# EDGAR Filing Document

**Accession Number:** 0000826735
**File Stem:** 0001193125-25-332496
**Filing Date:** 2025-12
**Character Count:** 335913
**Document Hash:** 8dbf57cc256e4899f5da8ce20eb2893b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-332496.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-332496

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS INTERMEDIATE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000826735

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05440
- **FILM NUMBER:** 251603492

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MULTI GOVERNMENT INTERMEDIATE TRUST
- **DATE OF NAME CHANGE:** 19880308

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTERNATIONAL GOVERNMENT INCOME TRUST
- **DATE OF NAME CHANGE:** 19880211

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number 811-05440</u>

**MFS INTERMEDIATE INCOME TRUST**

(Exact name of registrant as specified in charter)

**<u>111 Huntington Avenue, Boston, Massachusetts 02199</u> (Address of principal executive offices) (Zip code)**

**Christopher R. Bohane**

**Massachusetts Financial Services Company**

**111Huntington Avenue <u>Boston, Massachusetts 02199</u>**

**(Name and address of agents for service)**

Registrant's telephone number, including area code: (617) 954-5000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2025

**ITEM 1. REPORTS TO STOCKHOLDERS.**

Item 1(a):

------

![](img39de99d11.gif)

**Annual Report**

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MFS<sup>®</sup> Intermediate

Income Trust

MIN-ANN

![](img1bc505ce2.gif)

------

**MANAGED DISTRIBUTION POLICY DISCLOSURE**

The MFS Intermediate Income Trust's (the fund) Board of Trustees adopted a managed distribution policy. The fund seeks to pay monthly distributions based on an annual rate of 8.50% of the fund's average monthly net asset value. The primary purpose of the managed distribution policy is to provide shareholders with a constant, but not guaranteed, fixed rate of distribution each month. You should not draw any conclusions about the fund's investment performance from the amount of the current distribution or from the terms of the fund's managed distribution policy. The Board may amend or terminate the managed distribution policy at any time without prior notice to fund shareholders. The amendment or termination of the managed distribution policy could have an adverse effect on the market price of the fund's shares.

With each distribution, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders 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 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. Please refer to "Tax Matters and Distributions" under Note 2 of the Notes to Financial Statements for information regarding the tax character of the fund's distributions.

Under a managed distribution policy the fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in 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. Any such returns of capital will decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make the level of distributions called for under its managed distribution policy, the fund may have to sell portfolio securities at a less than opportune time. A return of capital does not necessarily reflect the fund's investment performance and should not be confused with 'yield' or 'income'. The fund's total return in relation to changes in net asset value is presented in the Financial Highlights.

------

**MFS**<sup>®</sup> **Intermediate**

**Income Trust**

New York Stock Exchange Symbol: **MIN** 

---

| | |
|:---|:---|
| [Portfolio composition](#xx_7d67625c-257e-4738-a007-241925d98abe_PortComp-TOC-PortfolioComposition-1893_1) | 1 |
| [Management review](#xx_7d67625c-257e-4738-a007-241925d98abe_Review-TOC-ManagementReview-1893_1) | 3 |
| [Performance summary](#xx_7d67625c-257e-4738-a007-241925d98abe_PerSummary-TOC-PerformanceSummary-1893_1) | 6 |
| [Investment objective, principal investment strategies and principal risks](#xx_7d67625c-257e-4738-a007-241925d98abe_IOSR-TOC-InvestmentObjectiveStrategiesandRisks_1) | 8 |
| [Portfolio managers' profiles](#xx_7d67625c-257e-4738-a007-241925d98abe_PMP-PortfolioManagersProfiles-1893_1) | 19 |
| [Dividend reinvestment and cash purchase plan](#xx_7d67625c-257e-4738-a007-241925d98abe_DRCPP-TOC-DividendReinvestment-1893_1) | 20 |
| [Portfolio of investments](#xx_7d67625c-257e-4738-a007-241925d98abe_SOI-SOI-Footer-1893_1) | 21 |
| [Statement of assets and liabilities](#xx_7d67625c-257e-4738-a007-241925d98abe_FS-FIN-Footer-1893_1) | 32 |
| [Statement of operations](#xx_7d67625c-257e-4738-a007-241925d98abe_FS-FIN-Footer-1893_2) | 33 |
| [Statements of changes in net assets](#xx_7d67625c-257e-4738-a007-241925d98abe_FS-FIN-Footer-1893_3) | 34 |
| [Financial highlights](#xx_7d67625c-257e-4738-a007-241925d98abe_FIHI-TOC-FIHI-1893_1) | 35 |
| [Notes to financial statements](#xx_7d67625c-257e-4738-a007-241925d98abe_NTF-NTF-Header-1893_1) | 36 |
| [Report of independent registered public accounting firm](#xx_7d67625c-257e-4738-a007-241925d98abe_AR-AuditReportSection-1893_1) | 47 |
| [Results of shareholder meeting](#xx_7d67625c-257e-4738-a007-241925d98abe_RSM-ResultsofShareholderMeeting-1893_1) | 49 |
| [Trustees and officers](#xx_7d67625c-257e-4738-a007-241925d98abe_Trustee-TOC-TrusteeandOfficers-1893_1) | 50 |
| [Board review of investment advisory agreement](#xx_7d67625c-257e-4738-a007-241925d98abe_BRIAA-TOC-BoardReview-1893_1) | 55 |
| [Proxy voting policies and information](#xx_7d67625c-257e-4738-a007-241925d98abe_Info-ProxyVotingPolicies-1893_1) | 59 |
| [Quarterly portfolio disclosure](#xx_7d67625c-257e-4738-a007-241925d98abe_Info-ProxyVotingPolicies-1893_1) | 59 |
| [Further information](#xx_7d67625c-257e-4738-a007-241925d98abe_Info-ProxyVotingPolicies-1893_1) | 59 |
| [Information about fund contracts and legal claims](#xx_7d67625c-257e-4738-a007-241925d98abe_Info-ProxyVotingPolicies-1893_1) | 59 |
| [Federal tax information](#xx_7d67625c-257e-4738-a007-241925d98abe_Info-ProxyVotingPolicies-1893_1) | 59 |
| [MFS](#xx_7d67625c-257e-4738-a007-241925d98abe_Privacy-TOC-MFSPrivacyNotice-1893_1)<sup>®</sup>[privacy notice](#xx_7d67625c-257e-4738-a007-241925d98abe_Privacy-TOC-MFSPrivacyNotice-1893_1) | 60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Contact information](#xx_7d67625c-257e-4738-a007-241925d98abe_BC-TOC-BackCover-1893_7) | back cover |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Portfolio Composition**

**Portfolio structure at value (v)**

![](img4ba1f1e13.jpg)

**Portfolio structure reflecting equivalent exposure of derivative positions (i)**

![](img9deb6cbb4.jpg)

**Fixed income sectors (i)** 

---

| | |
|:---|:---|
| Investment Grade Corporates | 53.1% |
| U.S. Treasury Securities | 49.3% |
| Mortgage-Backed Securities | &nbsp;&nbsp; 5.2% |
| Municipal Bonds | &nbsp;&nbsp; 4.0% |
| Asset-Backed Securities | &nbsp;&nbsp; 2.5% |
| Collateralized Loan Obligations | &nbsp;&nbsp; 2.4% |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp; 2.3% |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp; 1.8% |
| Emerging Markets Bonds | &nbsp;&nbsp; 1.2% |
| High Yield Corporates | &nbsp;&nbsp; 1.1% |
| Non-U.S. Government Bonds | &nbsp;&nbsp; 0.4% |
| U.S. Government Agencies (o) | &nbsp;&nbsp; 0.0% |

---

**Composition including fixed income credit quality (a)(i)** 

---

| | |
|:---|:---|
| AAA | &nbsp;&nbsp;&nbsp; 7.3% |
| AA | &nbsp;&nbsp;&nbsp; 5.0% |
| A | &nbsp;&nbsp; 17.3% |
| BBB | &nbsp;&nbsp; 36.9% |
| BB | &nbsp;&nbsp;&nbsp; 0.3% |
| B | &nbsp;&nbsp;&nbsp; 1.1% |
| CC | &nbsp;&nbsp;&nbsp; 0.9% |
| U.S. Government | &nbsp;&nbsp; 19.9% |
| Federal Agencies | &nbsp;&nbsp;&nbsp; 5.2% |
| Not Rated | &nbsp;&nbsp; 29.4% |
| Cash & Cash Equivalents | &nbsp;&nbsp;&nbsp; 6.1% |
| Other (q) | (29.4)% |

---

**Portfolio facts** 

<u> Average Duration (d) </u> <u> 3.8 </u> <br> <u> Average Effective Maturity (m) </u> <u> 3.6 yrs. </u>

------

*Portfolio Composition - continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed

securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. Not Rated includes fixed income securities and fixed income derivatives that have not been

rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.

(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.

(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.

(o) Less than 0.1%.

(q) For purposes of this presentation, Other includes equivalent exposure from currency

derivatives and/or any offsets to derivative positions and may be negative.

(v) For purposes of this presentation, market value of fixed income and/or equity derivatives, if

any, is included in Cash & Cash Equivalents.

Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.

Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities.

Percentages are based on net assets as of October 31, 2025.

The portfolio is actively managed and current holdings may be different.

------

**Management Review**

**Summary of Results**

For the twelve months ended October 31, 2025, shares of the MFS Intermediate Income Trust (fund) provided a total return of 6.02%, at net asset value, and a total return of 4.33%, at market value. This compares with a return of 6.15% for the fund's benchmark, the Bloomberg U.S. Intermediate Government/Credit Bond Index (Bloomberg Index).

The performance commentary below is based on the net asset value performance of the fund, which reflects the performance of the underlying pool of assets held by the fund. The total return at market value represents the return earned by owners of the shares of the fund, which are traded publicly on the exchange.

**Market Environment**

Over the past year, investors embraced a pro-growth US policy mix, easier global monetary policy and generally moderating inflation. At the same time, the buildout of infrastructure related to artificial intelligence has accelerated rapidly, boosting markets in the US and in Asian countries that contribute to the AI supply chain. While uncertainty surrounding US trade policy has added to volatility, progress toward trade deals with many of the US's largest trading partners has helped soothe investors' nerves. However, trade tensions with China remained high and are a source of ongoing volatility.

With rare exceptions, such as Japan, which has been slowly normalizing extremely low interest rates, central banks around the world have been lowering interest rates over the past year. The US Federal Reserve lowered interest rates in September and October, although it cast doubt over a third cut in December. The European Central Bank halted its cutting cycle after reaching its 2% inflation target. While rates at the short end of most yield curves have fallen, curves have generally steepened as inflation stays above target in nearly all economies and investors take heed of elevated debt and fiscal deficit levels in the US, parts of Europe and Japan.

The geopolitical backdrop has improved modestly, with European nations and Japan committing larger percentages of their gross domestic product to defense and Israel and Hamas agreeing to a ceasefire, although there has been little progress toward an end to the war in Ukraine. Despite that ongoing conflict, oil markets remained well supplied, and at the end of the period, prices fell to their lowest levels since before the war began.

In fixed income markets, global bond yields peaked in mid-January, then gradually declined, ending the reporting period lower than at the start of the period, while experiencing waves of volatility in between. Credit spreads remained tight and near historical lows, despite a brief widening in April and May due to tariff concerns. US bond market volatility, as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index, ended near session lows after rising around the time of the US presidential election and the start of the trade war.

------

*Management Review - continued*

**Factors Affecting Performance**

Relative to the Bloomberg Index, the fund's underweight allocation to the treasury sector, and out-of-benchmark exposure to the collateralized mortgage obligation (CMO) sector, contributed to relative performance. Overweight exposures to both the industrials and financial institutions sectors also supported relative results. Bond selection within the industrials sector, particularly within "BBB" rated(r) securities, further strengthened relative returns.

Conversely, the fund's yield curve positioning(y) detracted from the fund's relative performance.

The fund has a managed distribution policy, the primary purpose of which is to provide shareholders with a constant, but not guaranteed, fixed rate of distribution each month. This policy had no material impact on the fund's investment strategies during its most recent fiscal year. The level of distributions paid by the fund pursuant to its managed distribution policy may cause the fund's net asset value (NAV) per share to decline more so than if the policy were not in place, including if distributions are in excess of fund returns. However, the adviser believes the policy may benefit the fund's market price and premium/discount to the fund's NAV. For the twelve months ended October 31, 2025, the tax character of dividends paid pursuant to the managed distribution policy includes an ordinary income distribution of $10,341,044 and a tax return of capital distribution of $16,461,858. See "Managed Distribution Policy Disclosure" in the inside cover page of this Annual Report for additional details regarding the policy and related implications for the fund and shareholders.

Respectfully,

Portfolio Manager(s)

Alexander Mackey and Jake Stone

*Note to Shareholders: Effective September 30, 2025, Geoffrey Schechter is no longer a Portfolio Manager of the fund.*

(r) Securities rated "BBB", "Baa", or higher are considered investment grade; securities rated

"BB", "Ba", or below are considered non-investment grade. Ratings are assigned to

underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's 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). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.

(y) A yield curve graphically depicts the yields of different maturity bonds of the same credit

quality and type; a normal yield curve is upward sloping, with short-term rates lower than

long-term rates.

The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These

------

*Management Review - continued*

views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio's current or future investments.

------

**Performance Summary THROUGH 10/31/25**

The following chart illustrates the fund's historical performance in comparison to its benchmark(s). Performance results reflect the percentage change in net asset value and market value, including reinvestment of fund distributions. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect commissions or expenses. (See Notes to Performance Summary.)

**Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the sale of fund shares.**

**Growth of a Hypothetical $10,000 Investment**

![](img59de25b05.jpg)

**Average Annual Total Returns through 10/31/25** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Inception Date | 1-yr | 5-yr | 10-yr |
| Market Value (r) | 3/17/1988 | 4.33% | 1.80% | 3.49% |
| Net Asset Value (r) | 3/17/1988 | 6.02% | 1.55% | 2.90% |

---

**Comparative benchmark(s)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government/Credit Bond <br> Index (f)<br>| 6.15% | 0.94% | 2.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Source: FactSet Research Systems Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Includes reinvestment of all distributions. Market value references New York Stock
 Exchange Price.

**Benchmark Definition(s)**

Bloomberg U.S. Intermediate Government/Credit Bond Index<sup>(a)</sup> – a market capitalization-weighted index that measures the performance of investment grade debt obligations of the U.S. Treasury and U.S. government agencies, as well as U.S. corporate and foreign debentures and secured notes, with maturities from 1 year up to (but not including) 10 years.

------

*Performance Summary - continued*

It is not possible to invest directly in an index.

(a) Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of

Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's

licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or

endorses this material, or guarantees the accuracy or completeness of any information herein,

or makes any warranty, express or implied, as to the results to be obtained therefrom and, to

the maximum extent allowed by law, neither shall have any liability or responsibility for injury

or damages arising in connection therewith.

**Notes to Performance Summary**

The fund's shares may trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value of the underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event of the fund's concurrent liquidation.

The fund's target annual distribution rate is calculated based on an annual rate of 8.50% of the fund's average monthly net asset value, not a fixed share price, and the fund's distribution amount will fluctuate with changes in the fund's average monthly net assets.

Performance results based on net asset value per share do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

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.

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**Investment Objective, Principal Investment Strategies and** 

**Principal Risks**

**Investment Objective**

The fund's investment objective is to seek high current income, but may also consider capital appreciation. The fund's objective may be changed without shareholder approval.

**Principal Investment Strategies**

MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests the fund's assets primarily in debt instruments.

MFS generally invests substantially all of the fund's assets in investment grade quality debt instruments.

The fund's dollar-weighted average effective maturity will normally be between three and ten years. In determining an instrument's 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 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.

MFS may invest the fund's assets in foreign securities.

MFS normally invests the fund's assets across different industries and sectors, but MFS may invest a significant percentage of the fund's assets in issuers in a single industry or sector.

MFS may invest a significant percentage of the fund's assets in a single issuer or a small number of issuers.

The fund seeks to make a monthly distribution at an annual fixed rate of 8.50% 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 or currency 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 instruments and their issuers in light of the issuers' financial condition and market, economic, political, and regulatory conditions. Factors considered may include the instrument's credit quality and terms, any underlying assets and their credit quality, and the issuer's management ability, capital structure, leverage, and ability to meet its current obligations. 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 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

------

*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

diversity and labor practices. Quantitative screening tools that systematically evaluate the structure of a debt instrument and its features may also be considered. In structuring the fund, MFS also considers top-down factors, including sector allocations, yield curve positioning, duration, macroeconomic factors, and risk management factors.

If approved by the fund's Board of Trustees, the fund may use leverage through the issuance of preferred shares, borrowing from banks, and/or other methods of creating leverage, and investing the proceeds pursuant to its investment strategies.

**Principal Investment Types**

The principal investment types in which the fund may invest are:

**Debt Instruments:** Debt instruments represent obligations of corporations, governments, and other entities to repay money borrowed, or other instruments believed to have debt-like characteristics. The issuer or borrower usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the instrument. Debt instruments generally trade in the over-the-counter market and can be less liquid than other types of investments, particularly during adverse market and economic conditions. During certain market conditions, debt instruments in some or many segments of the debt market can trade at a negative interest rate (i.e., the price to purchase the debt instrument is more than the present value of expected interest payments and principal due at the maturity of the instrument). Some debt instruments, such as zero coupon bonds or payment-in-kind bonds, do not pay current interest. Other debt instruments, such as certain mortgage-backed securities and other securitized instruments, make periodic payments of interest and/or principal. Some debt instruments are partially or fully secured by collateral supporting the payment of interest and principal.

**Securitized Instruments:** Securitized instruments are debt instruments that generally provide payments of principal and interest based on the terms of the instrument and cash flows generated by the underlying assets. Underlying assets include residential and commercial mortgages, debt instruments, loans, leases, and receivables. Securitized instruments are issued by trusts or other special purpose entities that hold the underlying assets. Certain securitized instruments offer multiple classes that differ in terms of their priority to receive principal and/or interest payments under the terms of the instrument. Securitized instruments include mortgage-backed securities, collateralized debt obligations, and other asset-backed securities. Certain mortgage-backed securities are issued on a delayed delivery or forward commitment basis where payment and delivery take place at a future date.

**Corporate Debt Instruments:** Corporate debt instruments are debt instruments issued by corporations or similar entities.

**U.S. Government Securities:** U.S. Government securities are debt instruments issued or guaranteed as to the payment of principal and interest by the U.S. Treasury, by an agency or instrumentality of the U.S. Government, or by a U.S. Government-sponsored entity, including mortgage-backed securities and other types of securitized instruments issued or guaranteed by such entities. Certain U.S. Government securities are not supported as to the payment of principal and interest by the full faith and credit of the

------

*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

U.S. Treasury or the ability to borrow from the U.S. Treasury. Some U.S. Government securities are supported as to the payment of principal and interest only by the credit of the entity issuing or guaranteeing the security.

**Foreign Government Securities:** Foreign government securities are debt instruments issued, guaranteed, or supported, as to the payment of principal and interest, by foreign governments, foreign government agencies, foreign semi-governmental entities or supranational entities, or debt instruments issued by entities organized and operated for the purpose of restructuring outstanding foreign government securities. Foreign government securities may not be supported as to the payment of principal and interest by the full faith and credit of the foreign government.

**Municipal Instruments:** Municipal instruments are debt instruments issued by or for states, territories, or possessions of the United States or by their political subdivisions, agencies, authorities, or other government entities, to raise money for a variety of public and private purposes, including general financing for state and local governments, or financing for a specific project or public facility. Municipal instruments include general obligation bonds of municipalities, state or local governments, project or revenue-specific bonds, municipal lease obligations, and pre-refunded or escrowed bonds. Municipal instruments may be fully or partially supported by the state or local governments, by the credit of a private issuer, by the current or anticipated revenues from a specific project or assets, by the issuer's pledge to make annual appropriations for lease payments, or by domestic or foreign entities providing credit support, such as insurance, letters of credit, or guarantees. Many municipal instruments are supported by insurance, which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument.

**Derivatives:** Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators. Underlying indicators may include a security or other financial instrument, asset, currency, interest rate, credit rating, commodity, volatility measure, or index. Derivatives involve a counterparty to the transaction. Derivatives include futures, forward contracts, options, swaps, and certain complex structured securities.

**Principal Risks**

The share price of the fund will change daily based on changes in market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. As with any mutual fund, the fund may not achieve its objective and/or you could lose money on your investment in the fund. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The significance of any specific risk to an investment in the fund will vary over time depending on the composition of the fund's portfolio, market conditions, and other factors. You should read all of the risk information below carefully, because any one or more of these risks may result in losses to the fund.

The principal risks of investing in the fund are:

**Investment Selection Risk:** MFS' investment analysis and its selection of investments may not produce the intended results and/or can lead to an investment focus that results in the fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the fund invests. In addition, to the

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*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

extent MFS considers quantitative tools in managing the fund, such tools may not work as expected or produce the intended results. In addition, MFS or the fund's other service providers may experience disruptions or operating errors that could negatively impact the fund.

**Debt Market Risk:** Debt markets can be volatile and can decline significantly in response to changes in, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. These conditions can affect a single instrument, issuer, or borrower, a particular type of instrument, issuer, or borrower, a segment of the debt markets, or debt markets generally. Certain changes or events, such as political, social, or economic developments, including increasing and negative interest rates or the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan (which has in the past resulted and may in the future result in a government shutdown); market closures and/or trading halts; government or regulatory actions, including sanctions, the imposition of tariffs or other protectionist actions and changes in fiscal, monetary, or tax policies; rapid technological developments or widespread adoption of new technologies (such as artificial intelligence); natural disasters; outbreaks of pandemic and epidemic diseases; terrorist attacks; war; and other geopolitical changes or events can have a dramatic adverse effect on debt markets and may lead to periods of high volatility and reduced liquidity in a debt market or a segment of a debt market.

