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 811-05440
MFS INTERMEDIATE INCOME TRUST
(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)
Registrants telephone number, including area code: (617) 954-5000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2021
ITEM 1. | REPORTS TO STOCKHOLDERS. |
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back cover |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. |
(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. |
Portfolio Manager | Primary Role | Since | Title and Five Year History |
Geoffrey Schechter | Lead Portfolio Manager | 2017 | Investment Officer of MFS; employed in the investment management area of MFS since 1993. |
Alexander Mackey | Investment Grade Debt Instruments Portfolio Manager | 2017 | Investment Officer of MFS; employed in the investment management area of MFS since 2001. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 97.5% | ||||
Aerospace & Defense – 1.4% | ||||
Boeing Co., 1.167%, 2/04/2023 | $ | 1,135,000 | $ 1,139,713 | |
Boeing Co., 1.433%, 2/04/2024 | 2,269,000 | 2,276,054 | ||
Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025 | 2,486,000 | 2,711,098 | ||
$6,126,865 | ||||
Apparel Manufacturers – 0.6% | ||||
NIKE, Inc., 2.75%, 3/27/2027 | $ | 2,600,000 | $ 2,804,277 | |
Asset-Backed & Securitized – 1.5% | ||||
BXMT Ltd., 2021-FL4, “AS”, FLR, 1.42% (LIBOR - 1mo. + 1.3%), 5/15/2038 (n) | $ | 2,000,000 | $ 2,001,232 | |
Commercial Mortgage Trust, 2017-COR2, “A3”, 3.51%, 9/10/2050 | 1,676,352 | 1,840,503 | ||
GS Mortgage Securities Trust, 2010-C1, “A2”, 4.592%, 8/10/2043 (n) | 330,456 | 330,808 | ||
Shackleton CLO Ltd., 2015-8A, “A1R”, FLR, 1.108% (LIBOR - 3mo. + 0.92%), 10/20/2027 (n) | 1,561,906 | 1,559,735 | ||
UBS Commercial Mortgage Trust, 2017-C1, “A4”, 3.544%, 11/15/2050 | 875,000 | 966,470 | ||
$6,698,748 | ||||
Automotive – 1.7% | ||||
Hyundai Capital America, 2.375%, 2/10/2023 (n) | $ | 577,000 | $ 592,454 | |
Hyundai Capital America, 5.875%, 4/07/2025 (n) | 2,094,000 | 2,431,894 | ||
Volkswagen Group of America Finance LLC, 2.85%, 9/26/2024 (n) | 1,765,000 | 1,875,832 | ||
Volkswagen Group of America Finance LLC, 1.625%, 11/24/2027 (n) | 1,500,000 | 1,477,171 | ||
Volkswagen Group of America Finance LLC, 3.75%, 5/13/2030 (n) | 1,000,000 | 1,101,343 | ||
$7,478,694 | ||||
Brokerage & Asset Managers – 3.1% | ||||
Brookfield Finance, Inc., 2.724%, 4/15/2031 | $ | 2,844,000 | $ 2,855,444 | |
E*TRADE Financial Corp., 2.95%, 8/24/2022 | 3,500,000 | 3,607,675 | ||
Low Income Investment Fund, 3.386%, 7/01/2026 | 705,000 | 749,918 | ||
Low Income Investment Fund, 3.711%, 7/01/2029 | 1,905,000 | 2,028,416 | ||
National Securities Clearing Corp., 1.5%, 4/23/2025 (n) | 1,117,000 | 1,137,897 | ||
TD Ameritrade Holding Corp., 3.3%, 4/01/2027 | 3,150,000 | 3,434,249 | ||
$13,813,599 | ||||
Building – 0.7% | ||||
Martin Marietta Materials, Inc., 3.5%, 12/15/2027 | $ | 2,946,000 | $ 3,264,115 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Business Services – 0.9% | ||||
Tencent Holdings Ltd., 2.88%, 4/22/2031 (n) | $ | 1,499,000 | $ 1,518,901 | |
Western Union Co., 1.35%, 3/15/2026 | 2,570,000 | 2,544,218 | ||
$4,063,119 | ||||
Cable TV – 1.0% | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025 | $ | 1,350,000 | $ 1,535,251 | |
