Quarterly Report
January 31, 2024
MFS® Special Value Trust
MFV-Q1
Portfolio of Investments
1/31/24 (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 – 55.0% | ||||
| Aerospace & Defense – 1.7% | ||||
| Bombardier, Inc., 7.125%, 6/15/2026 (n) | $ | 26,000 | $26,217 | |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 25,000 | 25,482 | ||
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | 18,000 | 18,890 | ||
| Moog, Inc., 4.25%, 12/15/2027 (n) | 61,000 | 57,116 | ||
| Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (n) | 81,000 | 85,014 | ||
| TransDigm, Inc., 6.25%, 3/15/2026 (n) | 57,000 | 56,612 | ||
| TransDigm, Inc., 5.5%, 11/15/2027 | 64,000 | 62,266 | ||
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 48,000 | 48,785 | ||
| TransDigm, Inc., 4.625%, 1/15/2029 | 55,000 | 51,429 | ||
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 101,000 | 103,364 | ||
| $535,175 | ||||
| Airlines – 0.4% | ||||
| Air Canada, 3.875%, 8/15/2026 (n) | $ | 84,000 | $79,891 | |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n) | 55,873 | 54,869 | ||
| $134,760 | ||||
| Apparel Manufacturers – 0.1% | ||||
| Wolverine World Wide, Inc., 4%, 8/15/2029 (n) | $ | 40,000 | $32,232 | |
| Automotive – 0.9% | ||||
| Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n) | $ | 53,000 | $52,855 | |
| Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n) | 25,000 | 25,332 | ||
| Dana, Inc., 5.375%, 11/15/2027 | 46,000 | 44,891 | ||
| Dana, Inc., 4.25%, 9/01/2030 | 32,000 | 27,980 | ||
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n) | 52,000 | 47,201 | ||
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 42,000 | 36,438 | ||
| Wabash National Corp., 4.5%, 10/15/2028 (n) | 55,000 | 50,050 | ||
| $284,747 | ||||
| Broadcasting – 0.9% | ||||
| AMC Networks, Inc., 4.75%, 8/01/2025 | $ | 15,000 | $14,453 | |
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | 200,000 | 206,800 | ||
| Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n) | 70,000 | 64,054 | ||
| $285,307 | ||||
| Brokerage & Asset Managers – 1.0% | ||||
| AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n) | $ | 46,000 | $47,754 | |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | 51,000 | 55,081 | ||
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 46,000 | 42,818 | ||
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 35,000 | 32,257 | ||
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 50,000 | 45,450 | ||
| NFP Corp., 4.875%, 8/15/2028 (n) | 55,000 | 54,554 | ||
| NFP Corp., 6.875%, 8/15/2028 (n) | 44,000 | 44,247 | ||
| $322,161 | ||||
| Building – 2.0% | ||||
| ABC Supply Co., Inc., 3.875%, 11/15/2029 (n) | $ | 32,000 | $28,513 | |
| Foundation Building Materials LLC, 6%, 3/01/2029 (n) | 62,000 | 54,483 | ||
| GYP Holding III Corp., 4.625%, 5/01/2029 (n) | 78,000 | 72,252 | ||
| Interface, Inc., 5.5%, 12/01/2028 (n) | 61,000 | 57,086 | ||
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 51,000 | 46,410 | ||
| New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n) | 66,000 | 63,413 | ||
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 22,000 | 22,118 | ||
| Patrick Industries, Inc., 7.5%, 10/15/2027 (n) | 70,000 | 70,350 | ||
| SRM Concrete, 8.875%, 11/15/2031 (n) | 70,000 | 73,539 | ||
1
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Building – continued | ||||
| Standard Industries, Inc., 4.75%, 1/15/2028 (n) | $ | 33,000 | $31,562 | |
| Standard Industries, Inc., 4.375%, 7/15/2030 (n) | 83,000 | 75,426 | ||
| White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | 62,000 | 60,687 | ||
| $655,839 | ||||
| Business Services – 0.6% | ||||
| Entegris Escrow Corp., 5.95%, 6/15/2030 (n) | $ | 31,000 | $30,621 | |
| Iron Mountain, Inc., 4.875%, 9/15/2027 (n) | 45,000 | 43,484 | ||
