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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| MFS Intermediate High Income Fund | NYSE:CIF | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.74 | 0 | 00:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05567
MFS INTERMEDIATE HIGH INCOME FUND
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: November 30
Date of reporting period: May 31, 2024
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
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| back cover |
| (a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives), ETFs and Options on ETFs, and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
| (b) | Cash & Cash Equivalents (Less Liabilities) includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the value of outstanding borrowings made by the fund for leverage transactions. Cash & Cash Equivalents (Less Liabilities) is negative due to these borrowings. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. Please see Note 6 in the Notes to Financial Statements for more information on the fund's outstanding borrowings. |
| (d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
| (f) | The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings. |
| (i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
| (m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
| Portfolio Manager | Primary Role | Since | Title and Five Year History |
| David Cole | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 2004. |
| Michael Skatrud | Portfolio Manager | 2018 | Investment Officer of MFS; employed in the investment management area of MFS since 2013. |
| Issuer | Shares/Par | Value ($) | ||
| Bonds – 139.0% | ||||
| Aerospace & Defense – 6.3% | ||||
| Boeing Co., 6.298%, 5/01/2029 (n) | $ | 157,000 | $158,272 | |
| Bombardier, Inc., 7.5%, 2/01/2029 (n) | 103,000 | 106,549 | ||
| Bombardier, Inc., 8.75%, 11/15/2030 (n) | 54,000 | 57,942 | ||
| Bombardier, Inc., 7.25%, 7/01/2031 (n) | 72,000 | 73,502 | ||
| Bombardier, Inc., 7%, 6/01/2032 (n) | 103,000 | 103,375 | ||
| F-Brasile S.p.A./F-Brasile U.S. LLC, 7.375%, 8/15/2026 (n) | 200,000 | 200,024 | ||
| Moog, Inc., 4.25%, 12/15/2027 (n) | 217,000 | 203,180 | ||
| Spirit AeroSystems, Inc., 9.75%, 11/15/2030 (n) | 233,000 | 254,559 | ||
| TransDigm, Inc., 5.5%, 11/15/2027 | 158,000 | 154,251 | ||
| TransDigm, Inc., 6.75%, 8/15/2028 (n) | 166,000 | 167,882 | ||
| TransDigm, Inc., 4.625%, 1/15/2029 | 151,000 | 139,051 | ||
| TransDigm, Inc., 6.375%, 3/01/2029 (n) | 88,000 | 87,809 | ||
| TransDigm, Inc., 6.875%, 12/15/2030 (n) | 304,000 | 307,826 | ||
| Triumph Group, Inc., 9%, 3/15/2028 (n) | 74,000 | 76,391 | ||
| $2,090,613 | ||||
| Airlines – 1.5% | ||||
| Air Canada, 3.875%, 8/15/2026 (n) | $ | 240,000 | $227,833 | |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/2029 (n) | 193,140 | 186,779 | ||
| Hawaiian Brand Intellectual Property Ltd., 5.75%, 1/20/2026 (n) | 73,000 | 67,313 | ||
| $481,925 | ||||
| Apparel Manufacturers – 0.3% | ||||
| Wolverine World Wide, Inc., 4%, 8/15/2029 (n) | $ | 118,000 | $98,273 | |
| Automotive – 1.8% | ||||
| Clarios Global LP/Clarios U.S. Finance Co., 8.5%, 5/15/2027 (n) | $ | 155,000 | $155,993 | |
| Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 5/15/2028 (n) | 77,000 | 77,810 | ||
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/2029 (n) | 164,000 | 141,666 | ||
| Garrett Motion Holdings, Inc./Garrett LX I S.à r.l., 7.75%, 5/31/2032 (n) | 103,000 | 103,676 | ||
| Real Hero Merger Sub 2, Inc., 6.25%, 2/01/2029 (n) | 126,000 | 108,544 | ||
| $587,689 | ||||
| Broadcasting – 1.2% | ||||
| AMC Networks, Inc., 10.25%, 1/15/2029 (n) | $ | 59,000 | $58,867 | |
| Banijay Group S.A.S., 8.125%, 5/01/2029 (n) | 200,000 | 204,458 | ||
| Midas OpCo Holdings LLC, 5.625%, 8/15/2029 (n) | 150,000 | 137,302 | ||
| $400,627 | ||||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Brokerage & Asset Managers – 2.0% | ||||
| AG TTMT Escrow Issuer LLC, 8.625%, 9/30/2027 (n) | $ | 179,000 | $186,033 | |
| Aretec Escrow Issuer 2, Inc., 10%, 8/15/2030 (n) | 154,000 | 168,444 | ||
| Aretec Escrow Issuer, Inc., 7.5%, 4/01/2029 (n) | 72,000 | 69,559 | ||
| Hightower Holding LLC, 6.75%, 4/15/2029 (n) | 89,000 | 83,436 | ||
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 60,000 | 55,622 | ||
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 101,000 | 92,015 | ||
| $655,109 | ||||
| Building – 6.0% | ||||
| ABC Supply Co., Inc., 3.875%, 11/15/2029 (n) | $ | 150,000 | $132,479 | |
| Cornerstone Building Brands, Inc., 6.125%, 1/15/2029 (n) | 103,000 | 83,775 | ||
| Foundation Building Materials LLC, 6%, 3/01/2029 (n) | 174,000 | 154,226 | ||
| GYP Holding III Corp., 4.625%, 5/01/2029 (n) | 226,000 | 208,803 | ||
| LBM Acquisition LLC, 6.25%, 1/15/2029 (n) | 74,000 | 66,821 | ||
| Miter Brands Acquisition Holdco, Inc., 6.75%, 4/01/2032 (n) | 45,000 | 44,701 | ||
| MIWD Holdco II LLC/MIWD Finance Co., 5.5%, 2/01/2030 (n) | 181,000 | 164,973 | ||
| New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n) | 188,000 | 176,717 | ||
| New Enterprise Stone & Lime Co., Inc., 9.75%, 7/15/2028 (n) | 64,000 | 65,521 | ||
| Patrick Industries, Inc., 7.5%, 10/15/2027 (n) | 201,000 | 203,905 | ||
| SRM Concrete, 8.875%, 11/15/2031 (n) | 218,000 | 229,537 | ||
| Standard Industries, Inc., 4.75%, 1/15/2028 (n) | 72,000 | 68,591 | ||
| Standard Industries, Inc., 4.375%, 7/15/2030 (n) | 246,000 | 219,526 | ||
| White Cap Buyer LLC, 6.875%, 10/15/2028 (n) | 198,000 | 188,893 | ||
| $2,008,468 | ||||
| Business Services – 0.7% | ||||
| Iron Mountain, Inc., 4.875%, 9/15/2027 (n) | $ | 119,000 | $114,783 | |
| Iron Mountain, Inc., 5.25%, 3/15/2028 (n) | 133,000 | 128,038 | ||
| $242,821 | ||||
| Cable TV – 9.2% | ||||
| Cable One, Inc., 4%, 11/15/2030 (n) | $ | 270,000 | $201,460 | |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/01/2027 (n) | 147,000 | 140,495 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/01/2030 (n) | 455,000 | 387,594 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | 306,000 | 254,257 | ||
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/2034 (n) | 137,000 | 102,077 | ||
| CSC Holdings LLC, 5.375%, 2/01/2028 (n) | 200,000 | 140,459 | ||
| CSC Holdings LLC, 7.5%, 4/01/2028 (n) | 200,000 | 111,652 | ||
| CSC Holdings LLC, 11.75%, 1/31/2029 (n) | 200,000 | 158,942 | ||
| CSC Holdings LLC, 5.75%, 1/15/2030 (n) | 200,000 | 86,421 | ||
| DIRECTV Financing LLC, 8.875%, 2/01/2030 (n) | 65,000 | 62,625 | ||
| DISH DBS Corp., 7.75%, 7/01/2026 | 100,000 | 63,591 | ||
| DISH DBS Corp., 5.25%, 12/01/2026 (n) | 128,000 | 101,930 | ||
| DISH DBS Corp., 5.125%, 6/01/2029 | 98,000 | 39,025 | ||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Cable TV – continued | ||||
| DISH Network Corp., 11.75%, 11/15/2027 (n) | $ | 67,000 | $67,222 | |
| LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (n) | 180,000 | 170,497 | ||
| Sirius XM Radio, Inc., 4%, 7/15/2028 (n) | 147,000 | 131,589 | ||
| Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n) | 187,000 | 173,679 | ||