Time Warner Cable, Inc., 4%, 9/01/2021 | 2,770,000 | 2,777,618 | ||
$4,312,869 | ||||
Computer Software – 0.6% | ||||
Dell International LLC/EMC Corp., 5.85%, 7/15/2025 (n) | $ | 399,000 | $ 467,834 | |
Dell International LLC/EMC Corp., 4.9%, 10/01/2026 (n) | 2,054,000 | 2,359,552 | ||
$2,827,386 | ||||
Computer Software - Systems – 0.7% | ||||
Apple, Inc., 3.35%, 2/09/2027 | $ | 2,700,000 | $ 2,987,688 | |
Conglomerates – 0.5% | ||||
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028 | $ | 1,760,000 | $ 2,024,226 | |
Consumer Products – 1.5% | ||||
Reckitt Benckiser Treasury Services PLC, 3.625%, 9/21/2023 (n) | $ | 2,274,000 | $ 2,421,228 | |
Reckitt Benckiser Treasury Services PLC, 2.75%, 6/26/2024 (n) | 4,000,000 | 4,231,226 | ||
$6,652,454 | ||||
Consumer Services – 1.8% | ||||
Alibaba Group Holding Ltd., 2.8%, 6/06/2023 | $ | 1,605,000 | $ 1,676,348 | |
Booking Holdings, Inc., 3.55%, 3/15/2028 | 2,737,000 | 2,991,474 | ||
Conservation Fund, 3.474%, 12/15/2029 | 563,000 | 589,092 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 480,000 | 398,722 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 1,525,000 | 1,201,643 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | 1,392,000 | 897,716 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | 480,000 | 272,269 | ||
$8,027,264 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Electronics – 1.2% | ||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 1/15/2027 | $ | 1,845,000 | $ 2,021,371 | |
Broadcom, Inc., 3.469%, 4/15/2034 (n) | 2,055,000 | 2,077,672 | ||
Microchip Technology, Inc., 3.922%, 6/01/2021 | 1,213,000 | 1,216,155 | ||
$5,315,198 | ||||
Emerging Market Quasi-Sovereign – 0.5% | ||||
Sinopec Capital (2013) Ltd. (People's Republic of China), 3.125%, 4/24/2023 (n) | $ | 733,000 | $ 763,603 | |
Sinopec Group Overseas Development (2018) Ltd. (People's Republic of China), 1.45%, 1/08/2026 (n) | 1,357,000 | 1,343,403 | ||
$2,107,006 | ||||
Emerging Market Sovereign – 0.2% | ||||
Republic of Poland, 5%, 3/23/2022 | $ | 772,000 | $ 803,884 | |
Energy - Independent – 0.2% | ||||
Diamondback Energy, Inc., 0.9%, 3/24/2023 | $ | 966,000 | $ 966,375 | |
Energy - Integrated – 1.5% | ||||
Cenovus Energy, Inc., 5.375%, 7/15/2025 | $ | 1,477,000 | $ 1,679,342 | |
Eni S.p.A., 4%, 9/12/2023 (n) | 1,327,000 | 1,424,795 | ||
Exxon Mobil Corp., 3.294%, 3/19/2027 | 3,000,000 | 3,321,530 | ||
$6,425,667 | ||||
Financial Institutions – 2.1% | ||||
AerCap Ireland Capital DAC, 4.875%, 1/16/2024 | $ | 1,719,000 | $ 1,883,965 | |
AerCap Ireland Capital DAC, 6.5%, 7/15/2025 | 2,326,000 | 2,737,570 | ||
Avolon Holdings Funding Ltd., 3.95%, 7/01/2024 (n) | 3,123,000 | 3,306,817 | ||
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 583,000 | 593,017 | ||
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 852,000 | 828,818 | ||
$9,350,187 | ||||
Food & Beverages – 0.9% | ||||
Constellation Brands, Inc., 4.4%, 11/15/2025 | $ | 3,306,000 | $ 3,739,499 | |
Gaming & Lodging – 1.4% | ||||
GLP Capital LP/GLP Financing II, Inc., 4%, 1/15/2031 | $ | 3,055,000 | $ 3,221,681 | |
Marriott International, Inc., 2.3%, 1/15/2022 | 1,686,000 | 1,702,189 | ||
Marriott International, Inc., 5.75%, 5/01/2025 | 271,000 | 311,960 | ||
Marriott International, Inc., 2.85%, 4/15/2031 | 802,000 | 797,233 | ||
$6,033,063 | ||||
Industrial Revenue - Other – 0.3% | ||||