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 46,000 | 44,611 | ||
| Verscend Escrow Corp., 9.75%, 8/15/2026 (n) | 82,000 | 82,327 | ||
| $201,043 | ||||
| Cable TV – 4.1% | ||||
| Cable One, Inc., 4%, 11/15/2030 (n) | $ | 95,000 | $76,475 | |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n) | 36,000 | 34,722 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 194,000 | 172,390 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 105,000 | 91,314 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/01/2031 (n) | 54,000 | 45,659 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n) | 41,000 | 32,599 | ||
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 200,000 | 171,817 | ||
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 12,000 | 12,241 | ||
| DISH DBS Corp., 7.75%, 7/01/2026 | 35,000 | 20,623 | ||
| DISH DBS Corp., 5.25%, 12/01/2026 (n) | 50,000 | 39,375 | ||
| DISH DBS Corp., 5.125%, 6/01/2029 | 35,000 | 13,407 | ||
| DISH Network Corp., 11.75%, 11/15/2027 (n) | 25,000 | 26,093 | ||
| Sirius XM Radio, Inc., 4%, 7/15/2028 (n) | 32,000 | 29,059 | ||
| Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n) | 102,000 | 96,900 | ||
| Sirius XM Radio, Inc., 3.875%, 9/01/2031 (n) | 37,000 | 30,847 | ||
| Videotron Ltd., 5.125%, 4/15/2027 (n) | 39,000 | 38,415 | ||
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 35,000 | 31,936 | ||
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 200,000 | 178,622 | ||
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 200,000 | 168,733 | ||
| $1,311,227 | ||||
| Chemicals – 1.7% | ||||
| Axalta Coating Systems Ltd., 4.75%, 6/15/2027 (n) | $ | 150,000 | $144,392 | |
| Element Solutions, Inc., 3.875%, 9/01/2028 (n) | 55,000 | 50,245 | ||
| LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n) | 60,000 | 50,798 | ||
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 61,000 | 55,410 | ||
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 200,000 | 171,773 | ||
| Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n) | 76,000 | 78,242 | ||
| $550,860 | ||||
| Computer Software – 0.3% | ||||
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8%, 6/15/2029 (n) | $ | 51,000 | $52,342 | |
| Dun & Bradstreet Corp., 5%, 12/15/2029 (n) | 57,000 | 52,990 | ||
| $105,332 | ||||
| Computer Software - Systems – 0.9% | ||||
| Fair Isaac Corp., 5.25%, 5/15/2026 (n) | $ | 108,000 | $106,650 | |
| Sabre GLBL, Inc., 8.625%, 6/01/2027 (n) | 30,000 | 28,050 | ||
| Sabre GLBL, Inc., 11.25%, 12/15/2027 (n) | 25,000 | 25,031 | ||
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 101,000 | 99,146 | ||
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 33,000 | 28,938 | ||
| $287,815 | ||||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Conglomerates – 2.2% | ||||
| BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | $ | 68,000 | $63,840 | |
| BWX Technologies, Inc., 4.125%, 4/15/2029 (n) | 76,000 | 70,400 | ||
| Chart Industries, Inc., 9.5%, 1/01/2031 (n) | 34,000 | 36,262 | ||
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 74,000 | 74,745 | ||
| Gates Global LLC, 6.25%, 1/15/2026 (n) | 44,000 | 44,005 | ||
| Griffon Corp., 5.75%, 3/01/2028 | 63,000 | 61,740 | ||
| Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n) | 200,000 | 180,249 | ||
| Madison IAQ LLC, 5.875%, 6/30/2029 (n) | 54,000 | 47,984 | ||
| Regal Rexnord Corp., 6.3%, 2/15/2030 (n) | 42,000 | 43,171 | ||
| TriMas Corp., 4.125%, 4/15/2029 (n) | 110,000 | 97,935 | ||
| $720,331 | ||||
| Construction – 0.4% | ||||
| Mattamy Group Corp., 5.25%, 12/15/2027 (n) | $ | 30,000 | $28,946 | |
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 40,000 | 36,468 | ||
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 59,000 | 54,989 | ||
| $120,403 | ||||
| Consumer Products – 0.8% | ||||
