trust
MIN-Q3
Portfolio of Investments
7/31/24 (unaudited)
The Portfolio of Investments is a
complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||
| Bonds – 93.4% | ||||
| Aerospace & Defense – 0.5% | ||||
| Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025 | $ | 1,486,000 | $1,466,715 | |
| Asset-Backed & Securitized – 8.1% | ||||
| 3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.011%, 11/15/2054 (i) | $ | 10,339,794 | $465,828 | |
| ACREC 2021-FL1 Ltd., “AS”, FLR, 6.948% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n) | 1,087,000 | 1,078,536 | ||
| American Credit Acceptance Receivables Trust, 2024-2 “A”, 5.9%, 2/12/2027 (n) | 1,108,184 | 1,109,077 | ||
| AmeriCredit Automobile Receivables Trust, 2024-1, “A”, 5.61%, 1/12/2027 (n) | 239,447 | 239,266 | ||
| AmeriCredit Automobile Receivables Trust, 2024-1, “A2-B”, FLR, 5.933% (SOFR - 1mo. + 0.6%), 2/18/2028 | 1,127,000 | 1,126,807 | ||
| Arbor Realty Trust, Inc., CLO, 2021-FL3, “AS”, FLR, 6.843% ((SOFR - 1mo. + 0.11448%) + 1.4%), 8/15/2034 (n) | 1,112,500 | 1,105,110 | ||
| AREIT 2022-CRE6 Trust, “AS”, FLR, 6.992% (SOFR - 30 day + 1.65%), 1/20/2037 (n) | 1,522,500 | 1,507,232 | ||
| ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n) | 283,291 | 284,972 | ||
| BDS 2021-FL9 Ltd., “A”, FLR, 6.518% ((SOFR - 1mo. + 0.11448%) + 1.07%), 11/16/2038 (n) | 604,714 | 600,905 | ||
| Brazos Securitization LLC, 5.014%, 9/01/2031 (n) | 695,632 | 699,588 | ||
| Bridgecrest Lending Auto Securitization Trust, 2024-2, “A2”, 5.78%, 2/16/2027 | 869,000 | 869,628 | ||
| Bridgecrest Lending Auto Securitization Trust, 2023-1, “A2”, 6.34%, 7/15/2026 | 172,373 | 172,476 | ||
| BSPDF 2021-FL1 Issuer Ltd., “A”, FLR, 6.643% ((SOFR - 1mo. + 0.11448%) + 1.2%), 10/15/2036 (n) | 400,725 | 395,748 | ||
| BSPDF 2021-FL1 Issuer Ltd., “AS”, FLR, 6.923% ((SOFR - 1mo. + 0.11448%) + 1.48%), 10/15/2036 (n) | 774,500 | 752,147 | ||
| Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n) | 446,048 | 453,457 | ||
| BXMT 2021-FL4 Ltd., “AS”, FLR, 6.749% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n) | 2,000,000 | 1,844,333 | ||
| Commercial Mortgage Trust, 2017-COR2, “A3”, 3.51%, 9/10/2050 | 1,676,352 | 1,588,677 | ||
| Dell Equipment Finance Trust, 2023-1, “A2”, 5.65%, 9/22/2028 (n) | 218,791 | 218,778 | ||
| Dell Equipment Finance Trust, 2023-3, “A2”, 6.1%, 4/23/2029 (n) | 293,730 | 294,336 | ||
| EQT Trust, 2024-EXTR, “B”, 5.655%, 7/05/2041 (n) | 236,027 | 238,246 | ||
| GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n) | 370,377 | 374,233 | ||
| GLS Auto Select Receivables Trust, 2024-2A, “A-2”, 5.77%, 6/15/2027 (n) | 1,015,000 | 1,016,637 | ||
| LoanCore 2021-CRE6 Ltd., “AS”, FLR, 7.093% ((SOFR - 1mo. + 0.11448%) + 1.65%), 11/15/2038 (n) | 1,500,000 | 1,476,450 | ||
| Neuberger Berman CLO Ltd., 2023-53A, “B”, FLR, 7.533% (SOFR - 3mo. + 2.25%), 10/24/2032 (n) | 758,092 | 761,205 | ||
| OBX Trust, 2024-NQM1, “A1”, 5.928%, 11/25/2063 (n) | 305,975 | 307,515 | ||
| OBX Trust, 2024-NQM1, “A2”, 6.253%, 11/25/2063 (n) | 92,623 | 93,069 | ||
| OBX Trust, 2024-NQM2, “A1”, 5.878%, 12/25/2063 (n) | 1,436,614 | 1,445,407 | ||