| Videotron Ltd., 5.125%, 4/15/2027 (n) | 107,000 | 104,612 | ||
| Virgin Media Vendor Financing Notes IV DAC, 5%, 7/15/2028 (n) | 225,000 | 202,909 | ||
| Ziggo Bond Finance B.V., 5.125%, 2/28/2030 (n) | 400,000 | 341,639 | ||
| $3,042,675 | ||||
| Chemicals – 3.6% | ||||
| Chemours Co., 4.625%, 11/15/2029 (n) | $ | 183,000 | $156,063 | |
| Consolidated Energy Finance S.A., 5.625%, 10/15/2028 (n) | 150,000 | 129,091 | ||
| Element Solutions, Inc., 3.875%, 9/01/2028 (n) | 229,000 | 208,382 | ||
| LSF11 A5 HoldCo LLC, 6.625%, 10/15/2029 (n) | 172,000 | 162,167 | ||
| SCIH Salt Holdings, Inc., 6.625%, 5/01/2029 (n) | 195,000 | 183,660 | ||
| SNF Group SACA, 3.375%, 3/15/2030 (n) | 250,000 | 215,031 | ||
| Windsor Holdings III, LLC, 8.5%, 6/15/2030 (n) | 129,000 | 134,780 | ||
| $1,189,174 | ||||
| Computer Software – 1.2% | ||||
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8%, 6/15/2029 (n) | $ | 146,000 | $149,891 | |
| Dun & Bradstreet Corp., 5%, 12/15/2029 (n) | 158,000 | 146,934 | ||
| Neptune Bidco U.S., Inc., 9.29%, 4/15/2029 (n) | 103,000 | 98,380 | ||
| $395,205 | ||||
| Computer Software - Systems – 1.6% | ||||
| Sabre GLBL, Inc., 8.625%, 6/01/2027 (n) | $ | 87,000 | $80,095 | |
| Sabre GLBL, Inc., 11.25%, 12/15/2027 (n) | 46,000 | 44,714 | ||
| SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | 309,000 | 302,622 | ||
| Virtusa Corp., 7.125%, 12/15/2028 (n) | 97,000 | 88,218 | ||
| $515,649 | ||||
| Conglomerates – 4.4% | ||||
| BWX Technologies, Inc., 4.125%, 6/30/2028 (n) | $ | 128,000 | $117,950 | |
| BWX Technologies, Inc., 4.125%, 4/15/2029 (n) | 281,000 | 257,156 | ||
| Chart Industries, Inc., 9.5%, 1/01/2031 (n) | 142,000 | 153,333 | ||
| Emerald Debt Merger, 6.625%, 12/15/2030 (n) | 277,000 | 277,483 | ||
| Gates Corp., 6.875%, 7/01/2029 (n) | 60,000 | 60,576 | ||
| Gates Global LLC, 6.25%, 1/15/2026 (n) | 124,000 | 123,929 | ||
| Madison IAQ LLC, 5.875%, 6/30/2029 (n) | 170,000 | 157,569 | ||
| TriMas Corp., 4.125%, 4/15/2029 (n) | 329,000 | 297,776 | ||
| $1,445,772 | ||||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Construction – 1.9% | ||||
| Beazer Homes USA, Inc., 7.5%, 3/15/2031 (n) | $ | 176,000 | $175,689 | |
| Empire Communities Corp., 9.75%, 5/01/2029 (n) | 118,000 | 120,375 | ||
| Mattamy Group Corp., 5.25%, 12/15/2027 (n) | 84,000 | 81,255 | ||
| Mattamy Group Corp., 4.625%, 3/01/2030 (n) | 112,000 | 102,345 | ||
| Weekley Homes LLC/Weekley Finance Corp., 4.875%, 9/15/2028 (n) | 178,000 | 163,022 | ||
| $642,686 | ||||
| Consumer Products – 2.6% | ||||
| Amer Sports Co., 6.75%, 2/16/2031 (n) | $ | 204,000 | $203,242 | |
| Energizer Holdings, Inc., 4.375%, 3/31/2029 (n) | 98,000 | 87,117 | ||
| HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.625%, 7/15/2030 (n) | 253,000 | 254,797 | ||
| Prestige Consumer Healthcare, Inc., 5.125%, 1/15/2028 (n) | 224,000 | 215,819 | ||
| Prestige Consumer Healthcare, Inc., 3.75%, 4/01/2031 (n) | 102,000 | 87,460 | ||
| $848,435 | ||||
| Consumer Services – 5.7% | ||||
| Allied Universal Holdco LLC, 9.75%, 7/15/2027 (n) | $ | 358,000 | $354,963 | |
| Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | 163,000 | 131,306 | ||
| Cushman & Wakefield PLC, 6.75%, 5/15/2028 (n) | 90,000 | 89,494 | ||
| GoDaddy, Inc., 3.5%, 3/01/2029 (n) | 264,000 | 235,862 | ||
| GW B-CR Security Corp., 9.5%, 11/01/2027 (n) | 209,000 | 209,177 | ||
| Match Group Holdings II LLC, 5%, 12/15/2027 (n) | 179,000 | 169,506 | ||
| Match Group Holdings II LLC, 4.625%, 6/01/2028 (n) | 149,000 | 138,576 | ||
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 109,000 | 74,793 | ||
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 4/15/2030 (n) | 135,000 | 88,103 | ||
| TriNet Group, Inc., 3.5%, 3/01/2029 (n) | 235,000 | 207,432 | ||
| Velocity Vehicle Group LLC, 8%, 6/01/2029 (n)(w) | 44,000 | 44,715 | ||
| WASH Multi-Family Acquisition, Inc., 5.75%, 4/15/2026 (n) | 155,000 | 150,675 | ||
| $1,894,602 | ||||
| Containers – 3.2% | ||||
| Ardagh Metal Packaging Finance USA LLC, 3.25%, 9/01/2028 (n) | $ | 200,000 | $175,381 | |
| Can-Pack S.A./Eastern PA Land Investment Holding LLC, 3.875%, 11/15/2029 (n) | 275,000 | 241,489 | ||
| Crown Americas LLC, 5.25%, 4/01/2030 | 88,000 | 84,583 | ||
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026 | 158,000 | 151,847 | ||
| Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026 | 130,000 | 127,608 | ||
| Titan Holdings II B.V., 5.125%, 7/15/2029 | EUR | 100,000 | 98,126 | |
| Trivium Packaging Finance B.V., 8.5%, 8/15/2027 (n) | $ | 200,000 | 199,554 | |
| $1,078,588 | ||||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Electronics – 2.1% | ||||
| Entegris Escrow Corp., 5.95%, 6/15/2030 (n) | $ | 73,000 | $71,857 | |
| Entegris, Inc., 4.375%, 4/15/2028 (n) | 121,000 | 113,186 | ||
| Entegris, Inc., 3.625%, 5/01/2029 (n) | 110,000 | 97,736 | ||
| Sensata Technologies B.V., 5%, 10/01/2025 (n) | 207,000 | 208,506 | ||
| Sensata Technologies B.V., 5.875%, 9/01/2030 (n) | 200,000 | 194,401 | ||
| $685,686 | ||||
| Emerging Market Quasi-Sovereign – 0.3% | ||||
| Eustream A.S. (Slovak Republic), 1.625%, 6/25/2027 | EUR | 100,000 | $94,814 | |
| Energy - Independent – 5.7% | ||||
| Civitas Resources, Inc., 8.375%, 7/01/2028 (n) | $ | 134,000 | $140,631 | |
| Civitas Resources, Inc., 8.625%, 11/01/2030 (n) | 45,000 | 48,136 | ||
| Civitas Resources, Inc., 8.75%, 7/01/2031 (n) | 90,000 | 96,085 | ||
| Comstock Resources, Inc., 6.75%, 3/01/2029 (n) | 275,000 | 266,004 | ||
| CrownRock LP/CrownRock Finance, Inc., “F”, 5%, 5/01/2029 (n) | 167,000 | 164,704 | ||
| Encino Acquisition partners Holdings LLC, 8.75%, 5/01/2031 (n) | 118,000 | 122,028 | ||
| Matador Resources Co., 6.875%, 4/15/2028 (n) | 163,000 | 164,486 | ||
| Matador Resources Co., 6.5%, 4/15/2032 (n) | 60,000 | 59,883 | ||
| Permian Resources Operating LLC, 7.75%, 2/15/2026 (n) | 30,000 | 30,260 | ||
| Permian Resources Operating LLC, 5.875%, 7/01/2029 (n) | 219,000 | 214,615 | ||
| Permian Resources Operating LLC, 7%, 1/15/2032 (n) | 96,000 | 98,075 | ||
| Sitio Royalties Operating Partnership, LP, 7.875%, 11/01/2028 (n) | 191,000 | 198,167 | ||
| SM Energy Co., 6.5%, 7/15/2028 | 169,000 | 168,439 | ||
| Vital Energy, Inc., 7.875%, 4/15/2032 (n) | 118,000 | 119,812 | ||
| $1,891,325 | ||||
| Energy - Integrated – 0.5% | ||||
| Citgo Petroleum Corp., 8.375%, 1/15/2029 (n) | $ | 152,000 | $157,344 | |
| Entertainment – 5.3% | ||||
| Carnival Corp. PLC, 7.625%, 3/01/2026 (n) | $ | 143,000 | $143,775 | |
| Carnival Corp. PLC, 5.75%, 3/01/2027 (n) | 222,000 | 217,911 | ||
| Carnival Corp. PLC, 4%, 8/01/2028 (n) | 96,000 | 88,609 | ||
| Carnival Corp. PLC, 6%, 5/01/2029 (n) | 108,000 | 105,554 | ||
| Carnival Corp. PLC, 5.75%, 1/15/2030 (n) | EUR | 100,000 | 110,263 | |
| Merlin Entertainments, 7.375%, 2/15/2031 (n) | $ | 200,000 | 202,704 | |
| NCL Corp. Ltd., 5.875%, 3/15/2026 (n) | 167,000 | 164,200 | ||
| Royal Caribbean Cruises Ltd., 5.375%, 7/15/2027 (n) | 142,000 | 139,129 | ||
| Royal Caribbean Cruises Ltd., 5.5%, 4/01/2028 (n) | 98,000 | 95,738 | ||
| SeaWorld Parks & Entertainment, 5.25%, 8/15/2029 (n) | 104,000 | 97,251 | ||
