NPORT-EX 3 NPORT_52A1_64478142_0122.htm
Quarterly Report
January 31, 2022
MFS®  Special Value Trust
MFV-Q1
Portfolio of Investments
1/31/22 (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 – 52.8%
Aerospace & Defense – 1.0%
Bombardier, Inc., 7.5%, 3/15/2025 (n)   $ 46,000 $46,575
Bombardier, Inc., 7.125%, 6/15/2026 (n)     43,000 43,699
Moog, Inc., 4.25%, 12/15/2027 (n)     90,000 90,319
TransDigm, Inc., 6.25%, 3/15/2026 (n)     70,000 72,275
TransDigm, Inc., 6.375%, 6/15/2026      40,000 40,700
TransDigm, Inc., 5.5%, 11/15/2027      55,000 55,275
TransDigm, Inc., 4.625%, 1/15/2029      41,000 38,936
        $387,779
Automotive – 1.1%
Clarios Global LP/Clarios US Finance Cois, 8.5%, 5/15/2027 (n)   $ 90,000 $94,102
Dana, Inc., 5.375%, 11/15/2027      46,000 47,552
Dana, Inc., 5.625%, 6/15/2028      15,000 15,600
Dana, Inc., 4.25%, 9/01/2030      25,000 24,219
Dornoch Debt Merger Sub Inc., 6.625%, 10/15/2029 (n)     40,000 38,650
Ford Motor Co., 4.75%, 1/15/2043      45,000 45,992
IAA Spinco, Inc., 5.5%, 6/15/2027 (n)     65,000 66,707
Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n)     40,000 39,171
Wheel Pros, Inc., 6.5%, 5/15/2029 (n)     35,000 32,550
        $404,543
Broadcasting – 1.3%
Advantage Sales & Marketing, Inc., 6.5%, 11/15/2028 (n)   $ 60,000 $59,550
Gray Escrow II, Inc., 5.375%, 11/15/2031 (n)     95,000 93,669
iHeartCommunications, Inc., 8.375%, 5/01/2027      55,000 57,523
Scripps Escrow II, Inc., 5.875%, 7/15/2027 (n)     70,000 71,400
Univision Communications, Inc., 4.5%, 5/01/2029 (n)     115,000 113,901
WMG Acquisition Corp., 3.875%, 7/15/2030 (n)     110,000 104,961
        $501,004
Brokerage & Asset Managers – 0.8%
Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n)   $ 35,000 $35,699
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)     90,000 91,454
LPL Holdings, Inc., 4%, 3/15/2029 (n)     51,000 49,498
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)     35,000 34,302
NFP Corp., 4.875%, 8/15/2028 (n)     45,000 43,963
NFP Corp., 6.875%, 8/15/2028 (n)     40,000 38,050
        $292,966
Building – 1.8%
ABC Supply Co., Inc., 4%, 1/15/2028 (n)   $ 125,000 $122,350
GYP Holding III Corp., 4.625%, 5/01/2029 (n)     75,000 72,844
Interface, Inc., 5.5%, 12/01/2028 (n)     65,000 66,787
MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n)     35,000 34,683
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n)     35,000 35,000
New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n)     35,000 36,837
Park River Holdings, Inc., 5.625%, 2/01/2029 (n)     25,000 22,813
Patrick Industries, Inc., 7.5%, 10/15/2027 (n)     65,000 68,250
SRM Escrow Issuer LLC, 6%, 11/01/2028 (n)     60,000 61,608
SRS Distribution, Inc., 6.125%, 7/01/2029 (n)     60,000 58,800
Standard Industries, Inc., 4.375%, 7/15/2030 (n)     71,000 67,805
Standard Industries, Inc., 3.375%, 1/15/2031 (n)     10,000 9,149
White Cap Buyer LLC, 6.875%, 10/15/2028 (n)     45,000 46,171
        $703,097
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Business Services – 1.1%
Austin BidCo, Inc., 7.125%, 12/15/2028 (n)   $ 35,000 $35,525
HealthEquity, Inc., 4.5%, 10/01/2029 (n)     55,000 53,762
Iron Mountain, Inc., 5.25%, 3/15/2028 (n)     30,000 30,437
Iron Mountain, Inc., REIT, 4.875%, 9/15/2027 (n)     55,000 55,164
Nielsen Finance LLC, 4.5%, 7/15/2029 (n)     65,000 60,612
Paysafe Finance PLC, 4%, 6/15/2029 (z)     55,000 49,606
Switch Ltd., 3.75%, 9/15/2028 (n)     74,000 70,587
Switch Ltd., 4.125%, 6/15/2029 (n)     20,000 19,480
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)     50,000 52,510
        $427,683
Cable TV – 4.1%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n)   $ 160,000 $158,767
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n)     50,000 48,750
