UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05567

MFS INTERMEDIATE HIGH INCOME FUND

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: November 30

Date of reporting period: May 31, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

Semiannual Report

May 31, 2019

MFS® Intermediate High Income Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the complete reports will be made available on the fund’s Web site, and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you are already signed up to receive shareholder reports by email, you will not be affected by this change and you need not take any action. You may sign up to receive shareholder reports and other communications from the fund by email by contacting your financial intermediary (such as a broker- dealer or bank) or, if you hold your shares directly with the fund, by calling 1-800-637-2304 or by logging into your Investor Center account at http://www.computershare.com/investor.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. Contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you can call 1-800-637-2304 to let the fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the MFS fund complex if you invest directly.

CIH-SEM

MANAGED DISTRIBUTION POLICY DISCLOSURE

The MFS Intermediate High Income Fund’s (the fund) Board of Trustees adopted a managed distribution policy. The fund seeks to pay monthly distributions based on an annual rate of 9.50% 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 minimum 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 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. 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® Intermediate High Income Fund

New York Stock Exchange Symbol: CIF

Letter from the Executive Chairman	1
Portfolio composition	2
Portfolio managers’ profiles	4
Other notes	4
Portfolio of investments	5
Statement of assets and liabilities	18
Statement of operations	19
Statements of changes in net assets	20
Statement of cash flows	21
Financial highlights	22
Notes to financial statements	24
Report of independent registered public accounting firm	36
Proxy voting policies and information	37
Quarterly portfolio disclosure	37
Further information	37
Information about fund contracts and legal claims	37
Contact information    back cover

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

LETTER FROM THE EXECUTIVE CHAIRMAN

Dear Shareholders:

Markets experienced a bout of volatility in late 2018 as a result of higher interest rates, international trade friction, and geopolitical uncertainty surrounding issues such as

Brexit. Those concerns dissipated in the early months of 2019 due to the more dovish posture of the U.S. Federal Reserve and other global central banks, reported progress toward a trade pact between the United States and China, and action against a no-deal Brexit by the British Parliament. However, a last-minute breakdown in negotiations between the U.S. and China derailed the market’s momentum and increased concerns over the future pace of global growth. Compounding Brexit uncertainty was the resignation of British Prime Minister Theresa May, potentially ushering in a harder form of Brexit than she had advocated. U.S. equities have continued to outperform their global peers due in

part to fiscal stimulus undertaken in late 2017 and early 2018, which contributed to the continuation of relatively healthy levels of U.S. economic output against a backdrop of slower global growth. Inflation remains largely subdued globally, which is encouraging for asset markets. Rising incomes in many developed and emerging markets are supportive of gains in consumption, though a challenging environment for global trade has hindered manufacturing in most regions. Interest rates have fallen as a result of these challenges, and easier central bank policies are anticipated by markets.

Since launching the first U.S. open-end mutual fund in 1924, MFS® has been committed to a single purpose: to create value by allocating capital responsibly for clients. Through our powerful global investment platform, we combine collective expertise, thoughtful risk management, and long-term discipline to uncover what we believe are the best investment opportunities in the market.

Respectfully,

Robert J. Manning

Executive Chairman

MFS Investment Management

July 17, 2019

The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.

1

PORTFOLIO COMPOSITION

Portfolio structure (i)

Top five industries (i)
Cable TV	11.7%
Medical & Health Technology & Services	8.4%
Midstream	8.0%
Energy – Independent	7.5%
Containers	7.2%

Composition including fixed income credit quality (a)(i)
BBB	5.1%
BB	69.0%
B	49.3%
CCC	13.6%
CC	0.3%
Not Rated	(5.4)%
Non-Fixed Income	0.6%
Cash & Cash Equivalents (Less Liabilities)	(38.2)%
Other	5.7%
Portfolio facts (i)
Average Duration (d)	4.7
Average Effective Maturity (m)	4.7 yrs.

(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. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives, which have not been rated by any rating agency. Non-Fixed Income includes equity securities (including convertible bonds and equity derivatives) and/or commodity-linked derivatives. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.

(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.

2

Portfolio Composition – continued

(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 device (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.

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.

From time to time Cash & Cash Equivalents may be negative due to borrowings for leverage transactions and/or timing of cash receipts and disbursements.

Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.

Percentages are based on net assets as of May 31, 2019.

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

3

PORTFOLIO MANAGERS’ PROFILES

Portfolio Manager	Primary Role	Since	Title and Five Year History
David Cole	Portfolio Manager	2007	Investment Officer of MFS; employed in the investment management area of MFS since 2004.
Michael Skatrud	Portfolio Manager	2018	Investment Officer of MFS; employed in the investment management area of MFS since 2013.

OTHER NOTES

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 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 9.50% of the fund’s average monthly net asset value, not a fixed share price, and the fund’s dividend amount will fluctuate with changes in the fund’s average monthly net assets.

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.

4

PORTFOLIO OF INVESTMENTS

5/31/19 (unaudited)

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

Bonds - 134.7%
Issuer	Shares/Par		Value ($)
Aerospace - 1.4%
Bombardier, Inc., 7.5%, 3/15/2025 (n)	$	105,000	$	101,819
TransDigm, Inc., 6.5%, 7/15/2024		215,000		214,215
TransDigm, Inc., 6.25%, 3/15/2026 (n)		200,000		204,250
TransDigm, Inc., 6.375%, 6/15/2026		165,000		161,287
			$	681,571
Automotive - 2.4%
Allison Transmission, Inc., 5%, 10/01/2024 (n)	$	615,000	$	610,818
Allison Transmission, Inc., 4.75%, 10/01/2027 (n)		50,000		47,938
Allison Transmission, Inc., 5.875%, 6/01/2029 (n)		20,000		20,175
IAA Spinco, Inc., 5.5%, 6/15/2027 (z)		170,000		172,548
Panther BR Aggregator 2 LP/Panther Finance Co., Inc., 8.5%, 5/15/2027 (n)		310,000		309,225
			$	1,160,704
Broadcasting - 4.8%
Liberty Media Corp. - Liberty Formula One, 8.5%, 7/15/2029	$	270,000	$	272,700
Liberty Media Corp. - Liberty Formula One, 8.25%, 2/01/2030		98,000		98,490
Match Group, Inc., 6.375%, 6/01/2024		295,000		308,644
Match Group, Inc., 5%, 12/15/2027 (z)		95,000		95,237
Netflix, Inc., 5.875%, 2/15/2025		415,000		440,294
Netflix, Inc., 4.875%, 4/15/2028		90,000		88,894
Netflix, Inc., 5.875%, 11/15/2028		165,000		173,250
Netflix, Inc., 4.625%, 5/15/2029 (n)	EUR	100,000		120,184
Netflix, Inc., 3.875%, 11/15/2029 (z)		225,000		256,386
Univision Communications, Inc., 5.125%, 2/15/2025 (n)	$	60,000		54,946
WMG Acquisition Corp., 5%, 8/01/2023 (n)		65,000		65,813
WMG Acquisition Corp., 4.875%, 11/01/2024 (n)		330,000		332,475
WMG Acquisition Corp., 5.5%, 4/15/2026 (n)		65,000		65,894
			$	2,373,207
Building - 7.4%
ABC Supply Co., Inc., 5.75%, 12/15/2023 (n)	$	430,000	$	440,750
ABC Supply Co., Inc., 5.875%, 5/15/2026 (n)		265,000		269,306
Beacon Escrow Corp., 4.875%, 11/01/2025 (n)		263,000		248,619
Core & Main LP, 6.125%, 8/15/2025 (n)		250,000		246,875
HD Supply, Inc., 5.375%, 10/15/2026 (z)		140,000		142,450
James Hardie International Finance Ltd., 4.75%, 1/15/2025 (n)		200,000		198,500
James Hardie International Finance Ltd., 5%, 1/15/2028 (n)		300,000		289,500
NCI Building Systems, Inc., 8%, 4/15/2026 (n)		190,000		171,770