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 190,000 | 190,139 | ||
| Viking Cruises Ltd. Co., 5.875%, 9/15/2027 (n) | 61,000 | 59,560 | ||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Entertainment – continued | ||||
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/2029 (n) | $ | 158,000 | $151,525 | |
| $1,766,358 | ||||
| Financial Institutions – 7.8% | ||||
| Avation Capital S.A., 8.25% (8.25% Cash or 9% PIK), 10/31/2026 (n)(p) | $ | 210,916 | $186,114 | |
| Credit Acceptance Corp., 9.25%, 12/15/2028 (n) | 181,000 | 191,087 | ||
| Encore Capital Group, Inc., 9.25%, 4/01/2029 (n) | 200,000 | 208,139 | ||
| Freedom Mortgage Corp., 7.625%, 5/01/2026 (n) | 148,000 | 147,052 | ||
| Freedom Mortgage Holdings LLC, 9.25%, 2/01/2029 (n) | 38,000 | 38,383 | ||
| FTAI Aviation Ltd., 5.5%, 5/01/2028 (n) | 170,000 | 164,306 | ||
| FTAI Aviation Ltd., 7.875%, 12/01/2030 (n) | 101,000 | 105,540 | ||
| Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p) | 360,344 | 342,784 | ||
| Jefferson Capital Holdings LLC, 9.5%, 2/15/2029 (n) | 133,000 | 136,786 | ||
| Macquarie AirFinance Holdings Ltd., 8.375%, 5/01/2028 (n) | 192,000 | 201,898 | ||
| Macquarie AirFinance Holdings Ltd., 6.4%, 3/26/2029 (n) | 28,000 | 28,294 | ||
| Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n) | 33,000 | 34,748 | ||
| Nationstar Mortgage Holdings, Inc., 6%, 1/15/2027 (n) | 254,000 | 250,525 | ||
| OneMain Finance Corp., 6.875%, 3/15/2025 | 131,000 | 131,934 | ||
| OneMain Finance Corp., 7.125%, 3/15/2026 | 213,000 | 216,127 | ||
| OneMain Finance Corp., 5.375%, 11/15/2029 | 105,000 | 97,652 | ||
| OneMain Finance Corp., 7.5%, 5/15/2031 | 96,000 | 96,031 | ||
| $2,577,400 | ||||
| Food & Beverages – 4.5% | ||||
| B&G Foods, Inc., 5.25%, 9/15/2027 | $ | 103,000 | $94,528 | |
| B&G Foods, Inc., 8%, 9/15/2028 (n) | 56,000 | 56,835 | ||
| Chobani LLC/Chobani Finance Corp., 7.625%, 7/01/2029 (n) | 75,000 | 76,404 | ||
| Fiesta Purchaser, Inc., 7.875%, 3/01/2031 (n) | 120,000 | 123,298 | ||
| Performance Food Group Co., 5.5%, 10/15/2027 (n) | 199,000 | 193,954 | ||
| Post Holdings, Inc., 5.625%, 1/15/2028 (n) | 131,000 | 127,995 | ||
| Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 256,000 | 232,464 | ||
| Primo Water Holding, Inc., 4.375%, 4/30/2029 (n) | 259,000 | 237,488 | ||
| TreeHouse Foods, Inc., 4%, 9/01/2028 | 117,000 | 104,188 | ||
| U.S. Foods Holding Corp., 4.75%, 2/15/2029 (n) | 204,000 | 191,483 | ||
| United Natural Foods, Inc., 6.75%, 10/15/2028 (n) | 55,000 | 45,392 | ||
| $1,484,029 | ||||
| Gaming & Lodging – 6.0% | ||||
| Caesars Entertainment, Inc., 4.625%, 10/15/2029 (n) | $ | 86,000 | $77,694 | |
| Caesars Entertainment, Inc., 7%, 2/15/2030 (n) | 157,000 | 158,696 | ||
| Caesars Resort Collection LLC/CRC Finco, Inc., 8.125%, 7/01/2027 (n) | 127,000 | 129,475 | ||
| CCM Merger, Inc., 6.375%, 5/01/2026 (n) | 155,000 | 153,856 | ||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Gaming & Lodging – continued | ||||
| CDI Escrow Issuer, Inc., 5.75%, 4/01/2030 (n) | $ | 252,000 | $241,712 | |
| Flutter Treasury DAC, 5%, 4/29/2029 (n) | EUR | 100,000 | 109,891 | |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/2030 | $ | 264,000 | 249,604 | |
| Las Vegas Sands Corp., 6.2%, 8/15/2034 | 69,000 | 69,531 | ||
| Penn National Gaming, Inc., 4.125%, 7/01/2029 (n) | 133,000 | 110,995 | ||
| Wyndham Hotels & Resorts, Inc., 4.375%, 8/15/2028 (n) | 267,000 | 247,687 | ||
| Wynn Macau Ltd., 5.625%, 8/26/2028 (n) | 200,000 | 186,899 | ||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/01/2029 (n) | 189,000 | 177,744 | ||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/2031 (n) | 73,000 | 74,955 | ||
| $1,988,739 | ||||
| Industrial – 2.3% | ||||
| Albion Financing 1 S.à r.l., 6.125%, 10/15/2026 (n) | $ | 200,000 | $196,793 | |
| APi Escrow Corp., 4.75%, 10/15/2029 (n) | 260,000 | 238,455 | ||
| Artera Services LLC, 8.5%, 2/15/2031 (n) | 119,000 | 121,592 | ||
| Williams Scotsman International, Inc., 4.625%, 8/15/2028 (n) | 228,000 | 212,888 | ||
| $769,728 | ||||
| Insurance - Property & Casualty – 5.5% | ||||
| Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/01/2029 (n) | $ | 89,000 | $89,430 | |
| Acrisure LLC/Acrisure Finance, Inc., 6%, 8/01/2029 (n) | 29,000 | 26,434 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 (n) | 123,000 | 120,558 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | 178,000 | 165,577 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7%, 1/15/2031 (n) | 118,000 | 118,308 | ||
| AmWINS Group Benefits, Inc., 4.875%, 6/30/2029 (n) | 148,000 | 136,040 | ||
| Ardonagh Finco Ltd., 7.75%, 2/15/2031 (n) | 200,000 | 198,609 | ||
| AssuredPartners, Inc., 5.625%, 1/15/2029 (n) | 136,000 | 126,559 | ||
| Baldwin Insurance Group Holdings LLC, 7.125%, 5/15/2031 (n) | 162,000 | 163,591 | ||
| GTCR (AP) Finance, Inc., 8%, 5/15/2027 (n) | 112,000 | 112,122 | ||
| Hub International Ltd., 5.625%, 12/01/2029 (n) | 74,000 | 68,657 | ||
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 217,000 | 220,478 | ||
| Hub International Ltd., 7.375%, 1/31/2032 (n) | 100,000 | 100,355 | ||
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 186,000 | 187,548 | ||
| $1,834,266 | ||||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Machinery & Tools – 1.4% | ||||
| Ritchie Bros Holdings, Inc., 7.75%, 3/15/2031 (n) | $ | 288,000 | $300,614 | |
| Terex Corp., 5%, 5/15/2029 (n) | 175,000 | 164,588 | ||
| $465,202 | ||||
| Major Banks – 0.6% | ||||
| Toronto-Dominion Bank, 8.125% to 10/31/2027, FLR (CMT - 5yr. + 4.075%) to 10/31/2082 | $ | 200,000 | $207,288 | |
| Medical & Health Technology & Services – 8.6% | ||||
| 180 Medical, Inc., 3.875%, 10/15/2029 (n) | $ | 200,000 | $179,885 | |
| Avantor Funding, Inc., 4.625%, 7/15/2028 (n) | 283,000 | 266,307 | ||
| Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 (n) | 127,000 | 129,222 | ||
| Charles River Laboratories International, Inc., 3.75%, 3/15/2029 (n) | 277,000 | 250,561 | ||
| CHS/Community Health Systems, Inc., 8%, 12/15/2027 (n) | 108,000 | 108,041 | ||
| CHS/Community Health Systems, Inc., 6.125%, 4/01/2030 (n) | 117,000 | 83,430 | ||
| CHS/Community Health Systems, Inc., 5.25%, 5/15/2030 (n) | 294,000 | 244,050 | ||
| Encompass Health Corp., 5.75%, 9/15/2025 | 30,000 | 29,879 | ||
| Encompass Health Corp., 4.75%, 2/01/2030 | 211,000 | 195,290 | ||
| Encompass Health Corp., 4.625%, 4/01/2031 | 30,000 | 27,116 | ||
| IQVIA, Inc., 5%, 5/15/2027 (n) | 200,000 | 194,281 | ||
| IQVIA, Inc., 6.5%, 5/15/2030 (n) | 200,000 | 201,981 | ||
| Lifepoint Health, Inc., 9.875%, 8/15/2030 (n) | 74,000 | 79,179 | ||
| Lifepoint Health, Inc., 11%, 10/15/2030 (n) | 88,000 | 96,945 | ||
| Lifepoint Health, Inc., 10%, 6/01/2032 (n) | 118,000 | 118,428 | ||
| Surgery Center Holdings, Inc., 7.25%, 4/15/2032 (n) | 133,000 | 133,998 | ||
| Tenet Healthcare Corp., 6.125%, 10/01/2028 | 128,000 | 126,797 | ||
| Tenet Healthcare Corp., 4.375%, 1/15/2030 | 109,000 | 100,236 | ||
| Tenet Healthcare Corp., 6.125%, 6/15/2030 | 179,000 | 177,418 | ||
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/2029 (n) | 118,000 | 113,764 | ||
