Company: CIF
Filing Date: 2025-01-27
Form Type: N-CSR
Source: 0001683863-25-000338
Chunk: 9

Company: MFS INTERMEDIATE HIGH INCOME FUND
Filing Date: 2025-01-27
Form: N-CSR
Chunk 9
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 date on
which MFS believes it is probable that a maturity-shortening device (such as a call, put, pre-refunding, prepayment or redemption provision, or an adjustable coupon) will cause the instrument to be repaid. Such an
earlier date can be substantially shorter than the instrument’s stated maturity.

The fund seeks to make a monthly
distribution at an annual fixed rate of 9.50% of the fund’s average monthly net asset value.

While MFS may use derivatives for
any investment purpose, to the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security, to increase or decrease
interest rate exposure, or as alternatives to direct investments.

MFS uses an active bottom-up
investment approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of individual issuers and/or instruments in light of the issuer’s financial
condition and market, economic, political, and regulatory conditions. Factors considered for debt instruments may include the instrument’s credit quality, collateral characteristics, and indenture provisions,
and the issuer’s management ability, capital structure, leverage, and ability to meet its current obligations. Factors considered for equity securities may include analysis of an issuer’s earnings, cash
flows, competitive position, and management ability.  MFS may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could
materially impact the economic value of an issuer or instrument. ESG factors

8

Investment Objective, Principal Investment
Strategies and Principal Risks - continued

considered may include, but are not limited to,
climate change, resource depletion, an issuer's governance structure and practices, data protection and privacy issues, and diversity and labor practices.  Quantitative screening tools that systematically
evaluate the structure of a debt instrument and its features or the valuation, price and earnings momentum, earnings quality, and other factors of the issuer of an equity security may also be considered.

The fund may use leverage by
borrowing up to 33 1/3% of the fund’s assets, including borrowings for investment purposes, and investing the proceeds pursuant to its investment strategies. If approved by the fund’s Board of Trustees,
the fund may use leverage by other methods.

#### Principal Investment Types
The principal investment types in
which the fund may invest are:

Debt Instruments: Debt instruments represent obligations of corporations, governments