| Energizer Gamma Acquisition B.V., 3.5%, 6/30/2029 | EUR | 100,000 | $95,661 | |
| HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n) | $ | 72,000 | 73,337 | |
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 66,000 | 64,602 | ||
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 38,000 | 32,953 | ||
| $266,553 | ||||
| Consumer Services – 2.1% | ||||
| Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n) | $ | 96,000 | $93,868 | |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 56,000 | 48,373 | ||
| Cushman & Wakefield PLC, 6.75%, 5/15/2028 (n) | 51,000 | 50,302 | ||
| GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 101,000 | 91,445 | ||
| GW B-CR Security Corp., 9.5%, 11/01/2027 (n) | 61,000 | 61,368 | ||
| Match Group Holdings II LLC, 5%, 12/15/2027 (n) | 69,000 | 66,757 | ||
| Match Group Holdings II LLC, 4.625%, 6/01/2028 (n) | 60,000 | 56,479 | ||
| Match Group Holdings II LLC, 4.125%, 8/01/2030 (n) | 20,000 | 17,995 | ||
| Match Group Holdings II LLC, 3.625%, 10/01/2031 (n) | 12,000 | 10,260 | ||
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 42,000 | 31,196 | ||
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 45,000 | 31,639 | ||
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 89,000 | 78,547 | ||
| WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n) | 49,000 | 47,105 | ||
| $685,334 | ||||
| Containers – 1.8% | ||||
| Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n) | $ | 200,000 | $174,793 | |
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 200,000 | 176,262 | ||
| Crown Americas LLC, 5.25%, 4/01/2030 | 23,000 | 22,224 | ||
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026 | 53,000 | 51,082 | ||
| Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026 | 55,000 | 53,855 | ||
| Crown European Holdings S.A., 4.75%, 3/15/2029 (n) | EUR | 100,000 | 109,502 | |
| $587,718 | ||||
| Electronics – 0.6% | ||||
| Entegris, Inc., 4.375%, 4/15/2028 (n) | $ | 46,000 | $43,382 | |
| Entegris, Inc., 3.625%, 5/01/2029 (n) | 27,000 | 24,354 | ||
| Sensata Technologies B.V., 5%, 10/01/2025 (n) | 80,000 | 79,638 | ||
| Sensata Technologies, Inc., 4.375%, 2/15/2030 (n) | 51,000 | 46,994 | ||
| $194,368 | ||||
| Emerging Market Quasi-Sovereign – 0.3% | ||||
| Petroleos Mexicanos, 6.49%, 1/23/2027 | $ | 100,000 | $94,005 | |
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Energy - Independent – 1.9% | ||||
| Callon Petroleum Co., 8%, 8/01/2028 (n) | $ | 45,000 | $46,542 | |
| Callon Petroleum Co., 7.5%, 6/15/2030 (n) | 15,000 | 15,802 | ||
| Civitas Resources, Inc., 8.375%, 7/01/2028 (n) | 48,000 | 50,482 | ||
| Civitas Resources, Inc., 8.625%, 11/01/2030 (n) | 15,000 | 15,999 | ||
| Civitas Resources, Inc., 8.75%, 7/01/2031 (n) | 30,000 | 31,893 | ||
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 85,000 | 78,051 | ||
| CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n) | 59,000 | 58,267 | ||
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 57,000 | 58,369 | ||
| Moss Creek Resources Holdings, Inc., 7.5%, 1/15/2026 (n) | 44,000 | 43,836 | ||
| Permian Resources Operating LLC, 7.75%, 2/15/2026 (n) | 5,000 | 5,080 | ||
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 85,000 | 83,137 | ||
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 32,000 | 33,037 | ||
| Sitio Royalties Operating Partnership, LP, 7.875%, 11/01/2028 (n) | 61,000 | 62,554 | ||
| SM Energy Co., 6.5%, 7/15/2028 | 41,000 | 41,000 | ||
| $624,049 | ||||
| Energy - Integrated – 0.2% | ||||
| Citgo Petroleum Corp., 8.375%, 1/15/2029 (n) | $ | 51,000 | $52,987 | |
| Entertainment – 2.2% | ||||
| Carnival Corp. PLC, 7.625%, 3/01/2026 (n) | $ | 48,000 | $48,757 | |
| Carnival Corp. PLC, 5.75%, 3/01/2027 (n) | 89,000 | 87,683 | ||
| Carnival Corp. PLC, 4%, 8/01/2028 (n) | 32,000 | 29,600 | ||