| PFP III 2024-11 Ltd., “11A”, 7.712% (SOFR - 1mo. + 1.83239%), 9/17/2039 (n) | 926,500 | 924,184 | ||
| PFS Financing Corp., 2024-A, “A”, FLR, 6.187% (SOFR - 1mo. + 0.85%), 1/15/2028 (n) | 1,700,000 | 1,705,874 | ||
| ReadyCap Commercial Mortgage Trust, 2021-FL7, “A”, FLR, 6.664% ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (n) | 394,455 | 391,608 | ||
| ReadyCap Commercial Mortgage Trust, 2021-FL7, “AS”, FLR, 6.964% ((SOFR - 1mo. + 0.11448%) + 1.5%), 11/25/2036 (n) | 199,500 | 198,339 | ||
| Santander Drive Auto Receivables Trust, 2024-1, “A2”, 5.71%, 2/16/2027 | 297,429 | 297,575 | ||
| SBNA Auto Lease Trust, 2024-A, “A2”, 5.45%, 1/20/2026 (n) | 369,749 | 369,667 | ||
| Verus Securitization Trust, 2014-1, “A1”, 5.712%, 1/25/2069 (n) | 869,933 | 870,030 | ||
| Verus Securitization Trust, 2024-1, “A2”, 5.915%, 1/25/2069 (n) | 243,099 | 242,936 | ||
| Westlake Automobile Receivables Trust, 2024-1A “A2B”, FLR, 5.908% (SOFR - 1mo. + 0.57%), 3/15/2027 (n) | 660,000 | 660,175 | ||
| $26,180,051 | ||||
| Automotive – 1.6% | ||||
| Ford Motor Credit Co. LLC, 5.8%, 3/05/2027 | $ | 958,000 | $967,116 | |
| Hyundai Capital America, 1.65%, 9/17/2026 (n) | 1,000,000 | 932,734 | ||
| LKQ Corp., 5.75%, 6/15/2028 | 862,000 | 882,015 | ||
| LKQ Corp., 6.25%, 6/15/2033 | 1,176,000 | 1,219,403 | ||
| Stellantis Finance US, Inc., 1.711%, 1/29/2027 (n) | 762,000 | 704,799 | ||
| Stellantis Finance US, Inc., 2.691%, 9/15/2031 (n) | 532,000 | 445,720 | ||
| $5,151,787 | ||||
| Broadcasting – 0.7% | ||||
| WarnerMedia Holdings, Inc., 4.279%, 3/15/2032 | $ | 2,524,000 | $2,189,440 | |
1
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Brokerage & Asset Managers – 2.6% | ||||
| Brookfield Finance, Inc., 2.724%, 4/15/2031 | $ | 2,844,000 | $2,472,649 | |
| Charles Schwab Corp., 5.875%, 8/24/2026 | 425,000 | 432,970 | ||
| Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029 | 1,535,000 | 1,572,654 | ||
| Low Income Investment Fund, 3.386%, 7/01/2026 | 705,000 | 678,340 | ||
| Low Income Investment Fund, 3.711%, 7/01/2029 | 1,905,000 | 1,759,173 | ||
| LPL Holdings, Inc., 6.75%, 11/17/2028 | 1,437,000 | 1,517,175 | ||
| $8,432,961 | ||||
| Building – 0.5% | ||||
| Allegion US Holding Co., Inc., 5.6%, 5/29/2034 | $ | 1,713,000 | $1,754,333 | |
| Business Services – 0.9% | ||||
| Tencent Holdings Ltd., 2.88%, 4/22/2031 (n) | $ | 1,499,000 | $1,332,707 | |
| Verisk Analytics, Inc., 4.125%, 3/15/2029 | 716,000 | 701,485 | ||
| Verisk Analytics, Inc., 5.75%, 4/01/2033 | 850,000 | 893,474 | ||
| $2,927,666 | ||||
| Cable TV – 0.7% | ||||
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025 | $ | 312,000 | $309,917 | |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.15%, 11/10/2026 | 372,000 | 379,114 | ||
| Cox Communications, Inc., 5.45%, 9/15/2028 (n) | 1,559,000 | 1,591,187 | ||
| $2,280,218 | ||||
| Conglomerates – 1.4% | ||||
| nVent Finance S.à r.l., 5.65%, 5/15/2033 | $ | 1,216,000 | $1,239,258 | |
| Regal Rexnord Corp., 6.05%, 4/15/2028 | 1,533,000 | 1,570,947 | ||
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028 | 1,760,000 | 1,750,276 | ||
