Quarterly Report
October 31, 2024
MFS® High Income Fund
MFH-Q3
Portfolio of Investments
10/31/24 (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 – 94.6% | ||||
| Aerospace & Defense – 3.3% | ||||
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | $ | 3,267,000 | $3,401,761 | |
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | 1,861,000 | 2,016,423 | ||
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 3,410,000 | 3,523,069 | ||
| Bombardier, Inc., 7%, 6/01/2032 (n) | 3,842,000 | 3,933,441 | ||
| F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n) | 4,985,000 | 4,984,701 | ||
| Moog, Inc., 4.25%, 12/15/2027 (n) | 8,143,000 | 7,762,996 | ||
| Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (n) | 4,877,000 | 5,413,826 | ||
| TransDigm, Inc., 5.5%, 11/15/2027 | 6,679,000 | 6,620,572 | ||
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 5,682,000 | 5,803,941 | ||
| TransDigm, Inc., 4.625%, 1/15/2029 | 5,570,000 | 5,289,420 | ||
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | 3,336,000 | 3,386,172 | ||
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 11,047,000 | 11,324,048 | ||
| $63,460,370 | ||||
| Airlines – 0.8% | ||||
| Air Canada, 3.875%, 8/15/2026 (n) | $ | 6,403,000 | $6,194,161 | |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n) | 8,472,850 | 8,390,133 | ||
| $14,584,294 | ||||
| Asset-Backed & Securitized – 0.0% | ||||
| COBALT CMBS Commercial Mortgage Trust, 2006-2A, “F”, CDO, FLR, 5.627% ((SOFR - 3mo. + 0.26161%) + 1.3% Cash or PIK) to 4/26/2050 (a)(n)(p) | $ | 858,042 | $86 | |
| COBALT CMBS Commercial Mortgage Trust, 2006-2A, “G”, CDO, FLR, 5.827% ((SOFR - 3mo. + 0.26161%) + 1.5% Cash or PIK) to 4/26/2050 (a)(n)(p) | 2,734,631 | 273 | ||
| $359 | ||||
| Automotive – 1.8% | ||||
| Allison Transmission, Inc., 3.75%, 1/30/2031 (n) | $ | 10,607,000 | $9,413,365 | |
| Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n) | 6,054,000 | 6,086,347 | ||
| Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n) | 2,909,000 | 2,977,734 | ||
| Dealer Tire LLC/DT Issuer LLC, 8%, 2/01/2028 (n) | 4,448,000 | 4,386,725 | ||
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n) | 6,156,000 | 5,151,712 | ||
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 4,742,000 | 4,141,536 | ||
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 2,785,000 | 2,534,839 | ||
| $34,692,258 | ||||
| Broadcasting – 1.2% | ||||
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | $ | 6,897,000 | $7,151,357 | |
| Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n) | 6,162,000 | 5,859,565 | ||
| Nexstar Broadcasting, Inc., 4.75%, 11/01/2028 (n) | 1,960,000 | 1,842,658 | ||
| Univision Communications, Inc., 8%, 8/15/2028 (n) | 2,224,000 | 2,260,133 | ||
| Univision Communications, Inc., 8.5%, 7/31/2031 (n) | 5,575,000 | 5,479,888 | ||
| $22,593,601 | ||||
| Brokerage & Asset Managers – 1.5% | ||||
| AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n) | $ | 6,645,000 | $6,865,076 | |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | 5,477,000 | 5,967,766 | ||
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 2,613,000 | 2,516,345 | ||
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 3,520,000 | 3,465,424 | ||
| Hightower Holding LLC, 9.125%, 1/31/2030 (n) | 1,426,000 | 1,503,459 | ||
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/01/2032 (n) | 7,777,000 | 7,782,034 | ||
| $28,100,104 | ||||
1
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Building – 5.1% | ||||
| ABC Supply Co., Inc., 3.875%, 11/15/2029 (n) | $ | 6,393,000 | $5,813,636 | |
| AmeriTex Holdco Intermediate LLC, 10.25%, 10/15/2028 (n) | 3,912,000 | 4,116,163 | ||
| BCPE Ulysses Intermediate, Inc., 7.75% (7.75% Cash or 8.5% PIK), 4/01/2027 (n)(p) | 2,240,000 | 2,182,380 | ||
| Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n) | 4,574,000 | 4,088,115 | ||
| Cornerstone Building Brands, Inc., 9.5%, 8/15/2029 (n) | 2,240,000 | 2,305,986 | ||
| Foundation Building Materials LLC, 6%, 3/01/2029 (n) | 6,574,000 | 5,808,357 | ||
| GYP Holding III Corp., 4.625%, 5/01/2029 (n) | 8,873,000 | 8,375,811 | ||
| Knife River Corp., 7.75%, 5/01/2031 (n) | 5,529,000 | 5,792,241 | ||
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 3,888,000 | 3,585,706 | ||
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | 1,632,000 | 1,660,151 | ||
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 6,748,000 | 6,447,233 | ||
| New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n) | 6,961,000 | 6,735,914 | ||