5

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Bonds - continued
Building - continued
New Enterprise Stone & Lime Co., Inc., 10.125%, 4/01/2022 (n)	$	150,000	$	153,000
New Enterprise Stone & Lime Co., Inc., 6.25%, 3/15/2026 (n)		216,000		214,380
PriSo Acquisition Corp., 9%, 5/15/2023 (n)		213,000		206,610
Standard Industries, Inc., 5.375%, 11/15/2024 (n)		360,000		363,877
Standard Industries, Inc., 6%, 10/15/2025 (n)		265,000		273,276
Summit Materials LLC/Summit Materials Finance Co., 6.125%, 7/15/2023		335,000		337,513
Summit Materials LLC/Summit Materials Finance Co., 5.125%, 6/01/2025 (n)		80,000		78,600
			$	3,635,026
Business Services - 5.8%
Alliance Data Systems Corp., 5.875%, 11/01/2021 (n)	$	125,000	$	127,344
Ascend Learning LLC, 6.875%, 8/01/2025 (n)		225,000		224,437
CDK Global, Inc., 4.875%, 6/01/2027		395,000		386,606
Equinix, Inc., 5.375%, 4/01/2023		140,000		141,883
Equinix, Inc., 5.75%, 1/01/2025		195,000		201,376
Equinix, Inc., 5.875%, 1/15/2026		150,000		157,139
Financial & Risk U.S. Holdings, Inc., 8.25%, 11/15/2026 (n)		285,000		283,575
First Data Corp., 5%, 1/15/2024 (n)		510,000		521,156
MSCI, Inc., 4.75%, 8/01/2026 (n)		370,000		377,289
Vantiv LLC/Vantiv Issuer Corp., 4.375%, 11/15/2025 (n)		250,000		257,860
Verscend Escrow Corp., 9.75%, 8/15/2026 (n)		175,000		185,063
			$	2,863,728
Cable TV - 11.9%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 1/15/2024	$	520,000	$	529,100
CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 5/01/2025 (n)		230,000		234,819
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 2/15/2026 (n)		585,000		606,572
CCO Holdings LLC/CCO Holdings Capital Corp., 5.875%, 5/01/2027 (n)		260,000		268,125
CSC Holdings LLC, 5.5%, 5/15/2026 (n)		200,000		202,940
CSC Holdings LLC, 5.5%, 4/15/2027 (n)		600,000		609,750
CSC Holdings LLC, 7.5%, 4/01/2028 (n)		200,000		213,000
DISH DBS Corp., 5.875%, 11/15/2024		145,000		130,362
Intelsat Connect Finance, 9.5%, 2/15/2023 (n)		145,000		126,513
Intelsat Jackson Holdings S.A., 5.5%, 8/01/2023		345,000		308,775
Sirius XM Radio, Inc., 4.625%, 5/15/2023 (n)		135,000		135,675
Sirius XM Radio, Inc., 6%, 7/15/2024 (n)		325,000		334,002
Sirius XM Radio, Inc., 5.375%, 4/15/2025 (n)		165,000		166,158
Telenet Finance Luxembourg S.A., 5.5%, 3/01/2028 (n)		400,000		394,200
Unitymedia KabelBW GmbH, 6.125%, 1/15/2025 (n)		240,000		246,120
Videotron Ltd., 5.375%, 6/15/2024 (n)		80,000		83,228
Videotron Ltd., 5.125%, 4/15/2027 (n)		480,000		482,400
Virgin Media Finance PLC, 5.75%, 1/15/2025 (n)		200,000		202,625

6

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Bonds - continued
Cable TV - continued
Virgin Media Secured Finance PLC, 5.25%, 1/15/2026 (n)	$	200,000	$	199,000
Ziggo Bond Finance B.V., 5.875%, 1/15/2025 (n)		400,000		397,000
			$	5,870,364
Chemicals - 3.3%
Axalta Coating Systems Co., 4.875%, 8/15/2024 (n)	$	450,000	$	447,750
Consolidated Energy Finance S.A., 6.875%, 6/15/2025 (n)		200,000		201,000
OCI N.V., 6.625%, 4/15/2023 (n)		400,000		408,000
SPCM S.A., 4.875%, 9/15/2025 (n)		375,000		364,688
Starfruit Finance Co./Starfruit U.S. Holding Co. LLC, 6.5%, 10/01/2026 (n)	EUR	200,000		219,667
			$	1,641,105
Computer Software - 0.9%
Diamond 1 Finance Corp./Diamond 2 Finance Corp., 5.875%, 6/15/2021 (n)	$	235,000	$	238,394
Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, 6/15/2026 (n)		205,000		221,525
			$	459,919
Computer Software - Systems - 3.0%
CDW LLC/CDW Finance Corp., 5.5%, 12/01/2024	$	16,000	$	16,660
CDW LLC/CDW Finance Corp., 5%, 9/01/2025		12,000		12,135
Fair Isaac Corp., 5.25%, 5/15/2026 (n)		375,000		390,937
JDA Software Group, Inc., 7.375%, 10/15/2024 (n)		200,000		208,060
Sabre GLBL, Inc., 5.375%, 4/15/2023 (n)		495,000		498,802
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n)		345,000		347,598
			$	1,474,192
Conglomerates - 5.1%
Amsted Industries Co., 5%, 3/15/2022 (n)	$	248,000	$	251,497
Amsted Industries Co., 5.625%, 7/01/2027 (n)		135,000		136,011
BWX Technologies, Inc., 5.375%, 7/15/2026 (n)		360,000		367,200
EnerSys, 5%, 4/30/2023 (n)		410,000		414,100
Entegris, Inc., 4.625%, 2/10/2026 (n)		440,000		437,800
Gates Global LLC, 6%, 7/15/2022 (n)		133,000		132,169
Stevens Holding Co., Inc., 6.125%, 10/01/2026 (n)		340,000		353,600
TriMas Corp., 4.875%, 10/15/2025 (n)		405,000		399,937
			$	2,492,314
Construction - 1.7%
Mattamy Group Corp., 6.5%, 10/01/2025 (n)	$	270,000	$	274,050
Toll Brothers Finance Corp., 4.875%, 11/15/2025		190,000		193,087
Toll Brothers Finance Corp., 4.35%, 2/15/2028		365,000		348,575
			$	815,712