| $2,856,808 | ||||
| Medical Equipment – 1.3% | ||||
| Garden SpinCo Corp., 8.625%, 7/20/2030 (n) | $ | 163,000 | $174,151 | |
| Medline Borrower LP, 3.875%, 4/01/2029 (n) | 73,000 | 66,443 | ||
| Medline Borrower LP, 5.25%, 10/01/2029 (n) | 217,000 | 204,561 | ||
| $445,155 | ||||
| Metals & Mining – 4.0% | ||||
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n) | $ | 166,000 | $150,941 | |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 452,000 | 401,281 | ||
| GrafTech Finance, Inc., 4.625%, 12/15/2028 (n) | 207,000 | 134,048 | ||
| Kaiser Aluminum Corp., 4.625%, 3/01/2028 (n) | 102,000 | 94,891 | ||
| Novelis Corp., 3.25%, 11/15/2026 (n) | 128,000 | 119,508 | ||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Metals & Mining – continued | ||||
| Novelis Corp., 4.75%, 1/30/2030 (n) | $ | 175,000 | $161,685 | |
| Novelis Corp., 3.875%, 8/15/2031 (n) | 86,000 | 73,631 | ||
| Petra Diamonds US$ Treasury PLC, 9.75%, 3/08/2026 (n) | 98,203 | 71,405 | ||
| Taseko Mines Ltd., 8.25%, 5/01/2030 (n) | 118,000 | 120,960 | ||
| $1,328,350 | ||||
| Midstream – 7.6% | ||||
| DT Midstream, Inc., 4.125%, 6/15/2029 (n) | $ | 168,000 | $153,628 | |
| DT Midstream, Inc., 4.375%, 6/15/2031 (n) | 224,000 | 201,205 | ||
| EQM Midstream Partners LP, 5.5%, 7/15/2028 | 246,000 | 241,218 | ||
| EQM Midstream Partners LP, 6.375%, 4/01/2029 (n) | 59,000 | 58,891 | ||
| Kinetik Holdings, Inc., 5.875%, 6/15/2030 (n) | 211,000 | 205,617 | ||
| NuStar Logistics, LP, 6.375%, 10/01/2030 | 177,000 | 176,463 | ||
| Prairie Acquiror LP, 9%, 8/01/2029 (n) | 73,000 | 75,020 | ||
| Sunoco LP, 7.25%, 5/01/2032 (n) | 147,000 | 150,496 | ||
| Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n) | 242,000 | 230,824 | ||
| Tallgrass Energy Partners LP, 7.375%, 2/15/2029 (n) | 88,000 | 88,234 | ||
| Venture Global Calcasieu Pass LLC, 3.875%, 8/15/2029 (n) | 160,000 | 144,097 | ||
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 80,000 | 80,192 | ||
| Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 145,000 | 128,060 | ||
| Venture Global LNG, Inc., 8.125%, 6/01/2028 (n) | 196,000 | 200,311 | ||
| Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 169,000 | 183,284 | ||
| Venture Global LNG, Inc., 8.375%, 6/01/2031 (n) | 212,000 | 218,614 | ||
| $2,536,154 | ||||
| Network & Telecom – 0.9% | ||||
| Iliad Holding S.A.S., 7%, 10/15/2028 (n) | $ | 200,000 | $198,056 | |
| Iliad Holding S.A.S., 6.875%, 4/15/2031 (n) | EUR | 100,000 | 110,301 | |
| $308,357 | ||||
| Oil Services – 1.1% | ||||
| Nabors Industries Ltd., 7.25%, 1/15/2026 (n) | $ | 91,000 | $91,223 | |
| Nabors Industries Ltd., 7.5%, 1/15/2028 (n) | 44,000 | 41,868 | ||
| Nabors Industries Ltd., 9.125%, 1/31/2030 (n) | 73,000 | 75,379 | ||
| U.S.A. Compression Partners LP/Finance Co., 7.125%, 3/15/2029 (n) | 144,000 | 144,163 | ||
| $352,633 | ||||
| Oils – 0.5% | ||||
| PBF Holding Co. LLC/PBF Finance Corp., 6%, 2/15/2028 | $ | 175,000 | $171,000 | |
| Pharmaceuticals – 1.2% | ||||
| 1375209 B.C. Ltd., 9%, 1/30/2028 (n) | $ | 118,000 | $114,008 | |
| Bausch Health Co., Inc., 11%, 9/30/2028 (n) | 117,000 | 102,083 | ||
| Bausch Health Co., Inc., 14%, 10/15/2030 (n) | 24,000 | 18,240 | ||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Pharmaceuticals – continued | ||||
| Organon Finance 1 LLC, 5.125%, 4/30/2031 (n) | $ | 200,000 | $176,741 | |
| $411,072 | ||||
| Pollution Control – 1.7% | ||||
| GFL Environmental, Inc., 4.25%, 6/01/2025 (n) | $ | 37,000 | $36,576 | |
| GFL Environmental, Inc., 4%, 8/01/2028 (n) | 176,000 | 160,934 | ||
| GFL Environmental, Inc., 4.75%, 6/15/2029 (n) | 50,000 | 46,539 | ||
| GFL Environmental, Inc., 4.375%, 8/15/2029 (n) | 80,000 | 73,006 | ||
| GFL Environmental, Inc., 6.75%, 1/15/2031 (n) | 34,000 | 34,681 | ||
| Stericycle, Inc., 3.875%, 1/15/2029 (n) | 227,000 | 206,108 | ||
| $557,844 | ||||
| Precious Metals & Minerals – 1.1% | ||||
| Eldorado Gold Corp., 6.25%, 9/01/2029 (n) | $ | 180,000 | $171,451 | |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 209,000 | 196,141 | ||
| $367,592 | ||||
| Printing & Publishing – 0.4% | ||||
| Cimpress PLC, 7%, 6/15/2026 | $ | 150,000 | $149,668 | |
| Real Estate - Other – 1.2% | ||||
| RHP Hotel Properties, LP/RHP Finance Corp., 7.25%, 7/15/2028 (n) | $ | 246,000 | $251,315 | |
| XHR LP, REIT, 4.875%, 6/01/2029 (n) | 155,000 | 142,802 | ||
| $394,117 | ||||
| Restaurants – 0.7% | ||||
| 1011778 B.C. ULC / New Red Finance, Inc., 4%, 10/15/2030 (n) | $ | 103,000 | $89,625 | |
| Fertitta Entertainment LLC, 6.75%, 1/15/2030 (n) | 177,000 | 156,449 | ||
| $246,074 | ||||
| Retailers – 3.3% | ||||
| Asbury Automotive Group, Inc., 4.625%, 11/15/2029 (n) | $ | 140,000 | $128,802 | |
| Lithia Motors, Inc., 3.875%, 6/01/2029 (n) | 162,000 | 144,288 | ||
| Macy's Retail Holdings LLC, 5.875%, 4/01/2029 (n) | 132,000 | 127,104 | ||
| Maxeda DIY Holding B.V., 5.875%, 10/01/2026 | EUR | 100,000 | 87,303 | |
| NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.125%, 4/01/2026 (n) | $ | 128,000 | 127,277 | |
| Parkland Corp., 4.625%, 5/01/2030 (n) | 239,000 | 217,231 | ||
| Penske Automotive Group Co., 3.75%, 6/15/2029 | 205,000 | 182,307 | ||
| Victoria's Secret & Co., 4.625%, 7/15/2029 (n) | 110,000 | 89,704 | ||
| $1,104,016 | ||||
| Issuer | Shares/Par | Value ($) | ||
| Bonds – continued | ||||
| Specialty Stores – 1.2% | ||||
| Michael Cos., Inc., 5.25%, 5/01/2028 (n) | $ | 98,000 | $79,490 | |
| Michael Cos., Inc., 7.875%, 5/01/2029 (n) | 109,000 | 74,130 | ||
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/2029 (n) | 250,000 | 239,342 | ||
| $392,962 | ||||
| Supermarkets – 1.3% | ||||
| KeHE Distributors LLC/KeHE Finance Corp., 9%, 2/15/2029 (n) | $ | 196,000 | $198,534 | |
| Ocado Group PLC, 3.875%, 10/08/2026 | GBP | 100,000 | 110,063 | |
| Picard Bondco S.A., 5.375%, 7/01/2027 | EUR | 124,000 | 130,678 | |
| $439,275 | ||||
| Telecommunications - Wireless – 1.6% | ||||
| Altice France S.A., 5.125%, 7/15/2029 (n) | $ | 200,000 | $134,132 | |
| SBA Communications Corp., 3.875%, 2/15/2027 | 145,000 | 137,244 | ||
| SBA Communications Corp., 3.125%, 2/01/2029 | 284,000 | 249,867 | ||
| $521,243 | ||||
| Transportation - Services – 0.6% | ||||
| Avis Budget Finance PLC, 7.25%, 7/31/2030 (n) | EUR | 178,000 | $191,438 | |
| Utilities - Electric Power – 5.5% | ||||
| Calpine Corp., 4.5%, 2/15/2028 (n) | $ | 233,000 | $219,101 | |
| Calpine Corp., 5.125%, 3/15/2028 (n) | 143,000 | 136,273 | ||
| Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n) | 132,000 | 125,491 | ||
| Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 337,000 | 294,073 | ||
| Clearway Energy Operating LLC, 3.75%, 1/15/2032 (n) | 48,000 | 40,850 | ||
| NextEra Energy, Inc., 4.25%, 7/15/2024 (n) | 43,000 | 42,848 | ||
| NextEra Energy, Inc., 4.25%, 9/15/2024 (n) | 29,000 | 28,526 | ||
| NextEra Energy, Inc., 4.5%, 9/15/2027 (n) | 181,000 | 170,316 | ||
| NextEra Energy, Inc., 7.25%, 1/15/2029 (n) | 177,000 | 181,194 | ||
| PG&E Corp., 5.25%, 7/01/2030 | 118,000 | 112,403 | ||
| TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n) | 155,000 | 152,781 | ||