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 2,167,000 | 2,199,767 | ||
| Patrick Industries, Inc., 7.5%, 10/15/2027 (n) | 7,236,000 | 7,222,424 | ||
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | 8,373,000 | 8,280,565 | ||
| Standard Building Solutions, Inc., 6.5%, 8/15/2032 (n) | 3,442,000 | 3,463,413 | ||
| Standard Industries, Inc., 4.75%, 1/15/2028 (n) | 4,073,000 | 3,928,310 | ||
| Standard Industries, Inc., 4.375%, 7/15/2030 (n) | 8,187,000 | 7,523,508 | ||
| White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | 6,364,000 | 6,384,944 | ||
| $95,914,624 | ||||
| Business Services – 1.1% | ||||
| athenahealth, Inc., 6.5%, 2/15/2030 (n) | $ | 2,800,000 | $2,648,149 | |
| Iron Mountain, Inc., 4.875%, 9/15/2027 (n) | 5,519,000 | 5,424,278 | ||
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 4,980,000 | 4,887,470 | ||
| Iron Mountain, Inc., 5.625%, 7/15/2032 (n) | 4,860,000 | 4,714,675 | ||
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/2032 (n) | 3,883,000 | 3,983,954 | ||
| $21,658,526 | ||||
| Cable TV – 5.2% | ||||
| Cable One, Inc., 4%, 11/15/2030 (n) | $ | 7,403,000 | $5,834,602 | |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 19,345,000 | 17,597,557 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 12,898,000 | 11,519,706 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 5/01/2032 | 3,734,000 | 3,176,840 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n) | 5,074,000 | 4,053,665 | ||
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 7,040,000 | 6,025,186 | ||
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 7,090,000 | 3,734,697 | ||
| CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 2,725,000 | 2,011,409 | ||
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 2,409,000 | 2,377,680 | ||
| DISH DBS Corp., 7.75%, 7/01/2026 | 3,709,000 | 3,137,395 | ||
| DISH DBS Corp., 5.125%, 6/01/2029 | 3,990,000 | 2,654,257 | ||
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 3,574,000 | 3,762,062 | ||
| LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n) | 7,118,000 | 6,671,841 | ||
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 6,957,000 | 5,980,616 | ||
| Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n) | 8,803,000 | 8,437,243 | ||
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 12,405,000 | 11,227,849 | ||
| $98,202,605 | ||||
| Chemicals – 2.6% | ||||
| Cerdia Finanz GmbH, 9.375%, 10/03/2031 (n) | $ | 4,281,000 | $4,402,795 | |
| Chemours Co., 4.625%, 11/15/2029 (n) | 8,127,000 | 7,055,933 | ||
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | 5,089,000 | 4,147,178 | ||
| Element Solutions, Inc., 3.875%, 9/01/2028 (n) | 8,615,000 | 8,298,927 | ||
| LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n) | 6,451,000 | 6,576,936 | ||
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 7,556,000 | 7,335,602 | ||
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 8,369,000 | 7,502,207 | ||
| Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n) | 3,426,000 | 3,605,566 | ||
| $48,925,144 | ||||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Computer Software – 0.9% | ||||
| Amentum Escrow Corp., 7.25%, 8/01/2032 (n) | $ | 3,882,000 | $4,020,848 | |
| Cloud Software Group, Inc., 8.25%, 6/30/2032 (n) | 4,449,000 | 4,572,894 | ||
| Dun & Bradstreet Corp., 5%, 12/15/2029 (n) | 3,758,000 | 3,682,162 | ||
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 5,182,000 | 4,842,728 | ||
| $17,118,632 | ||||
| Computer Software - Systems – 1.1% | ||||
| Sabre GLBL, Inc., 8.625%, 6/01/2027 (n) | $ | 3,416,000 | $3,297,328 | |
| Sabre GLBL, Inc., 11.25%, 12/15/2027 (n) | 2,232,000 | 2,299,455 | ||
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 11,428,000 | 11,382,580 | ||
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 3,340,000 | 3,238,792 | ||
| $20,218,155 | ||||
| Conglomerates – 2.4% | ||||
| BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | $ | 4,613,000 | $4,402,280 | |
| BWX Technologies, Inc., 4.125%, 4/15/2029 (n) | 10,877,000 | 10,303,660 | ||
| Chart Industries, Inc., 9.5%, 1/01/2031 (n) | 3,194,000 | 3,433,672 | ||
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 7,575,000 | 7,703,949 | ||
| Gates Corp., 6.875%, 7/01/2029 (n) | 3,317,000 | 3,407,985 | ||
| Husky Injection Molding Systems Ltd., 9%, 2/15/2029 (n) | 4,449,000 | 4,577,395 | ||
| Madison IAQ LLC, 5.875%, 6/30/2029 (n) | 4,721,000 | 4,477,739 | ||