**Interest Rate Risk:** The price of a debt instrument typically changes in response to interest rate changes. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. In general, the price of a debt instrument falls when interest rates rise and rises when interest rates fall. Inflationary price movements may cause fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. Potential future changes in government and/or central bank monetary policy and action may also affect the level of interest rates. Monetary policy measures have in the past, and may in the future, exacerbate risks associated with rising interest rates. Interest rate risk is generally greater for fixed-rate instruments than floating-rate instruments and for instruments with longer maturities or durations, or that do not pay current interest. In addition, short-term and long-term interest rates, and interest rates in different countries, do not necessarily move in the same direction or by the same amount. An instrument's reaction to interest rate changes depends on the timing of its interest and principal payments and the current interest rate for each of those time periods. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. Fluctuations in the market price of fixed-rate instruments held by the fund may not affect interest income derived from those instruments, but may nonetheless affect the fund's share price, especially if an instrument has a longer maturity or duration and is therefore more sensitive to changes in interest rates.

**Credit Risk:** The price of a debt instrument depends, in part, on the issuer's or borrower's credit quality or ability to pay principal and interest when due. The price of a debt instrument is likely to fall if an issuer or borrower defaults on its obligation to pay principal or interest, if the instrument's credit rating is downgraded by a credit rating agency, or based on other changes in, or perceptions of, the financial condition

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*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

of the issuer or borrower. Debt instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could negatively affect the market value and liquidity of a debt instrument. For certain types of instruments, including derivatives, the price of the instrument depends in part on the credit quality of the counterparty to the transaction. For other types of debt instruments, including mortgage-backed securities and other securitized instruments, the price of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult.

**Foreign Risk:** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or the threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. Sanctions, or the threat of sanctions, may cause volatility in regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the fund. In the event of nationalization, expropriation, confiscation or other government action, intervention, or restriction, the fund could lose its entire investment in a particular foreign issuer or country. Civil unrest, geopolitical tensions, armed conflicts, wars, and acts of terrorism are other potential risks that could adversely affect an investment in a foreign security or in foreign markets or issuers generally. Economies and financial markets are interconnected, which increases the likelihood that conditions in one country or region can adversely impact issuers in different countries and regions. Less stringent regulatory, accounting, auditing, and disclosure requirements for issuers and markets are more common in certain foreign countries. Enforcing legal rights can be difficult, costly, and slow in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Changes in currency exchange rates can significantly impact the financial condition of a company or other issuer with exposure to multiple countries as well as affect the U.S. dollar value of foreign currency investments and investments denominated in foreign currencies. Additional risks of foreign investments include trading, settlement, custodial, and other operational risks, and withholding and other taxes. These factors can make foreign investments, especially those tied economically to countries with developing economies, more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions than the U.S. market.

**Focus Risk:** Issuers in a single industry, sector, country, or region can react similarly to market, currency, political, economic, regulatory, geopolitical, environmental, public health, and other conditions. These conditions include business environment changes; economic factors such as fiscal, monetary, and tax policies; inflation and unemployment rates; and government and regulatory changes. The fund's

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*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

performance will be affected by the conditions in the industries, sectors, countries, and regions to which the fund is exposed. Furthermore, investments in particular industries, sectors, countries, or regions may be more volatile than the broader market as a whole.

If MFS invests a significant percentage of the fund's assets in a single issuer or small number of issuers, the fund's performance will be affected by economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions that impact that one issuer or issuers, could be closely tied to the value of that issuer or issuers, and could be more volatile than the performance of more diversified funds.

**Prepayment/Extension Risk:** Many types of debt instruments, including mortgage-backed securities, securitized instruments, certain corporate debt instruments, and municipal housing bonds, and certain derivatives, are subject to the risk of prepayment and/or extension. Prepayment occurs when unscheduled payments of principal are made or the instrument is called or redeemed prior to an instrument's maturity. When interest rates decline, the instrument is called, or for other reasons, these debt instruments may be repaid more quickly than expected. As a result, the holder of the debt instrument may not be able to reinvest the proceeds at the same interest rate or on the same terms, reducing the potential for gain. When interest rates increase or for other reasons, these debt instruments may be repaid more slowly than expected, increasing the potential for loss. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price of a debt instrument depends on the terms of the instrument.

**Municipal Risk:** The price of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, market and economic conditions and developments, issuer, industry-specific and other conditions, including as the result of events that cannot be reasonably anticipated or controlled such as social conflict or unrest, labor disruption and natural disasters. Municipal instruments can be less liquid than other types of investments and there may be less publicly available information about the issuers of municipal instruments compared to other issuers. If the Internal Revenue Service (the IRS) or a state taxing authority determines that an issuer of a municipal instrument has not complied with applicable tax requirements, interest from the instrument could become taxable (including retroactively) and the instrument could decline significantly in price. Because many municipal instruments are issued to finance similar projects, especially those relating to education, health care, housing, utilities, and water and sewer, conditions in these industries can significantly affect the fund and the overall municipal market. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market.

Municipal instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. Factors contributing to the economic stress on municipal issuers may include a decrease in revenues supporting the issuer's bonds due to factors such as lower sales tax revenue as a result of decreased consumer spending, lower income tax revenue due to higher unemployment, and a decrease in the value of collateral backing revenue bonds due to closures and/or curtailment of services and/or changes in consumer behavior.

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*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

In addition, because some municipal obligations may be secured or guaranteed by banks and other institutions, the risk associated with investments in such municipal securities could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. If such events occur, the value of the security could decrease or the value could be lost entirely, and it may be difficult or impossible to sell the security at the time and the price that normally prevails in the market.

**Managed Distribution Plan Risk:** The fund may not be able to maintain a monthly distribution at an annual fixed rate of up to 8.50% of the fund's average monthly net asset value due to many factors, including but not limited to, changes in market returns, fluctuations in market interest rates, and other factors. If income from the fund's investments is less than the amount needed to make a monthly distribution, the fund may distribute a return of capital to pay the distribution. In certain cases, the fund may sell portfolio investments at less opportune times in order to pay such distribution. Distributions that are treated as tax return of capital will have the effect of reducing the fund's assets and could increase the fund's expense ratio. If a portion of the fund's distributions represents returns of capital over extended periods, the fund's assets may be reduced over time to levels where the fund is no longer viable and might be liquidated. Please see "Managed Distribution Policy Disclosure" in this report for additional information regarding the plan.

**Market Discount/Premium Risk:** The market price of shares of the fund will be based on factors such as the supply and demand for shares in the market and general market, economic, industry, political or regulatory conditions. Whether shareholders will realize gains or losses upon the sale of shares of the fund will depend on the market price of shares at the time of the sale, not on the fund's net asset value. The market price may be lower or higher than the fund's net asset value. Shares of closed-end funds frequently trade at a discount to their net asset value.

**Leveraging Risk:** If the fund utilizes investment leverage, there can be no assurance that such a leveraging strategy will be successful during any period in which it is employed. The use of leverage is a speculative investment technique that results in greater volatility in the fund's net asset value. To the extent that investments are purchased with the proceeds from the borrowings from a bank, the issuance of preferred shares, or the creation of tender option bonds, the fund's net asset value will increase or decrease at a greater rate than a comparable unleveraged fund. If the investment income or gains earned from the investments purchased with the proceeds from the borrowings from a bank, the issuance of preferred shares, or the creation of tender option bonds, fails to cover the expenses of leveraging, the fund's net asset value is likely to decrease more quickly than if the fund was not leveraged. In addition, the fund's distributions could be reduced. The fund is currently required under the Investment Company Act of 1940 ("1940 Act") to maintain asset coverage of at least 200% on outstanding preferred shares and at least 300% on outstanding indebtedness; however, the fund may be required to abide by asset coverage or other requirements that are more stringent than those imposed by the 1940 Act. The fund may be required to sell a portion of its investments at a time when it may be disadvantageous to do so in order to redeem preferred shares or to reduce outstanding indebtedness to comply with asset coverage or other restrictions including those imposed by the 1940 Act, any applicable loan agreement, any applicable offering

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*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

documents for preferred shares issued by the fund, and the rating agencies that rate the preferred shares. The fund may be prohibited from declaring and paying common share dividends and distributions if the fund fails to satisfy the 1940 Act's asset coverage requirements or other agreed upon asset coverage requirements. In these situations, the fund may choose to repurchase or redeem any outstanding leverage to the extent necessary in order to maintain compliance with such asset coverage requirements. The expenses of leveraging are paid by the holders of common shares. Borrowings from a bank or preferred shares may have a stated maturity. If this leverage is not extended prior to maturity or replaced with the same or a different form of leverage, distributions to common shareholders may be decreased.

Certain transactions and investment strategies can result in leverage. Because movements in a fund's share price generally correlate over time with the fund's net asset value, the market price of a leveraged fund will also tend to be more volatile than that of a comparable unleveraged fund. The costs of an offering of preferred shares and/or borrowing program would be borne by shareholders.

Under the terms of any loan agreement or of a purchase agreement between the fund and the investor in the preferred shares, as the case may be, the fund may be required to, among other things, limit its ability to pay dividends and distributions on common shares in certain circumstances, incur additional debts, engage in certain transactions, and pledge some or all of its assets at an inopportune time. Such agreements could limit the fund's ability to pursue its investment strategies. The terms of any loan agreement or purchase agreement could be more or less restrictive than those described.

Under guidelines generally required by a rating agency providing a rating for any preferred shares, the fund may be required to, among other things, maintain certain asset coverage requirements, restrict certain investments and practices, and adopt certain redemption requirements relating to preferred shares. Such guidelines or the terms of a purchase agreement between a fund and the investor in the preferred shares could limit the fund's ability to pursue its investment strategies. The guidelines imposed with respect to preferred shares by a rating agency or an investor in the preferred shares could be more or less restrictive than those described.

**Derivatives Risk:** Derivatives can be highly volatile and involve risks in addition to, and potentially greater than, the risks of the underlying indicator(s). Gains or losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. Derivatives can involve leverage. Derivatives can be complex instruments and can involve analysis and processing that differs from that required for other investment types used by the fund. If the value of a derivative does not change as expected relative to the value of the market or other indicator to which the derivative is intended to provide exposure, the derivative may not have the effect intended. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Derivatives can be less liquid than other types of investments.

**Counterparty and Third Party Risk:** Transactions involving a counterparty other than the issuer of the instrument, including clearing organizations, or a third party responsible for servicing the instrument or effecting the transaction, are subject to the credit risk of the counterparty or third party, and to the counterparty's or third party's ability or willingness to perform in accordance with the terms of the transaction. If a

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*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

counterparty or third party fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, the fund could miss investment opportunities, lose value on its investments, or otherwise hold investments it would prefer to sell, resulting in losses for the fund.

**Liquidity Risk:** Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market, or may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions, including trading halts, sanctions, or wars. Investors trying to sell large quantities of a particular investment or type of investment, or lack of market makers or other buyers for a particular investment or type of investment may also adversely affect liquidity. At times, all or a significant portion of a market may not have an active trading market. Without an active trading market, it may be difficult to value, and it may not be possible to sell, these investments and the fund could miss other investment opportunities and hold investments it would prefer to sell, resulting in losses for the fund. In addition, the fund may have to sell certain of these investments at prices or times that are not advantageous in order to meet redemptions or other cash needs, which could result in dilution of remaining investors' interests in the fund. The prices of illiquid securities may be more volatile than more liquid investments.

**Anti-Takeover Provisions Risk:** The fund's declaration of trust includes provisions that could limit the ability of other persons or entities to acquire control of the fund, to convert the fund to an open-end fund, or to change the composition of the fund's Board of Trustees. These provisions could reduce the opportunities for shareholders to sell their shares at a premium over the then-current market price.

**Other Investment Strategies and Risks**

**Active and Frequent Trading:** MFS may engage in active and frequent trading in pursuing the fund's principal investment strategies. Frequent trading may increase transaction costs, which can reduce the fund's return. Frequent trading can also increase the possibility of capital gain and ordinary distributions. Frequent trading can also result in the realization of a higher percentage of short-term capital gains and a lower percentage of long-term capital gains as compared to a fund that trades less frequently. Because short-term capital gains are distributed as ordinary income, this would generally increase your tax liability unless you hold your shares through a tax-advantaged or tax-exempt vehicle.

**Operational and Cybersecurity Risk:** The fund and its service providers, and your ability to transact in fund shares, may be negatively impacted due to operational matters arising from, among other issues, human errors, systems and technology disruptions or failures, fraudulent activities, or cybersecurity incidents. Operational issues and cybersecurity incidents may cause the fund or its service providers, as well as securities trading venues and other market participants, to suffer data corruption and/or lose operational functionality, and could, among other things, impair the ability to calculate the fund's net asset value per share, impede trading of portfolio securities, and result in the theft, misuse, and/or improper release of confidential information relating to the fund or its shareholders. Such operational issues and cybersecurity incidents may result in losses to the fund and its shareholders. Because technology is frequently changing, new ways to carry out cyberattacks continue to develop. In addition, the rapid development and increasingly widespread use of new technologies,

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*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

including machine learning technology and generative models could exacerbate these risks. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the fund and its service providers to plan for or respond to a cyberattack. Information relating to the Fund's investments is delivered electronically, which can give rise to a number of risks, including, but not limited to, the risks that such communications may not be secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with, without the knowledge of the sender or the intended recipient. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing.

**Temporary Defensive Strategy:** In response to adverse market, economic, industry, political, or other conditions, MFS may depart from the fund's principal investment strategies by temporarily investing for defensive purposes. When MFS invests defensively, different factors could affect the fund's performance and the fund may not achieve its investment objective. In addition, the defensive strategy may not work as intended.

**Investment Restrictions**

The Fund has adopted the following policies which cannot be changed without the approval of a "majority of its outstanding voting securities" as such term is defined by the 1940 Act. Under the 1940 Act, the vote of a "majority of its outstanding voting securities" means the vote of the lesser of (i) 67% or more of the voting securities present at a meeting at which holders of voting securities representing more than 50% of the outstanding voting securities are present or represented by proxy, or (ii) more than 50% of the outstanding voting securities. Except for fundamental investment restriction (1), these investment restrictions are adhered to at the time of purchase or utilization of assets; a subsequent change in circumstances will not be considered to result in a violation of policy.

The Fund may not:

(1) borrow money except to the extent not prohibited by the 1940 Act and exemptive

orders granted under such Act.

(2) underwrite securities issued by other persons, except that all or any portion of the

assets of the Fund may be invested in one or more investment companies, to the

extent not prohibited by the 1940 Act and exemptive orders granted under such

Act, and except insofar as the Fund may technically be deemed an underwriter

under the Securities Act of 1933, as amended, in selling a portfolio security.

(3) issue any senior securities except to the extent not prohibited by the 1940 Act and

exemptive orders granted under such Act. For purposes of this restriction, collateral

arrangements with respect to any type of swap, option, Forward Contracts and

Futures Contracts and collateral arrangements with respect to initial and variation

margin are not deemed to be the issuance of a senior security.

(4) make loans except to the extent not prohibited by the 1940 Act and exemptive

orders granted under such Act.

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*Investment Objective, Principal Investment Strategies and Principal Risks - continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5) purchase or sell real estate (excluding securities secured by real estate or interests

therein and securities of companies, such as real estate investment trusts, which

deal in real estate or interests therein), interests in oil, gas or mineral leases,

commodities or commodity contracts (excluding currencies and any type of option,

Futures Contracts and Forward Contracts) in the ordinary course of its business.

The Fund reserves the freedom of action to hold and to sell real estate, mineral

leases, commodities or commodity contracts (including currencies and any type of

option, Futures Contracts and Forward Contracts) acquired as a result of the

ownership of securities.

(6) purchase any securities of an issuer in a particular industry if as a result 25% or

more of its total assets (taken at market value at the time of purchase) would be

invested in securities of issuers whose principal business activities are in the same

industry.

For purposes of investment restriction (5), investments in certain types of derivative instruments whose value is related to commodities or commodity contracts, including swaps and structured notes, are not considered commodities or commodity contracts.

For purposes of fundamental investment restriction (6), investments in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities and tax-exempt obligations issued or guaranteed by a U.S. territory or possession, a state or local government, or a political subdivision of any of the foregoing, are not considered an investment in any particular industry.

For purposes of fundamental investment restriction (6), investments in other investment companies are not considered an investment in any particular industry and portfolio securities held by an underlying fund in which the Fund may invest are not considered to be securities purchased by the Fund.

For purposes of fundamental investment restriction (6), MFS uses a customized set of industry groups for classifying securities based on classifications developed by third party providers.

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**Portfolio Managers' Profiles** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Five Year History** |
| Alexander Mackey | Investment Grade <br> Debt Instruments <br> Portfolio Manager<br>| 2017 | Co-Chief Investment Officer-Global <br> Fixed Income of MFS; employed in <br> the investment management area of <br> MFS since 2001.<br>|
| Jake Stone | U.S. Government <br> Securities Portfolio <br> Manager<br>| 2023 | Investment Officer of MFS; employed <br> in the investment management area <br> of MFS since 2018.<br>|

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The following information in this annual report is a summary of certain changes since October 31, 2024. This information may not reflect all of the changes that have occurred since you purchased this fund.

Effective September 30, 2025, Geoffrey Schechter is no longer a Portfolio Manager of the fund.

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**Dividend Reinvestment And Cash Purchase Plan**

The fund offers a Dividend Reinvestment and Cash Purchase Plan (the "Plan") that allows common shareholders to reinvest either all of the distributions paid by the fund or only the long-term capital gains. Generally, purchases are made at the market price unless that price exceeds the net asset value (the shares are trading at a premium). If the shares are trading at a premium, the fund will issue shares at a price of either the net asset value or 95% of the market price, whichever is greater. You can also buy shares on a quarterly basis in any amount $100 and over. Computershare Trust Company, N.A. (the Transfer Agent for the fund) (the "Plan Agent") will purchase shares under the Plan on the 15th of January, April, July, and October or shortly thereafter. You may obtain a copy of the Plan by contacting the Plan Agent at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time or by visiting the Plan Agent's Web site at www.computershare.com/investor.

If shares are registered in your own name, new shareholders will automatically participate in the Plan, unless you have indicated that you do not wish to participate. If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you may wish to request that your shares be re-registered in your own name so that you can participate. There is no service charge to reinvest distributions, nor are there brokerage charges for shares issued directly by the fund. However, when shares are bought on the New York Stock Exchange or otherwise on the open market, each participant pays a pro rata share of the transaction expenses, including commissions. The tax status of dividends and capital gain distributions does not change whether received in cash or reinvested in additional shares – the automatic reinvestment of distributions does not relieve you of any income tax that may be payable (or required to be withheld) on the distributions.

If your shares are held directly with the Plan Agent, you may withdraw from the Plan at any time by contacting the Plan Agent. Please have available the name of the fund and your account number. For certain types of registrations, such as corporate accounts, instructions must be submitted in writing. Please call for additional details. When you withdraw from the Plan, you can receive the value of the reinvested shares in one of three ways: your full shares will be held in your account, the Plan Agent will sell your shares and send the proceeds to you, or you may transfer your full shares to your investment professional who can hold or sell them. Additionally, the Plan Agent will sell your fractional shares and send the proceeds to you.

If you have any questions, contact the Plan Agent by calling 1-800-637-2304, visit the Plan Agent's Web site at www.computershare.com/investor, or by writing to the Plan Agent at P.O. Box 43078, Providence, RI 02940-3078.

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**Portfolio of Investments**

10/31/25

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 93.2% | Bonds – 93.2% | Bonds – 93.2% |
| Asset-Backed & Securitized – 8.9% | Asset-Backed & Securitized – 8.9% | Asset-Backed & Securitized – 8.9% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", <br> 0.995%, 11/15/2054 (i)<br>| $10228445 | &nbsp;&nbsp; $372990 |
| ACREC 2021-FL1 Ltd., "AS", FLR, 5.645% ((SOFR - 1mo. + <br> 0.11448%) + 1.5%), 10/16/2036 (n)<br>| 1087000 | &nbsp;&nbsp; 1086820 |
| Alinea CLO Ltd., 2018-1A, "AR", FLR, 4.784% (SOFR - 3mo. + <br> 0.9%), 7/20/2031 (n)<br>| 11094 | &nbsp;&nbsp; 11098 |
| AmeriCredit Automobile Receivables Trust, 2024-1, "A2-B", FLR, <br> 4.986% (SOFR - 1mo. + 0.6%), 2/18/2028 <br>| 126885 | &nbsp;&nbsp; 126923 |
| Angel Oak Mortgage Trust, 2024-10, "A1", 5.348%, 10/25/2069 (n) | 1313977 | &nbsp;&nbsp; 1319664 |
| AREIT 2022-CRE6 Trust, "AS", FLR, 5.83% (SOFR - 30 day + <br> 1.65%), 1/20/2037 (n)<br>| 1522500 | &nbsp;&nbsp; 1516789 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 109256 | &nbsp;&nbsp; 110110 |
| ARI Fleet Lease Trust, 2025-A, "A2", 4.38%, 1/17/2034 (n) | 298000 | &nbsp;&nbsp; 298549 |
| Babson CLO Ltd., 2021-3A, "B1R", FLR, 5.514% (SOFR - 3mo. + <br> 1.63%), 1/18/2035 (n)<br>| 600000 | &nbsp;&nbsp; 599453 |
| BDS 2024-FL13 Ltd., "A", FLR, 5.607% (SOFR - 1mo. + <br> 1.5762%), 9/19/2039 (n)<br>| 305500 | &nbsp;&nbsp; 306176 |
| Brazos Securitization LLC, 5.014%, 9/01/2031 (n) | 572163 | &nbsp;&nbsp; 581961 |
| Bridgecrest Lending Auto Securitization Trust, 2025-4, "A2", <br> 4.35%, 6/15/2028 <br>| 731000 | &nbsp;&nbsp; 730681 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 359570 | &nbsp;&nbsp; 368521 |
| BXMT 2021-FL4 Ltd., "AS", FLR, 5.446% ((SOFR - 1mo. + <br> 0.11448%) + 1.3%), 5/15/2038 (n)<br>| 2000000 | &nbsp;&nbsp; 1980037 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "A2", <br> 5.867%, 12/10/2041 (n)<br>| 214765 | &nbsp;&nbsp; 218753 |
| Commercial Mortgage Trust, 2017-COR2, "A3", 3.51%, 9/10/2050  | 1676352 | &nbsp;&nbsp; 1648266 |
| Duke Energy Progress NC Storm Funding II LLC, 4.226%, 7/01/2035  | 1750000 | &nbsp;&nbsp; 1741250 |
| EQT Trust, 2024-EXTR, "B", 5.654%, 7/05/2041 (n) | 236027 | &nbsp;&nbsp; 240436 |
| GLS Auto Select Receivables Trust, 2025-2A, "A2", <br> 6.37%, 6/15/2028 (n)<br>| 96825 | &nbsp;&nbsp; 97409 |
| GreatAmerica Leasing Receivables Funding LLC, 2025-1, "A2", <br> 4.52%, 10/15/2027 (n)<br>| 515000 | &nbsp;&nbsp; 516439 |
| LAD Auto Receivables Trust, 2025-1A, "A2", 4.6%, 12/15/2027 (n) | 461903 | &nbsp;&nbsp; 462356 |
| LoanCore 2021-CRE6 Ltd., "AS", FLR, 5.796% ((SOFR - 1mo. + <br> 0.11448%) + 1.65%), 11/15/2038 (n)<br>| 1500000 | &nbsp;&nbsp; 1500696 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM3, <br> "A-1", 5.044%, 7/25/2069 (n)<br>| 421733 | &nbsp;&nbsp; 420839 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM3, <br> "A-1", 5.53%, 5/25/2070 (n)<br>| 438929 | &nbsp;&nbsp; 441872 |