| TerraForm Power Operating LLC, 5%, 1/31/2028 (n) | 239,000 | 228,107 | ||
| TerraForm Power Operating LLC, 4.75%, 1/15/2030 (n) | 108,000 | 98,112 | ||
| $1,830,075 | ||||
| Total Bonds (Identified Cost, $47,698,900) | $46,144,323 | |||
| Exchange-Traded Funds – 2.2% | ||||
| Special Products & Services – 2.2% | ||||
| Invesco Senior Loan Fund ETF (Identified Cost, $726,993) | 34,356 | $725,599 | ||
| Issuer | Shares/Par | Value ($) | ||
| Common Stocks – 0.4% | ||||
| Cable TV – 0.2% | ||||
| Intelsat Emergence S.A. (a) | 1,566 | $54,810 | ||
| Oil Services – 0.2% | ||||
| LTRI Holdings LP (a)(u) | 200 | $72,310 | ||
| Total Common Stocks (Identified Cost, $204,858) | $127,120 | |||
| 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) (Identified Cost, $0) | GBP 1.14 | N/A | 3,500 | $892 |
| Investment Companies (h) – 2.2% | ||||
| Money Market Funds – 2.2% | ||||
| MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $749,065) | 749,081 | $749,156 | ||
| Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | |
| Purchased Options – 0.0% | |||||
| Market Index Securities – 0.0% | |||||
| Russell 2000 Index – December 2024 @ $1,500 (Premiums Paid, $35,795) | Put | Exchange Traded | $ 1,035,063 | 5 | $4,000 |
| Other Assets, Less Liabilities – (43.8)% | (14,552,247) | |||
| Net Assets – 100.0% | $33,198,843 | |||
| (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 $749,156 and $47,001,934, 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 $41,351,155, representing 124.6% 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. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements. |
| (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 |
| 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 |
| 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 |
| Forward Foreign Currency Exchange Contracts | ||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
| Asset Derivatives | ||||||
| EUR | 143,861 | USD | 153,611 | HSBC Bank | 7/19/2024 | $2,801 |
| EUR | 90,754 | USD | 97,903 | UBS AG | 7/19/2024 | 768 |
| USD | 199,088 | EUR | 182,424 | State Street Bank Corp. | 7/19/2024 | 750 |
| $4,319 | ||||||
| Liability Derivatives | ||||||
| EUR | 102,668 | USD | 112,045 | HSBC Bank | 7/19/2024 | $(421) |
| USD | 972,499 | EUR | 910,731 | HSBC Bank | 7/19/2024 | (17,682) |
| USD | 106,884 | EUR | 100,000 | NatWest Markets PLC | 7/19/2024 | (1,840) |
| USD | 106,994 | EUR | 100,000 | UBS AG | 7/19/2024 | (1,729) |
| USD | 111,011 | GBP | 89,162 | Barclays Bank PLC | 7/19/2024 | (2,630) |
| $(24,302) | ||||||
| Assets | |
| Investments in unaffiliated issuers, at value (identified cost, $48,666,546) | $47,001,934 |
| Investments in affiliated issuers, at value (identified cost, $749,065) | 749,156 |
| Cash | 26 |
| Receivables for | |
| Forward foreign currency exchange contracts | 4,319 |
| Investments sold | 46,181 |
| Interest | 750,762 |
| Receivable from investment adviser | 1,561 |
| Other assets | 16,148 |
| Total assets | $48,570,087 |
| Liabilities | |
| Notes payable | $15,000,000 |
| Payables for | |
| Distributions | 17,167 |
| Forward foreign currency exchange contracts | 24,302 |
| Investments purchased | 163,000 |
| When-issued investments purchased | 44,000 |
| Capital shares reacquired | 20,340 |
| Payable to affiliates | |
| Administrative services fee | 96 |
| Transfer agent and dividend disbursing costs | 229 |
| Payable for independent Trustees' compensation | 144 |
| Accrued interest expense | 26,336 |
| Accrued expenses and other liabilities | 75,630 |
| Total liabilities | $15,371,244 |
| Net assets | $33,198,843 |
| Net assets consist of | |
| Paid-in capital | $45,056,696 |
| Total distributable earnings (loss) | (11,857,853) |
| Net assets | $33,198,843 |
| Shares of beneficial interest outstanding (18,148,553 shares issued less 68,199 capital shares to be retired) (unlimited number of shares authorized) | 18,080,354 |
| Net asset value per share (net assets of $33,198,843 / 18,080,354 shares of beneficial interest outstanding) | $1.84 |
| Net investment income (loss) | |
| Income | |
| Interest | $1,587,284 |
| Dividends from affiliated issuers | 28,347 |
| Dividends | 16,224 |
| Total investment income | $1,631,855 |
| Expenses | |
| Management fee | $107,056 |
| Transfer agent and dividend disbursing costs | 7,621 |
| Administrative services fee | 8,749 |
| Independent Trustees' compensation | 3,172 |
| Stock exchange fee | 11,894 |
| Custodian fee | 2,128 |
| Shareholder communications | 27,530 |
| Audit and tax fees | 51,754 |
| Legal fees | 653 |
| Interest expense and fees | 489,950 |
| Miscellaneous | 19,136 |
| Total expenses | $729,643 |
| Reduction of expenses by investment adviser | (12,605) |
| Net expenses | $717,038 |
| Net investment income (loss) | $914,817 |
| Realized and unrealized gain (loss) | |
| Realized gain (loss) (identified cost basis) | |
| Unaffiliated issuers | $(580,908) |
| Affiliated issuers | 202 |
| Forward foreign currency exchange contracts | (17,285) |
| Foreign currency | 33,373 |
| Net realized gain (loss) | $(564,618) |
| Change in unrealized appreciation or depreciation | |
| Unaffiliated issuers | $1,587,059 |
| Affiliated issuers | (58) |
| Forward foreign currency exchange contracts | (13,326) |
| Translation of assets and liabilities in foreign currencies | 53 |
| Net unrealized gain (loss) | $1,573,728 |
| Net realized and unrealized gain (loss) | $1,009,110 |
| Change in net assets from operations | $1,923,927 |
| Six months ended | Year ended | |
| 5/31/24 (unaudited) | 11/30/23 | |
| Change in net assets | ||
| From operations | ||
| Net investment income (loss) | $914,817 | $1,804,521 |
| Net realized gain (loss) | (564,618) | (2,583,921) |
| Net unrealized gain (loss) | 1,573,728 | 3,630,479 |
| Change in net assets from operations | $1,923,927 | $2,851,079 |
| Distributions to shareholders | $(812,911) | $(1,732,737) |
| Tax return of capital distributions to shareholders | $— | $(1,565,334) |
| Distributions from other sources | $(788,651)(a) | $— |
| Change in net assets from fund share transactions | $(735,388) | $(1,486,097) |
| Total change in net assets | $(413,023) | $(1,933,089) |
| Net assets | ||
| At beginning of period | 33,611,866 | 35,544,955 |
| At end of period | $33,198,843 | $33,611,866 |
| (a) | Estimated tax return of capital. All or a portion of this amount may be redesignated as ordinary income and/or capital gains at fiscal year end when the tax character of distributions is determined. Please refer to “Tax Matters and Distributions” under Note 2 of the Notes to Financial Statements for additional information regarding the tax character of the fund’s distributions. |
| Cash flows from operating activities: | |
| Change in net assets from operations | $1,923,927 |
| Adjustments to reconcile change in net assets from operations to net cash provided by operating activities: | |
| Purchase of investment securities | (13,289,146) |
| Proceeds from disposition of investment securities | 13,811,456 |
| Proceeds from disposition of short-term investments, net | 1,058,593 |