| TriMas Corp., 4.125%, 4/15/2029 (n) | 8,623,000 | 8,046,704 | ||
| $46,353,384 | ||||
| Construction – 1.4% | ||||
| Beazer Homes USA, Inc., 7.5%, 3/15/2031 (n) | $ | 6,660,000 | $6,846,660 | |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | 6,271,000 | 6,552,085 | ||
| Mattamy Group Corp., 5.25%, 12/15/2027 (n) | 2,218,000 | 2,184,544 | ||
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 4,490,000 | 4,207,211 | ||
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 6,394,000 | 6,109,582 | ||
| $25,900,082 | ||||
| Consumer Products – 2.4% | ||||
| Acushnet Co., 7.375%, 10/15/2028 (n) | $ | 5,546,000 | $5,783,269 | |
| Amer Sports Co., 6.75%, 2/16/2031 (n) | 7,585,000 | 7,705,541 | ||
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.5%, 10/15/2029 (n) | 2,796,000 | 2,832,124 | ||
| HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n) | 6,770,000 | 6,902,706 | ||
| Newell Brands, Inc., 6.375%, 5/15/2030 (w) | 3,913,000 | 3,930,882 | ||
| Newell Brands, Inc., 6.625%, 5/15/2032 (w) | 1,677,000 | 1,681,843 | ||
| Perrigo Finance Unlimited Co., 6.125%, 9/30/2032 | 4,480,000 | 4,424,000 | ||
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 7,943,000 | 7,777,608 | ||
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 5,549,000 | 4,946,302 | ||
| $45,984,275 | ||||
| Consumer Services – 3.9% | ||||
| Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n) | $ | 10,956,000 | $10,982,393 | |
| Allied Universal Holdco LLC, 6%, 6/01/2029 (n) | 3,155,000 | 2,886,829 | ||
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 6,222,000 | 5,476,166 | ||
| Garda World Security Corp., 8.375%, 11/15/2032 (n) | 3,834,000 | 3,833,683 | ||
| GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 9,753,000 | 9,000,960 | ||
| GW B-CR Security Corp., 9.5%, 11/01/2027 (n) | 7,979,000 | 7,985,447 | ||
| Match Group Holdings II LLC, 5%, 12/15/2027 (n) | 4,423,000 | 4,318,448 | ||
| Match Group Holdings II LLC, 4.625%, 6/01/2028 (n) | 5,198,000 | 4,999,328 | ||
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 2,603,000 | 2,144,191 | ||
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 4,534,000 | 3,457,802 | ||
| Service Corp. International, 5.75%, 10/15/2032 | 4,900,000 | 4,813,411 | ||
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 8,749,000 | 7,955,544 | ||
| TriNet Group, Inc., 7.125%, 8/15/2031 (n) | 1,114,000 | 1,140,871 | ||
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Consumer Services – continued | ||||
| WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n) | $ | 5,784,000 | $5,769,722 | |
| $74,764,795 | ||||
| Containers – 1.8% | ||||
| Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n) | $ | 6,915,000 | $6,230,803 | |
| Ball Corp., 2.875%, 8/15/2030 | 9,014,000 | 7,844,998 | ||
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 5,220,000 | 4,748,527 | ||
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/2030 (n) | 4,480,000 | 4,549,440 | ||
| Titan Holdings II B.V., 5.125%, 7/15/2029 | EUR | 3,631,000 | 3,999,385 | |
| Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n) | $ | 6,185,000 | 6,166,522 | |
| $33,539,675 | ||||
| Electrical Equipment – 0.1% | ||||
| CommScope Technologies LLC, 5%, 3/15/2027 (n) | $ | 1,387,000 | $1,226,743 | |
| Electronics – 0.9% | ||||
| Entegris Escrow Corp., 5.95%, 6/15/2030 (n) | $ | 1,688,000 | $1,686,158 | |
| Entegris, Inc., 4.375%, 4/15/2028 (n) | 4,763,000 | 4,553,741 | ||
| Entegris, Inc., 3.625%, 5/01/2029 (n) | 4,782,000 | 4,375,697 | ||
| Sensata Technologies B.V., 5.875%, 9/01/2030 (n) | 3,585,000 | 3,547,792 | ||
| Sensata Technologies, Inc., 4.375%, 2/15/2030 (n) | 2,499,000 | 2,326,817 | ||
| $16,490,205 | ||||
| Emerging Market Quasi-Sovereign – 0.1% | ||||
| Eustream A.S. (Slovak Republic), 1.625%, 6/25/2027 | EUR | 1,336,000 | $1,354,501 | |
| Energy - Independent – 4.0% | ||||
| Civitas Resources, Inc., 8.375%, 7/01/2028 (n) | $ | 5,155,000 | $5,327,538 | |
| Civitas Resources, Inc., 8.625%, 11/01/2030 (n) | 1,755,000 | 1,843,745 | ||
| Civitas Resources, Inc., 8.75%, 7/01/2031 (n) | 4,057,000 | 4,249,139 | ||
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 10,456,000 | 10,013,377 | ||
| Encino Acquisition Partners Holdings LLC, 8.75%, 5/01/2031 (n) | 4,971,000 | 5,102,702 | ||
| Gulfport Energy Corp., 6.75%, 9/01/2029 (n) | 5,040,000 | 5,066,062 | ||
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 6,316,000 | 6,430,168 | ||
| Matador Resources Co., 6.5%, 4/15/2032 (n) | 2,182,000 | 2,160,978 | ||