---

------

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Neuberger Berman CLO Ltd., 2023-53A, "BR", FLR, 5.565% (SOFR - <br> 3mo. + 1.7%), 10/24/2037 (n)<br>| $758092 | &nbsp;&nbsp; $760632 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 216511 | &nbsp;&nbsp; 217967 |
| OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 65543 | &nbsp;&nbsp; 65981 |
| OBX Trust, 2024-NQM12, "A1", 5.475%, 7/25/2064 (n) | 312998 | &nbsp;&nbsp; 314161 |
| OBX Trust, 2024-NQM2, "A1", 5.878%, 12/25/2063 (n) | 1011606 | &nbsp;&nbsp; 1018643 |
| Palmer Square Loan Funding 2025-1A Ltd., "A1", FLR, 5.011% <br> (SOFR - 3mo. + 0.8%), 2/15/2033 (n)<br>| 560636 | &nbsp;&nbsp; 559526 |
| Palmer Square Loan Funding, 2025-1A Ltd., "A2", FLR, 5.411% <br> (SOFR - 3mo. + 1.2%), 2/15/2033 (n)<br>| 900000 | &nbsp;&nbsp; 891224 |
| Palmer Square Loan Funding, 2025-2A Ltd., "A2", FLR, 5.688% <br> (SOFR - 3mo. + 1.4%), 7/15/2033 (n)<br>| 1100000 | &nbsp;&nbsp; 1099450 |
| PFP III 2024-11 Ltd., "11A", FLR, 5.916% (SOFR - 1mo. + <br> 1.83239%), 9/17/2039 (n)<br>| 617648 | &nbsp;&nbsp; 618379 |
| PFS Financing Corp., 2024-A, "A", FLR, 5.083% (SOFR - 1mo. + <br> 0.85%), 1/15/2028 (n)<br>| 1700000 | &nbsp;&nbsp; 1701463 |
| PFS Financing Corp., 2025-A, "A", FLR, 4.883% (SOFR - 1mo. + <br> 0.65%), 1/15/2029 (n)<br>| 721000 | &nbsp;&nbsp; 722276 |
| PMT Loan Trust, 2025-INV10, "A36", FLR, 5.583% (SOFR - 1mo. + <br> 1.35%), 10/01/2056 (n)<br>| 548888 | &nbsp;&nbsp; 548889 |
| Provident Funding Mortgage Trust, 2024-1, "A3", <br> 5.5%, 12/25/2054 (n)<br>| 402891 | &nbsp;&nbsp; 404975 |
| RCKT Trust, 2025-1A,"A", 4.9%, 7/25/2034 (n) | 209020 | &nbsp;&nbsp; 209417 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "A", FLR, 5.305% <br> ((SOFR - 1mo. + 0.11448%) + 1.2%), 11/25/2036 (n)<br>| 120362 | &nbsp;&nbsp; 120301 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "AS", FLR, <br> 5.605% ((SOFR - 1mo. + 0.11448%) + 1.5%), 11/25/2036 (n)<br>| 199500 | &nbsp;&nbsp; 199507 |
| SBNA Auto Receivables Trust, 2025-SF1, "B", 5.12%, 3/17/2031 (n) | 95864 | &nbsp;&nbsp; 95946 |
| Shackleton 2019-14A CLO Ltd., "BRR", FLR, 5.434% (SOFR - 3mo. + <br> 1.55%), 7/20/2034 (n)<br>| 880478 | &nbsp;&nbsp; 880460 |
| Verus Securitization Trust, 2014-1, "A1", 5.712%, 1/25/2069 (n) | 542951 | &nbsp;&nbsp; 546231 |
| Verus Securitization Trust, 2024-1, "A2", 5.915%, 1/25/2069 (n) | 151755 | &nbsp;&nbsp; 152403 |
|  |  | &nbsp;&nbsp; $27825919 |
| Automotive – 1.7% | Automotive – 1.7% | Automotive – 1.7% |
| Ford Motor Credit Co. LLC, 5.8%, 3/05/2027  | $958000 | &nbsp;&nbsp; $968776 |
| Hyundai Capital America, 1.65%, 9/17/2026 (n) | 1000000 | &nbsp;&nbsp; 977264 |
| LKQ Corp., 5.75%, 6/15/2028  | 862000 | &nbsp;&nbsp; 890535 |
| LKQ Corp., 6.25%, 6/15/2033  | 1176000 | &nbsp;&nbsp; 1254436 |
| Stellantis Finance US, Inc., 1.711%, 1/29/2027 (n) | 762000 | &nbsp;&nbsp; 736026 |
| Stellantis Finance US, Inc., 2.691%, 9/15/2031 (n) | 532000 | &nbsp;&nbsp; 462171 |
|  |  | &nbsp;&nbsp; $5289208 |

---

------

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Brokerage & Asset Managers – 2.8% | Brokerage & Asset Managers – 2.8% | Brokerage & Asset Managers – 2.8% |
| Brookfield Finance, Inc., 2.724%, 4/15/2031  | $2844000 | &nbsp;&nbsp; $2599066 |
| Charles Schwab Corp., 5.875%, 8/24/2026  | 425000 | &nbsp;&nbsp; 430591 |
| Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + <br> 2.210%) to 5/19/2029 <br>| 1535000 | &nbsp;&nbsp; 1592524 |
| Low Income Investment Fund, 3.386%, 7/01/2026  | 705000 | &nbsp;&nbsp; 694130 |
| Low Income Investment Fund, 3.711%, 7/01/2029  | 1905000 | &nbsp;&nbsp; 1837215 |
| LPL Holdings, Inc., 6.75%, 11/17/2028  | 1437000 | &nbsp;&nbsp; 1531980 |
|  |  | &nbsp;&nbsp; $8685506 |
| Building – 0.6% | Building – 0.6% | Building – 0.6% |
| Allegion US Holding Co., Inc., 5.6%, 5/29/2034  | $1713000 | &nbsp;&nbsp; $1793633 |
| Business Services – 1.6% | Business Services – 1.6% | Business Services – 1.6% |
| Paychex, Inc., 5.6%, 4/15/2035  | $1890000 | &nbsp;&nbsp; $1974371 |
| Tencent Holdings Ltd., 2.88%, 4/22/2031 (n) | 1499000 | &nbsp;&nbsp; 1415711 |
| Verisk Analytics, Inc., 4.125%, 3/15/2029  | 716000 | &nbsp;&nbsp; 713909 |
| Verisk Analytics, Inc., 5.75%, 4/01/2033  | 850000 | &nbsp;&nbsp; 898470 |
|  |  | &nbsp;&nbsp; $5002461 |
| Cable TV – 0.5% | Cable TV – 0.5% | Cable TV – 0.5% |
| Cox Communications, Inc., 5.45%, 9/15/2028 (n) | $1559000 | &nbsp;&nbsp; $1603790 |
| Conglomerates – 1.5% | Conglomerates – 1.5% | Conglomerates – 1.5% |
| nVent Finance S.à r.l., 5.65%, 5/15/2033  | $1216000 | &nbsp;&nbsp; $1272097 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | 1533000 | &nbsp;&nbsp; 1585768 |
| Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028  | 1760000 | &nbsp;&nbsp; 1781426 |
|  |  | &nbsp;&nbsp; $4639291 |
| Consumer Products – 0.3% | Consumer Products – 0.3% | Consumer Products – 0.3% |
| Haleon US Capital LLC, 3.375%, 3/24/2029  | $860000 | &nbsp;&nbsp; $837809 |
| Consumer Services – 2.1% | Consumer Services – 2.1% | Consumer Services – 2.1% |
| Booking Holdings, Inc., 3.55%, 3/15/2028  | $2737000 | &nbsp;&nbsp; $2709203 |
| CBRE Services, Inc., 5.5%, 6/15/2035  | 1500000 | &nbsp;&nbsp; 1547600 |
| Conservation Fund, 3.474%, 12/15/2029  | 563000 | &nbsp;&nbsp; 539315 |
| Rentokil Terminix Funding LLC, 5.625%, 4/28/2035 (n) | 1668000 | &nbsp;&nbsp; 1718340 |
|  |  | &nbsp;&nbsp; $6514458 |
| Containers – 0.6% | Containers – 0.6% | Containers – 0.6% |
| Berry Global, Inc., 1.65%, 1/15/2027  | $1542000 | &nbsp;&nbsp; $1492195 |
| Berry Global, Inc., 5.5%, 4/15/2028  | 325000 | &nbsp;&nbsp; 334269 |
|  |  | &nbsp;&nbsp; $1826464 |

---

------

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Electrical Equipment – 0.8% | Electrical Equipment – 0.8% | Electrical Equipment – 0.8% |
| Arrow Electronics, Inc., 3.875%, 1/12/2028  | $1049000 | &nbsp;&nbsp; $1038997 |
| Molex Electronic Technologies LLC, 5.25%, 4/30/2032 (n) | 1392000 | &nbsp;&nbsp; 1422446 |
|  |  | &nbsp;&nbsp; $2461443 |
| Electronics – 0.5% | Electronics – 0.5% | Electronics – 0.5% |
| Broadcom, Inc., 4.55%, 2/15/2032  | $1671000 | &nbsp;&nbsp; $1681942 |
| Emerging Market Quasi-Sovereign – 0.5% | Emerging Market Quasi-Sovereign – 0.5% | Emerging Market Quasi-Sovereign – 0.5% |
| Qatar Petroleum, 2.25%, 7/12/2031 (n) | $1635000 | &nbsp;&nbsp; $1474402 |
| Energy - Independent – 0.9% | Energy - Independent – 0.9% | Energy - Independent – 0.9% |
| Occidental Petroleum Corp., 6.625%, 9/01/2030  | $800000 | &nbsp;&nbsp; $858813 |
| Occidental Petroleum Corp., 5.55%, 10/01/2034  | 375000 | &nbsp;&nbsp; 379793 |
| Pioneer Natural Resources Co., 1.9%, 8/15/2030  | 1750000 | &nbsp;&nbsp; 1576179 |
|  |  | &nbsp;&nbsp; $2814785 |
| Energy - Integrated – 0.4% | Energy - Integrated – 0.4% | Energy - Integrated – 0.4% |
| Eni S.p.A., 4.25%, 5/09/2029 (n) | $1252000 | &nbsp;&nbsp; $1253086 |
| Financial Institutions – 1.4% | Financial Institutions – 1.4% | Financial Institutions – 1.4% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, <br> 3.3%, 1/30/2032 <br>| $332000 | &nbsp;&nbsp; $306387 |
| Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 583000 | &nbsp;&nbsp; 574371 |
| Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 382000 | &nbsp;&nbsp; 368226 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 2336000 | &nbsp;&nbsp; 2246347 |
| SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 789000 | &nbsp;&nbsp; 810669 |
|  |  | &nbsp;&nbsp; $4306000 |
| Food & Beverages – 3.1% | Food & Beverages – 3.1% | Food & Beverages – 3.1% |
| Bacardi-Martini B.V., 5.25%, 1/15/2029 (n) | $1356000 | &nbsp;&nbsp; $1385600 |
| Constellation Brands, Inc., 4.4%, 11/15/2025  | 3306000 | &nbsp;&nbsp; 3305046 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., <br> 3%, 2/02/2029 <br>| 1451000 | &nbsp;&nbsp; 1390631 |
| JDE Peet's N.V., 1.375%, 1/15/2027 (n) | 1931000 | &nbsp;&nbsp; 1863401 |
| Mars, Inc., 5.2%, 3/01/2035 (n) | 1666000 | &nbsp;&nbsp; 1709970 |
|  |  | &nbsp;&nbsp; $9654648 |
| Gaming & Lodging – 2.0% | Gaming & Lodging – 2.0% | Gaming & Lodging – 2.0% |
| Flutter Treasury DAC, 5.875%, 6/04/2031 (n) | $1083000 | &nbsp;&nbsp; $1096538 |
| GLP Capital LP/GLP Financing II, Inc., 4%, 1/15/2031  | 3055000 | &nbsp;&nbsp; 2922015 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 802000 | &nbsp;&nbsp; 738756 |
| Marriott International, Inc., 2.75%, 10/15/2033  | 1750000 | &nbsp;&nbsp; 1520412 |
|  |  | &nbsp;&nbsp; $6277721 |

---

------

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Industrial – 0.4% | Industrial – 0.4% | Industrial – 0.4% |
| Howard University, Washington D.C., AGM, 2.757%, 10/01/2027  | $1250000 | &nbsp;&nbsp; $1202761 |
| Insurance – 1.6% | Insurance – 1.6% | Insurance – 1.6% |
| AIA Group Ltd., 3.375%, 4/07/2030 (n) | $563000 | &nbsp;&nbsp; $547123 |
| Corebridge Financial, Inc., 3.85%, 4/05/2029  | 2500000 | &nbsp;&nbsp; 2464666 |
| Sammons Financial Group, Inc., 4.75%, 4/08/2032 (n) | 2000000 | &nbsp;&nbsp; 1955876 |
|  |  | &nbsp;&nbsp; $4967665 |
| Insurance - Health – 1.2% | Insurance - Health – 1.2% | Insurance - Health – 1.2% |
| Elevance Health, Inc., 4.95%, 11/01/2031  | $1905000 | &nbsp;&nbsp; $1943325 |
| Humana, Inc., 3.7%, 3/23/2029  | 867000 | &nbsp;&nbsp; 848393 |
| Humana, Inc., 5.875%, 3/01/2033  | 882000 | &nbsp;&nbsp; 929514 |
|  |  | &nbsp;&nbsp; $3721232 |
| Insurance - Property & Casualty – 0.6% | Insurance - Property & Casualty – 0.6% | Insurance - Property & Casualty – 0.6% |
| Arthur J. Gallagher & Co., 6.5%, 2/15/2034  | $1626000 | &nbsp;&nbsp; $1800273 |
| International Market Quasi-Sovereign – 0.4% | International Market Quasi-Sovereign – 0.4% | International Market Quasi-Sovereign – 0.4% |
| NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $1181000 | &nbsp;&nbsp; $1233798 |
| Machinery & Tools – 1.2% | Machinery & Tools – 1.2% | Machinery & Tools – 1.2% |
| AGCO Corp., 5.8%, 3/21/2034  | $529000 | &nbsp;&nbsp; $551008 |
| CNH Industrial N.V., 3.85%, 11/15/2027  | 3066000 | &nbsp;&nbsp; 3051415 |
|  |  | &nbsp;&nbsp; $3602423 |
| Major Banks – 8.9% | Major Banks – 8.9% | Major Banks – 8.9% |
| Bank of America Corp., 1.734% to 7/22/2026, FLR (SOFR - 1 day + <br> 0.96%) to 7/22/2027 <br>| $2224000 | &nbsp;&nbsp; $2184690 |
| Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + <br> 1.21%) to 10/20/2032 <br>| 1823000 | &nbsp;&nbsp; 1639469 |
| Barclays PLC, 2.279% to 11/24/2026, FLR (CMT - 1yr. + 1.05%) <br> to 11/24/2027 <br>| 1435000 | &nbsp;&nbsp; 1405850 |
| BNP Paribas S.A., 2.591% to 1/20/2027, FLR (SOFR - 1 day + <br> 1.228%) to 1/20/2028 (n)<br>| 1723000 | &nbsp;&nbsp; 1687274 |
| Capital One Financial Corp., 7.624% to 10/30/2030, FLR (SOFR - 1 <br> day + 3.07%) to 10/30/2031 <br>| 1677000 | &nbsp;&nbsp; 1891340 |
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + <br> 1.219%) to 11/16/2027 <br>| 457000 | &nbsp;&nbsp; 447816 |
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + <br> 3.18%) to 1/18/2029 <br>| 150000 | &nbsp;&nbsp; 157239 |
| Goldman Sachs Group, Inc., 1.093% to 12/09/2025, FLR (SOFR - 1 <br> day + 0.789%) to 12/09/2026 <br>| 894000 | &nbsp;&nbsp; 891071 |
| Huntington Bancshares, Inc., 6.208% to 8/21/2028, FLR (SOFR - 1 <br> day + 2.02%) to 8/21/2029 <br>| 1142000 | &nbsp;&nbsp; 1198864 |

---

------

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| JPMorgan Chase & Co., 5.04% to 1/23/2027, FLR (SOFR - 1 day + <br> 1.19%) to 1/23/2028 <br>| $357000 | &nbsp;&nbsp; $360727 |
| JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR - 1 day + <br> 1.25%) to 4/22/2032 <br>| 2250000 | &nbsp;&nbsp; 2051073 |
| Mizuho Financial Group, Inc., 5.754%, 5/27/2034  | 2000000 | &nbsp;&nbsp; 2124485 |
| Morgan Stanley, 3.875%, 1/27/2026  | 5400000 | &nbsp;&nbsp; 5396354 |
| Morgan Stanley, 3.625%, 1/20/2027  | 824000 | &nbsp;&nbsp; 820894 |
| Morgan Stanley, 3.95%, 4/23/2027  | 290000 | &nbsp;&nbsp; 289311 |
| Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + <br> 0.858%) to 7/20/2027 <br>| 977000 | &nbsp;&nbsp; 958309 |
| Standard Chartered PLC, 6.17% to 1/09/2026, FLR (CMT - 1yr. + <br> 2.05%) to 1/09/2027 (n)<br>| 1750000 | &nbsp;&nbsp; 1754799 |
| UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 (n) | 2449000 | &nbsp;&nbsp; 2449155 |
|  |  | &nbsp;&nbsp; $27708720 |
| Medical & Health Technology & Services – 0.7% | Medical & Health Technology & Services – 0.7% | Medical & Health Technology & Services – 0.7% |
| IQVIA, Inc., 5.7%, 5/15/2028  | $472000 | &nbsp;&nbsp; $486138 |
| IQVIA, Inc., 6.25%, 2/01/2029  | 353000 | &nbsp;&nbsp; 371867 |
| ProMedica Toledo Hospital, "B", AGM, 5.75%, 11/15/2038  | 1250000 | &nbsp;&nbsp; 1259076 |
|  |  | &nbsp;&nbsp; $2117081 |
| Metals & Mining – 1.6% | Metals & Mining – 1.6% | Metals & Mining – 1.6% |
| Anglo American Capital PLC, 4.75%, 4/10/2027 (n) | $1120000 | &nbsp;&nbsp; $1127392 |
| Anglo American Capital PLC, 2.875%, 3/17/2031 (n) | 870000 | &nbsp;&nbsp; 799979 |
| Glencore Funding LLC, 1.625%, 4/27/2026 (n) | 1191000 | &nbsp;&nbsp; 1175655 |
| Glencore Funding LLC, 3.875%, 10/27/2027 (n) | 1887000 | &nbsp;&nbsp; 1875870 |
|  |  | &nbsp;&nbsp; $4978896 |
| Midstream – 1.8% | Midstream – 1.8% | Midstream – 1.8% |
| Enbridge, Inc., 3.125%, 11/15/2029  | $1506000 | &nbsp;&nbsp; $1438744 |
| MPLX LP, 4%, 3/15/2028  | 1395000 | &nbsp;&nbsp; 1388476 |
| Plains All American Pipeline LP, 3.8%, 9/15/2030  | 1510000 | &nbsp;&nbsp; 1459172 |
| Targa Resources Corp., 4.2%, 2/01/2033  | 357000 | &nbsp;&nbsp; 339903 |
| Targa Resources Corp., 6.125%, 3/15/2033  | 577000 | &nbsp;&nbsp; 614967 |
| Targa Resources Partners LP/Targa Resources Finance Corp., <br> 6.875%, 1/15/2029 <br>| 499000 | &nbsp;&nbsp; 506943 |
|  |  | &nbsp;&nbsp; $5748205 |
| Mortgage-Backed – 5.2% | Mortgage-Backed – 5.2% |  |
| Fannie Mae, 6.5%, 11/01/2031  | $163438 | &nbsp;&nbsp; $168974 |
| Fannie Mae, 4.883%, 9/25/2052  | 1556105 | &nbsp;&nbsp; 1532111 |
| Fannie Mae, 4.983%, 10/25/2052  | 1223693 | &nbsp;&nbsp; 1208944 |
| Fannie Mae, 5.082%, 12/25/2053  | 845993 | &nbsp;&nbsp; 847656 |
| Fannie Mae, 5.583%, 12/25/2054  | 428107 | &nbsp;&nbsp; 430617 |