7

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Bonds - continued
Consumer Products - 1.0%
Coty, Inc., 6.5%, 4/15/2026 (n)	$	190,000	$	182,377
Energizer Holdings, Inc., 6.375%, 7/15/2026 (n)		305,000		305,763
Energizer Holdings, Inc., 7.75%, 1/15/2027 (n)		10,000		10,425
			$	498,565
Consumer Services - 2.9%
Cimpress N.V., 7%, 6/15/2026 (n)	$	300,000	$	296,250
Frontdoor, Inc., 6.75%, 8/15/2026 (n)		205,000		215,250
Garda World Security Corp., 8.75%, 5/15/2025 (z)		25,000		23,875
Matthews International Corp., 5.25%, 12/01/2025 (n)		165,000		157,987
NVA Holdings, Inc., 6.875%, 4/01/2026 (n)		220,000		214,500
Realogy Group LLC, 9.375%, 4/01/2027 (n)		220,000		210,065
ServiceMaster Co. LLC, 5.125%, 11/15/2024 (n)		325,000		325,000
			$	1,442,927
Containers - 7.1%
ARD Finance S.A., 6.625%, 9/15/2023	EUR	100,000	$	113,203
ARD Finance S.A., 7.125%, 9/15/2023	$	200,000		196,000
ARD Securities Finance, 8.75%, (8.75% cash or 8.75% PIK) 1/31/2023 (n)(p)		208,750		194,109
Berry Global Group, Inc., 5.5%, 5/15/2022		180,000		181,350
Berry Global Group, Inc., 6%, 10/15/2022		165,000		167,888
BWAY Holding Co., Inc., 7.25%, 4/15/2025 (n)		195,000		187,707
Crown American LLC, 4.5%, 1/15/2023		326,000		330,036
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/2026		150,000		145,125
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026		140,000		140,770
Flex Acquisition Co., Inc., 6.875%, 1/15/2025 (n)		265,000		237,175
Multi-Color Corp., 6.125%, 12/01/2022 (n)		402,000		413,055
Reynolds Group, 5.75%, 10/15/2020		125,984		126,179
Reynolds Group, 5.125%, 7/15/2023 (n)		180,000		180,036
Reynolds Group, 7%, 7/15/2024 (n)		70,000		70,466
Sealed Air Corp., 4.875%, 12/01/2022 (n)		335,000		345,050
Silgan Holdings, Inc., 4.75%, 3/15/2025		235,000		234,412
W/S Packaging Group, Inc., 9%, 4/15/2023 (n)		195,000		210,112
			$	3,472,673
Electrical Equipment - 1.1%
CommScope Technologies LLC, 6%, 6/15/2025 (n)	$	160,000	$	145,123
CommScope Technologies LLC, 5%, 3/15/2027 (n)		465,000		393,646
			$	538,769

8

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Bonds - continued
Electronics - 2.1%
Qorvo, Inc., 5.5%, 7/15/2026 (n)	$	370,000	$	376,475
Sensata Technologies B.V., 5.625%, 11/01/2024 (n)		275,000		289,094
Sensata Technologies B.V., 5%, 10/01/2025 (n)		375,000		375,000
			$	1,040,569
Energy - Independent - 3.4%
Callon Petroleum Co., 6.375%, 7/01/2026	$	230,000	$	223,675
CrownRock LP/CrownRock Finance, Inc., 5.625%, 10/15/2025 (n)		215,000		205,862
Diamondback Energy, Inc., 5.375%, 5/31/2025		265,000		275,600
Jagged Peak Energy LLC, 5.875%, 5/01/2026		135,000		131,963
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6%, 8/01/2026 (n)		290,000		291,450
Parsley Energy LLC/Parsley Finance Corp., 5.25%, 8/15/2025 (n)		70,000		68,600
Parsley Energy LLC/Parsley Finance Corp., 5.625%, 10/15/2027 (n)		260,000		256,755
Sanchez Energy Corp., 6.125%, 1/15/2023		210,000		23,100
SM Energy Co., 6.75%, 9/15/2026		225,000		200,925
			$	1,677,930
Entertainment - 2.4%
AMC Entertainment Holdings, Inc., 5.75%, 6/15/2025	$	200,000	$	181,750
Live Nation Entertainment, Inc., 4.875%, 11/01/2024 (z)		95,000		95,238
Live Nation Entertainment, Inc., 5.625%, 3/15/2026 (n)		400,000		411,000
Six Flags Entertainment Corp., 4.875%, 7/31/2024 (n)		505,000		498,788
			$	1,186,776
Financial Institutions - 2.4%
Avolon Holdings Funding Ltd., 5.125%, 10/01/2023	$	195,000	$	201,825
Avolon Holdings Funding Ltd., 3.95%, 7/01/2024 (n)		130,000		128,915
Park Aerospace Holdings Ltd., 5.5%, 2/15/2024 (n)		565,000		592,295
Wand Merger Corp., 8.125%, 7/15/2023 (n)		275,000		274,312
			$	1,197,347
Food & Beverages - 5.0%
Aramark Services, Inc., 4.75%, 6/01/2026	$	310,000	$	308,063
Cott Holdings, Inc., 5.5%, 4/01/2025 (n)		435,000		428,475
JBS USA LLC/JBS USA Finance, Inc., 6.75%, 2/15/2028 (n)		265,000		279,906
JBS USA Lux S.A./JBS USA Finance, Inc., 5.875%, 7/15/2024 (n)		232,000		237,800
Lamb Weston Holdings, Inc., 4.625%, 11/01/2024 (n)		310,000		309,519
Lamb Weston Holdings, Inc., 4.875%, 11/01/2026 (n)		120,000		120,300
Pilgrim’s Pride Corp., 5.75%, 3/15/2025 (n)		100,000		101,250
Pilgrim’s Pride Corp., 5.875%, 9/30/2027 (n)		300,000		301,785
U.S. Foods Holding Corp., 5.875%, 6/15/2024 (n)		370,000		375,550
			$	2,462,648

9

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Bonds - continued
Gaming & Lodging - 6.7%
CCM Merger, Inc., 6%, 3/15/2022 (n)	$	230,000	$	235,750
GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/2023		155,000		164,622
GLP Capital LP/GLP Financing II, Inc., 5.25%, 6/01/2025		220,000		232,309
GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026		115,000		121,578
Hilton Domestic Operating Co., 5.125%, 5/01/2026		250,000		252,500
Hilton Worldwide Finance LLC, 4.625%, 4/01/2025		405,000		406,519
Marriot Ownership Resorts, Inc., 5.625%, 4/15/2023 (z)		270,000		270,675
MGM Growth Properties LLC, 4.5%, 9/01/2026		280,000		272,916
Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/2021		305,000		305,381
Ryman Hospitality Properties, Inc., REIT, 5%, 4/15/2023		200,000		201,000
Scientific Games Corp., 8.25%, 3/15/2026 (n)		145,000		145,818
Wyndham Hotels Group LLC, 5.375%, 4/15/2026 (n)		345,000		350,175
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.5%, 3/01/2025 (n)		350,000		343,000
			$	3,302,243
Industrial - 0.8%
KAR Auction Services, Inc., 5.125%, 6/01/2025 (n)	$	410,000	$	403,850
Insurance - Health - 1.2%
Centene Corp., 6.125%, 2/15/2024	$	185,000	$	193,118
Centene Corp., 5.375%, 6/01/2026 (n)		400,000		414,880
			$	607,998
Insurance - Property & Casualty - 1.2%
AssuredPartners, Inc., 7%, 8/15/2025 (n)	$	270,000	$	255,825
Hub International Ltd., 7%, 5/01/2026 (n)		315,000		309,771
			$	565,596
Machinery & Tools - 0.6%
Ashtead Capital, Inc., 5.625%, 10/01/2024 (n)	$	265,000	$	273,613
Major Banks - 1.7%
Barclays PLC, 7.875%, 12/29/2049	$	200,000	$	206,000
Credit Suisse Group AG, 7.25% to 9/12/2025, FLR (Swap Rate - 5yr.
+ 4.332%) to 12/31/2049 (n)		200,000		204,000
UBS Group AG, 6.875% to 8/07/2025, FLR (Swap Rate - 5yr. + 4.59%) to 12/29/2049		400,000		410,840
			$	820,840
Medical & Health Technology & Services - 7.2%
Acadia Healthcare Co., Inc., 5.625%, 2/15/2023	$	275,000	$	275,344
Avantor, Inc., 9%, 10/01/2025 (n)		290,000		317,912
DaVita, Inc., 5%, 5/01/2025		195,000		184,412