| Carnival Corp. PLC, 6%, 5/01/2029 (n) | 38,000 | 36,806 | ||
| Merlin Entertainments, 7.375%, 2/15/2031 (n) | 200,000 | 200,272 | ||
| NCL Corp. Ltd., 5.875%, 3/15/2026 (n) | 46,000 | 44,853 | ||
| NCL Corp. Ltd., 7.75%, 2/15/2029 (n) | 30,000 | 30,291 | ||
| Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n) | 42,000 | 41,329 | ||
| Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n) | 63,000 | 62,198 | ||
| SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n) | 42,000 | 39,116 | ||
| Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n) | 21,000 | 20,240 | ||
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | 35,000 | 34,081 | ||
| VOC Escrow Ltd., 5%, 2/15/2028 (n) | 30,000 | 28,647 | ||
| $703,873 | ||||
| Financial Institutions – 2.6% | ||||
| Castlelake Aviation Finance Designated Activity Co., 5%, 4/15/2027 (n) | $ | 13,000 | $12,340 | |
| Credit Acceptance Corp., 6.625%, 3/15/2026 | 8,000 | 7,998 | ||
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 51,000 | 53,550 | ||
| Freedom Mortgage Corp., 7.625%, 5/01/2026 (n) | 41,000 | 40,833 | ||
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 13,000 | 13,164 | ||
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 29,000 | 28,100 | ||
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 34,000 | 35,863 | ||
| Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (p) | 124,495 | 119,982 | ||
| Howard Hughes Corp., 4.125%, 2/01/2029 (n) | 75,000 | 67,639 | ||
| Jefferson Capital Holdings LLC, 9.5%, 2/15/2029 (n)(w) | 45,000 | 45,323 | ||
| Macquarie AirFinance Holdings Ltd., 8.375%, 5/01/2028 (n) | 64,000 | 67,229 | ||
| Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n) | 11,000 | 11,413 | ||
| Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n) | 89,000 | 87,266 | ||
| OneMain Finance Corp., 6.875%, 3/15/2025 | 52,000 | 52,195 | ||
| OneMain Finance Corp., 7.125%, 3/15/2026 | 69,000 | 69,941 | ||
| OneMain Finance Corp., 5.375%, 11/15/2029 | 35,000 | 32,384 | ||
| PRA Group, Inc., 8.375%, 2/01/2028 (n) | 20,000 | 19,051 | ||
| Rocket Mortgage Co-Issuer, Inc., 3.625%, 3/01/2029 (n) | 43,000 | 38,221 | ||
| Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/2031 (n) | 15,000 | 13,107 | ||
| SLM Corp., 3.125%, 11/02/2026 | 31,000 | 29,026 | ||
| $844,625 | ||||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Food & Beverages – 2.2% | ||||
| B&G Foods, Inc., 5.25%, 9/15/2027 | $ | 25,000 | $22,549 | |
| B&G Foods, Inc., 8%, 9/15/2028 (n) | 29,000 | 30,229 | ||
| Central America Bottling Co., 5.25%, 4/27/2029 (n) | 200,000 | 186,826 | ||
| Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n) | 5,000 | 5,062 | ||
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n)(w) | 40,000 | 40,467 | ||
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 64,000 | 62,419 | ||
| Post Holdings, Inc., 5.625%, 1/15/2028 (n) | 57,000 | 56,094 | ||
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 77,000 | 70,813 | ||
| Primo Water Holding, Inc., 4.375%, 4/30/2029 (n) | 91,000 | 82,847 | ||
| TreeHouse Foods, Inc., 4%, 9/01/2028 | 56,000 | 49,952 | ||
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 71,000 | 67,362 | ||
| United Natural Foods, Inc., 6.75%, 10/15/2028 (n) | 33,000 | 27,720 | ||
| $702,340 | ||||
| Gaming & Lodging – 1.4% | ||||
| Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n) | $ | 30,000 | $27,424 | |
| Caesars Entertainment, Inc., 7%, 2/15/2030 (n) | 52,000 | 53,438 | ||
| Caesars Entertainment, Inc., 6.5%, 2/15/2032 (n) | 15,000 | 15,166 | ||
| Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n) | 56,000 | 57,470 | ||
| CCM Merger, Inc., 6.375%, 5/01/2026 (n) | 54,000 | 53,329 | ||
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | 72,000 | 69,655 | ||
| Penn National Gaming, Inc., 4.125%, 7/01/2029 (n) | 66,000 | 56,429 | ||