| $4,560,481 | ||||
| Consumer Products – 0.3% | ||||
| Haleon US Capital LLC, 3.375%, 3/24/2029 | $ | 860,000 | $813,181 | |
| Consumer Services – 1.0% | ||||
| Booking Holdings, Inc., 3.55%, 3/15/2028 | $ | 2,737,000 | $2,648,450 | |
| Conservation Fund, 3.474%, 12/15/2029 | 563,000 | 521,889 | ||
| $3,170,339 | ||||
| Containers – 0.5% | ||||
| Berry Global, Inc., 1.65%, 1/15/2027 | $ | 1,542,000 | $1,424,825 | |
| Berry Global, Inc., 5.5%, 4/15/2028 | 325,000 | 329,100 | ||
| $1,753,925 | ||||
| Electrical Equipment – 0.3% | ||||
| Arrow Electronics, Inc., 3.875%, 1/12/2028 | $ | 1,049,000 | $1,006,200 | |
| Electronics – 0.2% | ||||
| Qorvo, Inc., 1.75%, 12/15/2024 | $ | 634,000 | $623,113 | |
| Emerging Market Quasi-Sovereign – 0.9% | ||||
| DAE Funding LLC (United Arab Emirates), 1.55%, 8/01/2024 (n) | $ | 613,000 | $613,000 | |
| DAE Funding LLC (United Arab Emirates), 2.625%, 3/20/2025 (n) | 1,000,000 | 979,822 | ||
| Qatar Petroleum, 2.25%, 7/12/2031 (n) | 1,635,000 | 1,393,043 | ||
| $2,985,865 | ||||
| Energy - Independent – 0.6% | ||||
| Occidental Petroleum Corp., 5.55%, 10/01/2034 | $ | 375,000 | $377,053 | |
| Pioneer Natural Resources Co., 1.9%, 8/15/2030 | 1,750,000 | 1,503,851 | ||
| $1,880,904 | ||||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Energy - Integrated – 0.4% | ||||
| Eni S.p.A., 4.25%, 5/09/2029 (n) | $ | 1,252,000 | $1,228,102 | |
| Financial Institutions – 1.4% | ||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032 | $ | 332,000 | $292,261 | |
| Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 583,000 | 553,728 | ||
| Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 869,000 | 797,127 | ||
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 2,336,000 | 2,144,011 | ||
| SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 789,000 | 798,619 | ||
| $4,585,746 | ||||
| Food & Beverages – 2.4% | ||||
| Bacardi-Martini B.V., 5.25%, 1/15/2029 (n) | $ | 1,356,000 | $1,363,510 | |
| Constellation Brands, Inc., 4.4%, 11/15/2025 | 3,306,000 | 3,281,157 | ||
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 | 1,451,000 | 1,314,226 | ||
| JDE Peet's N.V., 1.375%, 1/15/2027 (n) | 1,931,000 | 1,770,322 | ||
| $7,729,215 | ||||
| Gaming & Lodging – 1.9% | ||||
| GLP Capital LP/GLP Financing II, Inc., 4%, 1/15/2031 | $ | 3,055,000 | $2,795,125 | |
| Hyatt Hotels Corp., 1.8%, 10/01/2024 | 1,286,000 | 1,277,070 | ||
| Marriott International, Inc., 2.85%, 4/15/2031 | 802,000 | 702,961 | ||
| Marriott International, Inc., 2.75%, 10/15/2033 | 1,750,000 | 1,456,459 | ||
| $6,231,615 | ||||
| Industrial – 0.4% | ||||
| Howard University, Washington D.C., AGM, 2.757%, 10/01/2027 | $ | 1,250,000 | $1,163,329 | |
| Insurance – 1.5% | ||||
| AIA Group Ltd., 3.375%, 4/07/2030 (n) | $ | 563,000 | $524,902 | |
| Corebridge Financial, Inc., 3.85%, 4/05/2029 | 2,500,000 | 2,384,604 | ||
| Sammons Financial Group, Inc., 4.75%, 4/08/2032 (n) | 2,000,000 | 1,814,575 | ||
| $4,724,081 | ||||
| Insurance - Health – 0.3% | ||||
| Humana, Inc., 3.7%, 3/23/2029 | $ | 867,000 | $829,871 | |
| Insurance - Property & Casualty – 1.2% | ||||