10

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Bonds - continued
Medical & Health Technology & Services - continued
Encompass Health Corp., 5.75%, 9/15/2025	$	120,000	$	121,800
HCA, Inc., 7.5%, 2/15/2022		345,000		377,344
HCA, Inc., 5.375%, 2/01/2025		525,000		547,811
HCA, Inc., 5.875%, 2/15/2026		235,000		249,102
HealthSouth Corp., 5.125%, 3/15/2023		385,000		387,887
Heartland Dental LLC, 8.5%, 5/01/2026 (n)		170,000		160,438
MPH Acquisition Holdings LLC, 7.125%, 6/01/2024 (z)		180,000		179,100
Polaris, 8.5%, (8.5% cash or 8.5% PIK) 12/01/2022 (n)(p)		120,000		117,900
Regional Care/LifePoint Health, Inc., 9.75%, 12/01/2026 (n)		295,000		310,461
Team Health Holdings to Team Health, Inc., 6.375%, 2/01/2025 (z)		60,000		49,463
Tenet Healthcare Corp., 6.75%, 6/15/2023		100,000		99,500
West Street Merger Sub, Inc., 6.375%, 9/01/2025 (n)		200,000		182,774
			$	3,561,248
Medical Equipment - 1.2%
Teleflex, Inc., 5.25%, 6/15/2024	$	240,000	$	246,000
Teleflex, Inc., 4.875%, 6/01/2026		105,000		106,575
Teleflex, Inc., 4.625%, 11/15/2027		255,000		251,940
			$	604,515
Metals & Mining - 6.1%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 7/15/2026 (n)	$	175,000	$	175,437
Big River Steel LLC, 7.25%, 9/01/2025 (n)		195,000		202,800
First Quantum Minerals Ltd., 7.25%, 4/01/2023 (n)		200,000		182,500
Freeport-McMoRan Copper & Gold, Inc., 5.4%, 11/14/2034		290,000		258,100
Freeport-McMoRan, Inc., 6.875%, 2/15/2023		498,000		520,410
Kaiser Aluminum Corp., 5.875%, 5/15/2024		187,000		190,272
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.125%, 11/01/2022 (n)		310,000		241,025
Novelis Corp., 5.875%, 9/30/2026 (n)		340,000		331,289
Petra Diamonds U.S. Treasury PLC, 7.25%, 5/01/2022 (n)		200,000		191,500
Steel Dynamics, Inc., 4.125%, 9/15/2025		150,000		148,313
Steel Dynamics, Inc., 5%, 12/15/2026		145,000		148,263
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.5%, 6/15/2025 (n)		170,000		167,450
TMS International Corp., 7.25%, 8/15/2025 (n)		245,000		238,875
			$	2,996,234
Midstream - 7.9%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/2022 (n)	$	140,000	$	139,300
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.625%, 7/15/2026 (n)		205,000		206,025

11

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Bonds - continued
Midstream - continued
Cheniere Energy Partners LP, 5.25%, 10/01/2025	$	200,000	$	200,500
Cheniere Energy, Inc., 5.875%, 3/31/2025		385,000		413,875
DCP Midstream Operating LP, 4.95%, 4/01/2022		170,000		174,888
DCP Midstream Operating LP, 3.875%, 3/15/2023		215,000		212,312
DCP Midstream Operating LP, 5.375%, 7/15/2025 (n)		195,000		202,800
DCP Midstream Operating LP, 5.6%, 4/01/2044		130,000		121,225
Energy Transfer Operating Co., 5.875%, 1/15/2024		360,000		393,419
EnLink Midstream Partners LP, 4.4%, 4/01/2024		535,000		525,637
Tallgrass Energy Partners LP, 5.5%, 1/15/2028 (n)		470,000		467,650
Targa Resources Partners LP/Targa Resources Finance Corp., 5.25%, 5/01/2023		170,000		170,587
Targa Resources Partners LP/Targa Resources Finance Corp., 5.125%, 2/01/2025 (n)		260,000		260,650
Targa Resources Partners LP/Targa Resources Finance Corp., 5.375%, 2/01/2027		415,000		417,075
			$	3,905,943
Network & Telecom - 0.6%
Zayo Group LLC/Zayo Capital, Inc., 5.75%, 1/15/2027 (n)	$	265,000	$	272,288
Oil Services - 1.3%
Apergy Corp., 6.375%, 5/01/2026	$	385,000	$	394,625
Diamond Offshore Drill Co., 5.7%, 10/15/2039		335,000		209,375
Ensign Drilling, Inc., 9.25%, 4/15/2024 (z)		30,000		28,687
			$	632,687
Oils - 1.5%
Parkland Fuel Corp., 6%, 4/01/2026 (n)	$	455,000	$	460,687
PBF Holding Co. LLC/PBF Finance Corp., 7%, 11/15/2023		50,000		51,000
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/2025		225,000		228,375
			$	740,062
Pharmaceuticals - 1.9%
Eagle Holding Co. II LLC, 7.625%, 5/15/2022 (n)	$	200,000	$	200,250
Eagle Holding Co. II LLC, 7.75%, 5/15/2022 (z)		20,000		20,125
Endo Finance LLC/Endo Finco, Inc., 5.375%, 1/15/2023 (n)		140,000		104,650
Valeant Pharmaceuticals International, Inc., 5.5%, 3/01/2023 (n)		120,000		120,300
Valeant Pharmaceuticals International, Inc., 6.125%, 4/15/2025 (n)		510,000		496,931
			$	942,256
Printing & Publishing - 1.1%
Nielsen Finance LLC, 5%, 4/15/2022 (n)	$	412,000	$	407,509
TEGNA, Inc., 5.5%, 9/15/2024 (n)		148,000		150,405
			$	557,914

12

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Bonds - continued
Real Estate - Healthcare - 0.9%
MPT Operating Partnership LP/MPT Financial Co., REIT, 5.25%, 8/01/2026	$	280,000	$	282,268
MPT Operating Partnership LP/MPT Financial Co., REIT, 5%, 10/15/2027		170,000		167,875
			$	450,143
Real Estate - Other - 1.3%
CyrusOne LP/CyrusOne Finance Corp., REIT, 5%, 3/15/2024	$	385,000	$	387,772
CyrusOne LP/CyrusOne Finance Corp., REIT, 5.375%, 3/15/2027		215,000		221,719
			$	609,491
Restaurants - 1.3%
Golden Nugget, Inc., 6.75%, 10/15/2024 (n)	$	240,000	$	238,200
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 6/01/2026 (n)		370,000		373,841
			$	612,041
Retailers - 1.6%
DriveTime Automotive Group, Inc./DT Acceptance Corp., 8%, 6/01/2021 (n)	$	165,000	$	166,650
EG Global Finance PLC, 6.75%, 2/07/2025 (z)		200,000		196,250
L Brands, Inc., 5.25%, 2/01/2028		235,000		210,325
Party City Holdings, Inc., 6.625%, 8/01/2026 (z)		45,000		44,775
Sally Beauty Holdings, Inc., 5.625%, 12/01/2025		145,000		143,187
			$	761,187
Specialty Chemicals - 1.3%
Koppers, Inc., 6%, 2/15/2025 (n)	$	230,000	$	216,056
Univar USA, Inc., 6.75%, 7/15/2023 (n)		430,000		435,375
			$	651,431
Specialty Stores - 0.7%
Penske Automotive Group Co., 5.375%, 12/01/2024	$	145,000	$	145,363
Penske Automotive Group Co., 5.5%, 5/15/2026		175,000		173,250
			$	318,613
Telecommunications - Wireless - 6.9%
Altice France S.A., 8.125%, 2/01/2027 (n)	$	400,000	$	399,500
Altice Luxembourg S.A., 7.75%, 5/15/2022 (n)		200,000		203,500
Altice Luxembourg S.A., 7.625%, 2/15/2025 (n)		200,000		184,140
Digicel Group Ltd., 6.75%, 3/01/2023 (n)		225,000		147,265
SBA Communications Corp., 4%, 10/01/2022		360,000		358,063
SBA Communications Corp., 4.875%, 9/01/2024		155,000		153,504
SFR Group S.A., 7.375%, 5/01/2026 (n)		200,000		195,375
Sprint Corp., 7.875%, 9/15/2023		375,000		402,187

