Date Shares Price Per Share
2/23/2015 (75) $8.28
3/2/2015 28,000 $8.52
3/2/2015 (300) $8.39
3/3/2015 4,521 $8.48
3/5/2015 (100) $8.36
3/9/2015 (400) $8.35
3/10/2015 (325) $8.32
3/13/2015 (300) $8.34
3/17/2015 (1,700) $8.31
3/24/2015 (600) $8.36
The Accounts have the right to receive all dividends from, and any proceeds from the sale of the Shares. None of the Accounts has an interest in Shares constituting more than 5% of the Shares outstanding.
Item 6. Contracts, Arrangements, Understandings, or Relationships with Respect to Securities of the Issuer.
Except as described above, there are no contracts, arrangements, understandings or relationships of any kind among the Principals and KIM and between any of them and any other person with respect to any of MFS InterMarket Income Trust securities.
Item 7. Materials to be Filed as Exhibits.
As is indicated in Item 4, above, KIM has purchased MFS InterMarket Income Trust for the Accounts for investment purposes. However, KIM has reserved the right to contact management with regard to concerns that they have with respect to the Fund, including letters to the Board and/or other communications with fund management. Accordingly, KIM sent letters to the Fund, copies of which are attached.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.
Karpus Management, Inc.
By: /s/
Name: Daniel Lippincott
Title: Senior Tax-Sensitive Manager
Date: April 23, 2015
EXHIBIT 1
VIA OVERNIGHT MAIL
April 23, 2015
Mark N. Polebaum, Secretary and Clerk
MFS Intermarket Income Trust I
111 Huntington Avenue
Boston, Massachusetts 02199
Re: MFS Intermarket Income Trust I ("CMK" or the "Fund")
Mr. Polebaum,
As of April 23, 2015, Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus") represents beneficial ownership of 2,577,358 common shares (or 24.04% of the outstanding common shares) of the MFS Intermarket Income Trust I ("CMK" or the "Fund").
This percentage is based on 10,717,991 shares outstanding, as listed in the Fund's Annual Report, filed with the U.S. Securities and Exchange Commission in February 2015.
Karpus intends to present the following proposal at the 2015 annual meeting of shareholders, anticipated to be held in October 2015, or any postponements or adjournments thereof (the "Meeting"):
PROPOSAL
The investment advisory agreement between the MFS Intermarket Income Trust I and Massachusetts Financial Services Company ("MFS" or the "Manager") shall be terminated.
SUPPORTING STATEMENT
CMK's shares have traded at a significant discount for an extended period of time. Given the nuances of closed-end funds, a persistently wide discount can come from a variety of things. However, in CMK's case we believe the reason for the Fund's persistent
discount is simple. We believe it is attributable to subpar performance.
In fact, as of 3/31/2015 CMK has underperformed its stated benchmark, the Barclays U.S. High-Yield Corporate Bond 2% Issuer Capped Index, over 3, 5, 7 and 10-year time periods on both a price and net asset
value basis. Over each of these periods, the Fund has underperformed by an average of 1.59% per year for price and 2.93% per year on a net asset value basis (Source: Bloomberg). This is not acceptable.
To combat our argument regarding poor performance, the Fund is likely to ask shareholders to review its performance versus its second, custom created benchmark. If or when the Fund does this, we ask you to consider that on a net asset value basis - which
reflects the performance of the investments chosen by the Manager - the Fund has also underperformed their custom benchmark, net of fees, over 5 and 7-year time periods.
Despite the many arguments that the Fund is likely to come up with against our proposal, the simple fact of the matter is that the current manager has not been able to provide attractive long-term performance for the Fund. MFS has been given more than ample
time to prove its value to CMK shareholders and we believe it has fallen short of being able to do so.
It is clear that the time for change is now! If you agree and believe CMK should terminate its investment advisory agreement with MFS and replace them with a manager more focused on shareholder value, please vote FOR this proposal.
END OF PROPOSAL
As is required by Rule 14a-8, attached is a letter from U. S. Bank N.A., as well as a written statement from the "record" holder of the referenced shares, verifying that the referenced shares were continuously and beneficially owned, and had a market value of
$2,000 or more, for at least a one year period prior to the date of the submittal of this Proposal. KIM intends to hold the shares referenced in the enclosed attachments through the date of the Meeting.
Please advise us immediately if this notice is deficient in any way or any additional information is required so that we may promptly provide it in order to cure any deficiency.
Sincerely,
Brett D. Gardner
Sr. Corporate Governance Analyst