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 6,808,000 | 6,711,364 | ||
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 3,401,000 | 3,469,336 | ||
| Permian Resources Operating LLC, 6.25%, 2/01/2033 (n) | 2,501,000 | 2,482,980 | ||
| Sitio Royalties Operating Partnership LP, 7.875%, 11/01/2028 (n) | 7,164,000 | 7,436,864 | ||
| SM Energy Co., 6.5%, 7/15/2028 | 3,618,000 | 3,607,788 | ||
| SM Energy Co., 7%, 8/01/2032 (n) | 2,545,000 | 2,524,365 | ||
| Vital Energy, Inc., 7.875%, 4/15/2032 (n) | 5,773,000 | 5,547,953 | ||
| Wildfire Intermediate Holdings LLC, 7.5%, 10/15/2029 (n) | 4,457,000 | 4,322,681 | ||
| $76,297,040 | ||||
| Energy - Integrated – 0.3% | ||||
| Citgo Petroleum Corp., 8.375%, 1/15/2029 (n) | $ | 5,698,000 | $5,927,156 | |
| Entertainment – 3.5% | ||||
| Carnival Corp. PLC, 5.75%, 3/01/2027 (n) | $ | 7,024,000 | $7,045,037 | |
| Life Time, Inc., 6%, 11/15/2031 (n) | 5,031,000 | 5,009,637 | ||
| Lindblad Expeditions Holdings, Inc., 9%, 5/15/2028 (n) | 2,821,000 | 2,936,808 | ||
| Motion Bondco DAC, 6.625%, 11/15/2027 (n) | 4,479,000 | 4,238,210 | ||
| NCL Corp. Ltd., 5.875%, 3/15/2026 (n) | 3,433,000 | 3,429,245 | ||
| NCL Corp. Ltd., 6.25%, 3/01/2030 (n) | 5,562,000 | 5,501,383 | ||
| Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n) | 4,682,000 | 4,673,414 | ||
| Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n) | 4,430,000 | 4,429,694 | ||
| Royal Caribbean Cruises Ltd., 5.625%, 9/30/2031 (n) | 2,781,000 | 2,769,639 | ||
| Royal Caribbean Cruises Ltd., 6%, 2/01/2033 (n) | 4,549,000 | 4,576,932 | ||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Entertainment – continued | ||||
| SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n) | $ | 4,968,000 | $4,771,279 | |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 7,843,000 | 7,990,958 | ||
| Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n) | 2,142,000 | 2,128,145 | ||
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 6,166,000 | 6,080,722 | ||
| $65,581,103 | ||||
| Financial Institutions – 4.3% | ||||
| Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p) | $ | 6,915,454 | $6,521,342 | |
| Azorra Finance Ltd., 7.75%, 4/15/2030 (n) | 8,390,000 | 8,290,122 | ||
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 6,681,000 | 7,069,549 | ||
| Encore Capital Group, Inc., 9.25%, 4/01/2029 (n) | 4,356,000 | 4,638,060 | ||
| Freedom Mortgage Corp., 7.625%, 5/01/2026 (n) | 5,567,000 | 5,587,047 | ||
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 2,711,000 | 2,776,389 | ||
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 6,413,000 | 6,287,057 | ||
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 3,995,000 | 4,208,657 | ||
| FTAI Aviation Ltd., 7%, 6/15/2032 (n) | 2,203,000 | 2,260,285 | ||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/2029 | 2,237,000 | 2,235,316 | ||
| Jefferson Capital Holdings LLC, 9.5%, 2/15/2029 (n) | 5,181,000 | 5,510,804 | ||
| Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n) | 9,643,000 | 9,608,083 | ||
| OneMain Finance Corp., 6.625%, 5/15/2029 (w) | 5,444,000 | 5,444,000 | ||
| OneMain Finance Corp., 5.375%, 11/15/2029 | 3,797,000 | 3,638,948 | ||
| OneMain Finance Corp., 7.5%, 5/15/2031 | 3,864,000 | 3,951,516 | ||
| Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) | 3,913,000 | 3,902,569 | ||
| $81,929,744 | ||||
| Food & Beverages – 3.3% | ||||
| B&G Foods, Inc., 8%, 9/15/2028 (n) | $ | 6,582,000 | $6,838,033 | |
| Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n) | 4,423,000 | 4,611,063 | ||
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | 3,536,000 | 3,708,232 | ||
| Fiesta Purchaser, Inc., 9.625%, 9/15/2032 (n) | 3,561,000 | 3,722,142 | ||
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 7,373,000 | 7,310,512 | ||
| Performance Food Group, Inc., 6.125%, 9/15/2032 (n) | 3,652,000 | 3,667,280 | ||
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 9,362,000 | 8,749,602 | ||
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 2,481,000 | 2,453,591 | ||
| Primo Water Holding, Inc., 4.375%, 4/30/2029 (n) | 9,662,000 | 9,102,853 | ||
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 9,411,000 | 9,065,943 | ||
| U.S. Foods Holding Corp., 5.75%, 4/15/2033 (n) | 1,462,000 | 1,439,750 | ||
| Viking Baked Goods Acquisition Corp., 8.625%, 11/01/2031 (n) | 2,798,000 | 2,789,092 | ||
| $63,458,093 | ||||
| Forest & Paper Products – 0.3% | ||||
| Graphic Packaging International LLC, 6.375%, 7/15/2032 (n) | $ | 5,592,000 | $5,641,914 | |