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 66,000 | 61,621 | ||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 67,000 | 63,295 | ||
| $457,827 | ||||
| Industrial – 0.5% | ||||
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | $ | 85,000 | $79,587 | |
| Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n) | 80,000 | 75,726 | ||
| $155,313 | ||||
| Insurance - Property & Casualty – 1.5% | ||||
| Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n) | $ | 29,000 | $29,074 | |
| Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/2029 (n) | 17,000 | 15,244 | ||
| Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n) | 31,000 | 28,438 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n) | 44,000 | 42,958 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 71,000 | 67,239 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 40,000 | 40,424 | ||
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 61,000 | 56,934 | ||
| AssuredPartners, Inc., 5.625%, 1/15/2029 (n) | 40,000 | 37,777 | ||
| GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n) | 45,000 | 45,085 | ||
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 52,000 | 49,068 | ||
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 41,000 | 42,175 | ||
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 35,000 | 35,843 | ||
| $490,259 | ||||
| Machinery & Tools – 0.5% | ||||
| Husky Injection Molding Systems Ltd., 9%, 2/15/2029 (n)(w) | $ | 5,000 | $5,000 | |
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | 83,000 | 87,467 | ||
| Terex Corp., 5%, 5/15/2029 (n) | 60,000 | 56,700 | ||
| $149,167 | ||||
| Medical & Health Technology & Services – 3.0% | ||||
| Avantor Funding, Inc., 4.625%, 7/15/2028 (n) | $ | 87,000 | $82,828 | |
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 53,000 | 54,991 | ||
| Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n) | 105,000 | 95,495 | ||
| CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n) | 35,000 | 34,467 | ||
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 71,000 | 46,212 | ||
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 76,000 | 62,922 | ||
5
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Medical & Health Technology & Services – continued | ||||
| Encompass Health Corp., 5.75%, 9/15/2025 | $ | 10,000 | $9,936 | |
| Encompass Health Corp., 4.75%, 2/01/2030 | 68,000 | 63,775 | ||
| Encompass Health Corp., 4.625%, 4/01/2031 | 10,000 | 9,187 | ||
| IQVIA, Inc., 5%, 5/15/2027 (n) | 200,000 | 195,467 | ||
| Legacy LifePoint Health LLC, 4.375%, 2/15/2027 (n) | 50,000 | 46,566 | ||
| Star Parent, Inc., 9%, 10/01/2030 (n) | 45,000 | 47,318 | ||
| Tenet Healthcare Corp., 6.125%, 10/01/2028 | 44,000 | 43,838 | ||
| Tenet Healthcare Corp., 4.375%, 1/15/2030 | 35,000 | 32,386 | ||
| Tenet Healthcare Corp., 6.125%, 6/15/2030 | 61,000 | 60,977 | ||
| Tenet Healthcare Corp., 6.75%, 5/15/2031 (n) | 25,000 | 25,571 | ||
| U.S. Acute Care Solutions LLC, 6.375%, 3/01/2026 (n) | 50,000 | 43,691 | ||
| $955,627 | ||||
| Medical Equipment – 0.7% | ||||
| Embecta Corp., 5%, 2/15/2030 (n) | $ | 60,000 | $49,097 | |
| Garden SpinCo Corp., 8.625%, 7/20/2030 (n) | 54,000 | 57,780 | ||
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 77,000 | 71,795 | ||
| Teleflex, Inc., 4.625%, 11/15/2027 | 30,000 | 29,104 | ||
| $207,776 | ||||
| Metals & Mining – 1.6% | ||||
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $ | 55,000 | $50,325 | |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 144,000 | 129,599 | ||
| GrafTech Finance, Inc., 4.625%, 12/15/2028 (n) | 72,000 | 47,673 | ||
| GrafTech Finance, Inc., 9.875%, 12/15/2028 (n) | 15,000 | 11,210 | ||
| Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n) | 50,000 | 46,075 | ||
| Kaiser Aluminum Corp., 4.5%, 6/01/2031 (n) | 38,000 | 32,444 | ||