13

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Bonds - continued
Telecommunications - Wireless - continued
Sprint Corp., 7.125%, 6/15/2024	$	510,000	$	530,400
Sprint Nextel Corp., 6%, 11/15/2022		155,000		158,150
T-Mobile USA, Inc., 6.5%, 1/15/2024		95,000		98,088
T-Mobile USA, Inc., 5.125%, 4/15/2025		195,000		198,169
T-Mobile USA, Inc., 6.5%, 1/15/2026		195,000		205,725
T-Mobile USA, Inc., 5.375%, 4/15/2027		165,000		171,755
			$	3,405,821
Telephone Services - 1.0%
Level 3 Financing, Inc., 5.375%, 1/15/2024	$	130,000	$	130,325
Level 3 Financing, Inc., 5.375%, 5/01/2025		350,000		350,438
			$	480,763
Transportation - Services - 0.2%
Navios South American Logistics, Inc./Navios Logistics Finance (U.S.), Inc., 7.25%, 5/01/2022	$	130,000	$	117,000
Utilities - Electric Power - 3.4%
Clearway Energy Operating LLC, 5.75%, 10/15/2025 (n)	$	525,000	$	523,687
Covanta Holding Corp., 5.875%, 3/01/2024		235,000		240,875
Covanta Holding Corp., 6%, 1/01/2027		150,000		152,853
Drax Finco PLC, 6.625%, 11/01/2025 (n)		220,000		223,029
NextEra Energy Operating Co., 4.25%, 9/15/2024 (n)		430,000		427,313
NextEra Energy Operating Co., 4.5%, 9/15/2027 (n)		120,000		116,400
			$	1,684,157
Total Bonds (Identified Cost, $66,506,813)			$	66,263,980
Floating Rate Loans (r) - 0.9%
Broadcasting - 0.1%
Warner Music Group, Term Loan F, 4.563%, 11/01/2023	$	41,000	$	40,500
Conglomerates - 0.1%
Gates Global LLC, Term Loan B2, 5.189%, 4/01/2024	$	48,753	$	48,413
Entertainment - 0.1%
Live Nation Entertainment, Inc., Term Loan B3, 4.25%, 10/31/2023	$	62,680	$	62,445
Food & Beverages - 0.1%
U.S. Foods, Inc., Term Loan B, 4.438%, 6/27/2023	$	40,790	$	40,393
Medical & Health Technology & Services - 0.3%
DaVita, Inc., Term Loan B, 5.189%, 6/24/2021	$	159,965	$	159,665

14

Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par		Value ($)
Floating Rate Loans (r) - continued
Oil Services - 0.2%
Apergy Corp., Term Loan B, 5.03%, 5/09/2025	$	86,025	$	85,703
Total Floating Rate Loans (Identified Cost, $433,487)			$	437,119
Common Stocks - 0.4%
Construction - 0.0%
ICA Tenedora, S.A. de C.V. (a)		11,302	$	20,113
Oil Services - 0.4%
LTRI Holdings LP (a)(u)		200	$	177,884
Total Common Stocks (Identified Cost, $92,113)			$	197,997
Convertible Bonds - 0.1%
Cable TV - 0.1%
DISH Network Corp., 3.375%, 8/15/2026 (Identified Cost, $81,479)	$	90,000	$	82,699

	Strike Price		First Exercise
Warrants - 0.0%
Forest & Paper Products - 0.0%
Appvion Holdings Corp. - Tranche A (1 share for 1 warrant) (a)	$	27.17		8/24/18	84	$	42
Appvion Holdings Corp. - Tranche B (1 share for 1 warrant) (a)		31.25		8/24/18	84		11
Total Warrants (Identified Cost, $0)						$	53
Investment Companies (h) - 2.6%
Money Market Funds - 2.6%
MFS Institutional Money Market Portfolio, 2.46% (v) (Identified Cost, $1,272,711)					1,272,812	$	1,272,812
Other Assets, Less Liabilities - (38.7)%							(19,052,125	)
Net Assets - 100.0%						$	49,202,535

(a) Non-income producing security.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund’s investments in affiliated issuers and in unaffiliated issuers were $1,272,812 and $66,981,848, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $41,594,282, representing 84.5% of net assets.

(p) Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash.

15

Portfolio of Investments (unaudited) – continued

(r) The remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. The interest rate shown represents the weighted average of the floating interest rates on settled contracts within the loan facility at period end, unless otherwise indicated. The floating interest rates on settled contracts are determined periodically by reference to a base lending rate and a spread.

(u) The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see Note 2 in the Notes to Financial Statements.

(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

(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:

Restricted Securities	Acquisition Date	Cost		Value
Eagle Holding Co. II LLC, 7.75%, 5/15/2022	5/07/19		$19,803		$20,125
EG Global Finance PLC, 6.75%, 2/07/2025	5/02/19		200,000		196,250
Ensign Drilling, Inc., 9.25%, 4/15/2024	5/03/19		29,740		28,687
Garda World Security Corp., 8.75%, 5/15/2025	5/14/19-5/28/19		24,081		23,875
HD Supply, Inc., 5.375%, 10/15/2026	5/31/19		142,800		142,450
IAA Spinco, Inc., 5.5%, 6/15/2027	5/22/19-5/23/19		172,031		172,548
Live Nation Entertainment, Inc., 4.875%, 11/01/2024	4/10/19-4/12/19		96,860		95,238
Marriot Ownership Resorts, Inc., 5.625%, 4/15/2023	11/14/18		271,331		270,675
Match Group, Inc., 5%, 12/15/2027	5/10/19		95,827		95,237
MPH Acquisition Holdings LLC, 7.125%, 6/01/2024	3/20/19-4/02/19		179,460		179,100
Netflix, Inc., 3.875%, 11/15/2029	4/24/19-4/25/19		251,937		256,386
Party City Holdings, Inc., 6.625%, 8/01/2026	5/09/19		43,993		44,775
Team Health Holdings to Team Health, Inc., 6.375%, 2/01/2025	5/15/19-5/23/19		51,107		49,463
Total Restricted Securities					$1,574,809
% of Net assets					3.2%

The following abbreviations are used in this report and are defined:

FLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.

REIT Real Estate Investment Trust

Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:

EUR Euro

16

Portfolio of Investments (unaudited) – continued

Derivative Contracts at 5/31/19

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
Asset Derivatives
USD	465,111	EUR	409,414	Merrill Lynch International		7/12/2019		$6,263
Liability Derivatives
USD	112,027	EUR	100,000	Citibank N.A.		7/12/2019		$(46	)
USD	141,252	EUR	126,094	UBS AG		7/12/2019		(67	)
								$(113	)

Futures Contracts

Description	Long/ Short		Currency		Contracts		Notional Amount		Expiration Date		Value/ Unrealized Appreciation (Depreciation)
Liability Derivatives
Interest Rate Futures
Euro-Bobl 5 yr		Short		EUR		1		$149,609		June - 2019		$(2,114	)
U.S. Treasury Note 10 yr		Short		USD		7		887,250		September - 2019		(4,892	)
U.S. Treasury Note 5 yr		Short		USD		15		1,760,508		September - 2019		(7,924	)
												$(14,930	)

At May 31, 2019, the fund had cash collateral of $17,929 to cover any collateral or margin obligations for certain derivative contracts. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.