| Gaming & Lodging – 4.3% | ||||
| Caesars Entertainment, Inc., 7%, 2/15/2030 (n) | $ | 7,895,000 | $8,092,788 | |
| CCM Merger, Inc., 6.375%, 5/01/2026 (n) | 5,873,000 | 5,854,065 | ||
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | 11,251,000 | 11,076,122 | ||
| Flutter Treasury DAC, 5%, 4/29/2029 (n) | EUR | 2,922,000 | 3,262,506 | |
| Flutter Treasury DAC, 6.375%, 4/29/2029 (n) | $ | 762,000 | 779,385 | |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030 | 11,549,000 | 11,190,357 | ||
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | 4,682,000 | 4,109,615 | ||
| Melco Resorts Finance Ltd., 5.375%, 12/04/2029 | 4,012,000 | 3,665,145 | ||
| Studio City Finance Ltd., 5%, 1/15/2029 (n) | 3,468,000 | 3,130,649 | ||
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 9,795,000 | 9,322,597 | ||
| Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | 7,553,000 | 7,318,878 | ||
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 4,044,000 | 3,881,572 | ||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 6,927,000 | 6,724,876 | ||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n) | 2,703,000 | 2,843,516 | ||
| $81,252,071 | ||||
5
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Industrial – 1.5% | ||||
| Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n) | $ | 2,900,000 | $2,902,288 | |
| Albion Financing 2 S.à r.l., 8.75%, 4/15/2027 (n) | 4,435,000 | 4,544,261 | ||
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | 9,828,000 | 9,326,740 | ||
| Williams Scotsman, Inc., 4.625%, 8/15/2028 (n) | 8,482,000 | 8,108,157 | ||
| Williams Scotsman, Inc., 6.625%, 6/15/2029 (n) | 2,795,000 | 2,837,411 | ||
| $27,718,857 | ||||
| Insurance - Property & Casualty – 3.9% | ||||
| Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n) | $ | 3,241,000 | $3,293,757 | |
| Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n) | 1,108,000 | 1,048,531 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 4,223,000 | 3,988,695 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 4,668,000 | 4,699,429 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.5%, 10/01/2031 (n) | 8,416,000 | 8,333,546 | ||
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 6,677,000 | 6,284,390 | ||
| Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n) | 6,970,000 | 7,145,407 | ||
| AssuredPartners, Inc., 5.625%, 1/15/2029 (n) | 5,442,000 | 5,149,341 | ||
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 7,733,000 | 7,886,964 | ||
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 2,709,000 | 2,623,291 | ||
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 7,969,000 | 8,235,348 | ||
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 3,927,000 | 4,005,936 | ||
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 6,969,000 | 7,135,423 | ||
| Ryan Specialty LLC, 5.875%, 8/01/2032 (n) | 4,448,000 | 4,433,143 | ||
| $74,263,201 | ||||
| Machinery & Tools – 1.0% | ||||
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | $ | 11,091,000 | $11,685,378 | |
| Terex Corp., 5%, 5/15/2029 (n) | 386,000 | 371,037 | ||
| The Manitowoc Co., Inc., 9.25%, 10/01/2031 (n) | 3,891,000 | 3,950,921 | ||
| United Rentals North America, Inc., 6.125%, 3/15/2034 (n) | 2,796,000 | 2,819,333 | ||
| $18,826,669 | ||||
| Medical & Health Technology & Services – 6.0% | ||||
| 180 Medical, Inc., 3.875%, 10/15/2029 (n) | $ | 8,025,000 | $7,463,791 | |
| Avantor Funding, Inc., 4.625%, 7/15/2028 (n) | 7,879,000 | 7,618,373 | ||
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 4,656,000 | 4,884,936 | ||
| Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n) | 9,919,000 | 9,092,877 | ||
| CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n) | 3,992,000 | 3,985,473 | ||
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 3,247,000 | 2,542,327 | ||
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 13,095,000 | 11,428,432 | ||
| Concentra, Inc., 6.875%, 7/15/2032 (n) | 5,655,000 | 5,803,031 | ||
| Encompass Health Corp., 5.75%, 9/15/2025 | 673,000 | 672,088 | ||
| Encompass Health Corp., 4.75%, 2/01/2030 | 6,647,000 | 6,393,158 | ||
| Encompass Health Corp., 4.625%, 4/01/2031 | 2,297,000 | 2,161,777 | ||
| IQVIA, Inc., 5%, 5/15/2027 (n) | 9,830,000 | 9,703,851 | ||
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 4,200,000 | 4,314,362 | ||
| Lifepoint Health, Inc., 9.875%, 8/15/2030 (n) | 3,540,000 | 3,872,338 | ||
| Lifepoint Health, Inc., 11%, 10/15/2030 (n) | 3,548,000 | 3,954,973 | ||