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n)     90,000 85,858
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n)     55,000 50,889
CSC Holdings LLC, 4.125%, 12/01/2030 (n)     200,000 183,038
DISH DBS Corp., 7.75%, 7/01/2026      30,000 30,874
DISH DBS Corp., 5.25%, 12/01/2026 (n)     50,000 48,500
DISH DBS Corp., 5.125%, 6/01/2029      40,000 34,900
Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023 (a)(d)     45,000 19,631
Intelsat Jackson Holdings S.A., 9.75%, 7/15/2025 (a)(d)(n)     30,000 13,245
Sirius XM Holdings, Inc., 3.875%, 9/01/2031 (n)     75,000 69,375
Sirius XM Radio, Inc., 4%, 7/15/2028 (n)     67,000 64,823
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n)     125,000 129,723
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)     200,000 204,000
Videotron Ltd., 5.125%, 4/15/2027 (n)     60,000 61,327
Virgin Media Finance PLC, 5%, 7/15/2030 (n)     200,000 188,520
Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n)     200,000 189,727
        $1,581,947
Chemicals – 1.4%
Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n)   $ 150,000 $154,106
Element Solutions, Inc., 3.875%, 9/01/2028 (n)     65,000 62,400
Ingevity Corp., 3.875%, 11/01/2028 (n)     74,000 70,056
LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n)     35,000 34,300
Sasol Financing (USA) LLC, 5.5%, 3/18/2031      200,000 195,500
        $516,362
Computer Software – 0.6%
Camelot Finance S.A., 4.5%, 11/01/2026 (n)   $ 40,000 $40,604
Clarivate Science Holdings Corp., 3.875%, 7/01/2028 (n)     10,000 9,540
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n)     65,000 61,912
Dun & Bradstreet Corp., 5%, 12/15/2029 (n)     35,000 34,912
PTC, Inc., 3.625%, 2/15/2025 (n)     55,000 55,206
PTC, Inc., 4%, 2/15/2028 (n)     35,000 34,690
        $236,864
Computer Software - Systems – 0.8%
Fair Isaac Corp., 5.25%, 5/15/2026 (n)   $ 130,000 $139,024
Fair Isaac Corp., 4%, 6/15/2028 (n)     7,000 6,930
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)     80,000 82,618
Viavi Solutions, Inc., 3.75%, 10/01/2029 (n)     70,000 67,900
        $296,472
Conglomerates – 1.6%
Amsted Industries Co., 5.625%, 7/01/2027 (n)   $ 85,000 $87,206
BWX Technologies, Inc., 4.125%, 6/30/2028 (n)     23,000 22,684
BWX Technologies, Inc., 4.125%, 4/15/2029 (n)     87,000 85,695
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Conglomerates – continued
Gates Global LLC, 6.25%, 1/15/2026 (n)   $ 55,000 $56,815
Granite Holdings U.S. Acquisition Co., 11%, 10/01/2027 (n)     40,000 42,800
Griffon Corp., 5.75%, 3/01/2028      60,000 59,941
Madison IAQ LLC, 5.875%, 6/30/2029 (n)     50,000 46,210
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n)     65,000 67,844
TriMas Corp., 4.125%, 4/15/2029 (n)     135,000 132,300
        $601,495
Construction – 0.7%
Empire Communities Corp., 7%, 12/15/2025 (n)   $ 45,000 $45,779
Mattamy Group Corp., 5.25%, 12/15/2027 (n)     30,000 30,529
Mattamy Group Corp., 4.625%, 3/01/2030 (n)     55,000 54,226
Taylor Morrison Communities, Inc., 5.75%, 1/15/2028 (n)     50,000 53,250
Taylor Morrison Communities, Inc., 5.125%, 8/01/2030 (n)     30,000 31,094
Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n)     59,000 58,031
        $272,909
Consumer Products – 0.6%
Mattel, Inc., 3.375%, 4/01/2026 (n)   $ 46,000 $45,804
Mattel, Inc., 5.875%, 12/15/2027 (n)     39,000 41,438
Mattel, Inc., 5.45%, 11/01/2041      15,000 16,800
Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n)     55,000 55,412
Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n)     25,000 22,688
SWF Escrow Issuer Corp., 6.5%, 10/01/2029 (n)     45,000 41,850
        $223,992
Consumer Services – 1.9%
Allied Universal Holdco LLC, 6.625%, 7/15/2026 (n)   $ 20,000 $20,537
Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n)     80,000 84,400
ANGI Group LLC, 3.875%, 8/15/2028 (n)     65,000 59,502
Arches Buyer, Inc., 6.125%, 12/01/2028 (n)     55,000 53,419
GoDaddy, Inc., 3.5%, 3/01/2029 (n)     103,000 96,056
GW B-CR Security Corp., 9.5%, 11/01/2027 (n)     44,000 46,244
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n)     5,000 4,582
Match Group, Inc., 5%, 12/15/2027 (n)     65,000 66,869
Match Group, Inc., 4.625%, 6/01/2028 (n)     60,000 59,250
Match Group, Inc., 4.125%, 8/01/2030 (n)     20,000 19,200
Realogy Group LLC/Realogy Co-Issuer Corp., 9.375%, 4/01/2027 (n)     50,000 54,135
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n)     25,000 24,558
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n)     35,000 33,512
TriNet Group, Inc., 3.5%, 3/01/2029 (n)     86,000 81,667
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/2026 (n)     35,000 35,437
        $739,368
Containers – 1.0%
ARD Finance S.A., 6.5% (6.5% cash or 7.25% PIK), 6/30/2027 (n)(p)   $ 200,000 $202,000
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026      80,000 82,500
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026      40,000 40,812
Greif, Inc., 6.5%, 3/01/2027 (n)     50,000 51,755
        $377,067
Electrical Equipment – 0.2%
CommScope Technologies LLC, 5%, 3/15/2027 (n)   $ 90,000 $80,148
Electronics – 0.9%
Diebold Nixdorf, Inc., 8.5%, 4/15/2024    $ 20,000 $19,850
Diebold Nixdorf, Inc., 9.375%, 7/15/2025 (n)     35,000 36,764
Entegris, Inc., 4.375%, 4/15/2028 (n)     30,000 29,775
Entegris, Inc., 3.625%, 5/01/2029 (n)     27,000 25,859
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Electronics – continued
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)   $ 50,000 $52,750
Sensata Technologies B.V., 5%, 10/01/2025 (n)     95,000 100,106
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n)     30,000 29,988
Synaptics, Inc., 4%, 6/15/2029 (n)     65,000 63,739
        $358,831
Emerging Market Quasi-Sovereign – 0.8%
Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n)   $ 197,000 $193,686
Petroleos Mexicanos, 6.49%, 1/23/2027      100,000 104,413
        $298,099
Emerging Market Sovereign – 0.4%
Republic of Ecuador, 0%, 7/31/2030 (n)   $ 8,116 $4,758
Republic of Ecuador, 5%, 7/31/2030 (n)     37,800 32,792
Republic of Ecuador, 1%, 7/31/2035 (n)     99,060 69,986
Republic of Ecuador, 0.5%, 7/31/2040 (n)     45,400 27,240
Republic of Venezuela, 7%, 3/31/2038 (a)(d)     203,000 11,673
        $146,449
Energy - Independent – 1.8%
Callon Petroleum Co., 6.125%, 10/01/2024    $ 25,000 $25,000
Callon Petroleum Co., 8%, 8/01/2028 (n)     30,000 30,563
CNX Resources Corp., 6%, 1/15/2029 (n)     65,000 66,950
Colgate Energy Partners III LLC, 5.875%, 7/01/2029 (n)     20,000 20,325
Comstock Resources, Inc., 6.75%, 3/01/2029 (n)     50,000 51,439
CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n)     35,000 35,330
Encino Acquisition Partners Holdings LLC, 8.5%, 5/01/2028 (n)     30,000 30,338
EQT Corp., 5%, 1/15/2029      48,000 50,520
Laredo Petroleum, Inc., 10.125%, 1/15/2028      10,000 10,525
Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n)     10,000 9,152
Occidental Petroleum Corp., 5.875%, 9/01/2025      55,000 58,781
Occidental Petroleum Corp., 5.5%, 12/01/2025      45,000 47,752
Occidental Petroleum Corp., 6.625%, 9/01/2030      60,000 70,411
Occidental Petroleum Corp., 6.45%, 9/15/2036      25,000 30,368
Occidental Petroleum Corp., 6.6%, 3/15/2046      35,000 44,001
SM Energy Co., 5.625%, 6/01/2025      30,000 29,775
SM Energy Co., 6.5%, 7/15/2028      30,000 30,990
Southwestern Energy Co., 5.95%, 1/23/2025      5,900 6,239
Southwestern Energy Co., 8.375%, 9/15/2028      25,000 27,430