---

------

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Freddie Mac, 2.57%, 7/25/2026  | $3095514 | &nbsp;&nbsp; $3063797 |
| Freddie Mac, 0.413%, 5/25/2029 (i) | 6515506 | &nbsp;&nbsp; 91927 |
| Freddie Mac, 0.816%, 7/25/2029 (i) | 4920901 | &nbsp;&nbsp; 140035 |
| Freddie Mac, 0.57%, 1/25/2030 (i) | 1500817 | &nbsp;&nbsp; 33327 |
| Freddie Mac, 0.355%, 2/25/2031 (i) | 6786456 | &nbsp;&nbsp; 140245 |
| Freddie Mac, 0.266%, 5/25/2033 (i) | 6200000 | &nbsp;&nbsp; 128918 |
| Freddie Mac, 0.176%, 10/25/2033 (i) | 11614030 | &nbsp;&nbsp; 188534 |
| Freddie Mac, 6%, 8/01/2034  | 2390 | &nbsp;&nbsp; 2445 |
| Freddie Mac, 0.905%, 9/25/2034 (i) | 1558346 | &nbsp;&nbsp; 108120 |
| Freddie Mac, 0.246%, 1/25/2035 (i) | 7378905 | &nbsp;&nbsp; 169158 |
| Freddie Mac, 0.103%, 7/25/2035 (i) | 23608032 | &nbsp;&nbsp; 316501 |
| Freddie Mac, 2.5%, 3/25/2051 (i) | 876113 | &nbsp;&nbsp; 143904 |
| Freddie Mac, 5.002%, 9/25/2052  | 736418 | &nbsp;&nbsp; 727960 |
| Freddie Mac, 6.412%, 12/25/2053  | 556169 | &nbsp;&nbsp; 557733 |
| Freddie Mac, 5.132%, 2/25/2055  | 1389990 | &nbsp;&nbsp; 1397394 |
| Ginnie Mae, 6%, 6/15/2033 - 10/15/2036  | 145240 | &nbsp;&nbsp; 152594 |
| Ginnie Mae, 5.299%, 6/20/2055  | 593116 | &nbsp;&nbsp; 601663 |
| Ginnie Mae, 5.374%, 6/20/2055  | 622082 | &nbsp;&nbsp; 617782 |
| Ginnie Mae, 4.991%, 4/20/2068  | 1186723 | &nbsp;&nbsp; 1193199 |
| Ginnie Mae, 4.887%, 11/20/2068 - 8/20/2069  | 581934 | &nbsp;&nbsp; 581499 |
| Ginnie Mae, 4.583%, 12/20/2071  | 401566 | &nbsp;&nbsp; 399582 |
| Ginnie Mae, 4.833%, 8/20/2074  | 811501 | &nbsp;&nbsp; 811537 |
| Ginnie Mae, 4.183%, 11/20/2074  | 487407 | &nbsp;&nbsp; 483418 |
|  |  | &nbsp;&nbsp; $16239574 |
| Municipals – 4.0% | Municipals – 4.0% | Municipals – 4.0% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, <br> 5.06%, 12/01/2025 <br>| $945000 | &nbsp;&nbsp; $944799 |
| Gainesville, TX, Hospital District, Taxable, "A", 5.711%, 8/15/2033  | 2330000 | &nbsp;&nbsp; 2367377 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement <br> Rev., Taxable, "B", 3%, 6/01/2046 <br>| 475000 | &nbsp;&nbsp; 427619 |
| Massachusetts Educational Financing Authority, Education Loan <br> Rev., Taxable, "N", 6.069%, 7/01/2033 <br>| 1750000 | &nbsp;&nbsp; 1828458 |
| Michigan Finance Authority, Hospital Refunding Rev., Taxable (Trinity <br> Health Credit Group), "T", 3.084%, 12/01/2034 <br>| 2500000 | &nbsp;&nbsp; 2291930 |
| Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable <br> (Carousel Center Project), "B", 5%, 1/01/2036 (z)<br>| 3635000 | &nbsp;&nbsp; 2749454 |
| University of California, General Rev., Taxable, "BG", <br> 1.614%, 5/15/2030 <br>| 2010000 | &nbsp;&nbsp; 1817741 |
|  |  | &nbsp;&nbsp; $12427378 |

---

------

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Other Banks & Diversified Financials – 1.9% | Other Banks & Diversified Financials – 1.9% | Other Banks & Diversified Financials – 1.9% |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) <br> to 9/13/2029 (n)<br>| $352000 | &nbsp;&nbsp; $373497 |
| CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) <br> to 3/15/2030 (n)<br>| 1201000 | &nbsp;&nbsp; 1248449 |
| First Citizens Bancshare, Inc., 5.231% to 3/12/2030, FLR (SOFR - 1 <br> day + 1.41%) to 3/12/2031 <br>| 633000 | &nbsp;&nbsp; 640713 |
| Macquarie Group Ltd., 1.34% to 1/12/2026, FLR (SOFR - 1 day + <br> 1.069%) to 1/12/2027 (n)<br>| 1784000 | &nbsp;&nbsp; 1773550 |
| Macquarie Group Ltd., 6.255% to 12/07/2033, FLR (SOFR - 1 day + <br> 2.303%) to 12/07/2034 (n)<br>| 819000 | &nbsp;&nbsp; 896893 |
| Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + <br> 1.62%) to 1/24/2030 <br>| 789000 | &nbsp;&nbsp; 815382 |
|  |  | &nbsp;&nbsp; $5748484 |
| Real Estate - Retail – 2.8% | Real Estate - Retail – 2.8% | Real Estate - Retail – 2.8% |
| Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030  | $2349000 | &nbsp;&nbsp; $2305732 |
| NNN REIT, Inc., 5.6%, 10/15/2033  | 675000 | &nbsp;&nbsp; 706445 |
| Realty Income Corp., REIT, 3.4%, 1/15/2028  | 2875000 | &nbsp;&nbsp; 2835663 |
| Regency Centers Corp., 3.7%, 6/15/2030  | 3000000 | &nbsp;&nbsp; 2928959 |
|  |  | &nbsp;&nbsp; $8776799 |
| Specialty Stores – 1.5% | Specialty Stores – 1.5% | Specialty Stores – 1.5% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032  | $2631000 | &nbsp;&nbsp; $2415412 |
| Ross Stores, Inc., 4.8%, 4/15/2030  | 2358000 | &nbsp;&nbsp; 2381780 |
|  |  | &nbsp;&nbsp; $4797192 |
| Telecommunications - Wireless – 1.9% | Telecommunications - Wireless – 1.9% | Telecommunications - Wireless – 1.9% |
| Crown Castle, Inc., REIT, 3.65%, 9/01/2027  | $947000 | &nbsp;&nbsp; $937220 |
| Crown Castle, Inc., REIT, 2.25%, 1/15/2031  | 1000000 | &nbsp;&nbsp; 890974 |
| Rogers Communications, Inc., 3.2%, 3/15/2027  | 1739000 | &nbsp;&nbsp; 1714314 |
| T-Mobile USA, Inc., 3.875%, 4/15/2030  | 2500000 | &nbsp;&nbsp; 2448748 |
|  |  | &nbsp;&nbsp; $5991256 |
| Tobacco – 1.3% | Tobacco – 1.3% | Tobacco – 1.3% |
| B.A.T. Capital Corp., 5.35%, 8/15/2032  | $2000000 | &nbsp;&nbsp; $2069333 |
| Philip Morris International, Inc., 5.75%, 11/17/2032  | 1773000 | &nbsp;&nbsp; 1887503 |
|  |  | &nbsp;&nbsp; $3956836 |
| Transportation - Services – 2.4% | Transportation - Services – 2.4% | Transportation - Services – 2.4% |
| Element Fleet Management Corp., 5.643%, 3/13/2027 (n) | $653000 | &nbsp;&nbsp; $664985 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 1260000 | &nbsp;&nbsp; 1286976 |
| GXO Logistics, Inc., 6.25%, 5/06/2029  | 625000 | &nbsp;&nbsp; 656918 |
| Penske Truck Leasing Co. LP, 5.35%, 1/12/2027 (n) | 648000 | &nbsp;&nbsp; 655190 |
| Penske Truck Leasing Co. LP, 5.35%, 3/30/2029 (n) | 911000 | &nbsp;&nbsp; 937297 |

---

------

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Transportation - Services – continued | Transportation - Services – continued | Transportation - Services – continued |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, <br> 0%, 2/15/2026 (n)<br>| $480000 | &nbsp;&nbsp; $471399 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, <br> 0%, 2/15/2027 (n)<br>| 1525000 | &nbsp;&nbsp; 1408578 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, <br> 0%, 2/15/2029 (n)<br>| 1392000 | &nbsp;&nbsp; 1085948 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, <br> 0%, 2/15/2031 (n)<br>| 480000 | &nbsp;&nbsp; 334051 |
|  |  | &nbsp;&nbsp; $7501342 |
| U.S. Government Agencies and Equivalents – 0.0% | U.S. Government Agencies and Equivalents – 0.0% | U.S. Government Agencies and Equivalents – 0.0% |
| Small Business Administration, 5.36%, 11/01/2025  | $5977 | &nbsp;&nbsp; $5977 |
| Small Business Administration, 5.39%, 12/01/2025  | 3955 | &nbsp;&nbsp; 3955 |
|  |  | &nbsp;&nbsp; $9932 |
| U.S. Treasury Obligations – 19.8% | U.S. Treasury Obligations – 19.8% | U.S. Treasury Obligations – 19.8% |
| U.S. Treasury Notes, 2.25%, 11/15/2025  | $5086000 | &nbsp;&nbsp; $5083050 |
| U.S. Treasury Notes, 1.625%, 11/30/2026  | 7750000 | &nbsp;&nbsp; 7580704 |
| U.S. Treasury Notes, 1.875%, 2/28/2027  | 7566500 | &nbsp;&nbsp; 7391820 |
| U.S. Treasury Notes, 2.375%, 5/15/2027  | 4075000 | &nbsp;&nbsp; 3998435 |
| U.S. Treasury Notes, 0.5%, 6/30/2027  | 6500000 | &nbsp;&nbsp; 6176777 |
| U.S. Treasury Notes, 3.75%, 8/15/2027 (f) | 11885000 | &nbsp;&nbsp; 11910534 |
| U.S. Treasury Notes, 0.375%, 9/30/2027  | 5672000 | &nbsp;&nbsp; 5337662 |
| U.S. Treasury Notes, 4.375%, 12/31/2029  | 4100000 | &nbsp;&nbsp; 4210027 |
| U.S. Treasury Notes, 1.5%, 2/15/2030  | 5043500 | &nbsp;&nbsp; 4614606 |
| U.S. Treasury Notes, 4.625%, 4/30/2031  | 1626000 | &nbsp;&nbsp; 1695359 |
| U.S. Treasury Notes, 4.125%, 11/15/2032  | 3400000 | &nbsp;&nbsp; 3449274 |
|  |  | &nbsp;&nbsp; $61448248 |
| Utilities - Electric Power – 3.8% | Utilities - Electric Power – 3.8% | Utilities - Electric Power – 3.8% |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/2026  | $364000 | &nbsp;&nbsp; $365732 |
| Enel Americas S.A., 4%, 10/25/2026  | 252000 | &nbsp;&nbsp; 251448 |
| FirstEnergy Corp., 3.9%, 7/15/2027  | 2827000 | &nbsp;&nbsp; 2809316 |
| ITC Holdings Corp., 2.95%, 5/14/2030 (n) | 3000000 | &nbsp;&nbsp; 2816848 |
| Liberty Utilities Finance Co., 2.05%, 9/15/2030 (n) | 3000000 | &nbsp;&nbsp; 2688909 |
| Pacific Gas & Electric Co., 5.45%, 6/15/2027  | 401000 | &nbsp;&nbsp; 407704 |
| Pacific Gas & Electric Co., 2.1%, 8/01/2027  | 952000 | &nbsp;&nbsp; 915000 |
| Pacific Gas & Electric Co., 6.1%, 1/15/2029  | 326000 | &nbsp;&nbsp; 340069 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 314000 | &nbsp;&nbsp; 322093 |
| Southern California Edison Co., 6.65%, 4/01/2029  | 816000 | &nbsp;&nbsp; 861263 |
|  |  | &nbsp;&nbsp; $11778382 |
| **Total Bonds (Identified Cost, $293,186,472)** |  | **$289699043** |

---

------

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 5.9% | Mutual Funds (h) – 5.9% | Mutual Funds (h) – 5.9% |
| Money Market Funds – 5.9% | Money Market Funds – 5.9% |  |
| MFS Institutional Money Market Portfolio, 4.12% (v) (Identified <br> Cost, $18,452,657)<br>| 18450643 | &nbsp;&nbsp; $18454334 |
| Other Assets, Less Liabilities – 0.9% |  | &nbsp;&nbsp; 2902684 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **$311056061** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $18,454,334 and $289,699,043, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security for which the fund receives interest on notional principal
 (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $75,895,751, representing 24.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Restricted securities are not registered under the Securities Act of 1933 and are
 subject to legal restrictions on resale. These securities generally may be resold in transactions exempt
 from registration or to the public if the securities are subsequently registered. Disposal
 of these securities may involve time-consuming negotiations and prompt sale at an acceptable
 price may be difficult. The fund holds the following restricted securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Syracuse, NY, Industrial Development Agency PILOT Rev., <br> Taxable (Carousel Center Project), "B", 5%, 1/01/2036<br>| 4/23/19-9/26/19 | $3523458 | $2749454 |
| % of Net assets |  |  | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed <br> reference rate plus a spread (if any). The period-end rate reported may not be the <br> current rate. All reference rates are USD unless otherwise noted.<br>|
| NPFG | National Public Finance Guarantee Corp. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

------

*Portfolio of Investments – continued*

**Derivative Contracts at 10/31/25** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Long/** <br>**Short**<br>| **Currency** | **Contracts** | **Notional** <br>**Amount**<br>| **Expiration** <br>**Date**<br>| **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 10 yr | Long | USD | 155 | $17464141 | December – 2025 | $18031 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 2 yr | Long | USD | 98 | $20407734 | December – 2025 | $(2521)<br>|
| U.S. Treasury Note 5 yr | Long | USD | 492 | 53731782 | December – 2025 | (86227)<br>|
|  |  |  |  |  |  | $(88748)<br>|

---

At October 31, 2025, the fund had liquid securities with an aggregate value of $1,067,290 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

*Financial Statements*

**Statement of Assets and Liabilities**

At 10/31/25

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in unaffiliated issuers, at value (identified cost, $293,186,472) | &nbsp;&nbsp; $289699043 |
| Investments in affiliated issuers, at value (identified cost, $18,452,657) | &nbsp;&nbsp; 18454334 |
| Receivables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp; 2303683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; 2365250 |
| Other assets | &nbsp;&nbsp; 18545 |
| Total assets | &nbsp;&nbsp; $312840855 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp; $12 |
| Payables for |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | &nbsp;&nbsp; 80851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net daily variation margin on open futures contracts | &nbsp;&nbsp; 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp; 1536397 |
| Payable to affiliates |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser | &nbsp;&nbsp; 8780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services fee | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent and dividend disbursing costs | &nbsp;&nbsp; 5070 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 32 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 148576 |
| Total liabilities | &nbsp;&nbsp; $1784794 |
| Net assets | &nbsp;&nbsp; $311056061 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $328492539 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (17436478)<br>|
| Net assets | &nbsp;&nbsp; $311056061 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 113798238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (net assets of $311,056,061 / 113,798,238 shares of <br> beneficial interest outstanding)<br>| &nbsp;&nbsp; $2.73 |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statement of Operations**

Year ended 10/31/25

This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.

---

| | |
|:---|:---|
| **Net investment income (loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; $11953511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated issuers | &nbsp;&nbsp; 344621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 6518 |
| Total investment income | &nbsp;&nbsp; $12304650 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | &nbsp;&nbsp; $1719348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent and dividend disbursing costs | &nbsp;&nbsp; 81425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative services fee | &nbsp;&nbsp; 52280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Trustees' compensation | &nbsp;&nbsp; 12726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock exchange fee | &nbsp;&nbsp; 110733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | &nbsp;&nbsp; 27974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder communications | &nbsp;&nbsp; 130246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | &nbsp;&nbsp; 101745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | &nbsp;&nbsp; 7433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 46409 |
| Total expenses | &nbsp;&nbsp; $2290319 |
| Net investment income (loss) | &nbsp;&nbsp; $10014331 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $(1276556)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; (438)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (472234)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; $(1749228)<br>|
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | &nbsp;&nbsp; $8915468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | &nbsp;&nbsp; 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 1059357 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $9975622 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $8226394 |
| Change in net assets from operations | &nbsp;&nbsp; $18240725 |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statements of Changes in Net Assets**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **10/31/25** | **10/31/24** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $10014331 | &nbsp;&nbsp;&nbsp; $10239668 |
| Net realized gain (loss) | (1749228)<br>| &nbsp;&nbsp;&nbsp; (831156)<br>|
| Net unrealized gain (loss) | 9975622 | &nbsp;&nbsp;&nbsp; 17903653 |
| Change in net assets from operations | $18240725 | &nbsp;&nbsp;&nbsp; $27312165 |
| Distributions to shareholders | $(10341044)<br>| &nbsp;&nbsp;&nbsp; $(10586303)<br>|
| Tax return of capital distributions to shareholders | $(16461858)<br>| &nbsp;&nbsp;&nbsp; $(17058539)<br>|
| Change in net assets from fund share transactions | $— | &nbsp;&nbsp;&nbsp; $(554096)<br>|
| Total change in net assets | $(8562177)<br>| &nbsp;&nbsp;&nbsp; $(886773)<br>|
| **Net assets** |  |  |
| At beginning of period | 319618238 | &nbsp;&nbsp;&nbsp; 320505011 |
| At end of period | $311056061 | &nbsp;&nbsp;&nbsp; $319618238 |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **10/31/25** | **10/31/24** | **10/31/23** | **10/31/22** | **10/31/21** |
| Net asset value, beginning of period | $2.81 | $2.81 | $2.98 | $3.64 | $3.95 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (d) | $0.09 | $0.09 | $0.08 | $0.07 | $0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.07 | 0.15 | 0.00<br> (w)<br>| (0.44)<br>| (0.06)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 |
| **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** | **Less distributions declared to shareholders** |
| &nbsp;&nbsp;&nbsp; From net investment income | $(0.09)<br>| $(0.09)<br>| $(0.08)<br>| $(0.08)<br>| $(0.10)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.03)<br>|
| &nbsp;&nbsp;&nbsp; From tax return of capital | (0.15)<br>| (0.15)<br>| (0.17)<br>| (0.21)<br>| (0.20)<br>|
| Total distributions declared to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.33)<br>|
| &nbsp;&nbsp;&nbsp; Net increase from repurchase of <br> capital shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.00<br> (w)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.00<br> (w)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.00<br> (w)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Net asset value, end of period (x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.64 |
| Market value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.63 |
| Total return at market value (%) | 4.33 | 15.71 | 2.73 | (16.98)<br>| 6.18 |
| Total return at net asset value (%) (j)(s)(x) | 6.02 | 9.35 | 3.26 | (10.29)<br>| 0.54 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** | **Ratios (%) (to average net assets)** <br>**and Supplemental data:** |
| Expenses | 0.73 | 0.72 | 0.69 | 0.65 | 0.62 |
| Net investment income (loss) | 3.18 | 3.15 | 2.72 | 2.16 | 2.08 |
| Portfolio turnover rate | 20 | 20 | 15 | 16 | 20 |
| Net assets at end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$311056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$319618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$320505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$342280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$422382 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**See Notes to Financial Statements**

------

**Notes to Financial Statements**

**(1) Business and Organization**

MFS Intermediate Income Trust (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(2) Significant Accounting Policies**

**General** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund's Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country's market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**Balance Sheet Offsetting** — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund's Significant Accounting Policies note under the captions for each of the fund's in-scope financial instruments and transactions.

------

*Notes to Financial Statements - continued* 

**Investment Valuations** — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an

------

*Notes to Financial Statements - continued* 

investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of October 31, 2025 in valuing the fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & <br> U.S. Government Agencies & <br> Equivalents<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $61458180 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $61458180 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2708200 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2708200 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12427378 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12427378 |
| U.S. Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 126211735 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 126211735 |
| Residential Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21691199 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21691199 |
| Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7221634 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7221634 |
| Asset-Backed Securities (including <br> CDOs)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15152660 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15152660 |
| Foreign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42828057 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42828057 |
| Investment Companies | &nbsp;&nbsp; 18454334 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18454334 |
| Total | &nbsp;&nbsp; $18454334 | &nbsp;&nbsp;&nbsp; $289699043 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $308153377 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp; $18031 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18031 |
| Futures Contracts – Liabilities | &nbsp;&nbsp; (88748)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (88748)<br>|

---

For further information regarding security characteristics, see the Portfolio of Investments.

**Derivatives** — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate

------

*Notes to Financial Statements - continued* 

losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative's original cost.

The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at October 31, 2025 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | &nbsp;&nbsp; $18031 | &nbsp;&nbsp; $(88748)<br>|

---

(a) Values presented in this table for futures contracts correspond to the values reported in the

Portfolio of Investments. Only the current day net variation margin for futures contracts is

reported separately within the Statement of Assets and Liabilities.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended October 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | &nbsp;&nbsp; $(472234)<br>|

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the year ended October 31, 2025 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | &nbsp;&nbsp; $1059357 |

---

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments

------

*Notes to Financial Statements - continued* 

across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in "Miscellaneous" expense in the Statement of Operations.

**Futures Contracts** — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.

The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange's clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund's maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.

**Mortgage-Backed/Asset-Backed Securities** — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment

------

*Notes to Financial Statements - continued* 

of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.

**Indemnifications** — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.

**Investment Transactions and Income** — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.

The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.

Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.

The fund may purchase or sell mortgage-backed securities on a To Be Announced ("TBA") basis. A TBA transaction is subject to extended settlement and typically does not designate the actual security to be delivered, but instead includes an approximate principal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBA purchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy and included in TBA purchase and TBA sale commitments in the Statement of Assets and Liabilities, as applicable. Losses may arise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance.

The fund may also enter into mortgage dollar rolls, typically TBA dollar rolls, in which the fund sells TBA mortgage-backed securities to financial institutions and simultaneously agrees to repurchase similar (same issuer, type and coupon) securities at a later date at an agreed-upon price. During the period between the sale and repurchase, the fund will not be entitled to receive interest and principal payments on the securities sold. The fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Dollar roll transactions involve the risk that the market value of the securities that the fund is required to purchase may decline below the agreed upon repurchase price of those securities.

To mitigate the counterparty credit risk on To Be Announced ("TBA") transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master

------

*Notes to Financial Statements - continued* 

Securities Forward Transaction Agreement ("MSFTA") on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.

**Tax Matters and Distributions** — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund's federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three year period. Management has analyzed the fund's tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Distributions to shareholders are recorded on the ex-dividend date. The fund employs a managed distribution policy whereby the fund seeks to pay monthly distributions based on an annual rate of 8.50% of the fund's average monthly net asset value. As a result, distributions may exceed actual earnings which may result in a tax return of capital. Distributions in any year may include a substantial return of capital component. Please refer to the Financial Highlights for distributions of tax returns of capital made during the prior five years. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.

Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities.