| Lifepoint Health, Inc., 10%, 6/01/2032 (n) | 4,417,000 | 4,712,767 | ||
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 4,034,000 | 4,142,127 | ||
| Tenet Healthcare Corp., 6.125%, 10/01/2028 | 4,035,000 | 4,031,160 | ||
| Tenet Healthcare Corp., 4.375%, 1/15/2030 | 3,572,000 | 3,348,889 | ||
| Tenet Healthcare Corp., 6.125%, 6/15/2030 | 9,984,000 | 10,030,745 | ||
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 4,372,000 | 4,459,336 | ||
| $114,616,811 | ||||
| Medical Equipment – 1.1% | ||||
| Garden SpinCo Corp., 8.625%, 7/20/2030 (n) | $ | 4,817,000 | $5,213,449 | |
| Medline Borrower LP, 3.875%, 4/01/2029 (n) | 2,747,000 | 2,569,737 | ||
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 7,995,000 | 7,743,965 | ||
6
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Medical Equipment – continued | ||||
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/2029 (n) | $ | 4,404,000 | $4,480,823 | |
| $20,007,974 | ||||
| Metals & Mining – 2.2% | ||||
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $ | 5,859,000 | $5,303,490 | |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 17,103,000 | 15,569,817 | ||
| Novelis Corp., 3.25%, 11/15/2026 (n) | 5,233,000 | 5,034,767 | ||
| Novelis Corp., 4.75%, 1/30/2030 (n) | 6,623,000 | 6,204,839 | ||
| Novelis Corp., 3.875%, 8/15/2031 (n) | 3,282,000 | 2,882,318 | ||
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | 3,109,340 | 2,522,631 | ||
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 4,580,000 | 4,732,706 | ||
| $42,250,568 | ||||
| Midstream – 6.0% | ||||
| Delek Logistics Partners LP/Delek Logistics Corp., 8.625%, 3/15/2029 (n) | $ | 5,572,000 | $5,717,101 | |
| DT Midstream, Inc., 4.125%, 6/15/2029 (n) | 6,154,000 | 5,778,964 | ||
| DT Midstream, Inc., 4.375%, 6/15/2031 (n) | 8,299,000 | 7,634,394 | ||
| EQM Midstream Partners LP, 5.5%, 7/15/2028 | 9,372,000 | 9,302,022 | ||
| EQM Midstream Partners LP, 6.375%, 4/01/2029 (n) | 2,271,000 | 2,306,348 | ||
| Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 1/15/2029 | 2,229,000 | 2,276,489 | ||
| Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n) | 4,662,000 | 4,626,110 | ||
| NuStar Logistics LP, 6.375%, 10/01/2030 | 6,665,000 | 6,740,221 | ||
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 4,449,000 | 4,510,561 | ||
| Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (n) | 4,441,000 | 4,210,652 | ||
| Sunoco LP, 7.25%, 5/01/2032 (n) | 6,707,000 | 6,982,161 | ||
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 9,348,000 | 8,977,592 | ||
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 3,176,000 | 3,186,459 | ||
| Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n) | 6,156,000 | 5,676,113 | ||
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 5,832,000 | 5,315,496 | ||
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 4,929,000 | 5,115,232 | ||
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 5,961,000 | 6,588,723 | ||
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | 2,765,000 | 2,782,067 | ||
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 8,844,000 | 9,186,130 | ||
| Venture Global LNG, Inc., 9% to 9/30/2029, FLR (CMT - 5yr. + 5.44%) to 3/30/2173 (n) | 6,961,000 | 6,960,479 | ||
| $113,873,314 | ||||
| Network & Telecom – 0.9% | ||||
| Altice Financing S.A., 5.75%, 8/15/2029 (n) | $ | 2,635,000 | $2,161,031 | |
| Frontier Communications Holdings LLC, 6.75%, 5/01/2029 (n) | 4,199,000 | 4,176,890 | ||
| Iliad Holding S.A.S., 6.5%, 10/15/2026 (n) | 921,000 | 928,356 | ||
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | 7,862,000 | 7,963,581 | ||
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | EUR | 2,469,000 | 2,857,067 | |
| $18,086,925 | ||||
| Oil Services – 0.8% | ||||
| Nabors Industries, Inc., 8.875%, 8/15/2031 (n) | $ | 6,129,000 | $5,794,502 | |
| U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n) | 6,557,000 | 6,678,259 | ||
| Valaris Ltd., 8.375%, 4/30/2030 (n) | 2,786,000 | 2,826,676 | ||
| $15,299,437 | ||||
| Pharmaceuticals – 0.9% | ||||
| 1375209 B.C. Ltd., 9%, 1/30/2028 (n) | $ | 2,717,000 | $2,712,011 | |
| Bausch Health Co., Inc., 4.875%, 6/01/2028 (n) | 2,589,000 | 2,000,546 | ||
| Bausch Health Co., Inc., 5.25%, 1/30/2030 (n) | 2,314,000 | 1,272,919 | ||
| Organon Finance 1 LLC, 4.125%, 4/30/2028 (n) | 4,302,000 | 4,076,196 | ||
| Organon Finance 1 LLC, 5.125%, 4/30/2031 (n) | 6,784,000 | 6,187,055 | ||
| $16,248,727 | ||||
7
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Pollution Control – 0.8% | ||||