Southwestern Energy Co., 5.375%, 3/15/2030      30,000 30,738
        $706,627
Entertainment – 1.7%
AMC Entertainment Holdings, Inc., 10% (10% cash or 12% PIK), 6/15/2026 (n)(p)   $ 20,000 $18,648
Carnival Corp. PLC, 7.625%, 3/01/2026 (n)     115,000 117,300
Carnival Corp. PLC, 5.75%, 3/01/2027 (n)     50,000 47,960
Carnival Corp. PLC, 6%, 5/01/2029 (n)     15,000 14,430
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Operations LLC, 5.375%, 4/15/2027      35,000 35,438
Life Time, Inc., 5.75%, 1/15/2026 (n)     45,000 45,180
Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n)     71,000 72,242
Live Nation Entertainment, Inc., 3.75%, 1/15/2028 (n)     30,000 28,950
NCL Corp. Ltd., 3.625%, 12/15/2024 (n)     40,000 36,887
NCL Corp. Ltd., 5.875%, 3/15/2026 (n)     35,000 33,338
Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n)     25,000 24,160
Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n)     70,000 67,920
SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n)     75,000 73,073
Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n)     25,000 22,813
        $638,339
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Financial Institutions – 1.4%
Credit Acceptance Corp., 5.125%, 12/31/2024 (n)   $ 70,000 $70,700
Freedom Mortgage Corp., 7.625%, 5/01/2026 (n)     50,000 47,750
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% cash or 7.25% PIK), 9/15/2024 (n)(p)     144,266 135,365
Howard Hughes Corp., 4.125%, 2/01/2029 (n)     84,000 80,743
Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n)     60,000 62,243
Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/2031 (n)     20,000 19,340
OneMain Finance Corp., 6.875%, 3/15/2025      40,000 43,400
OneMain Finance Corp., 8.875%, 6/01/2025      30,000 31,842
OneMain Finance Corp., 7.125%, 3/15/2026      25,000 27,484
Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n)     15,000 14,023
        $532,890
Food & Beverages – 2.1%
Aramark Services, Inc., 6.375%, 5/01/2025 (n)   $ 90,000 $93,262
Aramark Services, Inc., 5%, 2/01/2028 (n)     15,000 14,888
Central America Bottling Co., 5.25%, 4/27/2029 (n)     200,000 202,776
JBS USA Lux S.A./JBS USA Finance, Inc., 6.75%, 2/15/2028 (n)     85,000 90,632
Lamb Weston Holdings, Inc., 4.125%, 1/31/2030 (n)     95,000 93,851
Performance Food Group Co., 5.5%, 10/15/2027 (n)     65,000 66,499
Post Holdings, Inc., 5.625%, 1/15/2028 (n)     45,000 46,207
Post Holdings, Inc., 4.625%, 4/15/2030 (n)     75,000 72,281
Primo Water Holding, Inc., 4.375%, 4/30/2029 (n)     60,000 57,275
U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n)     75,000 73,609
        $811,280
Gaming & Lodging – 2.8%
Boyd Gaming Corp., 4.75%, 12/01/2027    $ 60,000 $59,696
Boyd Gaming Corp., 4.75%, 6/15/2031 (n)     25,000 24,539
Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n)     50,000 47,870
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 7/01/2025 (n)     45,000 46,336
Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n)     50,000 53,812
CCM Merger, Inc., 6.375%, 5/01/2026 (n)     55,000 56,925
Hilton Domestic Operating Co., Inc., 3.75%, 5/01/2029 (n)     80,000 77,950
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n)     61,000 57,885
Marriott Ownership Resorts, Inc., 4.5%, 6/15/2029 (n)     55,000 53,957
MGM Growth Properties LLC, 4.625%, 6/15/2025 (n)     60,000 62,700
MGM Growth Properties LLC, 5.75%, 2/01/2027      25,000 27,625
MGM Growth Properties LLC, 3.875%, 2/15/2029 (n)     42,000 43,155
Penn National Gaming, Inc., 4.125%, 7/01/2029 (n)     50,000 47,000
Scientific Games Corp., 8.625%, 7/01/2025 (n)     10,000 10,600
Scientific Games Corp., 8.25%, 3/15/2026 (n)     35,000 36,531
Scientific Games International, Inc., 7%, 5/15/2028 (n)     40,000 42,010