| Arthur J. Gallagher & Co., 6.5%, 2/15/2034 | $ | 1,626,000 | $1,764,483 | |
| RenaissanceRe Holdings Ltd., 5.75%, 6/05/2033 | 2,000,000 | 2,025,227 | ||
| $3,789,710 | ||||
| International Market Quasi-Sovereign – 0.4% | ||||
| NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $ | 1,181,000 | $1,231,019 | |
| Machinery & Tools – 1.1% | ||||
| AGCO Corp., 5.8%, 3/21/2034 | $ | 529,000 | $538,827 | |
| CNH Industrial N.V., 3.85%, 11/15/2027 | 3,066,000 | 2,974,177 | ||
| $3,513,004 | ||||
| Major Banks – 10.9% | ||||
| Bank of America Corp., 1.734% to 7/22/2026, FLR (SOFR - 1 day + 0.96%) to 7/22/2027 | $ | 2,224,000 | $2,087,615 | |
| Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032 | 1,823,000 | 1,548,837 | ||
| Barclays PLC, 2.279% to 11/24/2026, FLR (CMT - 1yr. + 1.05%) to 11/24/2027 | 1,435,000 | 1,346,602 | ||
| BNP Paribas S.A., 2.591% to 1/20/2027, FLR (SOFR - 1 day + 1.228%) to 1/20/2028 (n) | 1,723,000 | 1,626,369 | ||
| Capital One Financial Corp., 7.624% to 10/30/2030, FLR (SOFR - 1 day + 3.07%) to 10/30/2031 | 1,677,000 | 1,875,782 | ||
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027 | 457,000 | 427,230 | ||
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029 | 150,000 | 156,663 | ||
| Goldman Sachs Group, Inc., 3.5%, 4/01/2025 | 1,500,000 | 1,481,268 | ||
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Major Banks – continued | ||||
| Goldman Sachs Group, Inc., 1.093% to 12/09/2025, FLR (SOFR - 1 day + 0.789%) to 12/09/2026 | $ | 894,000 | $844,743 | |
| Huntington Bancshares, Inc., 6.208% to 8/21/2028, FLR (SOFR - 1 day + 2.02%) to 8/21/2029 | 1,142,000 | 1,186,860 | ||
| JPMorgan Chase & Co., 2.005% to 3/13/2025, FLR (SOFR - 1 day + 1.585%) to 3/13/2026 | 2,500,000 | 2,448,912 | ||
| JPMorgan Chase & Co., 5.04% to 1/23/2027, FLR (SOFR - 1 day + 1.19%) to 1/23/2028 | 357,000 | 358,617 | ||
| JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR - 1 day + 1.25%) to 4/22/2032 | 2,250,000 | 1,940,919 | ||
| Lloyds Banking Group PLC, 3.511% to 3/18/2025, FLR (CMT - 1yr. + 1.6%) to 3/18/2026 | 2,546,000 | 2,515,062 | ||
| Mizuho Financial Group, 5.754%, 5/27/2034 | 2,000,000 | 2,075,945 | ||
| Morgan Stanley, 3.875%, 1/27/2026 | 5,400,000 | 5,318,065 | ||
| Morgan Stanley, 3.625%, 1/20/2027 | 824,000 | 804,481 | ||
| Morgan Stanley, 3.95%, 4/23/2027 | 290,000 | 282,844 | ||
| Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + 0.858%) to 7/20/2027 | 977,000 | 913,776 | ||
| Standard Chartered PLC, 6.17% to 1/09/2026, FLR (CMT - 1yr. + 2.05%) to 1/09/2027 (n) | 1,750,000 | 1,770,618 | ||
| UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 (n) | 2,449,000 | 2,384,002 | ||
| UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | 2,088,000 | 2,019,435 | ||
| $35,414,645 | ||||
| Medical & Health Technology & Services – 0.7% | ||||
| IQVIA, Inc., 5.7%, 5/15/2028 | $ | 472,000 | $482,743 | |
| IQVIA, Inc., 6.25%, 2/01/2029 | 353,000 | 368,832 | ||
| ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038 | 1,250,000 | 1,252,620 | ||
| $2,104,195 | ||||
| Metals & Mining – 1.8% | ||||