| Realized gain/loss on investments | 580,908 |
| Unrealized appreciation/depreciation on investments | (1,587,001) |
| Unrealized appreciation/depreciation on foreign currency contracts | 13,326 |
| Net amortization/accretion of income | (108,837) |
| Amortization of debt issuance costs | 5,918 |
| Increase in interest receivable | (12,541) |
| Decrease in accrued expenses and other liabilities | (35,133) |
| Increase in receivable from investment adviser | (72) |
| Increase in other assets | (12,043) |
| Decrease in interest payable | (2,682) |
| Net cash provided by operating activities | $2,346,673 |
| Cash flows from financing activities: | |
| Adjustment for debt issuance costs | $1,768 |
| Distributions paid in cash | (1,600,179) |
| Repurchase of shares of beneficial interest | (748,241) |
| Net cash used by financing activities | $(2,346,652) |
| Net increase in cash and restricted cash | $21 |
| Cash and restricted cash: | |
| Beginning of period | $5 |
| End of period | $26 |
| Six months ended | Year ended | |||||
| 5/31/24 (unaudited) | 11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | |
| Net asset value, beginning of period | $1.82 | $1.83 | $2.32 | $2.47 | $2.56 | $2.46 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d) | $0.05 | $0.09 | $0.11 | $0.13 | $0.14 | $0.14 |
| Net realized and unrealized gain (loss) | 0.06 | 0.06 | (0.40) | (0.05) | (0.00)(w) | 0.20 |
| Total from investment operations | $0.11 | $0.15 | $(0.29) | $0.08 | $0.14 | $0.34 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.05) | $(0.09) | $(0.12) | $(0.14) | $(0.15) | $(0.14) |
| From tax return of capital | — | (0.08) | (0.08) | (0.09) | (0.08) | (0.10) |
| From other sources | (0.04)(b) | — | — | — | — | — |
| Total distributions declared to shareholders | $(0.09) | $(0.17) | $(0.20) | $(0.23) | $(0.23) | $(0.24) |
| Net increase from repurchase of capital shares | $0.00(w) | $0.01 | $— | $— | $0.00(w) | $0.00(w) |
| Net asset value, end of period (x) | $1.84 | $1.82 | $1.83 | $2.32 | $2.47 | $2.56 |
| Market value, end of period | $1.67 | $1.64 | $1.83 | $2.97 | $2.47 | $2.70 |
| Total return at market value (%) | 7.17(n) | (0.77) | (32.19) | 30.89 | 0.89 | 29.74 |
| Total return at net asset value (%) (j)(r)(s)(x) | 6.40(n) | 10.13 | (13.19) | 2.25 | 6.40 | 14.52 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions | 4.31(a) | 4.03 | 2.53 | 1.84 | 2.05 | 2.56 |
| Expenses after expense reductions | 4.23(a) | 3.95 | 2.23 | 1.65 | 1.82 | 2.49 |
| Net investment income (loss) | 5.40(a) | 5.20 | 5.54 | 5.27 | 5.75 | 5.43 |
| Portfolio turnover | 28(n) | 44 | 31 | 65 | 57 | 56 |
| Net assets at end of period (000 omitted) | $33,199 | $33,612 | $35,545 | $44,943 | $47,585 | $50,387 |
| Supplemental Ratios (%): | ||||||
| Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees | 1.34(a) | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 |
| Senior Securities: | ||||||
| Total notes payable outstanding (000 omitted) | $15,000 | $15,000 | $16,000 | $18,500 | $18,500 | $20,000 |
| Asset coverage per $1,000 of indebtedness (k) | $3,213 | $3,241 | $3,222 | $3,429 | $3,572 | $3,519 |
| (a) | Annualized. |
| (b) | Estimated tax return of capital. All or a portion of this amount may be redesignated as ordinary income and/or capital gains at fiscal year end when the tax character of distributions is determined. Please refer to “Tax Matters and Distributions” under Note 2 of the Notes to Financial Statements for additional information regarding the tax character of the fund’s distributions. |
| (d) | Per share data is based on average shares outstanding. |
| (j) | Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value. |
| (k) | Calculated by subtracting the fund's total liabilities (not including notes payable) from the fund's total assets and dividing this number by the notes payable outstanding and then multiplying by 1,000. |
| (n) | Not annualized. |
| (r) | Certain expenses have been reduced without which performance would have been lower. |
| (s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
| (w) | Per share amount was less than $0.01. |
| (x) | The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Equity Securities: | ||||
| United States | $725,599 | $4,000 | $72,310 | $801,909 |
| Luxembourg | — | 54,810 | — | 54,810 |
| United Kingdom | — | 892 | — | 892 |
| Non - U.S. Sovereign Debt | — | 94,814 | — | 94,814 |
| U.S. Corporate Bonds | — | 37,606,947 | — | 37,606,947 |
| Foreign Bonds | — | 8,442,562 | — | 8,442,562 |
| Mutual Funds | 749,156 | — | — | 749,156 |
| Total | $1,474,755 | $46,204,025 | $72,310 | $47,751,090 |
| Other Financial Instruments | ||||
| Forward Foreign Currency Exchange Contracts – Assets | $— | $4,319 | $— | $4,319 |
| Forward Foreign Currency Exchange Contracts – Liabilities | — | (24,302) | — | (24,302) |
| Equity Securities | |
| Balance as of 11/30/23 | $71,234 |
| Change in unrealized appreciation or depreciation | 1,076 |
| Balance as of 5/31/24 | $72,310 |
| Fair Value (a) | |||
| Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
| Equity | Purchased Option Contracts | $4,000 | $— |
| Foreign Exchange | Forward Foreign Currency Exchange Contracts | 4,319 | (24,302) |
| Total | $8,319 | $(24,302) | |
| (a) | The value of purchased options outstanding is included in investments in unaffiliated issuers, at value, within the Statement of Assets and Liabilities. |
| Risk | Forward Foreign Currency Exchange Contracts |
| Foreign Exchange | $(17,285) |
| Risk | Forward Foreign Currency Exchange Contracts | Unaffiliated Issuers (Purchased Options) |
| Foreign Exchange | $(13,326) | $— |
| Equity | — | (16,300) |
| Total | $(13,326) | $(16,300) |
| Year ended 11/30/23 | |
| Ordinary income (including any short-term capital gains) | $1,732,737 |
| Tax return of capital (b) | 1,565,334 |
| Total distributions | $3,298,071 |
| (b) | Distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital. |
| As of 5/31/24 | |
| Cost of investments | $49,345,168 |
| Gross appreciation | 728,358 |
| Gross depreciation | (2,322,436) |
| Net unrealized appreciation (depreciation) | $(1,594,078) |
| As of 11/30/23 | |
| Capital loss carryforwards | (8,956,944) |
| Late year ordinary loss deferral | (3,157) |
| Other temporary differences | (15,787) |
| Net unrealized appreciation (depreciation) | (3,204,330) |
| Short-Term | $(725,993) |
| Long-Term | (8,230,951) |
| Total | $(8,956,944) |
| Six months ended 5/31/24 | Year ended 11/30/23 | ||||
| Shares | Amount | Shares | Amount | ||
| Shares issued to shareholders in reinvestment of distributions | — | $— | 13,107 | $24,238 | |
| Capital shares repurchased | (430,677) | (735,388) | (919,104) | (1,510,335) | |
| Net change | (430,677) | $(735,388) | (905,997) | $(1,486,097) | |
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $1,807,807 | $6,241,063 | $7,299,858 | $202 | $(58) | $749,156 |
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $28,347 | $— |
Item 1(b):
A copy of the notice transmitted to the Registrant’s shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.
ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code’s definition enumerated in paragraph
(b)of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit
waiver, from any provision of the Code. David L. DiLorenzo (Principal Executive Officer) and James O. Yost (Principal Financial Officer) were the two persons covered by the Code prior to April 1, 2024. Beginning April 1, 2024, David L. DiLorenzo (Principal Executive Officer) and Kasey L. Phillips (Principal Financial Officer) are the two persons covered by the Code.
A copy of the Code is attached hereto as EX-99.COE.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semi-annual reports.
ITEM 6. INVESTMENTS
A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 10. RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 11. STATEMENT REGARDING BASES FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
There were no changes during the period.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
MFS Intermediate High Income Fund
|
|
|
|
|
(c) Total Number of |
(d) Maximum Number |
|
|
|
|
|
Shares Purchased as |
(or Approximate |
|
|
|
(a) Total number of |
(b) Average |
Part of Publicly |
Dollar Value) of |
|
|
Period |
Shares Purchased |
Price Paid |
Announced Plans or |
Shares that May Yet |
|
|
|
|
per Share |
Programs |
Be Purchased under |
|
|
|
|
|
|
the Plans or Programs |
|
|
|
|
|
|
|
|
|
12/01/23-12/31/23 |
181,765 |
1.71 |
181,765 |
1,451,824 |
|
|
01/01/24-01/31/24 |
83,789 |
1.73 |
83,789 |
1,368,035 |
|
|
02/01/24-02/28/24 |
20,482 |
1.72 |
20,482 |
1,347,553 |
|
|
03/01/24-03/31/24 |
256 |
1.74 |
256 |
1,347,297 |
|
|
04/01/24-04/30/24 |
76,186 |
1.68 |
76,186 |
1,271,111 |
|
|
05/01/24-05/31/24 |
68,199 |
1.70 |
68,199 |
1,202,912 |
|
|
Total |
430,677 |
1.71 |
430,677 |
|
|
|
|
|
|
|
|
Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant’s outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2023 plan year is 1,875,271.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 16. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant’s independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
(c)Registrant’s Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice.
(d)Notices to Trust’s common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1. Attached hereto as Ex-99.19a-1.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS INTERMEDIATE HIGH INCOME FUND
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: July 16, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: July 16, 2024
By (Signature and Title)*
/S/ KASEY L. PHILLIPS
Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: July 16, 2024
* Print name and title of each signing officer under his or her signature.
EX-99.COE
Code of Ethics for Principal Executive and Principal Financial Officers
Effective April 1, 2024
Policy Purpose and Summary
Section 406 of the Sarbanes-Oxley Act requires that each MFS Fund registered under the Investment Company Act of 1940 disclose whether or not it has adopted a code of ethics for senior financial officers, applicable to its principal financial officer and principal accounting officer.
I.Overview
A. Covered Officers/Purpose of the Code
This code of ethics (this “Code”) has been adopted by the funds (collectively, “Funds” and each, “Fund”) under supervision of the MFS Funds Board (the “Board”) and applies to the Funds’ Principal Executive Officer and Principal Financial Officer (the “Covered Officers” each of whom is set forth in Exhibit A) for the purpose of promoting:
•honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
•full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;
•compliance by the Funds with applicable laws and governmental rules and regulations;
•the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
•accountability for adherence to the Code.
B. Conduct Guidelines
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. In addition, each Covered Officer should not place his or her personal interests ahead of the Funds’ interests and should endeavor to act honestly and ethically. In furtherance of the foregoing, each Covered Officer must:
•not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting for any Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and
•not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund.
The following activities, which could create the appearance of a conflict of interest, are permitted only with the approval of the Funds’ Chief Legal Officer (“CLO”):
•service as a director on the board of any “for profit” company other than the board of the Funds' investment adviser or its subsidiaries or board of a pooled investment vehicle sponsored by the Funds' investment adviser or its subsidiaries;
•running for political office;
•the receipt of any Fund business-related gift or any entertainment from any company with which a Fund has current or prospective business dealings unless such gift or entertainment is permitted by the gifts and entertainment policy of the Funds' investment adviser;
•any material ownership interest in, or any consulting or employment relationship with, any Fund service providers (e.g., custodian banks, audit firms), other than the Funds’ investment adviser, principal underwriter, administrator or any affiliated person thereof;
•a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment or securities ownership.
C.Disclosure and Compliance
•Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;
•each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund’s trustees and auditors, and to governmental regulators and self-regulatory organizations;
•each Covered Officer should, to the extent appropriate within his or her area of Fund responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and
•it is the responsibility of each Covered Officer to promote compliance within his or her area of Fund responsibility with the standards and restrictions imposed by applicable laws, rules and regulations.
D.Reporting and Accountability
Each Covered Officer must:
•upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;
•annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;
•annually report to the CLO affiliations and relationships which are or may raise the appearance of a conflict of interest with the Covered Officer’s duties to the Funds, as identified in the annual Trustee and Officer Questionnaire;
•not retaliate against any other Covered Officer or any officer or employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and
•notify the CLO promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.
The CLO is responsible for applying this Code to specific situations in which questions are presented under it, granting waivers upon consultation with the Board or its designee, investigating violations, and has the authority to interpret this Code in any particular situation. The CLO will report requests for waivers to the Board (or a designee thereof) promptly upon receipt of a waiver request and will periodically report to the Board any approvals granted since the last report.
The CLO will take all appropriate action to investigate any potential violations reported to him or her and to report any violations to the Board. If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer.
Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.
E. Confidentiality
All reports and records prepared or maintained pursuant to this Code and under the direction of the CLO will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds’ Board, its counsel, counsel to the Board’s independent trustees and senior management and the board of directors of the Fund’s investment adviser and its counsel.
F. Internal Use
The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.
II.Supervision
The Board of Trustees of the Funds, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of the Funds, shall review no less frequently than annually, a report from the CLO regarding the affirmations of the principal executive officer and the principal financial officer as to compliance with this Code.
III.Interpretation and Escalation
Breaches of the Code are reviewed by the CLO and communicated to the Board of Trustees of the affected Fund(s). Interpretations of this Policy shall be made from time to time by the CLO, as needed, and questions regarding the application of this Policy to a specific set of facts are escalated to the CLO.
IV. Authority
Section 406 of the Sarbanes-Oxley Act.
V.Monitoring
Adherence to this policy is monitored by the CLO.
VI. |
Related Policies |
|
This Code shall be the sole code of ethics adopted by the Funds for purposes of |
|
Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to |
|
registered investment companies thereunder. Insofar as other policies or procedures |
|
of the Funds, the Funds’ adviser, principal underwriter, or other service providers |
|
govern or purport to govern the behavior or activities of the Covered Officers who |
|
are subject to this Code, they are superseded by this Code to the extent that they |
|
overlap or conflict with the provisions of this Code. The Funds’ and their investment |
|
adviser’s codes of ethics under Rule 17j-1 under the Investment Company Act and |
|
any other codes or policies or procedures adopted by the Funds or their investment |
|
adviser or other service providers are separate requirements and are not part of this |
|
Code. |
VII. |
Amendment |
|
Any amendments to this Code, other than amendments to Exhibit A, must be |
|
approved or ratified by a majority vote of the Board, including a majority of |
|
independent trustees. |
VIII. |
Recordkeeping |
|
All required books, records and other documentation shall be retained in accordance |
|
with MFS’ related record retention policy. |
Additional procedures may need to be implemented by departments to properly comply with this policy.
Exhibit A
As of April 1, 2024
Persons Covered by this Code of Ethics
Funds’ Principal Executive Officer: David L. DiLorenzo
Funds’ Principal Financial Officer: Kasey L. Phillips
EX-99.302CERT
MFS INTERMEDIATE HIGH INCOME FUND
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, Kasey L. Phillips, certify that:
1.I have reviewed this report on Form N-CSR of MFS Intermediate High Income Fund;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: July 16, 2024
/S/ KASEY L. PHILLIPS
Kasey L. Phillips
Treasurer (Principal Financial Officer and Accounting Officer)
EX-99.302CERT
MFS INTERMEDIATE HIGH INCOME FUND
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, David L. DiLorenzo, certify that:
1.I have reviewed this report on Form N-CSR of MFS Intermediate High Income Fund;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: July 16, 2024
/S/ DAVID L. DILORENZO
David L. DiLorenzo
President (Principal Executive Officer)
EX-99.906CERT
MFS INTERMEDIATE HIGH INCOME FUND
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, Kasey L. Phillips, certify that, to my knowledge:
1.The Form N-CSR (the “Report”) of MFS Intermediate High Income Fund (the “Registrant”) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: July 16, 2024
/S/ KASEY L. PHILLIPS
Kasey L. Phillips
Treasurer (Principal Financial Officer and Accounting Officer)
A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
EX-99.906CERT
MFS INTERMEDIATE HIGH INCOME FUND
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, David L. DiLorenzo, certify that, to my knowledge:
1.The Form N-CSR (the “Report”) of MFS Intermediate High Income Fund (the “Registrant”) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: July 16, 2024
/S/ DAVID L. DILORENZO
David L. DiLorenzo
President (Principal Executive Officer)
A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
EX-99.30e-3Notice
MFS Intermediate High Income Fund
Thank you for being a shareholder. You are encouraged to access and review this important report containing information about the fund, including portfolio holdings and financial statements.