VICI Properties LP, REIT, 4.25%, 12/01/2026 (n)     40,000 40,450
VICI Properties LP, REIT, 3.75%, 2/15/2027 (n)     65,000 64,358
Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n)     88,000 87,314
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/2027 (n)     35,000 34,434
Wynn Macau Ltd., 5.5%, 1/15/2026 (n)     35,000 32,841
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n)     45,000 43,735
        $1,051,723
Industrial – 0.5%
APi Escrow Corp., 4.75%, 10/15/2029 (n)   $ 65,000 $63,863
Dycom Industries, Inc., 4.5%, 4/15/2029 (n)     40,000 39,173
Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n)     80,000 80,700
        $183,736
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Insurance - Property & Casualty – 0.6%
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027 (n)   $ 90,000 $88,954
AssuredPartners, Inc., 5.625%, 1/15/2029 (n)     35,000 32,537
GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n)     20,000 20,300
Hub International Ltd., 5.625%, 12/01/2029 (n)     55,000 54,038
Ryan Specialty Group, 4.375%, 2/01/2030 (n)     43,000 42,785
        $238,614
Machinery & Tools – 0.3%
Ritchie Bros. Holdings Ltd., 4.75%, 12/15/2031 (n)   $ 60,000 $60,432
Terex Corp., 5%, 5/15/2029 (n)     70,000 69,433
        $129,865
Medical & Health Technology & Services – 3.2%
Avantor Funding, Inc., 4.625%, 7/15/2028 (n)   $ 80,000 $79,800
Catalent, Inc., 3.125%, 2/15/2029 (n)     114,000 106,590
Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n)     130,000 125,411
CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n)     30,000 31,800
CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n)     80,000 76,176
CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n)     15,000 14,936
DaVita, Inc., 4.625%, 6/01/2030 (n)     40,000 38,916
DaVita, Inc., 3.75%, 2/15/2031 (n)     50,000 45,935
Encompass Health Corp., 5.125%, 3/15/2023      30,000 29,963
Encompass Health Corp., 5.75%, 9/15/2025      10,000 10,100
HCA, Inc., 5.875%, 2/15/2026      90,000 97,966
IQVIA Holdings, Inc., 5%, 5/15/2027 (n)     200,000 204,540
Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n)     25,000 24,496
MPH Acquisition Holdings LLC, 5.5%, 9/01/2028 (n)     35,000 33,609
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)     45,000 47,341
Syneos Health, Inc., 3.625%, 1/15/2029 (n)     89,000 84,352
Tenet Healthcare Corp., 6.125%, 10/01/2028 (n)     75,000 75,245
U.S. Renal Care, Inc., 10.625%, 7/15/2027 (n)     40,000 40,800
US Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)     45,000 45,225
US Acute Care Solutions LLC, 6.375%, 3/01/2026 (n)(w)     15,000 15,075
        $1,228,276
Medical Equipment – 0.2%
Teleflex, Inc., 4.625%, 11/15/2027    $ 75,000 $76,500
Metals & Mining – 1.7%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)   $ 75,000 $78,094
Coeur Mining, Inc., 5.125%, 2/15/2029 (n)     70,000 66,763
Compass Minerals International, Inc., 6.75%, 12/01/2027 (n)     65,000 68,100
Eldorado Gold Corp., 6.25%, 9/01/2029 (n)     55,000 54,996
Ero Copper Corp., 6.5%, 2/15/2030 (n)(w)     25,000 24,704
FMG Resources Ltd., 4.375%, 4/01/2031 (n)     70,000 70,437
GrafTech Finance, Inc., 4.625%, 12/15/2028 (n)     49,000 47,326
Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n)     88,000 84,420
Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n)     40,000 38,000
Novelis Corp., 3.25%, 11/15/2026 (n)     24,000 23,249
Novelis Corp., 4.75%, 1/30/2030 (n)     55,000 54,725
Novelis Corp., 3.875%, 8/15/2031 (n)     29,000 27,311
Petra Diamonds US$ Treasury PLC, 10.5% PIK to 12/31/2022, 10.5% PIK/9.75% Cash to 6/30/2023, 9.75% Cash to 3/08/2026 (n)(p)     21,731 22,329
        $660,454
Midstream – 2.7%
Cheniere Energy Partners LP, 4.5%, 10/01/2029    $ 27,000 $27,600