| Anglo American Capital PLC, 4.75%, 4/10/2027 (n) | $ | 1,547,000 | $1,535,950 | |
| Anglo American Capital PLC, 2.25%, 3/17/2028 (n) | 744,000 | 677,550 | ||
| Anglo American Capital PLC, 2.875%, 3/17/2031 (n) | 870,000 | 755,214 | ||
| Glencore Funding LLC, 1.625%, 4/27/2026 (n) | 1,191,000 | 1,125,447 | ||
| Glencore Funding LLC, 3.875%, 10/27/2027 (n) | 1,887,000 | 1,820,027 | ||
| $5,914,188 | ||||
| Midstream – 1.7% | ||||
| Enbridge, Inc., 3.125%, 11/15/2029 | $ | 1,506,000 | $1,387,506 | |
| MPLX LP, 4%, 3/15/2028 | 1,395,000 | 1,356,014 | ||
| Plains All American Pipeline LP, 3.8%, 9/15/2030 | 1,510,000 | 1,412,964 | ||
| Targa Resources Corp., 4.2%, 2/01/2033 | 357,000 | 328,383 | ||
| Targa Resources Corp., 6.125%, 3/15/2033 | 577,000 | 606,965 | ||
| Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029 | 499,000 | 512,327 | ||
| $5,604,159 | ||||
| Mortgage-Backed – 1.5% | ||||
| Fannie Mae, 6.5%, 11/01/2031 | $ | 223,134 | $228,778 | |
| Freddie Mac, 3.064%, 8/25/2024 | 663,039 | 660,531 | ||
| Freddie Mac, 2.57%, 7/25/2026 | 3,375,000 | 3,250,276 | ||
| Freddie Mac, 0.443%, 5/25/2029 (i) | 6,839,541 | 138,919 | ||
| Freddie Mac, 0.354%, 2/25/2031 (i) | 6,786,456 | 167,060 | ||
| Freddie Mac, 0.265%, 5/25/2033 (i) | 6,200,000 | 142,213 | ||
| Freddie Mac, 0.176%, 10/25/2033 (i) | 11,614,030 | 211,053 | ||
| Freddie Mac, 6%, 8/01/2034 | 3,618 | 3,728 | ||
| Ginnie Mae, 6%, 6/15/2033 - 10/15/2036 | 187,463 | 195,131 | ||
| $4,997,689 | ||||
| Municipals – 4.6% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.06%, 12/01/2025 | $ | 1,835,000 | $1,817,561 | |
| Gainesville, TX, Hospital District, Taxable, “A”, 5.711%, 8/15/2033 | 2,330,000 | 2,374,133 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B”, 3%, 6/01/2046 | 540,000 | 492,743 | ||
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.839%, 10/01/2036 | 110,000 | 94,953 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “N”, 6.069%, 7/01/2033 | 1,750,000 | 1,804,116 | ||
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, Issue M, “A”, 2.641%, 7/01/2037 | 1,745,000 | 1,584,716 | ||
| Michigan Finance Authority Hospital Refunding Rev., Taxable (Trinity Health Credit Group), “T”, 3.084%, 12/01/2034 | 2,500,000 | 2,197,070 | ||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Municipals – continued | ||||
| Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030 | $ | 14,541 | $14,357 | |
| Rhode Island Student Loan Authority, Education Loan Rev., Taxable, “2”, 2.348%, 12/01/2040 | 190,000 | 174,264 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable (Carousel Center Project), “B”, 5%, 1/01/2036 (n) | 3,635,000 | 2,762,786 | ||
| University of California, General Taxable Rev., Taxable, “BG”, 1.614%, 5/15/2030 | 2,010,000 | 1,726,425 | ||
| $15,043,124 | ||||
| Other Banks & Diversified Financials – 1.3% | ||||
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $ | 352,000 | $370,502 | |
| CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n) | 637,000 | 649,088 | ||
| Macquarie Group Ltd., 1.34% to 1/12/2026, FLR (SOFR - 1 day + 1.069%) to 1/12/2027 (n) | 1,784,000 | 1,687,090 | ||