See Notes to Financial Statements

17

Financial Statements

STATEMENT OF ASSETS AND LIABILITIES

At 5/31/19 (unaudited)

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, $67,113,892)	$66,981,848
Investments in affiliated issuers, at value (identified cost, $1,272,711)	1,272,812
Cash	1,855
Deposits with brokers for
Futures contracts	17,929
Receivables for
Forward foreign currency exchange contracts	6,263
Investments sold	1,119,201
Interest	1,006,968
Other assets	14,202
Total assets	$70,421,078
Liabilities
Notes payable	$20,000,000
Payables for
Forward foreign currency exchange contracts	113
Net daily variation margin on open futures contracts	12,781
Investments purchased	1,076,692
Payable to affiliates
Investment adviser	6,919
Transfer agent and dividend disbursing costs	219
Payable for independent Trustees’ compensation	12
Accrued interest expense	50,983
Accrued expenses and other liabilities	70,824
Total liabilities	$21,218,543
Net assets	$49,202,535
Net assets consist of
Paid-in capital	$55,901,854
Total distributable earnings (loss)	(6,699,319	)
Net assets	$49,202,535
Shares of beneficial interest outstanding	19,616,341
Net asset value per share (net assets of $49,202,535 / 19,616,341 shares of beneficial interest outstanding)	$2.51

See Notes to Financial Statements

18

Financial Statements

STATEMENT OF OPERATIONS

Six months ended 5/31/19 (unaudited)

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
Interest	$1,980,345
Dividends from affiliated issuers	17,093
Other	4,236
Total investment income	$2,001,674
Expenses
Management fee	$215,866
Transfer agent and dividend disbursing costs	7,963
Administrative services fee	8,732
Independent Trustees’ compensation	7,180
Stock exchange fee	11,840
Custodian fee	3,625
Shareholder communications	29,008
Audit and tax fees	42,146
Legal fees	1,254
Interest expense and fees	302,727
Miscellaneous	22,782
Total expenses	$653,123
Reduction of expenses by investment adviser	(22,178	)
Net expenses	$630,945
Net investment income (loss)	$1,370,729
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)
Unaffiliated issuers	$(765,145	)
Affiliated issuers	377
Futures contracts	(62,694	)
Forward foreign currency exchange contracts	17,072
Foreign currency	96
Net realized gain (loss)	$(810,294	)
Change in unrealized appreciation or depreciation
Unaffiliated issuers	$2,686,762
Affiliated issuers	(257	)
Futures contracts	(10,394	)
Forward foreign currency exchange contracts	(3,504	)
Translation of assets and liabilities in foreign currencies	14
Net unrealized gain (loss)	$2,672,621
Net realized and unrealized gain (loss)	$1,862,327
Change in net assets from operations	$3,233,056

See Notes to Financial Statements

19

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.

Change in net assets	Six months ended 5/31/19 (unaudited)			Year ended 11/30/18
From operations
Net investment income (loss)		$1,370,729			$2,853,110
Net realized gain (loss)		(810,294	)		(556,265	)
Net unrealized gain (loss)		2,672,621			(3,910,198	)
Change in net assets from operations		$3,233,056			$(1,613,353	)
Distributions to shareholders		$(1,407,892	)		$(3,000,689	)
Tax return of capital distributions to shareholders		$—			$(1,972,890	)
Distributions from other sources		$(921,004	)		$—
Change in net assets from fund share transactions		$(209,145	)		$144,505
Total change in net assets		$695,015			$(6,442,427	)
Net assets
At beginning of period		48,507,520			54,949,947
At end of period		$49,202,535			$48,507,520

See Notes to Financial Statements

20

Financial Statements

STATEMENT OF CASH FLOWS

Six months ended 5/31/19 (unaudited)

This statement provides a summary of cash flows from investment activity for the fund.

Cash flows from operating activities:
Change in net assets from operations	$3,233,056
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities:
Purchase of investment securities	(17,343,693	)
Proceeds from disposition of investment securities	17,599,827
Proceeds from disposition of short-term investments, net	1,027,582
Realized gain/loss on investments	765,145
Unrealized appreciation/depreciation on investments	(2,686,505	)
Unrealized appreciation/depreciation on foreign currency contracts	3,504
Net amortization/accretion of income	10,256
Increase in interest receivable	(17,762	)
Decrease in accrued expenses and other liabilities	(28,171	)
Increase in payable for net daily variation margin on open futures contracts	11,761
Increase in other assets	(12,244	)
Increase in interest payable	2,458
Net cash provided by operating activities	$2,565,214
Cash flows from financing activities:
Distributions paid in cash	(2,297,314	)
Repurchase of shares of beneficial interest	(257,528	)
Net cash used by financing activities	$(2,554,842	)
Net increase in cash and restricted cash (a)	$10,372
Cash and restricted cash:
Beginning of period	$9,412
End of period	$19,784

(a) See Note 2 for more information on presentational changes to the Statement of Cash Flows that were effective with the beginning of the current reporting period.

Supplemental disclosure of cash flow information:

Non-cash financing activities not included herein consist of reinvestment of dividends and distributions of $48,383.

Cash paid during the six months ended May 31, 2019 for interest was $300,269.

See Notes to Financial Statements

21

Financial Statements

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal 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.

	Six months ended 5/31/19			Year ended
				11/30/18			11/30/17			11/30/16			11/30/15			11/30/14
	(unaudited)
Net asset value, beginning of period		$2.46			$2.79			$2.77			$2.70			$3.09			$3.16
Income (loss) from investment operations
Net investment income (loss) (d)		$0.07			$0.14	(c)		$0.16			$0.19			$0.20			$0.21
Net realized and unrealized gain (loss)		0.10			(0.22	)		0.12			0.14			(0.33	)		(0.05	)
Total from investment operations		$0.17			$(0.08	)		$0.28			$0.33			$(0.13	)		$0.16
Less distributions declared to shareholders
From net investment income		$(0.07	)		$(0.15	)		$(0.17	)		$(0.20	)		$(0.21	)		$(0.23	)
From tax return of capital		—			(0.10	)		(0.10	)		(0.06	)		(0.05	)		—
From other sources		(0.05	)		—			—			—			—			—
Total distributions declared to shareholders		$(0.12	)		$(0.25	)		$(0.27	)		$(0.26	)		$(0.26	)		$(0.23	)
Net increase from repurchase of capital shares		$0.00	(w)		$—			$0.01			$0.00	(w)		$0.00	(w)		$0.00	(w)
Net asset value, end of period (x)		$2.51			$2.46			$2.79			$2.77			$2.70			$3.09
Market value, end of period		$2.54			$2.29			$2.75			$2.48			$2.32			$2.73
Total return at market value (%)		16.45	(n)		(8.21	)		22.30			18.72			(6.15	)		5.46
Total return at net asset value (%) (j)(r)(s)(x)		7.12	(n)		(2.81	)(c)		11.09			13.94			(3.50	)		5.77
Ratios (%) (to average net assets) and Supplemental data:
Expenses before expense reductions (f)		2.66	(a)		2.50	(c)		2.15			2.07			1.77			1.66
Expenses after expense reductions (f)		2.57	(a)		2.41	(c)		2.05			1.84			1.70			1.61
Net investment income (loss)		5.59	(a)		5.50	(c)		5.75			6.97			6.63			6.61
Portfolio turnover		25	(n)		45			49			34			34			48
Net assets at end of period (000 omitted)		$49,203			$48,508			$54,950			$56,785			$56,362			$65,100

22

Financial Highlights – continued

	Six months ended 5/31/19			Year ended
				11/30/18			11/30/17		11/30/16		11/30/15		11/30/14
	(unaudited)
Supplemental Ratios (%):
Ratio of expenses to average net assets after expense reductions and excluding interest expense and fees (f)		1.34	(a)		1.33	(c)		1.34		1.34		1.35		1.34
Senior Securities:
Total notes payable outstanding (000 omitted)		$20,000			$20,000			$22,000		$22,000		$22,000		$22,000
Asset coverage per $1,000 of indebtedness (k)		$3,460			$3,425			$3,498		$3,581		$3,562		$3,959

(a) Annualized.