The report is available at:
closedendfunds.mfs.com
This report is available by mail or email upon request free of charge. Reports for the prior reporting period and the fund’s portfolio holdings for its most recent fi rst and third fiscal quarters are also available online and in print by request.
Current and future report delivery requests can be submitted at any time using the options in the right panel.
Why am I receiving this Notice?
The Securities and Exchange Commission adopted new rule 30e-3, which, among other things, allows mutual fund companies to deliver shareholder reports by making such reports accessible at a website address. You still may elect to receive a paper copy of the current report and/or any future reports by following the instructions on the panel on the right-hand side.
001CD80003 : CCS-Letter-75GSM-Plain-white-20/50#
An Important Report to Shareholders is Now Available Online and In Print by Request
Scan this code with your
smartphone to access your report:
Or download your report
using the link in the left panel.
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Regular Mail
Computershare Trust Company, N.A.
P.O. Box 505005
Louisville, KY 40233-5005
In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.
03DCCB
EX-99.19a-1
MFS® Intermediate High Income Fund
P.O. Box 43078
Providence, RI 02940-3078
Notice to shareholders — Source of distribution
Distribution period |
May-2024 |
Distribution amount per share |
$0.01449 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.
|
|
% Breakdown |
Total cumulative |
% Breakdown of the total |
|
Current |
of current |
distributions for the |
cumulative distributions |
|
distribution |
distribution |
fiscal year to date |
for the fiscal year to date |
Net Investment Income |
0.00811 |
56% |
0.04560 |
52% |
Net Realized ST Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Net Realized LT Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Return of Capital or |
|
|
|
|
Other Capital Source |
0.00638 |
44% |
0.04210 |
48% |
Total (per common share) |
0.01449 |
100% |
0.08770 |
100% |
Average annual total return (in relation to NAV) for the five years ended 4-30-2024 |
2.70% |
Annualized current distribution rate expressed as a percentage of month end NAV as of 4-30-2024 |
9.55% |
Cumulative total return (in relation to NAV) for the fiscal year through 4-30-2024 |
4.34% |
Cumulative fiscal year distributions as a percentage of NAV as of 4-30-2024 |
4.82% |
You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
CIHSN-0524
MFS® Intermediate High Income Fund
P.O. Box 43078
Providence, RI 02940-3078
Notice to shareholders — Source of distribution
Distribution period |
April-2024 |
Distribution amount per share |
$0.01475 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.
|
|
% Breakdown |
Total cumulative |
% Breakdown of the total |
|
Current |
of current |
distributions for the |
cumulative distributions |
|
distribution |
distribution |
fiscal year to date |
for the fiscal year to date |
Net Investment Income |
0.00752 |
51% |
0.03661 |
50% |
Net Realized ST Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Net Realized LT Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Return of Capital or |
|
|
|
|
Other Capital Source |
0.00723 |
49% |
0.03660 |
50% |
Total (per common share) |
0.01475 |
100% |
0.07321 |
100% |
Average annual total return (in relation to NAV) for the five years ended 3-31-2024 |
3.48% |
Annualized current distribution rate expressed as a percentage of month end NAV as of 3-31-2024 |
9.47% |
Cumulative total return (in relation to NAV) for the fiscal year through 3-31-2024 |
6.28% |
Cumulative fiscal year distributions as a percentage of NAV as of 3-31-2024 |
3.91% |
You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
CIHSN-0424
MFS® Intermediate High Income Fund
P.O. Box 43078
Providence, RI 02940-3078
Notice to shareholders — Source of distribution
Distribution period |
March-2024 |
Distribution amount per share |
$0.01476 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.
|
|
% Breakdown |
Total cumulative |
% Breakdown of the total |
|
Current |
of current |
distributions for the |
cumulative distributions |
|
distribution |
distribution |
fiscal year to date |
for the fiscal year to date |
Net Investment Income |
0.00753 |
51% |
0.02923 |
50% |
Net Realized ST Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Net Realized LT Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Return of Capital or |
|
|
|
|
Other Capital Source |
0.00723 |
49% |
0.02923 |
50% |
Total (per common share) |
0.01476 |
100% |
0.05846 |
100% |
Average annual total return (in relation to NAV) for the five years ended 2-29-2024 |
3.35% |
Annualized current distribution rate expressed as a percentage of month end NAV as of 2-29-2024 |
9.52% |
Cumulative total return (in relation to NAV) for the fiscal year through 2-29-2024 |
4.81% |
Cumulative fiscal year distributions as a percentage of NAV as of 2-29-2024 |
3.14% |
You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
CIHSN-0324
MFS® Intermediate High Income Fund
P.O. Box 43078
Providence, RI 02940-3078
Notice to shareholders — Source of distribution
Distribution period |
February-2024 |
Distribution amount per share |
$0.01484 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.
|
|
% Breakdown |
Total cumulative |
% Breakdown of the total |
|
Current |
of current |
distributions for the |
cumulative distributions |
|
distribution |
distribution |
fiscal year to date |
for the fiscal year to date |
Net Investment Income |
0.00831 |
56% |
0.02185 |
50% |
Net Realized ST Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Net Realized LT Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Return of Capital or |
|
|
|
|
Other Capital Source |
0.00653 |
44% |
0.02185 |
50% |
Total (per common share) |
0.01484 |
100% |
0.04370 |
100% |
Average annual total return (in relation to NAV) for the five years ended 1-31-2024 |
3.81% |
Annualized current distribution rate expressed as a percentage of month end NAV as of 1-31-2024 |
9.47% |
Cumulative total return (in relation to NAV) for the fiscal year through 1-31-2024 |
5.70% |
Cumulative fiscal year distributions as a percentage of NAV as of 1-31-2024 |
2.32% |
You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
CIHSN-0224
MFS® Intermediate High Income Fund
P.O. Box 43078
Providence, RI 02940-3078
Notice to shareholders — Source of distribution
Distribution period |
January-2024 |
Distribution amount per share |
$0.01475 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.
|
|
% Breakdown |
Total cumulative |
% Breakdown of the total |
|
Current |
of current |
distributions for the |
cumulative distributions |
|
distribution |
distribution |
fiscal year to date |
for the fiscal year to date |
Net Investment Income |
0.00649 |
44% |
0.01270 |
44% |
Net Realized ST Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Net Realized LT Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Return of Capital or |
|
|
|
|
Other Capital Source |
0.00826 |
56% |
0.01616 |
56% |
Total (per common share) |
0.01475 |
100% |
0.02886 |
100% |
Average annual total return (in relation to NAV) for the five years ended 12-31-2023 |
5.02% |
Annualized current distribution rate expressed as a percentage of month end NAV as of 12-31-2023 |
9.37% |
Cumulative total return (in relation to NAV) for the fiscal year through 12-31-2023 |
4.73% |
Cumulative fiscal year distributions as a percentage of NAV as of 12-31-2023 |
1.53% |
You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
CIHSN-0124
MFS® Intermediate High Income Fund
P.O. Box 43078
Providence, RI 02940-3078
Notice to shareholders — Source of distribution
Distribution period |
December-2023 |
Distribution amount per share |
$0.01411 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.
|
|
% Breakdown |
Total cumulative |
% Breakdown of the total |
|
Current |
of current |
distributions for the |
cumulative distributions |
|
distribution |
distribution |
fiscal year to date |
for the fiscal year to date |
Net Investment Income |
0.01411 |
100% |
0.01411 |
100% |
Net Realized ST Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Net Realized LT Cap Gains |
0.00000 |
0% |
0.00000 |
0% |
Return of Capital or |
|
|
|
|
Other Capital Source |
0.00000 |
0% |
0.00000 |
0% |
Total (per common share) |
0.01411 |
100% |
0.01411 |
100% |
Average annual total return (in relation to NAV) for the five years ended 11-30-2023 |
3.56% |
Annualized current distribution rate expressed as a percentage of month end NAV as of 11-30-2023 |
9.30% |
Cumulative total return (in relation to NAV) for the fiscal year through 11-30-2023 |
10.13% |
Cumulative fiscal year distributions as a percentage of NAV as of 11-30-2023 |
0.78% |
You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
CIHSN-1223
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