Cheniere Energy Partners LP, 4%, 3/01/2031      75,000 74,621
DT Midstream, Inc., 4.125%, 6/15/2029 (n)     44,000 43,405
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Midstream – continued
DT Midstream, Inc., 4.375%, 6/15/2031 (n)   $ 84,000 $82,950
EnLink Midstream Partners LP, 5.625%, 1/15/2028 (n)     44,000 45,175
EQM Midstream Partners LP, 6%, 7/01/2025 (n)     15,000 15,487
EQM Midstream Partners LP, 6.5%, 7/01/2027 (n)     5,000 5,225
EQM Midstream Partners LP, 5.5%, 7/15/2028      120,000 121,453
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n)     30,000 28,651
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 5/15/2026      28,900 27,744
Northriver Midstream Finance LP, 5.625%, 2/15/2026 (n)     75,000 76,125
Peru LNG, 5.375%, 3/22/2030      200,000 172,846
Targa Resources Partners LP/Targa Resources Finance Corp., 6.875%, 1/15/2029      80,000 87,500
Targa Resources Partners LP/Targa Resources Finance Corp., 4.875%, 2/01/2031      45,000 47,025
Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/31/2032 (n)     20,000 19,908
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n)     40,000 39,930
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n)     40,000 40,260
Western Midstream Operating LP, 5.3%, 2/01/2030      50,000 52,125
Western Midstream Operation LP, 4.65%, 7/01/2026      20,000 20,932
Western Midstream Operation LP, 5.5%, 8/15/2048      15,000 16,575
        $1,045,537
Municipals – 0.1%
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022    $ 35,000 $35,875
Network & Telecom – 0.1%
Zayo Group Holdings, Inc., 6.125%, 3/01/2028 (n)   $ 45,000 $42,453
Oil Services – 0.6%
MV24 Capital B.V., 6.748%, 6/01/2034 (n)   $ 180,614 $180,164
Nabors Industries, Inc., 5.75%, 2/01/2025      10,000 9,250
Solaris Midstream Holding LLC, 7.625%, 4/01/2026 (n)     30,000 30,979
        $220,393
Oils – 0.4%
Parkland Corp., 4.625%, 5/01/2030 (n)   $ 75,000 $72,000
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/2025      45,000 35,705
PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028      40,000 28,100
        $135,805
Personal Computers & Peripherals – 0.3%
NCR Corp., 5%, 10/01/2028 (n)   $ 70,000 $69,549
NCR Corp., 5.125%, 4/15/2029 (n)     35,000 34,924
        $104,473
Pharmaceuticals – 1.3%
Bausch Health Companies, Inc., 6.125%, 4/15/2025 (n)   $ 122,000 $124,348
Bausch Health Companies, Inc., 5%, 1/30/2028 (n)     105,000 88,462
Bausch Health Companies, Inc., 5%, 2/15/2029 (n)     30,000 24,150
Endo Luxembourg Finance Co I S.à r.l., 6.125%, 4/01/2029 (n)     30,000 28,507
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n)     200,000 196,804
Par Pharmaceutical, Inc., 7.5%, 4/01/2027 (n)     35,000 35,219
        $497,490
Pollution Control – 0.4%
GFL Environmental, Inc., 4%, 8/01/2028 (n)   $ 55,000 $51,242
GFL Environmental, Inc., 4.75%, 6/15/2029 (n)     20,000 19,400
GFL Environmental, Inc., 4.375%, 8/15/2029 (n)     25,000 23,857
Stericycle, Inc., 3.875%, 1/15/2029 (n)     65,000 61,750
        $156,249
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Precious Metals & Minerals – 0.2%
IAMGOLD Corp., 5.75%, 10/15/2028 (n)   $ 50,000 $46,930
Taseko Mines Ltd., 7%, 2/15/2026 (n)     35,000 35,486
        $82,416
Printing & Publishing – 0.4%
Cimpress N.V., 7%, 6/15/2026 (n)   $ 150,000 $154,189
Railroad & Shipping – 0.1%
Watco Cos. LLC/Watco Finance Corp., 6.5%, 6/15/2027 (n)   $ 43,000 $44,505
Real Estate - Other – 0.3%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.875%, 10/01/2028 (n)   $ 70,000 $71,639
XHR LP, REIT, 4.875%, 6/01/2029 (n)     55,000 53,927
        $125,566
Restaurants – 0.1%
Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n)   $ 35,000 $34,009
Retailers – 0.6%
Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n)   $ 29,000 $28,537
Bath & Body Works, Inc., 5.25%, 2/01/2028      125,000 131,250
Victoria's Secret & Co., 4.625%, 7/15/2029 (n)     55,000 52,999
        $212,786
Specialty Chemicals – 0.2%
Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n)   $ 60,000 $61,050
Specialty Stores – 0.5%
Group 1 Automotive, Inc., 4%, 8/15/2028 (n)   $ 54,000 $51,682
Michael Cos., Inc., 5.25%, 5/01/2028 (n)     30,000 28,888
Michael Cos., Inc., 7.875%, 5/01/2029 (n)     40,000 36,600
Penske Automotive Group Co., 3.75%, 6/15/2029      76,000 71,537
        $188,707
Supermarkets – 0.3%
Albertsons Cos. LLC/Safeway, Inc., 4.625%, 1/15/2027 (n)   $ 75,000 $76,762
Albertsons Cos. LLC/Safeway, Inc., 3.5%, 3/15/2029 (n)     50,000 47,208
        $123,970
Telecommunications - Wireless – 2.6%
Altice France S.A., 6%, 2/15/2028 (n)   $ 200,000 $182,530
Digicel International Finance Ltd., 8.75%, 5/25/2024 (n)     200,000 205,000
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n)     200,000 195,970
SBA Communications Corp., 3.875%, 2/15/2027      55,000 55,550
SBA Communications Corp., 3.125%, 2/01/2029      90,000 83,875
Sprint Capital Corp., 6.875%, 11/15/2028      80,000 95,160
Sprint Corp., 7.125%, 6/15/2024      25,000 27,250
Sprint Corp., 7.625%, 3/01/2026      120,000 137,400
        $982,735
Tobacco – 0.2%
Vector Group Ltd., 10.5%, 11/01/2026 (n)   $ 30,000 $30,762
Vector Group Ltd., 5.75%, 2/01/2029 (n)     35,000 32,346
        $63,108
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Utilities - Electric Power – 3.0%
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n)   $ 200,000 $212,100
Calpine Corp., 4.5%, 2/15/2028 (n)     60,000 58,644
Calpine Corp., 5.125%, 3/15/2028 (n)     75,000 73,165
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n)     30,000 30,880
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n)     115,000 108,269
Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n)     200,000 211,685
Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n)     200,000 196,880
NextEra Energy, Inc., 4.25%, 7/15/2024 (n)     36,000 37,057
NextEra Energy, Inc., 4.25%, 9/15/2024 (n)     10,000 10,313
NextEra Energy, Inc., 4.5%, 9/15/2027 (n)     50,000 50,625
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)     40,000 40,500
TerraForm Power Operating LLC, 5%, 1/31/2028 (n)     95,000 96,187
TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n)     25,000 25,130
        $1,151,435
Total Bonds   $20,168,130
Common Stocks – 43.6%
Aerospace & Defense – 3.3%  
Honeywell International, Inc.   2,773 $567,023
Northrop Grumman Corp.   1,898 702,070
        $1,269,093
Brokerage & Asset Managers – 3.4%  
BlackRock, Inc.   716 $589,225
NASDAQ, Inc.   3,944 706,804
        $1,296,029
Business Services – 2.8%  
Accenture PLC, “A”   1,379 $487,587
Equifax, Inc. (f)   2,483 595,324
        $1,082,911
Cable TV – 1.9%  
Comcast Corp., “A”   14,184 $709,058
Construction – 1.5%  
ICA Tenedora, S.A. de C.V. (u)   10,542 $8,688
Sherwin-Williams Co.   1,986 569,009
        $577,697
Electronics – 1.9%  
Texas Instruments, Inc.   4,148 $744,525
Food & Beverages – 1.7%  
Nestle S.A., ADR   5,103 $659,001
Gaming & Lodging – 1.0%  
Marriott International, Inc., “A” (a)   2,366 $381,210
Health Maintenance Organizations – 1.6%  
Cigna Corp.   2,580 $594,587
Insurance – 5.0%  
Aon PLC   2,220 $613,697
Marsh & McLennan Cos., Inc.   3,722 571,848
Progressive Corp.   6,657 723,349
        $1,908,894
9
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Common Stocks – continued
Machinery & Tools – 1.9%  
Illinois Tool Works, Inc.   3,130 $732,170
Major Banks – 3.0%  
JPMorgan Chase & Co.   4,806 $714,172
Morgan Stanley   4,273 438,153
        $1,152,325
Medical Equipment – 2.8%  