------

*Notes to Financial Statements - continued* 

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended** <br>**10/31/25**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended** <br>**10/31/24**<br>|
| Ordinary income (including <br> any short-term capital gains)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10341044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10586303 |
| Tax return of capital (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16461858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17058539 |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26802902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27644842 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions in excess of tax basis earnings and profits are reported in the financial
 statements as a tax return of capital.

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 10/31/25** |  |
| Cost of investments | &nbsp;&nbsp; $312855128 |
| Gross appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 3171489 |
| Gross depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (7943957) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(4772468) |
| Capital loss carryforwards | &nbsp;&nbsp; (12583159) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80851) |
| Total distributable earnings (loss) | &nbsp;&nbsp; $(17436478) |

---

As of October 31, 2025, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(1263102)<br>|
| Long-Term | (11320057)<br>|
| Total | $(12583159)<br>|

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.32% of the fund's average daily net assets and 5.65% of gross income. Gross income is calculated based on tax elections that generally include the accretion of discount and exclude the amortization of premium, which may differ from investment income reported in the Statement of Operations. MFS has agreed to reduce its management fee to the lesser of the contractual management fee as set forth above or 0.85% of the fund's average daily net assets. This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until October 31, 2026. For the year ended October 31, 2025, the fund's average daily net assets and gross income fees did not meet the threshold required to waive the management fee under this agreement. The management fee, from net assets and gross income, incurred for the year ended October 31, 2025 was equivalent to an annual effective rate of 0.55% of the fund's average daily net assets.

------

*Notes to Financial Statements - continued* 

**Transfer Agent** — The fund engages Computershare Trust Company, N.A. ("Computershare") as the sole transfer agent for the fund. MFS Service Center, Inc. (MFSC) monitors and supervises the activities of Computershare for an agreed upon fee approved by the Board of Trustees. For the year ended October 31, 2025, fees paid to MFSC amounted to $31,121.

**Administrator** — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended October 31, 2025 was equivalent to an annual effective rate of 0.0166% of the fund's average daily net assets.

**Trustees' and Officers' Compensation** — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees' compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFSC.

**Other** — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.

**(4) Portfolio Securities**

For the year ended October 31, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $32583011 | &nbsp;&nbsp; $46917173 |
| Non-U.S. Government securities | 28696035 | &nbsp;&nbsp; 41727734 |

---

**(5) Shares of Beneficial Interest** 

The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The Trustees have authorized the repurchase by the fund of up to 10% annually of its own shares of beneficial interest. During the year ended October 31, 2025, there were no transactions in fund shares. The fund repurchased 213,332 shares of beneficial interest during the year ended October 31, 2024 at an average price per share of $2.60 and a weighted average discount of 7.50% per share. Transactions in fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**10/31/25** | **Year ended** <br>**10/31/25** | **Year ended** <br>**10/31/24** | **Year ended** <br>**10/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Capital shares repurchased |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; (213332)<br>| &nbsp;&nbsp; $(554096)<br>|

---

------

*Notes to Financial Statements - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(6) Line of Credit**

The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 12, 2026 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended October 31, 2025, the fund's commitment fee and interest expense were $1,547 and $0, respectively, and are included in "Miscellaneous" expense in the Statement of Operations.

**(7) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the year ended October 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money <br> Market Portfolio<br>| $8831354 | $84470263 | $74847642 | $(438)<br>| $797 | $18454334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | $344621 | $— |

---

**(8) Subsequent Event**

On December 10, 2025, the Board of Trustees of the fund approved a proposal to reorganize the fund into MFS Multimarket Income Trust ("MMT") (the "Reorganization"), subject to the approval of the fund's shareholders. MMT's Board of Trustees also approved a proposal to appoint abrdn Inc. ("Aberdeen") as MMT's new investment adviser and nominated five new trustees to form a new board for MMT (the "Aberdeen Proposals"); both proposals are subject to the approval of MMT's shareholders and the satisfaction of certain other conditions agreed to between MFS and Aberdeen. In the event that the fund's shareholders approve the Reorganization, but MMT's shareholders do not approve the Aberdeen Proposals, the Reorganization may proceed with MFS remaining MMT's investment adviser and MMT's current Board of Trustees remaining in place.

------

*Notes to Financial Statements - continued* 

The anticipated date of the special meeting of shareholders to vote on the above proposals is March 11, 2026. Shareholders of the fund as of close of business on December 11, 2025, will receive proxy materials providing further details on the proposals and instructions on how to vote their shares.

For more information about this Reorganization, please see the press release issued by MFS on December 11, 2025 available on www.mfs.com.

------

**Report of Independent Registered Public** 

**Accounting Firm**

To the Board of Trustees and the Shareholders of MFS Intermediate Income Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of MFS Intermediate Income Trust (the "Fund"), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights.

------

*Report of Independent Registered Public Accounting Firm – continued*

Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 15, 2025

We have served as the auditor of one or more of the MFS investment companies since 1924.

------

**Results of Shareholder Meeting (unaudited)**

At the annual meeting of shareholders of MFS Intermediate Income Trust, which was held on October 2, 2025, the following action was taken:

**Item 1:** To elect the following individuals as Trustees:

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Number of Shares** |
| **Nominee**  | **For** | **Against/Withheld** |
| Maureen R. Goldfarb | 79,810,403.717 | &nbsp;&nbsp; 6,718,861.631 |
| Maryanne L. Roepke | 79,862,466.717 | &nbsp;&nbsp; 6,666,798.631 |
| Paula E. Smith | 77,415,966.335 | &nbsp;&nbsp; 9,113,299.013 |
| Laurie J. Thomsen | 71,679,076.498 | 14,850,188.850 |

---

------

**Trustees and Officers — Identification** 

**and Background**

The Trustees and Officers of the Trust, as of December 1, 2025, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name, Age** | **Position(s)** <br> **Held with** <br> **Fund**<br>| **Trustee/**<br> **Officer** <br> **Since**<sup>(h)</sup> <br>| **Term** <br>**Expiring**<br>| **Number** <br>**of MFS** <br>**Funds** <br>**overseen** <br>**by the** <br>**Trustee**<br>| **Principal** <br>**Occupations** <br>**During** <br>**the Past** <br>**Five Years**<br>| **Other** <br>**Directorships** <br>**During** <br>**the Past** <br>**Five Years** <sup>(j)</sup> <br>|
| **INTERESTED TRUSTEE** |  |  |  |  |  |  |
| Michael W. Roberge <sup>(k)</sup> <br>(age 59)<br>| Trustee | January <br> 2021<br>| 2026 | 142 | Massachusetts Financial <br> Services Company, <br> Chairman (since January <br> 2021); Chief Executive <br> Officer (until 2024); <br> Director; Chairman of the <br> Board (since January <br> 2022)<br>| N/A |
| **INDEPENDENT TRUSTEES** |  |  |  |  |  |  |
| John P. Kavanaugh <br>(age 71)<br>| Trustee and <br> Chair of <br> Trustees<br>| January <br> 2009<br>| 2026 | 142 | Private investor | N/A |
| Steven E. Buller <br>(age 74)<br>| Trustee | February <br> 2014<br>| 2026 | 142 | Private investor | N/A |
| John A. Caroselli <br>(age 71)<br>| Trustee | March <br> 2017<br>| 2027 | 142 | Private investor; JC Global <br> Advisors, LLC <br> (management consulting), <br> President (since 2015)<br>| N/A |
| Maureen R. Goldfarb <br>(age 70)<br>| Trustee | January <br> 2009<br>| 2028 | 142 | Private investor | N/A |
| Peter D. Jones <br>(age 70)<br>| Trustee | January <br> 2019<br>| 2026 | 142 | Private investor | N/A |
| James W. Kilman, Jr. <br>(age 64)<br>| Trustee | January <br> 2019<br>| 2027 | 142 | Burford Capital Limited <br> (finance and investment <br> management), Senior <br> Advisor (since 2021), <br> Chief Financial Officer <br> (2019 - 2021); KielStrand <br> Capital LLC (family office), <br> Chief Executive Officer <br> (since 2016)<br>| Alpha-En <br> Corporation, <br> Director <br> (2016-2019)<br>|

---

------

*Trustees and Officers - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name, Age** | **Position(s)** <br> **Held with** <br> **Fund**<br>| **Trustee/**<br> **Officer** <br> **Since**<sup>(h)</sup><br>| **Term**<br> **Expiring**<br>| **Number**<br> **of MFS**<br> **Funds**<br> **overseen**<br> **by the**<br> **Trustee**<br>| **Principal**<br> **Occupations**<br> **During**<br> **the Past**<br> **Five Years**<br>| **Other**<br> **Directorships**<br> **During**<br> **the Past**<br> **Five Years** <sup>(j)</sup><br>|
| Clarence Otis, Jr. <br>(age 69)<br>| Trustee | March <br> 2017<br>| 2027 | 142 | Private investor | VF Corporation, <br> Director; Verizon <br> Communications, <br> Inc., Director; The <br> Travelers <br> Companies, <br> Director<br>|
| Maryanne L. Roepke <br>(age 69)<br>| Trustee | May 2014 | 2028 | 142 | Private investor | N/A |
| Paula E. Smith <br>(age 62)<br>| Trustee | January <br> 2025<br>| 2028 | 142 | PricewaterhouseCoopers <br>LLP (accounting), Partner <br> (until June 2023)<br>| N/A |
| Laurie J. Thomsen\* <br>(age 68)<br>| Trustee | March <br> 2005<br>| 2028 | 142 | Private investor | The Travelers <br> Companies, <br> Director; Dycom <br> Industries, Inc., <br> Director<br>|
| Darrell A. Williams <br>(age 66)<br>| Trustee | January <br> 2025<br>| 2026 | 142 | DuSable Group, LLC <br> (financial advisory and <br> consulting services), <br> Founder & Managing <br> Member (since June <br> 2023), Loop Capital LLC <br> (investment banking, <br> brokerage and advisory <br> services), Managing <br> Partner (2018 – 2020) and <br> Managing Director (2020 <br> – March 2023)<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Age** | **Position(s)** <br> **Held with** <br>**Fund**<br>| **Trustee/**<br> **Officer** <br> **Since**<sup>(h)</sup> <br>| **Term** <br> **Expiring**<br>| **Number** <br>**of MFS** <br>**Funds for** <br>**which** <br> **the** <br> **Person is** <br> **an** <br> **Officer**<br>| **Principal** <br>**Occupations** <br>**During** <br>**the Past** <br>**Five Years**<br>|
| **OFFICERS** |  |  |  |  |  |
| William T. Allen <sup>(k)</sup> <br>(age 58)<br>| Deputy <br> Assistant <br> Treasurer<br>| April 2024 | N/A | 142 | Massachusetts Financial Services <br> Company, Vice President<br>|
| Brian Balasco <sup>(k)</sup> <br>(age 48)<br>| Assistant <br> Treasurer<br>| April 2024 | N/A | 142 | Massachusetts Financial Services <br> Company, Vice President<br>|

---

------

*Trustees and Officers - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Age** | **Position(s)** <br> **Held with**<br> **Fund**<br>| **Trustee/**<br> **Officer** <br> **Since**<sup>(h)</sup><br>| **Term** <br> **Expiring**<br>| **Number**<br> **of MFS**<br> **Funds for**<br> **which** <br> **the** <br> **Person is** <br> **an** <br> **Officer**<br>| **Principal**<br> **Occupations**<br> **During**<br> **the Past**<br> **Five Years**<br>|
| Christopher R. Bohane <sup>(k)</sup> <br>(age 51)<br>| Assistant <br> Secretary <br> and <br> Assistant <br> Clerk<br>| July 2005 | N/A | 142 | Massachusetts Financial Services <br> Company, Senior Vice President and <br> Deputy General Counsel<br>|
| James L. Byrne <sup>(k)</sup> <br>(age 49)<br>| Assistant <br> Treasurer<br>| April 2024 | N/A | 142 | Massachusetts Financial Services <br> Company, Vice President<br>|
| John W. Clark, Jr. <sup>(k)</sup> <br>(age 58)<br>| Deputy <br> Treasurer<br>| April 2017 | N/A | 142 | Massachusetts Financial Services <br> Company, Vice President<br>|
| David L. DiLorenzo <sup>(k)</sup> <br>(age 57)<br>| President | July 2005 | N/A | 142 | Massachusetts Financial Services <br> Company, Senior Vice President<br>|
| Heidi W. Hardin <sup>(k)</sup> <br>(age 58)<br>| Secretary <br> and Clerk<br>| April 2017 | N/A | 142 | Massachusetts Financial Services <br> Company, Executive Vice President and <br> General Counsel<br>|
| Brian E. Langenfeld <sup>(k)</sup> <br>(age 52)<br>| Assistant <br> Secretary <br> and <br> Assistant <br> Clerk<br>| June 2006 | N/A | 142 | Massachusetts Financial Services <br> Company, Vice President and Managing <br> Counsel<br>|
| Rosa E. Licea-Mailloux <sup>(k)</sup> <br>(age 49)<br>| Chief <br> Compliance <br> Officer<br>| March 2022 | N/A | 142 | Massachusetts Financial Services <br> Company, Vice President (since 2018); <br> Director of Corporate Compliance <br> (2018-2021), Senior Director Compliance <br> (2021-2022), Senior Managing Director <br> of North American Compliance & Chief <br> Compliance Officer (since March 2022)<br>|
| Amanda S. Mooradian <sup>(k)</sup> <br>(age 46)<br>| Assistant <br> Secretary <br> and <br> Assistant <br> Clerk<br>| September <br> 2018<br>| N/A | 142 | Massachusetts Financial Services <br> Company, Vice President and Senior <br> Counsel<br>|
| Susan A. Pereira <sup>(k)</sup> <br>(age 55)<br>| Assistant <br> Secretary <br> and <br> Assistant <br> Clerk<br>| July 2005 | N/A | 142 | Massachusetts Financial Services <br> Company, Vice President and Managing <br> Counsel<br>|
| Kasey L. Phillips <sup>(k)</sup> <br>(age 54)<br>| Treasurer | September <br> 2012<br>| N/A | 142 | Massachusetts Financial Services <br> Company, Vice President<br>|
| Michael D. Refkofsky <sup>(k)</sup> <br>(age 46)<br>| Assistant <br> Treasurer<br>| October <br> 2025<br>| N/A | 142 | Massachusetts Financial Services <br> Company, Vice President<br>|

---

------

*Trustees and Officers - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Age** | **Position(s)** <br> **Held with**<br> **Fund**<br>| **Trustee/**<br> **Officer** <br> **Since**<sup>(h)</sup><br>| **Term** <br> **Expiring**<br>| **Number**<br> **of MFS**<br> **Funds for**<br> **which** <br> **the** <br> **Person is** <br> **an** <br> **Officer**<br>| **Principal**<br> **Occupations**<br> **During**<br> **the Past**<br> **Five Years**<br>|
| Matthew A. Stowe <sup>(k)</sup> <br>(age 51)<br>| Assistant <br> Secretary <br> and <br> Assistant <br> Clerk<br>| October <br> 2014<br>| N/A | 142 | Massachusetts Financial Services <br> Company, Senior Vice President and <br> Senior Managing Counsel<br>|
| William B. Wilson <sup>(k)</sup> <br>(age 43)<br>| Assistant <br> Secretary <br> and <br> Assistant <br> Clerk<br>| October <br> 2022<br>| N/A | 142 | Massachusetts Financial Services <br> Company, Assistant Vice President and <br> Senior Counsel<br>|

---

(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds.

(j) Directorships or trusteeships of companies required to report to the Securities and Exchange

Commission (i.e., "public companies").

(k) "Interested person" of the Trust within the meaning of the Investment Company Act of 1940

(referred to as the 1940 Act), which is the principal federal law governing investment

companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.

\* As of December 31, 2025, Ms. Thomsen will retire as Trustee.

The Trust holds annual shareholder meetings for the purpose of electing Trustees, and Trustees are elected for fixed terms. The Board of Trustees is currently divided into three classes, each having a term of three years which term expires on the date of the third annual meeting following the election to office of the Trustee's class. Each year the term of one class expires. Each Trustee and officer will serve until next elected or his or her earlier death, resignation, retirement or removal. Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).

Messrs. Buller, Caroselli, Jones, Otis, and Williams are members of the Trust's Audit Committee. Effective January 1, 2026, Ms. Smith will become a member of the Trust's Audit Committee and Mr. Williams will no longer be a member of the Trust's Audit Committee.

------

*Trustees and Officers - continued*

Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.

------

---

| | |
|:---|:---|
| **Investment Adviser** | **Custodian** |
| Massachusetts Financial Services Company <br>111 Huntington Avenue <br>Boston, MA 02199-7618<br>| State Street Bank and Trust Company <br>1 Congress Street, Suite 1 <br>Boston, MA 02114-2016<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Manager(s)** | **Independent Registered Public Accounting Firm** |
| Alexander Mackey <br>Jake Stone<br>| Deloitte & Touche LLP <br>115 Federal Street <br>Boston, MA 02110<br>|

---

------

**Board Review of Investment Advisory** 

**Agreement**

**MFS Intermediate Income Trust**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance (based on net asset value) of the Fund for various time periods ended December 31, 2024 and the investment performance (based on net asset value) of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of

------

*Board Review of Investment Advisory Agreement - continued*

MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's common shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's common shares ranked 1st out of a total of 2 funds in the Broadridge performance universe for the five-year period (a ranking of first place out of the total number of funds in the performance universe indicating the best performer and a ranking of last place out of the total number of funds in the performance universe indicating the worst performer). The total return performance of the Fund's common shares ranked 1st out of a total of 2 funds for both the one- and three-year periods ended December 31, 2024. Given the size of the Broadridge performance universe and information previously provided by MFS regarding differences between the Fund and other funds in its Broadridge performance universe, the Trustees also reviewed the Fund's performance in comparison to the Bloomberg U.S. Intermediate Government/Credit Bond Index. The Fund outperformed its benchmark for each of the one-, three-, and five-year periods ended December 31, 2024 (one-year: 3.7% total return for the Fund versus 3.0% total return for the benchmark; three-year: 0.5% total return for the Fund versus -0.2% total return for the benchmark; five-year: 1.7% total return for the Fund versus 0.9% total return for the benchmark). Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's common shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS has agreed in writing to reduce its advisory fee, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was higher than the Broadridge expense group median and the Fund's total expense ratio was lower than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds.

The Trustees considered that, as a closed-end fund, the Fund is unlikely to experience meaningful asset growth. As a result, the Trustees did not view the potential for realization of economies of scale as the Fund's assets grow to be a material factor in their deliberations. The Trustees noted that they would consider economies of scale in the future in the event the Fund experiences significant asset growth, such as through an offering of preferred shares (which is not currently contemplated) or a material increase in the market value of the Fund's portfolio securities.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

------

*Board Review of Investment Advisory Agreement - continued*

The Trustees also considered the nature, quality, cost, and extent of administrative services provided to the Fund by MFS under agreements other than the investment advisory agreement. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

**Proxy Voting Policies and Information**

MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting *mfs.com/proxyvoting,* or by visiting the SEC's Web site at *http://www.sec.gov.*

**Quarterly Portfolio Disclosure**

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at *http://www.sec.gov*. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at *mfs.com/closedendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Reports and Other Documents" tab.

**Further Information**

From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (*mfs.com*). This information is available at *https://www.mfs.com/announcements* or at *mfs.com/closedendfunds* by choosing the fund's name and then scrolling to the "Resources" section and clicking on the "Announcements" tab, if any.

Additional information about the fund (e.g., performance, dividends and the fund's price history) is also available at *mfs.com/closedendfunds* by choosing the fund's name, if any.

**INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS**

The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

**Federal Tax Information (unaudited)**

The fund will notify shareholders of amounts for use in preparing 2025 income tax forms in January 2026. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

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rev. 3/16

![](img085451e76.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **FACTS** | &nbsp;&nbsp; WHAT DOES MFS DO WITH YOUR <br> PERSONAL INFORMATION?<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Why?** | &nbsp;&nbsp; Financial companies choose how they share your personal <br> information. Federal law gives consumers the right to limit some but <br> not all sharing. Federal law also requires us to tell you how we <br> collect, share, and protect your personal information. Please read this <br> notice carefully to understand what we do.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **What?** | &nbsp;&nbsp; The types of personal information we collect and share depend on <br> the product or service you have with us. This information can include:<br>|
| **What?** | • Social Security number and account balances |
| **What?** | • Account transactions and transaction history |
| **What?** | • Checking account information and wire transfer instructions |
| **What?** | &nbsp;&nbsp; When you are *no longer* our customer, we continue to share your <br> information as described in this notice.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **How?** | &nbsp;&nbsp; All financial companies need to share customers' personal <br> information to run their everyday business. In the section below, we <br> list the reasons financial companies can share their customers' <br> personal information; the reasons MFS chooses to share; and <br> whether you can limit this sharing.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Reasons we can share your** <br>**personal information**<br>| **Does** <br> **MFS share?**<br>| **Can you limit** <br>**this sharing?**<br>|
| **For our everyday business purposes –** <br>such as to process your transactions, maintain your <br>account(s), respond to court orders and legal <br>investigations, or report to credit bureaus<br>| Yes | No |
| **For our marketing purposes –** <br>to offer our products and services to you<br>| No | We don't share |
| **For joint marketing with other** <br>**financial companies**<br>| No | We don't share |
| **For our affiliates' everyday business purposes –** <br>information about your transactions and experiences<br>| No | We don't share |
| **For our affiliates' everyday business purposes –** <br>information about your creditworthiness<br>| No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Questions?** | Call **800-225-2606** or go to **mfs.com.** |

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**Page 2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | MFS Funds, MFS Investment Management, MFS Institutional <br> Advisors, Inc., and MFS Heritage Trust Company.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **What we do** | **What we do** |
| **How does MFS** <br>**protect my personal** <br>**information?**<br>| To protect your personal information from unauthorized access <br> and use, we use security measures that comply with federal <br> law. These measures include procedural, electronic, and <br> physical safeguards for the protection of the personal <br> information we collect about you.<br>|
| **How does MFS** <br>**collect my personal** <br>**information?** | We collect your personal information, for example, when you |
| **How does MFS** <br>**collect my personal** <br>**information?** | • open an account or provide account information |
| **How does MFS** <br>**collect my personal** <br>**information?** | • direct us to buy securities or direct us to sell your securities |
| **How does MFS** <br>**collect my personal** <br>**information?** | • make a wire transfer |
| **How does MFS** <br>**collect my personal** <br>**information?** | We also collect your personal information from others, such as <br> credit bureaus, affiliates, or other companies.<br>|
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only |
| **Why can't I limit all sharing?** | &nbsp;&nbsp; • sharing for affiliates' everyday business purposes – <br> information about your creditworthiness<br>|
| **Why can't I limit all sharing?** | • affiliates from using your information to market to you |
| **Why can't I limit all sharing?** | • sharing for nonaffiliates to market to you |
| **Why can't I limit all sharing?** | State laws and individual companies may give you additional <br> rights to limit sharing.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can <br> be financial and nonfinancial companies.<br>|
| **Affiliates** | • *MFS does not share personal information with affiliates,* <br> *except for everyday business purposes as described on page* <br> *one of this notice.*<br>|
| **Nonaffiliates** | Companies not related by common ownership or control. They <br> can be financial and nonfinancial companies.<br>|
| **Nonaffiliates** | • *MFS does not share with nonaffiliates so they can market to* <br> *you.*<br>|
| **Joint marketing** | A formal agreement between nonaffiliated financial <br> companies that together market financial products or services <br> to you.<br>|
| **Joint marketing** | • *MFS doesn't jointly market.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **Other important information** |
| If you own an MFS product or receive an MFS service in the name of a third party such as <br> a bank or broker-dealer, their privacy policy may apply to you instead of ours.<br>|

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![](img39de99d11.gif)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CONTACT US**

**COMPUTERSHARE TRUST COMPANY, N.A.**

**TRANSFER AGENT, REGISTRAR, AND**

**DIVIDEND DISBURSING AGENT**

**CALL**

1-800-637-2304

9 a.m. to 5 p.m. Eastern time

**WRITE**

Computershare Trust Company, N.A.