| Novelis Corp., 3.25%, 11/15/2026 (n) | 19,000 | 17,790 | ||
| Novelis Corp., 4.75%, 1/30/2030 (n) | 61,000 | 56,577 | ||
| Novelis Corp., 3.875%, 8/15/2031 (n) | 59,000 | 51,173 | ||
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | 30,688 | 24,858 | ||
| Taseko Mines Ltd., 7%, 2/15/2026 (n) | 45,000 | 44,212 | ||
| $511,936 | ||||
| Midstream – 2.9% | ||||
| DT Midstream, Inc., 4.125%, 6/15/2029 (n) | $ | 49,000 | $45,019 | |
| DT Midstream, Inc., 4.375%, 6/15/2031 (n) | 80,000 | 71,662 | ||
| EQM Midstream Partners LP, 5.5%, 7/15/2028 | 105,000 | 104,044 | ||
| Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n) | 71,000 | 69,740 | ||
| NuStar Logistics, LP, 6.375%, 10/01/2030 | 50,000 | 50,250 | ||
| Peru LNG, 5.375%, 3/22/2030 | 200,000 | 164,643 | ||
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 86,000 | 82,790 | ||
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 29,000 | 28,928 | ||
| Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n) | 73,000 | 65,245 | ||
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 27,000 | 27,021 | ||
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 50,000 | 44,216 | ||
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 53,000 | 53,567 | ||
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 60,000 | 63,722 | ||
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 59,000 | 59,580 | ||
| $930,427 | ||||
| Network & Telecom – 0.6% | ||||
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | $ | 200,000 | $198,407 | |
| Oil Services – 0.2% | ||||
| Nabors Industries Ltd., 7.25%, 1/15/2026 (n) | $ | 39,000 | $38,028 | |
| Nabors Industries Ltd., 9.125%, 1/31/2030 (n) | 24,000 | 24,421 | ||
| $62,449 | ||||
6
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Oils – 0.5% | ||||
| Parkland Corp., 4.625%, 5/01/2030 (n) | $ | 110,000 | $101,345 | |
| PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028 | 58,000 | 56,688 | ||
| $158,033 | ||||
| Personal Computers & Peripherals – 0.3% | ||||
| NCR Corp., 5%, 10/01/2028 (n) | $ | 60,000 | $56,566 | |
| NCR Corp., 5.125%, 4/15/2029 (n) | 46,000 | 43,039 | ||
| $99,605 | ||||
| Pharmaceuticals – 0.7% | ||||
| 1375209 BC Ltd., 9%, 1/30/2028 (n) | $ | 35,000 | $33,950 | |
| Bausch Health Co., Inc., 11%, 9/30/2028 (n) | 37,000 | 25,171 | ||
| Bausch Health Co., Inc., 14%, 10/15/2030 (n) | 6,000 | 3,354 | ||
| Organon Finance 1 LLC, 5.125%, 4/30/2031 (n) | 200,000 | 171,826 | ||
| $234,301 | ||||
| Pollution Control – 0.6% | ||||
| GFL Environmental, Inc., 4.25%, 6/01/2025 (n) | $ | 20,000 | $19,649 | |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | 55,000 | 50,449 | ||
| GFL Environmental, Inc., 4.75%, 6/15/2029 (n) | 20,000 | 18,775 | ||
| GFL Environmental, Inc., 4.375%, 8/15/2029 (n) | 25,000 | 22,928 | ||
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 11,000 | 11,251 | ||
| Stericycle, Inc., 3.875%, 1/15/2029 (n) | 75,000 | 68,177 | ||
| $191,229 | ||||
| Precious Metals & Minerals – 0.4% | ||||
| Coeur Mining, Inc., 5.125%, 2/15/2029 (n) | $ | 37,000 | $33,679 | |
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | 37,000 | 35,288 | ||
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 66,000 | 58,080 | ||
| $127,047 | ||||
| Real Estate - Other – 0.4% | ||||
| RHP Hotel Properties, LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | $ | 85,000 | $87,619 | |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 49,000 | 45,193 | ||
| $132,812 | ||||
| Restaurants – 0.2% | ||||
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | $ | 62,000 | $55,741 | |
| Retailers – 0.9% | ||||
| Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n) | $ | 48,000 | $44,222 | |
| Lithia Motors, Inc., 3.875%, 6/01/2029 (n) | 50,000 | 44,875 | ||
| Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n) | 59,000 | 57,230 | ||
| NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026 (n) | 43,000 | 41,926 | ||
| Penske Automotive Group Co., 3.75%, 6/15/2029 | 69,000 | 61,494 | ||
| Victoria's Secret & Co., 4.625%, 7/15/2029 (n) | 53,000 | 44,810 | ||
| $294,557 | ||||
| Specialty Stores – 0.3% | ||||
| Global Auto Holdings Ltd./Aag FH UK Ltd., 8.375%, 1/15/2029 (n) | $ | 51,000 | $48,087 | |
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | 35,000 | 27,491 | ||
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 37,000 | 23,665 | ||
| $99,243 | ||||
| Telecommunications - Wireless – 0.9% | ||||
| Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | $ | 200,000 | $168,500 | |
| SBA Communications Corp., 3.875%, 2/15/2027 | 51,000 | 48,670 | ||
| SBA Communications Corp., 3.125%, 2/01/2029 | 95,000 | 84,667 | ||
| $301,837 | ||||
7
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| U.S. Treasury Obligations – 0.3% | ||||
| U.S. Treasury Notes, 3%, 6/30/2024 | $ | 85,000 | $84,250 | |
| Utilities - Electric Power – 4.1% | ||||
| Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n) | $ | 200,000 | $198,210 | |
| Calpine Corp., 4.5%, 2/15/2028 (n) | 71,000 | 67,518 | ||
| Calpine Corp., 5.125%, 3/15/2028 (n) | 56,000 | 53,436 | ||
| Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n) | 49,000 | 46,653 | ||
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 117,000 | 101,419 | ||
| Clearway Energy Operating LLC, 3.75%, 1/15/2032 (n) | 17,000 | 14,439 | ||
| Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n) | 185,000 | 173,900 | ||
| Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n) | 200,000 | 190,194 | ||
| Mercury Chile Holdco LLC, 6.5%, 1/24/2027 (n) | 200,000 | 185,988 | ||
| NextEra Energy, Inc., 4.25%, 7/15/2024 (n) | 6,000 | 5,937 | ||
| NextEra Energy, Inc., 4.25%, 9/15/2024 (n) | 10,000 | 9,775 | ||
| NextEra Energy, Inc., 4.5%, 9/15/2027 (n) | 57,000 | 53,525 | ||
| NextEra Energy, Inc., 7.25%, 1/15/2029 (n) | 59,000 | 60,770 | ||
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 50,000 | 49,345 | ||
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 84,000 | 80,961 | ||
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 32,000 | 29,546 | ||
| $1,321,616 | ||||
| Utilities - Other – 0.6% | ||||
| Aegea Finance S.à r.l., 6.75%, 5/20/2029 (n) | $ | 200,000 | $194,092 | |
| Total Bonds | $17,716,635 | |||
| Common Stocks – 41.8% | ||||
| Aerospace & Defense – 2.5% | ||||
| Honeywell International, Inc. | 1,429 | $289,030 | ||
| Northrop Grumman Corp. | 1,171 | 523,156 | ||
| $812,186 | ||||
| Brokerage & Asset Managers – 2.5% | ||||
| Citigroup, Inc. | 7,611 | $427,510 | ||
| NASDAQ, Inc. | 6,683 | 386,077 | ||
| $813,587 | ||||
| Business Services – 1.1% | ||||
| Accenture PLC, “A” | 961 | $349,689 | ||
| Cable TV – 1.8% | ||||
| Comcast Corp., “A” | 12,069 | $561,692 | ||
| Intelsat Emergence S.A. (a) | 705 | 18,506 | ||
| $580,198 | ||||
| Consumer Products – 1.3% | ||||
| Kenvue, Inc. | 20,542 | $426,452 | ||
| Electronics – 1.5% | ||||
| Analog Devices, Inc. | 2,579 | $496,096 | ||
| Energy - Independent – 2.9% | ||||
| ConocoPhillips | 3,517 | $393,447 | ||
| Pioneer Natural Resources Co. | 2,283 | 524,702 | ||
| $918,149 | ||||
| Food & Beverages – 1.5% | ||||
| Nestle S.A., ADR | 4,310 | $490,909 | ||
8
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Common Stocks – continued | ||||
| Gaming & Lodging – 1.4% | ||||
| Marriott International, Inc., “A” | 1,817 | $435,589 | ||
| Health Maintenance Organizations – 2.0% | ||||
| Cigna Group | 2,078 | $625,374 | ||
| Insurance – 6.0% | ||||
| Aon PLC | 1,889 | $563,734 | ||
| Marsh & McLennan Cos., Inc. | 2,669 | 517,359 | ||
| Progressive Corp. | 4,833 | 861,482 | ||
| $1,942,575 | ||||