Medtronic PLC   3,947 $408,475
Thermo Fisher Scientific, Inc.   1,129 656,288
        $1,064,763
Oil Services – 0.0%  
LTRI Holdings LP (a)(u)   60 $17,255
Other Banks & Diversified Financials – 3.3%  
American Express Co.   3,486 $626,852
Citigroup, Inc.   9,897 644,493
        $1,271,345
Pharmaceuticals – 1.8%  
Johnson & Johnson   3,900 $671,931
Special Products & Services – 1.2%  
iShares iBoxx $ High Yield Corporate Bond ETF   5,200 $440,440
Utilities - Electric Power – 5.5%  
Dominion Energy, Inc.   8,411 $678,431
Duke Energy Corp.   6,645 698,124
Southern Co.   10,459 726,796
        $2,103,351
Total Common Stocks   $16,676,585
Investment Companies (h) – 2.9%
Money Market Funds – 2.9%  
MFS Institutional Money Market Portfolio, 0.06% (v)     1,112,308 $1,112,308
 
Other Assets, Less Liabilities – 0.7%   255,996
Net Assets – 100.0% $38,213,019
(a) Non-income producing security.
(d) In default.
(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 $1,112,308 and $36,844,715, respectively.
(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $16,913,916, representing 44.3% 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.
10
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
Paysafe Finance PLC, 4%, 6/15/2029 9/09/21 $54,842 $49,606
% of Net assets     0.1%
The following abbreviations are used in this report and are defined:
ADR American Depositary Receipt
ETF Exchange-Traded Fund
REIT Real Estate Investment Trust
Derivative Contracts at 1/31/22
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 Short USD 6 $767,813 March – 2022 $6,306
Liability Derivatives
Interest Rate Futures 
U.S. Treasury Bond Long USD 2 $311,250 March – 2022 $(4,915)
At January 31, 2022, the fund had liquid securities with an aggregate value of $6,953 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.
11
Supplemental Information
1/31/22 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. 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. Securities and other assets, including commodity-linked structured notes, generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).
12
Supplemental Information (unaudited) – continued
Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of January 31, 2022 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Equity Securities:        
United States $15,991,641 $— $17,255 $16,008,896
Switzerland 659,001 — — 659,001
Mexico — — 8,688 8,688
Non - U.S. Sovereign Debt — 444,548 — 444,548
Municipal Bonds — 35,875 — 35,875
U.S. Corporate Bonds — 15,530,552 — 15,530,552
Foreign Bonds — 4,157,155 — 4,157,155
Mutual Funds 1,112,308 — — 1,112,308
Total $17,762,950 $20,168,130 $25,943 $37,957,023
Other Financial Instruments        
Futures Contracts – Assets $6,306 $— $— $6,306
Futures Contracts – Liabilities (4,915) — — (4,915)
For further information regarding security characteristics, see the Portfolio of Investments.
The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.
  Equity
Securities
Balance as of 10/31/21 $25,960
Change in unrealized appreciation or depreciation (17)
Balance as of 1/31/22 $25,943
The net change in unrealized appreciation or depreciation from investments held as level 3 at January 31, 2022 is $(17). At January 31, 2022, the fund held two level 3 securities.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Institutional Money Market Portfolio $1,152,155 $1,795,607 $1,835,454 $— $— $1,112,308
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $174 $—
(3) Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of the fund's investments and the fund's performance.
(4) Subsequent Event
The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund’s assets and thus the fund’s performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.
13