P.O. Box 43078

Providence, RI 02940-3078

New York Stock Exchange Symbol: **MIN**

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**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. A copy of the Code is attached hereto as EX-99.COE.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Messrs. Steven E. Buller, Clarence Otis, Jr., and Darrell A. Williams, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller, Otis, and Williams are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

**Items 4(a) through 4(d) and 4(g):**

The Board of Trustees has appointed Deloitte & Touche LLP ("Deloitte") to serve as independent accountants to the Registrant (hereinafter the "Registrant" or the "Fund"). The tables below set forth the audit fees billed to the Fund as well as fees for non-audit services provided to the Fund and/or to the Fund's investment adviser, Massachusetts Financial Services Company ("MFS") and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund ("MFS Related Entities").

For the fiscal years ended October 31, 2025 and 2024, audit fees billed to the Fund by Deloitte were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fees billed by Deloitte:** |  | &nbsp;&nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp;&nbsp; **Audit Fees** |
|  | **2025** |  | **2024** |
| &nbsp;&nbsp; MFS Intermediate Income Trust | 76,570 |  | 74,560 |

---

For the fiscal years ended October 31, 2025 and 2024, fees billed by Deloitte for audit-related, tax and other services provided to the Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fees billed by Deloitte:** | &nbsp;&nbsp;&nbsp; **Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp; **Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **All Other Fees<sup>3</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp; To MFS Intermediate Income | 10000 | 10000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | 0 | 0 |
| &nbsp;&nbsp; Trust |  |  |  |  |  |  |
| &nbsp;&nbsp; **Fees billed by Deloitte:** | &nbsp;&nbsp;&nbsp; **Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp; **Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **All Other Fees<sup>3</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp; To MFS and MFS Related |  |  |  |  |  |  |
| &nbsp;&nbsp; Entities of MFS Intermediate | 0 | 0 | 0 | 0 | 452513 | 0 |
| &nbsp;&nbsp; Income Trust<sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp; **Fees Billed by Deloitte:** |  |  | **Aggregate Fees for Non-audit Services** | **Aggregate Fees for Non-audit Services** | **Aggregate Fees for Non-audit Services** |  |
|  |  |  | **2025** |  | **2024** |  |
| &nbsp;&nbsp; To MFS Intermediate Income Trust, MFS | &nbsp;&nbsp; To MFS Intermediate Income Trust, MFS |  |  |  |  |  |
| &nbsp;&nbsp; and MFS Related Entities<sup>#</sup> |  |  | 462513 |  | 27927 |  |

---

\*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).

# This amount reflects the aggregate fees billed by Deloitte for non-audit services rendered to the Fund and for non- audit services rendered to MFS and the MFS Related Entities. If applicable the fees are converted to USD as of the payment date.

<sup>1</sup> The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.

<sup>2</sup> The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.

<sup>3</sup> The fees included under "All Other Fees" are fees for products and services provided by Deloitte other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".

**Item 4(e)(1):**

Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:

To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre- approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 between such regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.

**Item 4(e)(2):**

None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

**Item 4(f):**

Not applicable.

**Item 4(h):**

The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services were provided prior to the effectiveness of SEC rules requiring pre-approval or because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.

**Item 4(i):**

Not applicable.

**Item 4(j):**

Not applicable.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

The Registrant has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. Effective January 1, 2025, the members of the Audit Committee are Messrs. Steven E. Buller, John A. Caroselli, Peter D. Jones, Clarence Otis, Jr, and Darrell A. Williams.

**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 BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

This information is disclosed as part of the financial statements included in Item 1 above.

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

A copy of the proxy voting policies and procedures are attached hereto as Ex-99.PROXYPOL.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

**Portfolio Manager(s)**

Information regarding the portfolio manager(s) of the MFS Intermediate Income Trust (the "Fund") is set forth below. Each portfolio manager is primarily responsible for the day-to-day management of the Fund.

As of September 30, 2025, Geoffrey Schechter was no longer a portfolio manager of the fund.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Primary Role** | &nbsp;&nbsp; **Since** | &nbsp;&nbsp; **Title and Five Year History** |
| Alexander Mackey | &nbsp;&nbsp; Investment Grade Debt Instruments Portfolio | &nbsp;&nbsp; 2017 | &nbsp;&nbsp; Co-Chief Investment Officer-Global Fixed Income of MFS; |
|  | &nbsp;&nbsp; Manager |  | &nbsp;&nbsp; employed in the investment area of MFS since 2001 |
| Jake Stone | &nbsp;&nbsp; U.S. Government Securities Portfolio Manager | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; Investment Officer of MFS; employed in the investment |
|  |  |  | &nbsp;&nbsp; area of MFS since July 2018 |

---

**Compensation**

MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.

MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of December 31, 2024, portfolio manager total cash compensation is a combination of base salary and performance bonus:

Base Salary – Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus. Performance Bonus – Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.

With respect to Jake Stone, the performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter. The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each Fund/strategy and, when available, 10-, 5-, and 3-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices ("benchmarks"). As of December 31, 2024, the following benchmarks were used to measure the following portfolio manager's performance for the Fund:

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp; **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Benchmark(s)** |
| MFS Intermediate Income Trust | Jake Stone | &nbsp;&nbsp; Bloomberg U.S. Intermediate Government/Credit Bond Index |

---

Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.

The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management's assessment of overall portfolio manager contributions to the MFS investment process and the client experience (distinct from fund and other account performance).

The performance bonus may be in the form of cash and/or a deferred cash award, at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

With respect to Mr. Alexander Mackey, his compensation reflects his broader role within MFS as Co-Chief Investment Officer-Global Fixed Income in addition to being a portfolio manager. His performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter. The quantitative portion is based on overall group investment performance and business performance metrics. The qualitative portion is based on the results of an annual internal review process conducted by the Chief Investment Officer which takes into account his broad leadership responsibilities. This performance bonus is in the form of cash and/or a deferred cash award. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.

![](gb-notice_imagesgbnotice6xg.jpg)

MFS Equity Plan – Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.

Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.

**Ownership of Fund Shares**

The following table shows the dollar range of equity securities of the Fund beneficially owned by the Fund's portfolio manager(s) as of the Fund's fiscal year ended October 31, 2025. The following dollar ranges apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. $1 – $10,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. $10,001 – $50,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. $50,001 – $100,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. $100,001 – $500,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. $500,001 – $1,000,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Over $1,000,000

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| | |
|:---|:---|
| **Name of Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range of Equity Securities in Fund** |
| Alexander Mackey | N |
| Jake Stone | N |

---

**Other Accounts**

In addition to the Fund, each portfolio manager of the Fund is named as a portfolio manager of certain other accounts managed or sub- advised by MFS or an affiliate. The number and assets of these accounts were as follows as of the Fund's fiscal year ended October 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Registered Investment Companies\*** | &nbsp;&nbsp;&nbsp;&nbsp; **Registered Investment Companies\*** | &nbsp;&nbsp; **Other Pooled Investment Vehicles** | &nbsp;&nbsp; **Other Pooled Investment Vehicles** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Accounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Accounts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Name**<br>| **Number of Accounts**<br>| **Total**<br>**Assets** | **Number of**<br>**Accounts** | **Total Assets**<br>| **Number of**<br>**Accounts** | **Total Assets**<br>|
| Alexander Mackey | 19 | $40.9 billion | 8 | $3.5 billion | 20 | $2.4 billion |
| Jake Stone | 6 | $6.1 billion | 5 | $565.1 million | 0 | N/A |

---

\*Includes the Fund

Advisory fees are not based upon performance of any of the accounts identified in the table above.

**Potential Conflicts of Interest**

MFS seeks to identify potential conflicts of interest resulting from a portfolio manager's management of both the Fund and other accounts, and has adopted policies and procedures reasonably designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.

The management of multiple funds and accounts (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Fund's portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS, an affiliate, an employee, an officer, or a director has an interest). MFS' trade allocation policies could have a detrimental effect on the Fund if the Fund's orders do not get fully executed or are delayed in getting executed due to being aggregated with those of other accounts advised by MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Fund's investments. Investments selected for funds or accounts other than the Fund may outperform investments selected for the Fund.

When two or more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a security with respect to the Fund.

MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Fund; for instance, those that pay a higher advisory fee and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which MFS, its affiliates, its employees, its officers, and/or its directors own or have an interest.

To the extent permitted by applicable law, certain accounts may invest their assets in other accounts advised by MFS or its affiliates,

including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.

![](gb-notice_imagesgbnotice8xg.jpg)

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

**MFS Intermediate Income Trust**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Total | &nbsp;&nbsp;&nbsp;&nbsp;(d) Maximum |
|  |  |  | **Number of** | **Number (or** |
|  | (a) Total number | (b) | **Shares** | **Approximate** |
|  **Period** | **of Shares** | **Average** | **Purchased as** | **Dollar Value) of** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchased** | **Price Paid** | &nbsp;&nbsp; **Part of Publicly** | &nbsp;&nbsp; **Shares that May** |
|  |  | &nbsp;&nbsp; **per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Announced** | &nbsp;&nbsp; **Yet Be Purchased** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Plans or** | &nbsp;&nbsp;&nbsp; **under the Plans** |
|  |  |  | **Programs** | **or Programs** |
| 11/01/24-11/30/24 | 0 | N/A | 0 | 11379823 |
| 12/01/24-12/31/24 | 0 | N/A | 0 | 11379823 |
| 01/01/25-01/31/25 | 0 | N/A | 0 | 11379823 |
| 02/01/25-02/28/25 | 0 | N/A | 0 | 11379823 |
| 03/01/25-03/31/25 | 0 | N/A | 0 | 11379823 |
| 04/01/25-04/30/25 | 0 | N/A | 0 | 11379823 |
| 05/01/25-05/31/25 | 0 | N/A | 0 | 11379823 |
| 06/01/25-06/30/25 | 0 | N/A | 0 | 11379823 |
| 07/01/25-07/31/25 | 0 | N/A | 0 | 11379823 |
| 08/01/25-08/31/25 | 0 | N/A | 0 | 11379823 |
| 09/01/25-09/30/25 | 0 | N/A | 0 | 11379823 |
| 10/01/25-10/31/25 | 0 | N/A | 0 | 11379823 |
| **Total** | **0** | **N/A** | **0** |  |

---

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, 2025 plan year is 11,379,823.

86121

**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.**

During the fiscal year ended October 31, 2025, there were no fees or income related to securities lending activities of the Registrant.

**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](f43656d2.htm).

&nbsp;&nbsp;&nbsp;&nbsp;(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](f43656d3.htm).

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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](f43656d4.htm).

(c)Registrant's Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as [EX-99.30e-3Notice](f43656d5.htm).

(d)Proxy Voting Policies and Procedures pursuant to Item 7 of Form N-CSR. Attached hereto as [EX-99.PROXYPOL](f43656d6.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) 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](f43656d7.htm).

**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 INCOME TRUST

By (Signature and Title)\*

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo, President

Date: December 15, 2025

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)\*

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo, President (Principal Executive Officer)

Date: December 15, 2025

By (Signature and Title)\*

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: December 15, 2025

\* Print name and title of each signing officer under his or her signature.

------

## Ex-99.Code

![](gg-coe_imagesggcoe1x1.jpg)

<u>EX-99.COE</u>

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance by the Funds with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•running for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Authority

Section 406 of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.**

**<u>Exhibit A</u>**

**<u>As of April 1, 2024</u>**

**Persons Covered by this Code of Ethics**

Funds' Principal Executive Officer: David L. DiLorenzo

Funds' Principal Financial Officer: Kasey L. Phillips

## Exhibit 99.302

**<u>EX-99.302CERT</u>**

**MFS INTERMEDIATE INCOME TRUST**

**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 Income Trust;

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: December 15, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**<u>EX-99.302CERT</u>**

**MFS INTERMEDIATE INCOME TRUST**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Intermediate Income Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: December 15, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS INTERMEDIATE INCOME TRUST**

**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 Income Trust (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: December 15, 2025

<u>/S/ KASEY L. PHILLIPS</u>

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.**

**<u>EX-99.906CERT</u>**

**MFS INTERMEDIATE INCOME TRUST**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Intermediate Income Trust (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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 15, 2025

<u>/S/ DAVID L. DILORENZO</u>

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

**<u>EX-99.30e-3Notice</u>**

![](gg-30e3_imagesgg30e32x1.jpg)

**MFS Intermediate Income Trust**

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**

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smartphone to access your report:

Or download your report

using the link in the left panel.

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Outside USA, US Territories & Canada

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Within USA, US Territories & Canada

800-637-2304

Outside USA, US Territories & Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(781) 575-2879

Regular Mail

Computershare Trust Company, N.A.

P.O. Box 505005

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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

EX-99.PROXYPOL

**MASSACHUSETTS FINANCIAL SERVICES COMPANY**

**PROXY VOTING POLICIES AND PROCEDURES**

**January 1, 2025**

At MFS Investment Management, our core purpose is to create value responsibly. In serving the long-term economic interests of our clients, we rely on deep fundamental research, risk awareness, engagement, and effective stewardship to generate long-term risk-adjusted returns for our clients. A core component of this approach is our proxy voting activity. We believe that robust ownership practices can help protect and enhance long-term shareholder value. Such ownership practices include diligently exercising our voting rights as well as engaging with our issuers on a variety of proxy voting topics. We recognize that environmental, social and governance ("ESG") issues may impact the long-term value of an investment, and, therefore, we consider ESG issues in light of our fiduciary obligation to vote proxies in what we believe to be in the best long- term economic interest of our clients.

MFS Investment Management and its subsidiaries that perform discretionary investment activities (collectively, "MFS") have adopted these proxy voting policies and procedures ("MFS Proxy Voting Policies and Procedures") with respect to securities owned by the clients for which MFS serves as investment adviser and has been delegated the power to vote proxies on behalf of such clients. These clients include pooled investment vehicles sponsored by MFS (an "MFS Fund" or collectively, the "MFS Funds").

**Our approach to proxy voting is guided by the overall principle that proxy voting decisions are made in what MFS believes to be the best long-term economic interests of our clients for which we have been delegated with the authority to vote on their behalf, and not in the interests of any other party, including company management or in MFS' corporate interests, including interests such as the distribution of MFS Fund shares and institutional client relationships. These Proxy Voting Policies and Procedures include voting guidelines that govern how MFS generally will vote on specific matters as well as how we monitor potential material conflicts of interest on the part of MFS that could arise in connection with the voting of proxies on behalf of MFS' clients.**

**Our approach to proxy voting is guided by the following additional principles:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Consistency in application of the policy across multiple client portfolios:** While MFS generally seeks a single vote position on the same matter when securities of an issuer are held by multiple client portfolios, MFS may vote differently on the matter for different client portfolios under certain circumstances. For example, we may vote differently for a client portfolio if we have received explicit voting instructions to vote differently from such client for its own account. Likewise, MFS may vote differently if the portfolio management team responsible for a particular client account believes that a different voting instruction is in the best long-term economic interest of such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Consistency in application of policy across shareholder meetings in most instances:** As a general matter, MFS seeks to vote consistently on similar proxy proposals across all

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shareholder meetings. However, as many proxy proposals (e.g., mergers, acquisitions, and shareholder proposals) are analyzed on a case-by-case basis in light of the relevant facts and circumstances of the issuer and proposal MFS may vote similar proposals differently at different shareholder meetings. In addition, MFS also reserves the right to override the guidelines with respect to a particular proxy proposal when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients.

&nbsp;&nbsp;&nbsp;&nbsp;**3.Consideration of company specific context and informed by engagement:** As noted above MFS will seek to consider a company's specific context in determining its voting decision. Where there are significant, complex or unusual voting items we may seek to engage with a company before making the vote to further inform our decision. Where sufficient progress has not been made on a particular issue of engagement, MFS may determine a vote against management is warranted to reflect our concerns and encourage change in the best long-term economic interests of our clients for which MFS has been delegated with the authority to vote on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;**4.Clear decisions to best support issuer processes and decision making:** To best support improved issuer decision making we strive to generally provide clear decisions by voting either For or Against each item. We may however vote to Abstain in certain situations if we believe a vote either For or Against may produce a result not in the best long-term economic interests of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;**5.Transparency in approach and implementation:** In addition to the publication of the MFS Proxy Voting Policies and Procedures on our website, we are open to communicating our vote intention with companies, including ahead of the annual meeting. We may do this proactively where we wish to make our view or corresponding rationale clearly known to the company. Our voting data is reported to clients upon request and publicly on a quarterly and annual basis on our website (under Proxy Voting Records & Reports). For more information about reporting on our proxy voting activities, please refer to Section F below.

**A.VOTING GUIDELINES**

The following guidelines govern how MFS will generally vote on specific matters presented for shareholder vote. These guidelines are not exhaustive, and MFS may vote on matters not identified below. In such circumstances, MFS will be governed by its general policy to vote in what MFS believes to be in the best long-term economic interest of its clients.

These guidelines are written to apply to the markets and companies where MFS has significant assets invested. There will be markets and companies, such as controlled companies and smaller markets, where local governance practices are taken into consideration and exceptions may need to be applied that are not explicitly stated below. There are also markets and companies where transparency and related data limit the ability to apply these guidelines.

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![](gs79ooq91hrdkvkju92jc.jpg)

**Board structure and performance**

MFS generally supports the **election and/or discharge of directors** proposed by the board in uncontested or non-contentious elections, unless concerns have been identified, such as in relation to:

**Director independence**

MFS believes that good governance is enabled by a board with at least a simple majority of directors who are "independent" (as determined by MFS in its sole discretion)<sup>1</sup> of management, the company and each other. MFS may not support the non-independent nominees, or other relevant director (e.g., chair of the board or the chair of the nominating committee), where insufficient independence is identified and determined to be a risk to the board's and/or company's effectiveness.

As a general matter we will not support a nominee to a board if, as a result of such nominee being elected to the board, the board will consist of less than a simple majority of members who are "independent." However, there are also governance structures and markets where we may accept lower levels of independence, such as companies required to have non- shareholder representatives on the board, controlled companies, and companies in certain markets. In these circumstances we generally expect the board to be at least one-third independent or at least half of shareholder representatives to be independent, and as a general matter we will not support the nominee to the board if as a result of such nominee's election these expectations are not met. In certain circumstances, we may not support another relevant director's election. For example, in Japan, we will generally not support the most senior director where the board is not comprised of at least one-third independent directors or is not majority independent for those companies listed on the Prime Market with a controlling shareholder.

MFS also believes good governance is enabled by a board whose key committees, in particular audit, nominating and compensation/remuneration, consist entirely of "independent" directors. For Canada and US companies, MFS generally votes against any non-independent nominee that would cause any of the audit, compensation, nominating committee to not be fully independent. For Australia, Benelux, Ireland, New Zealand, Switzerland, and UK companies MFS generally votes against any non-independent nominee that would cause the audit or compensation/remuneration committee to not be fully independent. For Korea companies, MFS generally votes against any non- independent nominee or other relevant director that would cause the audit committee to not be fully independent, would result in the chair of the nominating and compensation/remuneration committee to not be independent, or would cause the nominating and compensation/remuneration committees to be less than majority independent. In other markets MFS generally votes against non-independent nominees or other relevant director if a majority of committee members or the chair of the audit committee are not independent. However, there are also governance structures (e.g., controlled companies or boards with non-shareholder representatives) and markets where we may accept lower levels of independence for these key committees.

1MFS' determination of "independence" may be different than that of the company, the exchange on which the company is listed, or of a third party (e.g., proxy advisory firm).

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While there are currently markets where we accept lower levels of independence, we expect to expand these independence guidelines to all markets over time.

**Independent chairs**

MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas, and this is often best positioned as an independent chair of the board or a lead independent director. We review the merits of a change in leadership structure on a case-by-case basis.

**Tenure in leadership roles**

We may vote against a chair who is designated independent, or a lead independent director whose overall tenure on the board equals or exceeds twenty (20) years, if progress on refreshment is not made or being considered by the company's board or we identify other concerns that suggest more immediate refreshment is necessary, such as the director's role on a key committee.

**Overboarding**

All directors on a board should have sufficient time and attention to fulfil their duties and play their part in achieving effective oversight, both in normal and exceptional circumstances.

MFS may also vote against any director if we deem such nominee to have board or committee roles or other outside time commitments that we believe would impair their ability to dedicate sufficient time and attention to their director role.

As a general guideline, MFS will generally vote against a director's election if they:

∙Are not a CEO or executive chair of a public company but serve on more than four

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) public company boards in total at US companies and more than five (5) public boards for companies in other non-US markets.

∙Are a CEO or executive chair of a public company and serve on more than two (2) public company boards in total at US companies and two (2) outside public company boards for companies in non-US markets. In these cases, MFS would likely only apply a vote against at the meetings of the companies where the director is non-executive.