| Machinery & Tools – 1.2% | ||||
| Illinois Tool Works, Inc. | 1,483 | $386,915 | ||
| Major Banks – 3.5% | ||||
| JPMorgan Chase & Co. | 3,762 | $655,942 | ||
| Morgan Stanley | 5,296 | 462,023 | ||
| $1,117,965 | ||||
| Medical & Health Technology & Services – 1.7% | ||||
| McKesson Corp. | 1,077 | $538,382 | ||
| Oil Services – 0.1% | ||||
| LTRI Holdings LP (a)(u) | 60 | $30,370 | ||
| Other Banks & Diversified Financials – 1.9% | ||||
| American Express Co. | 3,024 | $607,038 | ||
| Pharmaceuticals – 1.7% | ||||
| Johnson & Johnson | 1,559 | $247,725 | ||
| Pfizer, Inc. | 10,654 | 288,510 | ||
| $536,235 | ||||
| Real Estate – 1.5% | ||||
| Prologis, Inc., REIT | 3,879 | $491,431 | ||
| Specialty Stores – 1.5% | ||||
| Lowe's Cos., Inc. | 2,318 | $493,363 | ||
| Utilities - Electric Power – 4.2% | ||||
| Dominion Energy, Inc. | 9,401 | $429,814 | ||
| Duke Energy Corp. | 4,763 | 456,438 | ||
| Southern Co. | 6,722 | 467,313 | ||
| $1,353,565 | ||||
| Total Common Stocks | $13,446,068 | |||
| Convertible Bonds – 0.1% | ||||
| Utilities - Electric Power – 0.1% | ||||
| Pacific Gas and Electric Corp., 4.25%, 12/01/2027 (n) | $ | 23,000 | $23,402 | |
| Investment Companies (h) – 3.4% | ||||
| Money Market Funds – 3.4% | ||||
| MFS Institutional Money Market Portfolio, 5.4% (v) | 1,084,761 | $1,084,869 | ||
| Other Assets, Less Liabilities – (0.3)% | (93,155) | |||
| Net Assets – 100.0% | $32,177,819 | |||
9
Portfolio of Investments (unaudited) –
continued
| (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 $1,084,869 and $31,186,105, 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 $15,797,485, representing 49.1% 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: | |
| ADR | American Depositary Receipt |
| CDI | Interbank Deposit Certificates |
| REIT | Real Estate Investment Trust |
| Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
| EUR | Euro |
| Derivative Contracts at 1/31/24 | ||||||
| Forward Foreign Currency Exchange Contracts | ||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
| Asset Derivatives | ||||||
| USD | 303,060 | EUR | 277,514 | State Street Bank Corp. | 4/19/2024 | $2,166 |
| Liability Derivatives | ||||||
| EUR | 107,988 | USD | 117,981 | HSBC Bank | 4/19/2024 | $(896) |
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
1/31/24 (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. 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 January 31, 2024 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Equity Securities: | ||||
| United States | $12,906,283 | $— | $30,370 | $12,936,653 |
| Switzerland | 490,909 | — | — | 490,909 |
| Luxembourg | — | 18,506 | — | 18,506 |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 84,250 | — | 84,250 |
| Non - U.S. Sovereign Debt | — | 94,005 | — | 94,005 |
| U.S. Corporate Bonds | — | 13,198,619 | — | 13,198,619 |
| Foreign Bonds | — | 4,363,163 | — | 4,363,163 |
| Mutual Funds | 1,084,869 | — | — | 1,084,869 |
| Total | $14,482,061 | $17,758,543 | $30,370 | $32,270,974 |
| Other Financial Instruments | ||||
| Forward Foreign Currency Exchange Contracts – Assets | $— | $2,166 | $— | $2,166 |
| Forward Foreign Currency Exchange Contracts – Liabilities | — | (896) | — | (896) |
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 10/31/23 | $21,370 |
| Change in unrealized appreciation or depreciation | 9,000 |
| Balance as of 1/31/24 | $30,370 |
At January 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:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $1,111,588 | $1,876,050 | $1,902,774 | $9 | $(4) | $1,084,869 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $16,529 | $— |
(3) Subsequent Event
The Board of Trustees of the fund
has approved the liquidation and termination of the fund, which is scheduled for April 29, 2024.
12