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | $ | 6,162,000 | $5,827,762 | |
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 1,775,000 | 1,827,570 | ||
| Stericycle, Inc., 3.875%, 1/15/2029 (n) | 5,729,000 | 5,629,011 | ||
| Wrangler Holdco Corp., 6.625%, 4/01/2032 (n) | 2,547,000 | 2,599,654 | ||
| $15,883,997 | ||||
| Precious Metals & Minerals – 0.9% | ||||
| Coeur Mining, Inc., 5.125%, 2/15/2029 (n) | $ | 2,239,000 | $2,134,870 | |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | 6,698,000 | 6,589,752 | ||
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 7,767,000 | 7,572,538 | ||
| $16,297,160 | ||||
| Real Estate - Healthcare – 0.1% | ||||
| MPT Operating Partnership LP/MPT Finance Corp., REIT, 5%, 10/15/2027 | $ | 2,731,000 | $2,410,215 | |
| Real Estate - Other – 1.1% | ||||
| Park Intermediate Holdings LLC, 4.875%, 5/15/2029 (n) | $ | 5,528,000 | $5,265,399 | |
| RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | 9,468,000 | 9,820,361 | ||
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 6,994,000 | 6,564,938 | ||
| $21,650,698 | ||||
| Restaurants – 0.8% | ||||
| 1011778 B.C. ULC/New Red Finance, Inc., 6.125%, 6/15/2029 (n) | $ | 3,342,000 | $3,400,345 | |
| 1011778 B.C. ULC/New Red Finance, Inc., 4%, 10/15/2030 (n) | 3,919,000 | 3,539,444 | ||
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 6,150,000 | 5,593,307 | ||
| New Red Finance, Inc., 5.625%, 9/15/2029 (n) | 2,801,000 | 2,793,924 | ||
| $15,327,020 | ||||
| Retailers – 1.7% | ||||
| L Brands, Inc., 6.625%, 10/01/2030 (n) | $ | 5,039,000 | $5,045,521 | |
| Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n) | 4,316,000 | 4,217,272 | ||
| Mavis Tire Express Services Corp., 6.5%, 5/15/2029 (n) | 2,800,000 | 2,683,391 | ||
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026 | EUR | 3,305,000 | 2,822,086 | |
| Parkland Corp., 4.625%, 5/01/2030 (n) | $ | 10,124,000 | 9,305,295 | |
| Parkland Corp., 6.625%, 8/15/2032 (n) | 1,109,000 | 1,106,679 | ||
| Penske Automotive Group Co., 3.75%, 6/15/2029 | 7,366,000 | 6,740,226 | ||
| $31,920,470 | ||||
| Specialty Stores – 1.1% | ||||
| Carvana Co., 12% (9% Cash or 12% PIK) to 8/15/2025, 9% Cash to 12/01/2028 (n)(p) | $ | 2,219,000 | $2,346,952 | |
| Carvana Co., 14% (9% Cash or 14% PIK) to 8/15/2025, 9% Cash to 6/01/2031 (n)(p) | 4,465,369 | 5,323,738 | ||
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 3,144,000 | 2,262,385 | ||
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 3,524,000 | 1,858,446 | ||
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n) | 8,620,000 | 8,366,500 | ||
| $20,158,021 | ||||
| Supermarkets – 0.4% | ||||
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | $ | 7,278,000 | $7,536,085 | |
| Telecommunications - Wireless – 1.4% | ||||
| Altice France S.A., 5.5%, 1/15/2028 (n) | $ | 4,925,000 | $3,821,806 | |
| Altice France S.A., 5.125%, 7/15/2029 (n) | 1,913,000 | 1,430,834 | ||
| SBA Communications Corp., 3.875%, 2/15/2027 | 5,101,000 | 4,936,964 | ||
| SBA Communications Corp., 3.125%, 2/01/2029 | 10,439,000 | 9,499,927 | ||
| Zegona Finance PLC, 6.75%, 7/15/2029 (n) | EUR | 597,000 | 682,668 | |
| Zegona Finance PLC, 8.625%, 7/15/2029 (n) | $ | 5,532,000 | 5,843,175 | |
| $26,215,374 | ||||
8
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Telephone Services – 0.4% | ||||
| Level 3 Financing, Inc., 11%, 11/15/2029 (n) | $ | 2,778,222 | $3,134,979 | |
| Level 3 Financing, Inc., 3.875%, 10/15/2030 (n) | 3,056,044 | 2,322,561 | ||
| Uniti Group/CSL Capital Co., 6.5%, 2/15/2029 (n) | 1,677,000 | 1,443,746 | ||
| $6,901,286 | ||||
| Transportation - Services – 0.3% | ||||
| Avis Budget Finance PLC, 7.25%, 7/31/2030 (n) | EUR | 4,875,000 | $5,330,621 | |
| Utilities - Electric Power – 3.5% | ||||
| Calpine Corp., 4.5%, 2/15/2028 (n) | $ | 9,146,000 | $8,809,002 | |
| Calpine Corp., 5.125%, 3/15/2028 (n) | 5,693,000 | 5,563,968 | ||
| Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n) | 3,122,000 | 3,028,336 | ||
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 12,601,000 | 11,248,830 | ||
| Clearway Energy Operating LLC, 3.75%, 1/15/2032 (n) | 2,316,000 | 2,052,312 | ||
| NextEra Energy, Inc., 4.5%, 9/15/2027 (n) | 6,962,000 | 6,683,551 | ||
| NextEra Energy, Inc., 7.25%, 1/15/2029 (n) | 4,030,000 | 4,145,286 | ||
| PG&E Corp., 5.25%, 7/01/2030 | 6,673,000 | 6,503,140 | ||
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 5,809,000 | 5,795,170 | ||