MFS may consider exceptions to this guideline if: (i) the company has disclosed the director's plans to step down from the number of public company boards exceeding the above limits, as applicable, within a reasonable time; or (ii) the director exceeds the permitted number of public company board seats solely due to either his/her board service on an affiliated company (e.g., a subsidiary), or service on more than one investment company within the same investment company complex (as defined by applicable law), or

iii)after engagement we believe the director's ability to dedicate sufficient time and attention is not impaired by the external roles.

**Diversity**

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MFS believes that a well-balanced board with diverse perspectives is a foundation for sound corporate governance, and this is best spread across the board rather than concentrated in one or a few individuals. We take a holistic view on the dimensions of diversity that can lead to diversity of perspectives and stronger oversight and governance.

Gender diversity is one such dimension and where good disclosure and data enables a specific expectation and voting guideline.

On gender representation specifically MFS wishes to see companies in all markets achieve a consistent minimum representation of women of at least a third of the board, and we are likely to increase our voting guideline towards this over time.

Currently, where data is available, MFS will generally vote against the chair of the nominating and governance committee or other most relevant position at any company whose board is comprised of an insufficient representation of directors who are women for example:

∙At US, Canadian, European, Australian, New Zealand companies: less than 24%.

∙At Brazilian companies: less than 20%.

∙At Chinese, Hong Kong, Indian, Japanese, Korean, other Latin American companies: less than 10%.

As a general matter, MFS will vote against the chair of the nominating committee of US S&P 500 companies and UK FTSE 100 companies that have failed to appoint at least one director who identifies as either an underrepresented ethnic/racial minority or a member of the LGBTQ+ community.

MFS may consider exceptions to these guidelines if we believe that the company is transitioning towards these goals or has provided clear and compelling reasons for why they have been unable to comply with these goals.

For other markets, we will engage on board diversity and may vote against the election of directors where we fail to see progress.

**Board size**

MFS believes that the size of the board can have an effect on the board's ability to function efficiently and effectively. While MFS may evaluate board size on a case-by-case basis, we will typically vote against the chair of the nominating and governance committee in instances where the size of the board is greater than sixteen (16) members. An exception to this is companies with requirements to have equal representation of employees on the board where we expect a maximum of twenty (20) members.

**Other concerns related to director election:**

MFS may also not support some or all nominees standing for election to a board if we determine:

∙There are concerns with a director or board regarding performance, governance or oversight, which may include:

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oClear failures in oversight or execution of duties, including the identification,

management and reporting of material risks and information, at the company or any other at which the nominee has served. This may include climate-related risks;

oA failure by the director or board of the issuer to take action to eliminate shareholder unfriendly provisions in the issuer's charter documents, or the

introduction of shareholder unfriendly provisions or actions; or

oAllowing the hedging and/or significant pledging of company shares by executives.

∙A director attended less than 75% of the board and/or relevant committee meetings in the previous year without a valid reason stated in the proxy materials or other annual governance reporting;

∙The board or relevant committee has not adequately responded to an issue that received a significant vote against management from shareholders;

∙The board has implemented a poison pill without shareholder approval since the last annual meeting and such poison pill is not on the subsequent shareholder meeting's agenda (including those related to net-operating loss carry-forwards); or

∙In Japan, the company allocates a significant portion of its net assets to cross- shareholdings.

Unless the concern is commonly accepted market practice, MFS may also not support some or all nominees standing for election to a nominating committee if we determine (in our sole discretion) that the chair of the board is not independent and there is no strong lead independent director role in place, or an executive director is a member of a key board committee.

Where individual directors are not presented for election in the year MFS may apply the same vote position to votes on the discharge of the director. Where the election of directors is bundled MFS may vote against the whole group if there is concern with an individual director and no other vote related to that director.

**Proxy contests**

From time to time, a shareholder may express alternative points of view in terms of a company's strategy, capital allocation, or other issues. Such a shareholder may also propose a slate of director nominees different than the slate of director nominees proposed by the company (a "Proxy Contest"). MFS will analyze Proxy Contests on a case-by-case basis, taking into consideration the track record and current recommended initiatives of both company management and the dissident shareholder(s). MFS will support the director nominee(s) that we believe is in the best, long-term economic interest of our clients.

**Other items related to board accountability:**

**Majority voting for the election of directors: MFS generally supports reasonably crafted proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors (including binding resolutions requesting that the board amend the company's bylaws), provided the proposal**

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includes a carve-out for a plurality voting standard when there are more director nominees than board seats (e.g., contested elections).

**Declassified boards:** MFS generally supports proposals to declassify a board (i.e., a board in which only a sub-set of board members is elected each year) for all issuers other than for certain closed-end investment companies. MFS generally opposes proposals to classify a board for issuers other than for certain closed-end investment companies.

**The right to call a special meeting or act by written consent:**

MFS believes a threshold of 15-25% is an appropriate balance of shareholder and company interests, with thresholds of 15% for large and widely held companies.

MFS will generally support management proposals to establish these rights where they do not currently exist. MFS will generally support shareholder proposals to adjust existing rights to within the thresholds described above. MFS may also support shareholder proposals to establish the right at a threshold of 10% or above if no existing right exists and no right is presented for vote by management within the threshold range described above.

MFS will support shareholder proposals to establish the right to act by majority written consent if shareholders do not have the right to call a special meeting at the thresholds described above or lower.

**Proxy access:** MFS believes that the ability of qualifying shareholders to nominate a certain number of directors on the company's proxy statement ("Proxy Access") may have corporate governance benefits. However, such potential benefits must be balanced by its potential misuse by shareholders. Therefore, MFS generally supports Proxy Access proposals at U.S. issuers that establish ownership criteria of 3% of the company held continuously for a period of 3 years. In our view, such qualifying shareholders should have the ability to nominate at least 2 directors. We also believe companies should be mindful of imposing any undue impediments within their bylaws that may render Proxy Access impractical, including re-submission thresholds for director nominees via Proxy Access.

**Items related to shareholder rights:**

**Anti-takeover measures:** In general, MFS votes against any measure that inhibits capital appreciation in a stock, including proposals that protect management from action by shareholders. These types of proposals take many forms, ranging from "poison pills" and "shark repellents" to super-majority requirements. While MFS may consider the adoption of a prospective "poison pill" or the continuation of an existing "poison pill" on a case-by- case basis, MFS generally votes against such anti-takeover devices.

MFS will consider any poison pills designed to protect a company's net-operating loss carryforwards on a case-by-case basis, weighing the accounting and tax benefits of such a pill against the risk of deterring future acquisition candidates. MFS will also consider, on

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acase-by-case basis, proposals designed to prevent tenders which are disadvantageous to shareholders such as tenders at below market prices and tenders for substantially less than all shares of an issuer.

MFS generally supports proposals that seek to remove governance structures that insulate management from shareholders. MFS generally votes for proposals to rescind existing "poison pills" and proposals that would require shareholder approval to adopt prospective "poison pills."

**Cumulative voting:** MFS generally opposes proposals that seek to introduce cumulative voting and supports proposals that seek to eliminate cumulative voting. In either case, MFS will consider whether cumulative voting is likely to enhance the interests of MFS' clients as minority shareholders.

**One-share one-vote**: As a general matter, MFS supports proportional alignment of voting rights with economic interest and may not support a proposal that deviates from this approach. For companies listing with multiple share classes or other forms of disproportionate control are in place, we expect these to have sunset provisions of generally no longer than seven years after which the structure becomes single class one-share one- vote.

**Reincorporation and reorganization proposals: When presented with a proposal to reincorporate a company under the laws of a different state, or to effect some other type of corporate reorganization, MFS considers the underlying purpose and ultimate effect of such a proposal in determining whether or not to support such a measure. MFS generally votes with management in regard to these types of proposals, however, if MFS believes the proposal is not in the best long-term economic interests of its clients, then MFS may vote against management (e.g., the intent or effect would be to create additional inappropriate impediments to possible acquisitions or takeovers).**

**Other business:** MFS generally votes against "other business" proposals as the content of any such matter is not known at the time of our vote.

**Items related to capitalization proposals, capital allocation and corporate actions:**

**Issuance of stock:** There are many legitimate reasons for the issuance of stock. Nevertheless, as noted below under "Stock Plans," when a stock option plan (either individually or when aggregated with other plans of the same company) would substantially dilute the existing equity (e.g., by more than approximately 10-15%), MFS generally votes against the plan.

MFS typically votes against proposals where management is asking for authorization to issue common or preferred stock with no reason stated (a "blank check") because the unexplained authorization could work as a potential anti-takeover device. MFS may also vote against the authorization or issuance of common or preferred stock if MFS determines

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that the requested authorization is excessive or not warranted. MFS will consider the duration of the authority and the company's history in using such authorities in making its decision.

**Repurchase programs:** MFS generally supports proposals to institute share repurchase plans in which all shareholders have the opportunity to participate on an equal basis. Such plans may include a company acquiring its own shares on the open market, or a company making a tender offer to its own shareholders.

**Mergers, acquisitions & other special transactions: MFS considers proposals with respect to mergers, acquisitions, sale of company assets, share and debt issuances and other transactions that have the potential to affect ownership interests on a case-by-case basis. When analyzing such proposals, we use a variety of materials and information, including our own internal research as well as the research of third-party service providers.**

**Independent Auditors**

MFS generally supports the election of auditors but may determine to vote against the election of a statutory auditor and/or members of the audit committee in certain markets if MFS reasonably believes that the statutory auditor is not truly independent, sufficiently competent or there are concerns related to the auditor's work or opinion. To inform this view, MFS may evaluate the use of non-audit services in voting decisions when the percentage of non-audit fees to total auditor fees exceeds 40%, in particular if recurring.

**Executive Compensation**

MFS believes that competitive compensation packages are necessary to attract, motivate and retain executives. We seek compensation plans that are geared towards durable long- term value creation and aligned with shareholder interests and experience, such as where we believe:

∙The plan is aligned with the company's current strategic priorities with a focused set of clear, suitably ambitious and measurable performance conditions;

oPractices of concern may include an incentive plan without financial performance conditions, without a substantial majority weighting to quantitative metrics or that vests substantially below median performance.

∙Meaningful portions of awards are paid in shares and based on long performance periods (e.g., at least three years);

oPractices of concern may include low executive share ownership in the context of total pay and tenure.

∙Awards and potential future awards, reflect the nature of the business, value created and the executive's performance;

oPractices of concern may include large windfall gains or award increases without justification.

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∙Awards are fair, not detrimental to firm culture and reflect the policies approved by shareholders at previous meetings with appropriate use of discretion (positive and negative); and

oPractices of concern may include one-off awards without justification or robust performance conditions, equity awards repriced without shareholder approval, substantial executive or director share pledging, egregious perks or substantial internal pay imbalances.

∙The calculation and justification for awards is sufficiently transparent for investors to appraise alignment with performance and future incentives.

MFS will analyze votes on executive compensation on a case-by-case basis. When analyzing compensation practices, MFS generally uses a two-step process. MFS first seeks to identify any compensation practices that are potentially of concern by using both internal research and the research of third-party service providers. Where such practices are identified, MFS will then analyze the compensation practices in light of relevant facts and circumstances. MFS will vote against an issuer's executive compensation practices if MFS determines that such practices are not geared towards durable long-term value creation and are misaligned with the best, long-term economic interest of our clients. When analyzing whether an issuer's compensation practices are aligned with the best, long-term economic interest of our clients, MFS uses a variety of materials and information, including our own internal research and engagement with issuers as well as the research of third-party service providers.

MFS generally supports proposals to include an advisory shareholder vote on an issuer's executive compensation practices on an annual basis.

MFS does not have formal voting guideline in regard to the inclusion of ESG incentives in a company's compensation plan; however, where such incentives are included, we believe:

∙The incentives should be tied to issues that are financially material for the issuer in question.

∙They should predominantly include quantitative or other externally verifiable outcomes rather than qualitative measures.

∙The weighting of incentives should be appropriately balanced with other strategic priorities.

We believe non-executive directors may be compensated in cash or stock but these should not be performance-based.

**Stock Plans**

MFS may oppose stock option programs and restricted stock plans if they:

∙Provide unduly generous compensation for officers, directors or employees, or could result in excessive dilution to other shareholders. As a general guideline, MFS votes against restricted stock, stock option, non-employee director, omnibus stock plans and

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any other stock plan if all such plans for a particular company involve potential excessive dilution (which we typically consider to be, in the aggregate, of more than 15%). MFS will generally vote against stock plans that involve potential dilution, in aggregate, of more than 10% at U.S. issuers that are listed in the Standard and Poor's 100 index as of December 31 of the previous year.

∙Allow the board or the compensation committee to re-price underwater options or to automatically replenish shares without shareholder approval.

∙Do not require an investment by the optionee, give "free rides" on the stock price, or permit grants of stock options with an exercise price below fair market value on the date the options are granted.

In the cases where a stock plan amendment is seeking qualitative changes and not additional shares, MFS will vote on a case-by-case basis.

MFS will consider proposals to exchange existing options for newly issued options, restricted stock or cash on a case-by-case basis, taking into account certain factors, including, but not limited to, whether there is a reasonable value-for-value exchange and whether senior executives are excluded from participating in the exchange.

From time to time, MFS may evaluate a separate, advisory vote on severance packages or "golden parachutes" to certain executives at the same time as a vote on a proposed merger or acquisition. MFS will vote on a severance package on a case-by-case basis, and MFS may vote against the severance package regardless of whether MFS supports the proposed merger or acquisition.

MFS supports the use of a broad-based employee stock purchase plans to increase company stock ownership by employees, provided that shares purchased under the plan are acquired for no less than 85% of their market value and do not result in excessive dilution.

MFS may also not support some or all nominees standing for election to a compensation/remuneration committee if:

∙MFS votes against consecutive pay votes;

∙MFS determines that a particularly egregious executive compensation practice has occurred. This may include use of discretion to award excessive payouts. MFS believes compensation committees should have flexibility to apply discretion to ensure final payments reflect long-term performance as long as this is used responsibly;

∙MFS believes the committee is inadequately incentivizing or rewarding executives, or is overseeing pay practices that we believe are detrimental the long-term success of the company; or

∙An advisory pay vote is not presented to shareholders, or the company has not implemented the advisory vote frequency supported by a plurality/majority of shareholders.

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**Shareholder Proposals on Executive Compensation**

MFS generally opposes shareholder proposals that seek to set rigid restrictions on executive compensation as MFS believes that compensation committees should retain flexibility to determine the appropriate pay package for executives.

MFS may support reasonably crafted shareholder proposals that:

∙Require shareholder approval of any severance package for an executive officer that exceeds a certain multiple of such officer's annual compensation that is not determined in MFS' judgment to be excessive;

∙Require the issuer to adopt a policy to recover the portion of performance-based bonuses and awards paid to senior executives that were not earned based upon a significant negative restatement of earnings, or other significant misconduct or corporate failure, unless the company already has adopted a satisfactory policy on the matter;

∙Expressly prohibit the backdating of stock options; or,

∙Prohibit the acceleration of vesting of equity awards upon a broad definition of a "change-in-control" (e.g., single or modified single-trigger).

**Environmental and Social Proposals**

Where management presents climate action/transition plans to shareholder vote, we will evaluate the level of ambition over time, scope, credibility and transparency of the plan in determining our support. Where companies present climate action progress reports to shareholder vote we will evaluate evidence of implementation of and progress against the plan and level of transparency in determining our support.

Most vote items related to environmental and social topics are presented by shareholders. As these proposals, even on the same topic, can vary significantly in scope and action requested, these proposals are typically assessed on a case-by-case basis.

For example, MFS may support reasonably crafted proposals:

∙On climate change: that seek disclosure consistent with the recommendations of a generally accepted global framework (e.g., Task Force on Climate-related Financial Disclosures) that is appropriately audited and that is presented in a way that enables shareholders to assess and analyze the company's data; or request appropriately robust and ambitious plans or targets.

∙Other environmental: that request the setting of targets for reduction of environmental impact or disclosure of key performance indicators or risks related to the impact, where materially relevant to the business. An example of such a proposal could be reporting on the impact of plastic use or waste stemming from company products or packaging.

∙On diversity: that seek to amend a company's equal employment opportunity policy to prohibit discrimination; that request good practice employee-related DEI disclosure; or that seek external input and reviews on specific related areas of performance.

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∙On lobbying: that request good practice disclosure regarding a company's political contributions and lobbying payments and policy (including trade organizations and lobbying activity).

∙On tax: that request reporting in line with the GRI 207 Standard on Tax.

∙On corporate culture and/or human/worker rights: that request additional disclosure on corporate culture factors like employee turnover and/or management of human and labor rights.

MFS is unlikely to support a proposal if we believe that the proposal is unduly costly, restrictive, unclear, burdensome, has potential unintended consequences, is unlikely to lead to tangible outcomes or we don't believe the issue is material or the action a priority for the business. MFS is also unlikely to support a proposal where the company already provides publicly available information that we believe is sufficient to enable shareholders to evaluate the potential opportunities and risks on the subject of the proposal, if the request of the proposal has already been substantially implemented, or if through engagement we gain assurances that it will be substantially implemented.

The laws of various states or countries may regulate how the interests of certain clients subject to those laws (e.g., state pension plans) are voted with respect to environmental, social and governance issues. Thus, it may be necessary to cast ballots differently for certain clients than MFS might normally do for other clients.

B. GOVERNANCE OF PROXY VOTING ACTIVITIES

From time to time, MFS may receive comments on the MFS Proxy Voting Policies and Procedures from its clients. These comments are carefully considered by MFS when it reviews these MFS Proxy Voting Policies and Procedures and revises them as appropriate, in MFS' sole judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MFS Proxy Voting Committee

The administration of these MFS Proxy Voting Policies and Procedures is overseen by the MFS Proxy Voting Committee, which includes senior personnel from the MFS Legal and Global Investment and Client Support Departments as well as members of the investment team. The Proxy Voting Committee does not include individuals whose primary duties relate to client relationship management, marketing, or sales. The MFS Proxy Voting Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Reviews these MFS Proxy Voting Policies and Procedures at least annually and recommends any amendments considered to be necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Determines whether any potential material conflict of interest exists with respect to instances in which MFS (i) seeks to override these MFS Proxy Voting Policies and Procedures; (ii) votes on ballot items not governed by these MFS Proxy Voting Policies and Procedures; (iii) evaluates an excessive executive compensation issue in relation to the election of directors; or (iv) requests a vote recommendation from an MFS portfolio manager or investment analyst (e.g., mergers and acquisitions);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Considers special proxy issues as they may arise from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Determines engagement priorities and strategies with respect to MFS' proxy voting activities

The day-to-day application of the MFS Proxy Voting Policies and Procedures are conducted by the MFS Stewardship Team led by MFS' Director of Global Stewardship. The Stewardship Team are members of MFS' investment team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Potential Conflicts of Interest

These policies and procedures are intended to address any potential material conflicts of interest on the part of MFS or its subsidiaries that are likely to arise in connection with the voting of proxies on behalf of MFS' clients. If such potential material conflicts of interest do arise, MFS will analyze, document and report on such potential material conflicts of interest (see below) and shall ultimately vote the relevant ballot items in what MFS believes to be the best long-term economic interests of its clients.

The MFS Proxy Voting Committee is responsible for monitoring potential material conflicts of interest on the part of MFS or its subsidiaries that could arise in connection with the voting of proxies on behalf of MFS' clients. Due to the client focus of our investment management business, we believe that the potential for actual material conflict of interest issues is small. Nonetheless, we have developed precautions to assure that all votes are cast in the best long-term economic interest of its clients.<sup>2</sup> Other MFS internal policies require all MFS employees to avoid actual and potential conflicts of interests between personal activities and MFS' client activities. If an employee (including investment professionals) identifies an actual or potential conflict of interest with respect to any voting decision (including the ownership of securities in their individual portfolio), then that employee must recuse himself/herself from participating in the voting process. Any significant attempt by an employee of MFS or its subsidiaries to unduly influence MFS' voting on a particular proxy matter should also be reported to the MFS Proxy Voting Committee.

In cases where ballots are voted in accordance with these MFS Proxy Voting Policies and Procedures, no material conflict of interest will be deemed to exist. In cases where (i) MFS is considering overriding these MFS Proxy Voting Policies and Procedures, (ii) matters presented for vote are not governed by these MFS Proxy Voting Policies and Procedures, (iii) MFS identifies and evaluates a potentially concerning executive compensation issue in relation to an advisory pay or severance package vote, or (iv) a vote recommendation is requested from an MFS portfolio manager or investment analyst for proposals relating to a merger, an acquisition, a sale of company assets or other similar transactions (collectively, "Non-Standard Votes"); the MFS Proxy Voting Committee will follow these procedures:

2For clarification purposes, note that MFS votes in what we believe to be the best, long-term economic interest of our clients entitled to vote at the shareholder meeting, regardless of whether other MFS clients hold "short" positions in the same issuer or whether other MFS clients hold an interest in the company that is not entitled to vote at the shareholder meeting (e.g., bond holder).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Compare the name of the issuer of such ballot or the name of the shareholder (if identified in the proxy materials) making such proposal against a list of significant current (i) distributors of MFS Fund shares, and (ii) MFS institutional clients (the "MFS Significant Distributor and Client List");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.If the name of the issuer does not appear on the MFS Significant Distributor and Client List, then no material conflict of interest will be deemed to exist, and the proxy will be voted as otherwise determined by the MFS Proxy Voting Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If the name of the issuer appears on the MFS Significant Distributor and Client List, then the MFS Proxy Voting Committee will be apprised of that fact and each member of the MFS Proxy Voting Committee (with the participation of MFS' Conflicts Officer) will carefully evaluate the proposed vote in order to ensure that the proxy ultimately is voted in what MFS believes to be the best long-term economic interests of MFS' clients, and not in MFS' corporate interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.For all potential material conflicts of interest identified under clause (c) above, the MFS Proxy Voting Committee will document: the name of the issuer, the issuer's relationship to MFS, the analysis of the matters submitted for proxy vote, the votes as to be cast and the reasons why the MFS Proxy Voting Committee determined that the votes were cast in the best long-term economic interests of MFS' clients, and not in MFS' corporate interests. A copy of the foregoing documentation will be provided to MFS' Conflicts Officer.