| Macquarie Group Ltd., 6.255% to 12/07/2033, FLR (SOFR - 1 day + 2.303%) to 12/07/2034 (n) | 819,000 | 865,372 | ||
| Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030 | 789,000 | 801,158 | ||
| $4,373,210 | ||||
| Pharmaceuticals – 0.6% | ||||
| Bayer US Finance LLC, 6.375%, 11/21/2030 (n) | $ | 2,000,000 | $2,094,293 | |
| Real Estate - Retail – 2.6% | ||||
| Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030 | $ | 2,349,000 | $2,232,345 | |
| NNN REIT, Inc., 5.6%, 10/15/2033 | 675,000 | 689,108 | ||
| Realty Income Corp., REIT, 3.4%, 1/15/2028 | 2,875,000 | 2,749,937 | ||
| Regency Centers Corp., 3.7%, 6/15/2030 | 3,000,000 | 2,830,124 | ||
| $8,501,514 | ||||
| Specialty Stores – 1.4% | ||||
| DICK'S Sporting Goods, 3.15%, 1/15/2032 | $ | 2,631,000 | $2,282,564 | |
| Ross Stores, Inc., 4.8%, 4/15/2030 | 2,358,000 | 2,313,080 | ||
| $4,595,644 | ||||
| Telecommunications - Wireless – 1.8% | ||||
| Crown Castle, Inc., REIT, 3.65%, 9/01/2027 | $ | 947,000 | $913,454 | |
| Crown Castle, Inc., REIT, 2.25%, 1/15/2031 | 1,000,000 | 844,676 | ||
| Rogers Communications, Inc., 3.2%, 3/15/2027 | 1,739,000 | 1,670,320 | ||
| T-Mobile USA, Inc., 3.875%, 4/15/2030 | 2,500,000 | 2,384,164 | ||
| $5,812,614 | ||||
| Tobacco – 1.2% | ||||
| B.A.T. Capital Corp., 4.7%, 4/02/2027 | $ | 2,000,000 | $1,992,521 | |
| Philip Morris International, Inc., 5.75%, 11/17/2032 | 1,773,000 | 1,855,329 | ||
| $3,847,850 | ||||
| Transportation - Services – 2.3% | ||||
| Element Fleet Management Corp., 6.271%, 6/26/2026 (n) | $ | 1,685,000 | $1,716,057 | |
| Element Fleet Management Corp., 5.643%, 3/13/2027 (n) | 653,000 | 661,881 | ||
| GXO Logistics, Inc., 6.25%, 5/06/2029 | 625,000 | 648,158 | ||
| Penske Truck Leasing Co. LP, 5.35%, 1/12/2027 (n) | 648,000 | 654,030 | ||
| Penske Truck Leasing Co. LP, 5.35%, 3/30/2029 (n) | 911,000 | 925,684 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 480,000 | 434,138 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 1,525,000 | 1,296,552 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | 1,392,000 | 959,176 | ||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | 480,000 | 294,858 | ||
| $7,590,534 | ||||
| U.S. Government Agencies and Equivalents – 0.0% | ||||
| Small Business Administration, 5.36%, 11/01/2025 | $ | 20,203 | $19,998 | |
| Small Business Administration, 5.39%, 12/01/2025 | 13,200 | 13,116 | ||
| $33,114 | ||||
5
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| U.S. Treasury Obligations – 25.4% | ||||
| U.S. Treasury Notes, 2.375%, 8/15/2024 | $ | 9,230,000 | $9,219,071 | |
| U.S. Treasury Notes, 2%, 2/15/2025 (f) | 9,900,000 | 9,740,479 | ||
| U.S. Treasury Notes, 2%, 8/15/2025 | 5,225,000 | 5,083,884 | ||
| U.S. Treasury Notes, 2.25%, 11/15/2025 | 5,086,000 | 4,939,777 | ||
| U.S. Treasury Notes, 2%, 11/15/2026 | 6,254,000 | 5,958,889 | ||
| U.S. Treasury Notes, 1.625%, 11/30/2026 | 7,750,000 | 7,311,641 | ||
| U.S. Treasury Notes, 1.875%, 2/28/2027 | 10,066,500 | 9,514,809 | ||
| U.S. Treasury Notes, 2.375%, 5/15/2027 | 4,075,000 | 3,890,829 | ||
| U.S. Treasury Notes, 0.5%, 6/30/2027 | 6,500,000 | 5,867,773 | ||