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 8,899,000 | 8,694,464 | ||
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 4,171,000 | 3,891,690 | ||
| $66,415,749 | ||||
| Utilities - Gas – 0.2% | ||||
| EP Infrastructure A.S., 2.045%, 10/09/2028 | EUR | 2,556,000 | $2,570,377 | |
| EP Infrastructure A.S., 1.816%, 3/02/2031 | 748,000 | 697,710 | ||
| $3,268,087 | ||||
| Total Bonds | $1,791,676,719 | |||
| Exchange-Traded Funds – 1.0% | ||||
| Special Products & Services – 1.0% | ||||
| Invesco Senior Loan Fund ETF | 899,500 | $18,880,505 | ||
| Common Stocks – 0.1% | ||||
| Cable TV – 0.1% | ||||
| Intelsat Emergence S.A. (a) | 57,908 | $1,679,332 | ||
| Oil Services – 0.0% | ||||
| LTRI Holdings LP (a)(u) | 3,250 | $739,603 | ||
| Total Common Stocks | $2,418,935 | |||
| 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 | 62,563 | $43,966 |
| Investment Companies (h) – 3.9% | ||||
| Money Market Funds – 3.9% | ||||
| MFS Institutional Money Market Portfolio, 4.87% (v) | 74,020,480 | $74,027,881 | ||
9
Portfolio of Investments (unaudited) –
continued
| Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | Value ($) |
| Purchased Options – 0.0% | |||||
| Market Index Securities – 0.0% | |||||
| Russell 2000 Index – December 2024 @ $1,500 | Put | Exchange Traded | $ 38,880,829 | 177 | $38,763 |
| Other Assets, Less Liabilities – 0.4% | 7,232,994 | |||
| Net Assets – 100.0% | $1,894,319,763 | |||
| (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 $74,027,881 and $1,813,058,888, 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 $1,627,878,951, representing 85.9% 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. |
| The following abbreviations are used in this report and are defined: | |
| CDI | Interbank Deposit Certificates |
| CDO | Collateralized Debt Obligation |
| CMT | Constant Maturity Treasury |
| ETF | Exchange-Traded Fund |
| 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 |
| SOFR | Secured Overnight Financing Rate |
| 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 10/31/24 | ||||||
| Forward Foreign Currency Exchange Contracts | ||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
| Asset Derivatives | ||||||
| USD | 12,595,657 | EUR | 11,457,545 | BNP Paribas S.A. | 1/17/2025 | $91,117 |
| USD | 12,596,720 | EUR | 11,457,545 | JPMorgan Chase Bank N.A. | 1/17/2025 | 92,180 |
| $183,297 | ||||||
| Liability Derivatives | ||||||
| GBP | 448,617 | USD | 584,688 | State Street Bank Corp. | 1/17/2025 | $(6,341) |
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
10/31/24 (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, 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. Exchange-traded options are generally valued at the last sale or official closing price on their primary
exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided
by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a
broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. 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. 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 October 31, 2024 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Equity Securities: | ||||
| United States | $18,919,268 | $— | $739,603 | $19,658,871 |
| Luxembourg | — | 1,679,332 | — | 1,679,332 |
| United Kingdom | — | 43,966 | — | 43,966 |
| Non - U.S. Sovereign Debt | — | 1,354,501 | — | 1,354,501 |
| U.S. Corporate Bonds | — | 1,476,204,784 | — | 1,476,204,784 |
| Commercial Mortgage-Backed Securities | — | 359 | — | 359 |
| Foreign Bonds | — | 314,117,075 | — | 314,117,075 |
| Mutual Funds | 74,027,881 | — | — | 74,027,881 |
| Total | $92,947,149 | $1,793,400,017 | $739,603 | $1,887,086,769 |
| Other Financial Instruments | ||||
| Forward Foreign Currency Exchange Contracts – Assets | $— | $183,297 | $— | $183,297 |
| Forward Foreign Currency Exchange Contracts – Liabilities | — | (6,341) | — | (6,341) |
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 1/31/24 | $1,645,052 |
| Change in unrealized appreciation or depreciation | (905,449) |
| Balance as of 10/31/24 | $739,603 |
At October 31, 2024, the fund held
one level 3 security.
(2) Investments in Affiliated
Issuers
An affiliated issuer may be
considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the
period ended October 31, 2024:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $100,708,608 | $351,734,168 | $378,414,988 | $(561) | $654 | $74,027,881 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $3,120,429 | $— |
12