The members of the MFS Proxy Voting Committee are responsible for creating and maintaining the MFS Significant Distributor and Client List, in consultation with MFS' distribution and institutional business units. The MFS Significant Distributor and Client List will be reviewed and updated periodically, as appropriate.

For instances where MFS is evaluating a director nominee who also serves as a director/trustee of the MFS Funds, then the MFS Proxy Voting Committee will adhere to the procedures described in section (c) above regardless of whether the portfolio company appears on our Significant Distributor and Client List. In doing so, the MFS Proxy Voting Committee will adhere to such procedures for all Non-Standard Votes at the company's shareholder meeting at which the director nominee is standing for election.

If an MFS client has the right to vote on a matter submitted to shareholders by Sun Life Financial, Inc. or any of its affiliates (collectively "Sun Life"), MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that a client instruction is unavailable pursuant to the recommendations of Institutional Shareholder Services, Inc.'s ("ISS") benchmark policy, or as required by law. Likewise, if an MFS client has the right to vote on a matter submitted to shareholders by a public company for which an MFS Fund director/trustee serves as an executive officer, MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that client instruction is unavailable pursuant to the recommendations of ISS or as required by law.

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Except as described in the MFS Fund's Prospectus, from time to time, certain MFS Funds (the "top tier fund") may own shares of other MFS Funds (the "underlying fund"). If an underlying fund submits a matter to a shareholder vote, the top tier fund will generally vote its shares in the same proportion as the other shareholders of the underlying fund. If there are no other shareholders in the underlying fund, the top tier fund will vote in what MFS believes to be in the top tier fund's best long-term economic interest. If an MFS client has the right to vote on a matter submitted to shareholders by a pooled investment vehicle advised by MFS (excluding those vehicles for which MFS' role is primarily portfolio management and is overseen by another investment adviser), MFS will cast a vote on behalf of such MFS client in the same proportion as the other shareholders of the pooled investment vehicle.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Review of Policy

The MFS Proxy Voting Policies and Procedures are available on www.mfs.com and may be accessed by both MFS' clients and the companies in which MFS' clients invest. The MFS Proxy Voting Policies and Procedures are reviewed by the Proxy Voting Committee annually. From time to time, MFS may receive comments on the MFS Proxy Voting Policies and Procedures from its clients. These comments are carefully considered by MFS when it reviews these MFS Proxy Voting Policies and Procedures and revises them as appropriate, in MFS' sole judgment.

C. OTHER ADMINISTRATIVE MATTERS & USE OF PROXY ADVISORY FIRMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Use of Proxy Advisory Firms

MFS, on behalf of itself and certain of its clients (including the MFS Funds) has entered into an agreement with an independent proxy administration firm pursuant to which the proxy administration firm performs various proxy vote related administrative services such as vote processing and recordkeeping functions. Except as noted below, the proxy administration firm for MFS and its clients, including the MFS Funds, is ISS. The proxy administration firm for MFS Development Funds, LLC is Glass, Lewis & Co., Inc. ("Glass Lewis"; Glass Lewis and ISS are each hereinafter referred to as the "Proxy Administrator").

3MFS Fund Distributors, Inc. ("MFD"), the principal underwriter of each series of the MFS Active Exchange Traded Funds Trust (each series, an "MFS Active ETF" and collectively, the "MFS Active ETFs"), has been appointed by each authorized participant with authority to vote such participant's shares of each MFS Active ETF on any matter submitted to a vote of the shareholders of the MFS Active ETF. If an MFS Active ETF submits a matter to a shareholder vote, MFD will vote (or abstain from voting) an authorized participant's shares in the same proportion as the other shareholders of the MFS Active ETF. If there are no other shareholders in the MFS Active ETF, MFS will vote in what MFS believes to be in the MFS Active ETF's best interest.

In addition, in the event MFS or an MFS subsidiary hold shares of an MFS Fund (including an MFS Active ETF) as seed money and the MFS Fund submits a matter to a shareholder vote, MFS or the MFS subsidiary, as the case may be, will vote (or abstain from voting) its shares in the same proportion as the other shareholders of the MFS Fund. If there are no other shareholders in the MFS Fund, MFS or the MFS subsidiary, as the case may be, will vote in what MFS believes to be in the MFS Fund's best interest.

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The Proxy Administrator receives proxy statements and proxy ballots directly or indirectly from various custodians, logs these materials into its database and matches upcoming meetings with MFS Fund and client portfolio holdings, which are inputted into the Proxy Administrator's system by an MFS holdings data-feed. The Proxy Administrator then reconciles a list of all MFS accounts that hold shares of a company's stock and the number of shares held on the record date by these accounts with the Proxy Administrator's list of any upcoming shareholder's meeting of that company. If a proxy ballot has not been received, the Proxy Administrator and/or MFS may contact the client's custodian requesting the reason as to why a ballot has not been received. Through the use of the Proxy Administrator system, ballots and proxy material summaries for all upcoming shareholders' meetings are available on-line to certain MFS employees and members of the MFS Proxy Voting Committee.

MFS also receives research reports and vote recommendations from proxy advisory firms. These reports are only one input among many in our voting analysis, which includes other sources of information such as proxy materials, company engagement discussions, other third-party research and data. MFS has due diligence procedures in place to help ensure that the research we receive from our proxy advisory firms is materially accurate and that we address any material conflicts of interest involving these proxy advisory firms. This due diligence includes an analysis of the adequacy and quality of the advisory firm staff, its conflict of interest policies and procedures and independent audit reports. We also review the proxy policies, methodologies and peer-group- composition methodology of our proxy advisory firms at least annually. Additionally, we also receive reports from our proxy advisory firms regarding any violations or changes to conflict of interest procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Analyzing and Voting Proxies

Proxies are voted in accordance with these MFS Proxy Voting Policies and Procedures. The Proxy Administrator, at the prior direction of MFS, automatically votes all proxy matters that do not require the particular exercise of discretion or judgment with respect to these MFS Proxy Voting Policies and Procedures as determined by MFS. In these circumstances, if the Proxy Administrator, based on MFS' prior direction, expects to vote against management with respect to a proxy matter and MFS becomes aware that the issuer has filed or will file additional soliciting materials sufficiently in advance of the deadline for casting a vote at the meeting, MFS will consider such information when casting its vote. With respect to proxy matters that require the particular exercise of discretion or judgment, the MFS Proxy Voting Committee or its representatives considers and votes on those proxy matters. In analyzing all proxy matters, MFS uses a variety of materials and information, including, but not limited to, the issuer's proxy statement and other proxy solicitation materials (including supplemental materials), our own internal research and research and recommendations provided by other third parties (including research of the Proxy Administrator). As described herein, MFS may also determine that it is beneficial in analyzing a proxy voting matter for members of the Proxy Voting Committee or its representatives to engage with the company on such matter. MFS also uses its own internal research, the research of Proxy Administrators and/or other third party research tools and vendors to identify (i) circumstances in which a board may have approved an executive compensation plan that is excessive or poorly aligned with the portfolio company's business or its shareholders, (ii) environmental, social and governance proposals that warrant further consideration, or (iii)

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circumstances in which a company is not in compliance with local governance or compensation best practices. Representatives of the MFS Proxy Voting Committee review, as appropriate, votes cast to ensure conformity with these MFS Proxy Voting Policies and Procedures.

For certain types of votes (e.g., mergers and acquisitions, proxy contests and capitalization matters), MFS' Stewardship Team will seek a recommendation from the MFS investment analyst that is responsible for analyzing the company and/or portfolio managers that holds the security in their portfolio. For certain other votes that require a case-by-case analysis per these policies (e.g., potentially excessive executive compensation issues, or certain shareholder proposals), the Stewardship Team will likewise consult with MFS investment analysts and/or portfolio managers.<sup>4</sup> However, the MFS Proxy Voting Committee will ultimately be responsible for the manner in which all ballots are voted.

As noted above, MFS reserves the right to override the guidelines when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients. Any such override of the guidelines shall be analyzed, documented and reported in accordance with the procedures set forth in these policies.

In accordance with its contract with MFS, the Proxy Administrator also generates a variety of reports for the MFS Proxy Voting Committee and makes available on-line various other types of information so that the MFS Proxy Voting Committee or its representatives may review and monitor the votes cast by the Proxy Administrator on behalf of MFS' clients.

For those markets that utilize a "record date" to determine which shareholders are eligible to vote, MFS generally will vote all eligible shares pursuant to these guidelines regardless of whether all (or a portion of) the shares held by our clients have been sold prior to the meeting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Securities Lending

From time to time, certain MFS Funds may participate in a securities lending program. In the event MFS or its agent receives timely notice of a shareholder meeting for a U.S. security, MFS and its agent will attempt to recall any securities on loan before the meeting's record date so that MFS will be entitled to vote these shares. However, there may be instances in which MFS is unable to timely recall securities on loan for a U.S. security, in which cases MFS will not be able to vote these shares. MFS will report to the appropriate board of the MFS Funds those instances in which MFS is not able to timely recall the loaned securities. MFS generally does not recall non- U.S. securities on loan because there may be insufficient advance notice of proxy materials, record dates, or vote cut-off dates to allow MFS to timely recall the shares in certain markets on an automated basis. As a result, non-U.S. securities that are on loan will not generally be voted. If MFS receives timely notice of what MFS determines to be an unusual, significant vote for a non- U.S. security whereas MFS shares are on loan and determines that voting is in the best long-term economic interest of shareholders, then MFS will attempt to timely recall the loaned shares.

4From time to time, due to travel schedules and other commitments, an appropriate portfolio manager or research analyst may not be available to provide a vote recommendation. If such a recommendation cannot be obtained within a reasonable time prior to the cut-off date of the shareholder meeting, the MFS Proxy Voting Committee may determine to abstain from voting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Potential impediments to voting

In accordance with local law or business practices, some companies or custodians prevent the sale of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting ("share blocking"). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior or subsequent to the meeting (e.g., one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (e.g., in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). Due to these restrictions, MFS must balance the benefits to its clients of voting proxies against the potentially serious portfolio management consequences of a reduced flexibility to sell the underlying shares at the most advantageous time. For companies in countries with share blocking periods or in markets where some custodians may block shares, the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, MFS will not vote those proxies in the absence of an unusual, significant vote that outweighs the disadvantage of being unable to sell the stock.

From time to time, governments may impose economic sanctions which may prohibit us from transacting business with certain companies or individuals. These sanctions may also prohibit the voting of proxies at certain companies or on certain individuals. In such instances, MFS will not vote at certain companies or on certain individuals if it determines that doing so is in violation of the sanctions.

In limited circumstances, other market specific impediments to voting shares may limit our ability to cast votes, including, but not limited to, late delivery of proxy materials, untimely vote cut-off dates, power of attorney and share re-registration requirements, or any other unusual voting requirements. In these limited instances, MFS votes securities on a best-efforts basis in the context of the guidelines described above.

D. ENGAGEMENT

As part of its approach to stewardship MFS engages with companies in which it invests on a range of priority issues. Where sufficient progress has not been made on a particular issue of engagement, MFS may determine a vote against management may be warranted to reflect our concerns and influence for change in the best long-term economic interests of our clients.

MFS may determine that it is appropriate and beneficial to engage in a dialogue or written communication with a company or other shareholders specifically regarding certain matters on the company's proxy statement that are of concern to shareholders, including environmental, social and governance matters. This may be to discuss and build our understanding of a certain proposal, or to provide further context to the company on our vote decision.

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A company or shareholder may also seek to engage with members of the MFS Proxy Voting Committee or Stewardship Team in advance of the company's formal proxy solicitation to review issues more generally or gauge support for certain contemplated proposals. For further information on requesting engagement with MFS on proxy voting issues or information about MFS' engagement priorities, please contact <u>proxyteam@mfs.com</u>.

E. RECORDS RETENTION

MFS will retain copies of these MFS Proxy Voting Policies and Procedures in effect from time to time and will retain all proxy voting reports submitted to the Board of Trustees of the MFS Funds for the period required by applicable law. Proxy solicitation materials, including electronic versions of the proxy ballots completed by representatives of the MFS Proxy Voting Committee, together with their respective notes and comments, are maintained in an electronic format by the Proxy Administrator and are accessible on-line by the MFS Proxy Voting Committee and other MFS employees. All proxy voting materials and supporting documentation, including records generated by the Proxy Administrator's system as to proxies processed, including the dates when proxy ballots were received and submitted, and the votes on each company's proxy issues, are retained as required by applicable law.

F. REPORTS

**<u>U.S. Registered MFS Funds</u>**

MFS publicly discloses the proxy voting records of the U.S. registered MFS Funds on a quarterly basis. MFS will also report the results of its voting to the Board of Trustees of the U.S. registered MFS Funds. These reports will include: (i) a summary of how votes were cast (including advisory votes on pay and "golden parachutes"); (ii) a summary of votes against management's recommendation; (iii) a review of situations where MFS did not vote in accordance with the guidelines and the rationale therefore; (iv) a review of the procedures used by MFS to identify material conflicts of interest and any matters identified as a material conflict of interest; (v) a review of these policies and the guidelines; (vi) a review of our proxy engagement activity; (vii) a report and impact assessment of instances in which the recall of loaned securities of a U.S. issuer was unsuccessful; and (viii) as necessary or appropriate, any proposed modifications thereto to reflect new developments in corporate governance and other issues. Based on these reviews, the Trustees of the U.S. registered MFS Funds will consider possible modifications to these policies to the extent necessary or advisable.

**<u>Other MFS Clients</u>**

MFS may publicly disclose the proxy voting records of certain other clients (including certain MFS Funds) or the votes it casts with respect to certain matters as required by law. A report can also be printed by MFS for each client who has requested that MFS furnish a record of votes cast. The report specifies the proxy issues which have been voted for the client during the year and the position taken with respect to each issue and, upon request, may identify situations where MFS did not vote in accordance with the MFS Proxy Voting Policies and Procedures.

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**<u>Firm-wide Voting Records</u>**

MFS also publicly discloses its firm-wide proxy voting records on a quarterly basis.

Except as described above, MFS generally will not divulge actual voting practices to any party other than the client or its representatives because we consider that information to be confidential and proprietary to the client. However, as noted above, MFS may determine that it is appropriate and beneficial to engage in a dialogue with a company regarding certain matters. During such dialogue with the company, MFS may disclose the vote it intends to cast in order to potentially effect positive change at a company in regard to environmental, social or governance issues.

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## Ex-99

**<u>EX-99.19a-1</u>**

![](gg-1ga1_imagesgg1ga12x1.jpg)

**MFS<sup>®</sup> Intermediate Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;October-2025 |
| Distribution amount per share | $0.01952 |

---

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 November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.00781 | 40% | 0.09186 |  | 39% |
| 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 | 0.01171 | 60% | 0.14367 |  | 61% |
| &nbsp;&nbsp;Other Capital Source | 0.01171 | 60% | 0.14367 |  | 61% |
| Total (per common share) | 0.01952 | 100% | 0.23553 |  | 100% |
| Average annual total return (in relation to NAV) for the five years ended 9-30-2025 | Average annual total return (in relation to NAV) for the five years ended 9-30-2025 | Average annual total return (in relation to NAV) for the five years ended 9-30-2025 | Average annual total return (in relation to NAV) for the five years ended 9-30-2025 |  | 1.47% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 9-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 9-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 9-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 9-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 9-30-2025 | 8.55% |
| Cumulative total return (in relation to NAV) for the fiscal year through 9-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 9-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 9-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 9-30-2025 |  | 5.62% |
| Cumulative fiscal year distributions as a percentage of NAV as of 9-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 9-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 9-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 9-30-2025 |  | 8.60% |

---

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.

MINSN-1025

![](gg-1ga1_imagesgg1ga13x1.jpg)

**MFS<sup>®</sup> Intermediate Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;September-2025 |
| Distribution amount per share | $0.01951 |

---

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 November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.00800 | 41% | 0.08424 |  | 39% |
| 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 | 0.01151 | 59% | 0.13177 |  | 61% |
| &nbsp;&nbsp;Other Capital Source | 0.01151 | 59% | 0.13177 |  | 61% |
| Total (per common share) | 0.01951 | 100% | 0.21601 |  | 100% |
| Average annual total return (in relation to NAV) for the five years ended 8-31-2025 | Average annual total return (in relation to NAV) for the five years ended 8-31-2025 | Average annual total return (in relation to NAV) for the five years ended 8-31-2025 | Average annual total return (in relation to NAV) for the five years ended 8-31-2025 |  | 1.40% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 8-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 8-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 8-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 8-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 8-31-2025 | 8.51% |
| Cumulative total return (in relation to NAV) for the fiscal year through 8-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 8-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 8-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 8-31-2025 |  | 5.24% |
| Cumulative fiscal year distributions as a percentage of NAV as of 8-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 8-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 8-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 8-31-2025 |  | 7.85% |

---

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.

MINSN-0925

![](gg-1ga1_imagesgg1ga14x1.jpg)

**MFS<sup>®</sup> Intermediate Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August-2025 |
| Distribution amount per share | $0.01944 |

---

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 November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.00778 | 40% | 0.07664 |  | 39% |
| 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 | 0.01166 | 60% | 0.11986 |  | 61% |
| &nbsp;&nbsp;Other Capital Source | 0.01166 | 60% | 0.11986 |  | 61% |
| Total (per common share) | 0.01944 | 100% | 0.19650 |  | 100% |
| Average annual total return (in relation to NAV) for the five years ended 7-31-2025 | Average annual total return (in relation to NAV) for the five years ended 7-31-2025 | Average annual total return (in relation to NAV) for the five years ended 7-31-2025 | Average annual total return (in relation to NAV) for the five years ended 7-31-2025 |  | 1.18% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 7-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 7-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 7-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 7-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 7-31-2025 | 8.51% |
| Cumulative total return (in relation to NAV) for the fiscal year through 7-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 7-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 7-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 7-31-2025 |  | 4.10% |
| Cumulative fiscal year distributions as a percentage of NAV as of 7-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 7-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 7-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 7-31-2025 |  | 7.17% |

---

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.

MINSN-0825

![](gg-1ga1_imagesgg1ga15x1.jpg)

**MFS<sup>®</sup> Intermediate Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July-2025 |
| Distribution amount per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.01948 |

---

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 November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.00779 | 40% | 0.06728 |  | 38% |
| 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 | 0.01169 | 60% | 0.10978 |  | 62% |
| &nbsp;&nbsp;Other Capital Source | 0.01169 | 60% | 0.10978 |  | 62% |
| Total (per common share) | 0.01948 | 100% | 0.17706 |  | 100% |
| Average annual total return (in relation to NAV) for the five years ended 6-30-2025 | Average annual total return (in relation to NAV) for the five years ended 6-30-2025 | Average annual total return (in relation to NAV) for the five years ended 6-30-2025 | Average annual total return (in relation to NAV) for the five years ended 6-30-2025 |  | 1.38% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 6-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 6-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 6-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 6-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 6-30-2025 | 8.47% |
| Cumulative total return (in relation to NAV) for the fiscal year through 6-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 6-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 6-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 6-30-2025 |  | 4.10% |
| Cumulative fiscal year distributions as a percentage of NAV as of 6-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 6-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 6-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 6-30-2025 |  | 6.42% |

---

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.

MINSN-0725

![](gg-1ga1_imagesgg1ga16x1.jpg)

**MFS<sup>®</sup> Intermediate Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June-2025 |
| Distribution amount per share | $0.01947 |

---

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 November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.00740 | 38% | 0.05988 |  | 38% |
| 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 | 0.01207 | 62% | 0.09770 |  | 62% |
| &nbsp;&nbsp;Other Capital Source | 0.01207 | 62% | 0.09770 |  | 62% |
| Total (per common share) | 0.01947 | 100% | 0.15758 |  | 100% |
| Average annual total return (in relation to NAV) for the five years ended 5-31-2025 | Average annual total return (in relation to NAV) for the five years ended 5-31-2025 | Average annual total return (in relation to NAV) for the five years ended 5-31-2025 | Average annual total return (in relation to NAV) for the five years ended 5-31-2025 |  | 1.41% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 5-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 5-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 5-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 5-31-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 5-31-2025 | 8.50% |
| Cumulative total return (in relation to NAV) for the fiscal year through 5-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 5-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 5-31-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 5-31-2025 |  | 2.99% |
| Cumulative fiscal year distributions as a percentage of NAV as of 5-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 5-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 5-31-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 5-31-2025 |  | 5.73% |

---

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.

MINSN-0625

![](gg-1ga1_imagesgg1ga17x1.jpg)

**MFS<sup>®</sup> Intermediate Income Trust**

**P.O. Box 43078**

**Providence, RI 02940-3078**

**Notice to shareholders — Source of distribution**

---

| | |
|:---|:---|
| Distribution period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May-2025 |
| Distribution amount per share | $0.01957 |

---

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 November 1<sup>st</sup>. All amounts are expressed per common share.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Current | % Breakdown of | Total cumulative | % Breakdown of the total | % Breakdown of the total |
|  | Current | % Breakdown of | distributions for the | cumulative distributions | cumulative distributions |
|  | distribution | current distribution | fiscal year to date | for the fiscal year to date | for the fiscal year to date |
| Net Investment Income | 0.00763 | 39% | 0.05248 |  | 38% |
| 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 | 0.01194 | 61% | 0.08563 |  | 62% |
| &nbsp;&nbsp;Other Capital Source | 0.01194 | 61% | 0.08563 |  | 62% |
| Total (per common share) | 0.01957 | 100% | 0.13811 |  | 100% |
| Average annual total return (in relation to NAV) for the five years ended 4-30-2025 | Average annual total return (in relation to NAV) for the five years ended 4-30-2025 | Average annual total return (in relation to NAV) for the five years ended 4-30-2025 | Average annual total return (in relation to NAV) for the five years ended 4-30-2025 |  | 1.73% |
| Annualized current distribution rate expressed as a percentage of month end NAV as of 4-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 4-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 4-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 4-30-2025 | Annualized current distribution rate expressed as a percentage of month end NAV as of 4-30-2025 | 8.45% |
| Cumulative total return (in relation to NAV) for the fiscal year through 4-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 4-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 4-30-2025 | Cumulative total return (in relation to NAV) for the fiscal year through 4-30-2025 |  | 3.35% |
| Cumulative fiscal year distributions as a percentage of NAV as of 4-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 4-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 4-30-2025 | Cumulative fiscal year distributions as a percentage of NAV as of 4-30-2025 |  | 4.97% |

---

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.

MINSN-0525