(c) Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher.

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

(f) Ratios do not reflect reductions from fees paid indirectly, if applicable.

(j) Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value.

(k) Calculated by subtracting the fund’s total liabilities (not including notes payable) from the fund’s total assets and dividing this number by the notes payable outstanding and then multiplying by 1,000.

(n) Not annualized.

(r) Certain expenses have been reduced without which performance would have been lower.

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

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

(x) The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.

See Notes to Financial Statements

23

NOTES TO FINANCIAL STATEMENTS

(unaudited)

(1) Business and Organization

MFS Intermediate High Income Fund (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 high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. 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, and other conditions.

In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230) – Restricted Cash (“ASU 2016-18”), which is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The fund adopted ASU 2016-18 effective with the beginning of the current reporting period, which resulted in changes to the presentation of restricted cash in the fund’s Statement of Cash Flows and additional disclosures regarding the nature of the restrictions on cash and restricted cash.

In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) – Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that purchased callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management has evaluated the potential impacts of ASU 2017-08 and believes that adoption of ASU 2017-08 will not have a material effect on the fund’s overall financial position or its overall results of operations.

24

Notes to Financial Statements (unaudited) – continued

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.

Investment Valuations – Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. 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. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. 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, and other market data. 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.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by

25

Notes to Financial Statements (unaudited) – continued

events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes 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 and forward foreign currency exchange contracts. The following is a summary of the levels used as of May 31, 2019 in valuing the fund’s assets or liabilities:

Financial Instruments	Level 1			Level 2			Level 3		Total
Equity Securities		$—			$20,166			$177,884		$198,050
U.S. Corporate Bonds		—			54,594,000			—		54,594,000
Foreign Bonds		—			11,752,679			—		11,752,679
Floating Rate Loans		—			437,119			—		437,119
Mutual Funds		1,272,812			—			—		1,272,812
Total		$1,272,812			$66,803,964			$177,884		$68,254,660
Other Financial Instruments
Futures Contracts – Liabilities		$(14,930	)		$—			$—		$(14,930	)
Forward Foreign Currency Exchange Contracts – Assets		—			6,263			—		6,263
Forward Foreign Currency Exchange Contracts – Liabilities		—			(113	)		—		(113	)

26

Notes to Financial Statements (unaudited) – continued

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

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.

	Equity Securities
Balance as of 11/30/18		$177,884
Change in unrealized appreciation or depreciation		0
Balance as of 5/31/19		$177,884

The net change in unrealized appreciation or depreciation from investments held as level 3 at May 31, 2019 is $0. At May 31, 2019, the fund held one level 3 security.

Foreign Currency Translation – Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

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 exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate 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 and forward foreign currency exchange contracts. Depending on the type of derivative, the 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.

27

Notes to Financial Statements (unaudited) – continued

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 May 31, 2019 as reported in the Statement of Assets and Liabilities:

		Fair Value (a)
Risk	Derivative Contracts	Asset Derivatives		Liability Derivatives
Interest Rate	Interest Rate Futures		$—		$(14,930	)
Foreign Exchange	Forward Foreign Currency Exchange Contracts		6,263		(113	)
Total			$6,263		$(15,043	)

(a) Values presented in this table for futures contracts correspond to the values reported in the fund’s Portfolio of Investments. Only the current day net variation margin for futures contracts is separately reported within the fund’s 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 six months ended May 31, 2019 as reported in the Statement of Operations:

Risk	Futures Contracts			Forward Foreign Currency Exchange Contracts
Interest Rate		$(62,694	)		$—
Foreign Exchange		—			17,072
Total		$(62,694	)		$17,072

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 six months ended May 31, 2019 as reported in the Statement of Operations:

Risk	Futures Contracts			Forward Foreign Currency Exchange Contracts
Interest Rate		$(10,394	)		$—
Foreign Exchange		—			(3,504	)
Total		$(10,394	)		$(3,504	)

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

28

Notes to Financial Statements (unaudited) – 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 cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options) and 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 collateral 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 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 “Interest expense and fees” 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.

Forward Foreign Currency Exchange Contracts – The fund entered into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. These contracts may be used to hedge the fund’s currency risk or for non-hedging purposes. For hedging purposes, the fund may

29

Notes to Financial Statements (unaudited) – continued

enter into contracts to deliver or receive foreign currency that the fund will receive from or use in its normal investment activities. The fund may also use contracts to hedge against declines in the value of foreign currency denominated securities due to unfavorable exchange rate movements. For non-hedging purposes, the fund may enter into contracts with the intent of changing the relative exposure of the fund’s portfolio of securities to different currencies to take advantage of anticipated exchange rate changes.

Forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any unrealized gains or losses are recorded as a receivable or payable for forward foreign currency exchange contracts until the contract settlement date. On contract settlement date, any gain or loss on the contract is recorded as realized gains or losses on forward foreign currency exchange contracts.

Risks may arise upon entering into these contracts from unanticipated movements in the value of the contract and from the potential inability of counterparties to meet the terms of their contracts. Generally, the fund’s maximum risk due to counterparty credit risk is the unrealized gain on the contract due to the use of Continuous Linked Settlement, a multicurrency cash settlement system for the centralized settlement of foreign transactions. This risk is mitigated in cases where there is an ISDA Master Agreement between the fund and the counterparty providing for netting as described above and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty under such ISDA Master Agreement.

Loans and Other Direct Debt Instruments – The fund invests in loans and loan participations or other receivables. These investments may include standby financing commitments, including revolving credit facilities, which contractually obligate the fund to supply additional cash to the borrower on demand. The fund generally provides this financial support in order to preserve its existing investment or to obtain a more senior secured interest in the assets of the borrower. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary.

Statement of Cash Flows – Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the Statement of Cash Flows. Cash as presented in the fund’s Statement of Assets and Liabilities includes cash on hand at the fund’s custodian bank and does not include any short-term investments. Restricted cash is presented in the fund’s Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives and represents cash that has been segregated or delivered to cover the fund’s collateral or margin obligations under derivative contracts.

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities with that shown in the Statement of Cash Flows:

	5/31/19
Cash		$1,855
Restricted cash		—
Restricted cash included in deposits with brokers		17,929
Total cash and restricted cash in the Statement of Cash Flows		$19,784

30

Notes to Financial Statements (unaudited) – continued

The beginning of period cash and restricted cash balance in the Statement of Cash Flows is comprised of cash of $755, restricted cash of $0, and restricted cash included in deposits with brokers of $8,657.

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 – Investment transactions are recorded on the trade date. 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. The fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, commitment fees, facility fees, consent fees, and prepayment fees. Commitment fees are recorded on an accrual basis as income in the accompanying financial statements. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. 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.

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 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 seeks to pay monthly distributions based on an annual rate of 9.50% of the fund’s average monthly net asset value. As a result, distributions may exceed actual earnings which

31

Notes to Financial Statements (unaudited) – continued

may result in a tax return of capital. 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 expiration of capital loss carryforwards.