| U.S. Treasury Notes, 0.375%, 9/30/2027 | 5,672,000 | 5,058,937 | ||
| U.S. Treasury Notes, 1.75%, 11/15/2029 | 4,500,000 | 4,039,102 | ||
| U.S. Treasury Notes, 1.5%, 2/15/2030 | 5,043,500 | 4,431,582 | ||
| U.S. Treasury Notes, 4.625%, 4/30/2031 | 1,626,000 | 1,689,007 | ||
| U.S. Treasury Notes, 1.875%, 2/15/2032 | 2,705,500 | 2,333,916 | ||
| U.S. Treasury Notes, 4.125%, 11/15/2032 | 3,400,000 | 3,426,031 | ||
| $82,505,727 | ||||
| Utilities - Electric Power – 3.8% | ||||
| Algonquin Power & Utilities Corp., 5.365%, 6/15/2026 | $ | 364,000 | $364,888 | |
| Enel Americas S.A., 4%, 10/25/2026 | 252,000 | 245,047 | ||
| Enel Finance International N.V., 6.8%, 10/14/2025 (n) | 895,000 | 913,825 | ||
| FirstEnergy Corp., 3.9%, 7/15/2027 | 2,827,000 | 2,741,045 | ||
| ITC Holdings Corp., 2.95%, 5/14/2030 (n) | 3,000,000 | 2,708,988 | ||
| Liberty Utilities Finance Co., 2.05%, 9/15/2030 (n) | 3,000,000 | 2,521,851 | ||
| Pacific Gas & Electric Co., 5.45%, 6/15/2027 | 401,000 | 405,660 | ||
| Pacific Gas & Electric Co., 2.1%, 8/01/2027 | 952,000 | 873,407 | ||
| Pacific Gas & Electric Co., 6.1%, 1/15/2029 | 326,000 | 338,953 | ||
| Southern California Edison Co., 6.65%, 4/01/2029 | 816,000 | 871,261 | ||
| Transelec S.A., 4.25%, 1/14/2025 (n) | 228,000 | 227,100 | ||
| $12,212,025 | ||||
| Total Bonds | $302,847,396 | |||
| Investment Companies (h) – 6.2% | ||||
| Money Market Funds – 6.2% | ||||
| MFS Institutional Money Market Portfolio, 5.39% (v) | 19,931,712 | $19,933,705 | ||
| Other Assets, Less Liabilities – 0.4% | 1,451,003 | |||
| Net Assets – 100.0% | $324,232,104 | |||
| (f) | All or a portion of the security has been segregated as collateral for open futures contracts. | |||
| (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 $19,933,705 and $302,847,396, respectively. | |||
| (i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. | |||
| (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 $77,335,870, representing 23.9% of net assets. | |||
| (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. |
6
Portfolio of Investments (unaudited) –
continued
| The following abbreviations are used in this report and are defined: | |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| CLO | Collateralized Loan Obligation |
| 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. |
| NPFG | National Public Finance Guarantee Corp. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| Derivative Contracts at 7/31/24 | ||||||
| Futures Contracts | ||||||
| Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Asset Derivatives | ||||||
| Interest Rate Futures | ||||||
| U.S. Treasury Note 10 yr | Long | USD | 94 | $10,510,375 | September – 2024 | $167,138 |
| U.S. Treasury Note 2 yr | Long | USD | 89 | 18,277,679 | September – 2024 | 8,111 |
| U.S. Treasury Note 5 yr | Long | USD | 483 | 52,111,172 | September – 2024 | 766,287 |
| U.S. Treasury Ultra Note 10 yr | Long | USD | 7 | 809,047 | September – 2024 | 2,490 |
| $944,026 | ||||||
| Liability Derivatives | ||||||
| Interest Rate Futures | ||||||
| U.S. Treasury Ultra Bond 30 yr | Short | USD | 36 | $4,606,875 | September – 2024 | $(48,274) |