For the six months ended May 31, 2019, the amount of distributions estimated to be a tax return of capital was approximately $921,004 which is reported as distributions from other sources in the Statements of Changes in Net Assets.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

	Year ended 11/30/18
Ordinary income (including any short-term capital gains)		$3,000,689
Tax return of capital (b)		1,972,890
Total distributions		$4,973,579

(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 5/31/19
Cost of investments	$68,454,554
Gross appreciation	892,326
Gross depreciation	(1,092,220	)
Net unrealized appreciation (depreciation)	$(199,894	)
As of 11/30/18
Capital loss carryforwards	(4,640,083	)
Other temporary differences	(16,837	)
Net unrealized appreciation (depreciation)	(2,946,559	)

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

32

Notes to Financial Statements (unaudited) – continued

As of November 30, 2018, 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	$(403,891	)
Long-Term	(4,236,192	)
Total	$(4,640,083	)

(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 0.65% of the fund’s average daily net assets. The fund pays the adviser a monthly fee equal to 20% of the fund’s leverage income after deducting the expenses of leveraging (“net leverage income”); provided, however, if the fund’s net leverage income is less than zero, the adviser pays the fund the percentage indicated of the fund’s net leverage income. The management fee incurred for the six months ended May 31, 2019 was equivalent to an annual effective rate of 0.88% of the fund’s average daily net assets.

The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-related expenses, such that total fund operating expenses do not exceed 1.34% annually 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 November 30, 2019. For the six months ended May 31, 2019, this reduction amounted to $22,178, which is included in the reduction of total expenses in the Statement of Operations.

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 six months ended May 31, 2019, these fees paid to MFSC amounted to $1,439.

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 incurred for the six months ended May 31, 2019 was equivalent to an annual effective rate of 0.0356% 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. 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.

33

Notes to Financial Statements (unaudited) – continued

Other – This fund and certain other funds managed by MFS (the funds) have entered into a service agreement (the ISO Agreement) which provides for payment of fees solely by the funds to Tarantino LLC in return for the provision of services of an Independent Senior Officer (ISO) for the funds. Frank L. Tarantino serves as the ISO and is an officer of the funds and the sole member of Tarantino LLC. The funds can terminate the ISO Agreement with Tarantino LLC at any time under the terms of the ISO Agreement. For the six months ended May 31, 2019, the fee paid by the fund under this agreement was $44 and is included in “Miscellaneous” expense in the Statement of Operations. MFS has agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ISO.

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.

(4) Portfolio Securities

For the six months ended May 31, 2019, purchases and sales of investments, other than short-term obligations, aggregated $16,583,964 and $16,512,631, respectively.

(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. The fund repurchased 117,869 shares of beneficial interest during the six months ended May 31, 2019 at an average price per share of $2.18 and a weighted average discount of 10.05% per share. During the year ended November 30, 2018, the fund did not repurchase any shares. Transactions in fund shares were as follows:

	Six months ended 5/31/19						Year ended 11/30/18
	Shares			Amount			Shares		Amount
Shares issued to shareholders in reinvestment of distributions		19,027			$48,383			54,110		$144,505
Capital shares repurchased		(117,869	)		(257,528	)		—		—
Net change		(98,842	)		$(209,145	)		54,110		$144,505

(6) Loan Agreement

The fund has a credit agreement with a bank for a revolving secured line of credit that can be drawn upon up to $23,000,000. Prior to May 10, 2019, the maximum amount available under the line of credit was $25,000,000. At May 31, 2019, the fund had outstanding borrowings under this agreement in the amount of $20,000,000, which are secured by a lien on the fund’s assets. The loan’s carrying value in the fund’s Statement of Assets and Liabilities approximates its fair value. The loan value as of the reporting date is considered level 2 under the fair value hierarchy. The credit agreement matures on August 19, 2019. The Trustees approved the renewal of the revolving secured line of credit up to the amount of $23,000,000 on substantially similar terms for a 365 day period which matures on August 19, 2020. Borrowings under the agreement can be made for liquidity or leverage purposes. Interest is charged at a rate per annum equal to LIBOR plus an agreed upon spread with the option to choose

34

Notes to Financial Statements (unaudited) – continued

LIBOR periods of overnight, 1, 2, 3, or 6 months, or at the option of the borrower an alternate base rate plus an agreed upon spread. The fund incurred interest expense of $299,459 during the period, which is included in “Interest expense and fees” in the Statement of Operations. The fund may also be charged a commitment fee based on the average daily unused portion of the line of credit. The fund paid a commitment fee of $3,100 during the period, which is included in “Interest expense and fees” in the Statement of Operations. For the six months ended May 31, 2019, the average loan balance was $20,000,000 at a weighted average annual interest rate of 3.00%. The fund is subject to certain covenants including, but not limited to, requirements with respect to asset coverage, portfolio diversification and liquidity.

(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:

Affiliated Issuers	Beginning Value		Purchases		Sales Proceeds		Realized Gain (Loss)		Change in Unrealized Appreciation or Depreciation			Ending Value
MFS Institutional Money
Market Portfolio		$2,300,651		$9,634,276		$10,662,235		$377		$(257	)		$1,272,812
Affiliated Issuers									Dividend Income			Capital Gain Distributions
MFS Institutional Money Market Portfolio										$17,093			$—

35

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of MFS Intermediate High Income Fund:

We have reviewed the accompanying statement of assets and liabilities of MFS Intermediate High Income Fund (the Fund), including the portfolio of investments, as of May 31, 2019, and the related statements of operations, changes in net assets, cash flows and financial highlights for the six-month period ended May 31, 2019. These interim financial statements and financial highlights are the responsibility of the Fund’s management.

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial statements and financial highlights for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statement of changes in net assets for the year ended November 30, 2018 and the financial highlights for each of the five years in the period ended November 30, 2018, and in our report dated January 15, 2019, we expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Boston, Massachusetts

July 17, 2019

36

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 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 on Form N-Q or as an exhibit to its reports on Form N-PORT (for first and third fiscal quarters ending March 31, 2019 or after). The fund’s Form N-Q or Form N-PORT reports are available on the SEC’s website 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 selecting the “Resources” tab and clicking on “Prospectus and Reports”.

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/en-us/what-we-do/announcements.html or at mfs.com/closedendfunds by choosing the fund’s name.

Additional information about the fund (e.g., performance, dividends and the fund’s price history) is also available by clicking on the fund’s name under “Closed-End Funds” in the “Products” section of mfs.com.

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, 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.

37

CONTACT US

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: CIF

ITEM 2. CODE OF ETHICS.

During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (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.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

ITEM 6. SCHEDULE OF INVESTMENTS.

A schedule of investments for MFS Intermediate High Income Fund is included as part of the report to shareholders under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable for semi-annual reports.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

There were no changes during this period.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

MFS Intermediate High Income Fund
Period	(a) Total number of Shares Purchased		(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Plans or Programs
12/01/18-12/31/18		82,433		2.14		82,433		1,889,085
1/01/19-1/31/19		35,436		2.28		35,436		1,853,649
2/01/19-2/28/19		0		N/A		0		1,853,649
3/01/19-3/31/19		0		N/A		0		1,853,649
4/01/19-4/30/19		0		N/A		0		1,853,649
5/01/19-5/31/19		0		N/A		0		1,853,649
Total		117,869		2.18		117,869

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, 2018 plan year is 1,971,518.

ITEM 10. 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 11. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation 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 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 second fiscal quarter covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable for semi-annual reports.

ITEM 13. 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. Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: Attached hereto as EX-99.906CERT.

(c) Notices to Trust’s common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1. Attached here to as EX-99.19a-1.

Notice

A copy of the Agreement and Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant MFS INTERMEDIATE HIGH INCOME FUND

By (Signature and Title)*	DAVID L. DILORENZO
	David L. DiLorenzo, President

Date: July 17, 2019

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)*	DAVID L. DILORENZO
	David L. DiLorenzo, President (Principal Executive Officer)

Date: July 17, 2019

By (Signature and Title)*	JAMES O. YOST
	James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer)

Date: July 17, 2019

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