At July 31, 2024, the fund had
liquid securities with an aggregate value of $757,595 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental
information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
7
Supplemental Information
7/31/24 (unaudited)
The fund is an investment company
and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment
Companies.
(1) Investment Valuations
Subject to its oversight, the fund's
Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy
and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the
“valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as
determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy
and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term
instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary
exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as
provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign
currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation
policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based
on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the
basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information
such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the
investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the
determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally
traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment
characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The
value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used
to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it
were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in
determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a
particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or
liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).
8
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 futures contracts. The following is a summary of the levels
used as of July 31, 2024 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | $— | $82,538,841 | $— | $82,538,841 |
| Non - U.S. Sovereign Debt | — | 4,216,884 | — | 4,216,884 |
| Municipal Bonds | — | 15,043,124 | — | 15,043,124 |
| U.S. Corporate Bonds | — | 118,246,780 | — | 118,246,780 |
| Residential Mortgage-Backed Securities | — | 7,956,646 | — | 7,956,646 |
| Commercial Mortgage-Backed Securities | — | 7,158,447 | — | 7,158,447 |
| Asset-Backed Securities (including CDOs) | — | 16,062,647 | — | 16,062,647 |
| Foreign Bonds | — | 51,624,027 | — | 51,624,027 |
| Mutual Funds | 19,933,705 | — | — | 19,933,705 |
| Total | $19,933,705 | $302,847,396 | $— | $322,781,101 |
| Other Financial Instruments | ||||
| Futures Contracts – Assets | $944,026 | $— | $— | $944,026 |
| Futures Contracts – Liabilities | (48,274) | — | — | (48,274) |
For further information regarding
security characteristics, see the Portfolio of Investments.
(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 | $30,216,448 | $54,510,503 | $64,793,718 | $438 | $34 | $19,933,705 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $1,082,007 | $— |
9