Howard University, Washington D.C., AGM, 2.757%, 10/01/2027 | $ | 1,250,000 | $ 1,302,454 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Insurance – 0.1% | ||||
AIA Group Ltd., 3.375%, 4/07/2030 (n) | $ | 563,000 | $ 607,166 | |
Insurance - Property & Casualty – 1.5% | ||||
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025 | $ | 3,110,000 | $ 3,364,798 | |
Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028 | 2,971,000 | 3,345,247 | ||
$6,710,045 | ||||
International Market Quasi-Sovereign – 0.6% | ||||
Dexia Credit Local S.A. (Kingdom of Belgium), 1.875%, 9/15/2021 (n) | $ | 2,510,000 | $ 2,525,150 | |
Internet – 0.3% | ||||
Baidu, Inc., 3.875%, 9/29/2023 | $ | 1,361,000 | $ 1,451,521 | |
Machinery & Tools – 0.9% | ||||
CNH Industrial Capital LLC, 4.2%, 1/15/2024 | $ | 472,000 | $ 513,639 | |
CNH Industrial Capital LLC, 3.85%, 11/15/2027 | 3,066,000 | 3,399,005 | ||
$3,912,644 | ||||
Major Banks – 13.4% | ||||
Bank of America Corp., 3.124% to 1/20/2022, FLR (LIBOR - 3mo. + 1.16%) to 1/20/2023 | $ | 5,400,000 | $ 5,507,364 | |
Bank of America Corp., 4.125%, 1/22/2024 | 2,876,000 | 3,148,322 | ||
Bank of America Corp., 1.734% to 7/22/2026, FLR (SOFR + 0.96%) to 7/22/2027 | 2,224,000 | 2,244,651 | ||
Bank of New York Mellon Corp., 3.5%, 4/28/2023 | 3,446,000 | 3,671,434 | ||
Barclays PLC, 4.61% to 2/15/2022, FLR (LIBOR - 3mo. + 1.4%) to 2/15/2023 | 3,857,000 | 3,977,184 | ||
Credit Suisse Group AG, 3.574%, 1/09/2023 (n) | 1,500,000 | 1,528,047 | ||
Credit Suisse Group AG, 6.5%, 8/08/2023 (n) | 915,000 | 1,010,572 | ||
Credit Suisse Group AG, 3.869% to 1/12/2028, FLR (LIBOR - 3mo. + 1.41%) to 1/12/2029 (n) | 2,250,000 | 2,430,651 | ||
Deutsche Bank AG, 1.447% to 4/1/2024, FLR (SOFR + 1.131%) to 4/01/2025 | 2,012,000 | 2,019,577 | ||
Goldman Sachs Group, Inc., 5.75%, 1/24/2022 | 1,924,000 | 1,999,791 | ||
Goldman Sachs Group, Inc., 2.908% to 6/05/2022, FLR (LIBOR - 3mo. + 1.053%) to 6/05/2023 | 1,750,000 | 1,795,868 | ||
Goldman Sachs Group, Inc., 3.5%, 4/01/2025 | 1,500,000 | 1,631,346 | ||
Goldman Sachs Group, Inc., 1.093% to 12/09/2025, FLR (SOFR + 0.789%) to 12/09/2026 | 894,000 | 881,280 | ||
HSBC Holdings PLC, 3.262% to 3/13/2022, FLR (LIBOR - 3mo. + 1.055%) to 3/13/2023 | 4,000,000 | 4,095,333 | ||
HSBC Holdings PLC, 3.033% to 11/22/2022, FLR (LIBOR - 3mo. + 0.923%) to 11/22/2023 | 1,500,000 | 1,558,396 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
JPMorgan Chase & Co., 2.005% to 3/13/2025, FLR (SOFR + 1.585%) to 3/13/2026 | $ | 2,500,000 | $ 2,578,985 | |
JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR + 1.25%) to 4/22/2032 | 2,250,000 | 2,259,113 | ||
Morgan Stanley, 3.875%, 1/27/2026 | 5,400,000 | 6,019,699 | ||
NatWest Group PLC, 4.269% to 3/22/2024, FLR (LIBOR - 3mo. + 1.762%) to 3/22/2025 | 2,621,000 | 2,858,065 | ||
State Street Corp., 2.901% to 3/30/2025, FLR (SOFR + 2.6%) to 3/30/2026 | 407,000 | 434,958 | ||
Sumitomo Mitsui Financial Group, Inc., 3.102%, 1/17/2023 | 1,145,000 | 1,197,968 | ||
Sumitomo Mitsui Trust Bank Ltd., 0.85%, 3/25/2024 (n) | 946,000 | 948,430 | ||
UBS Group AG, 1.008% to 7/30/2023, FLR (CMT - 1yr. + 0.83%) to 7/30/2024 (n) | 770,000 | 774,854 | ||
UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 (n) | 2,449,000 | 2,770,860 | ||
UniCredito Italiano S.p.A., 6.572%, 1/14/2022 (n) | 1,500,000 | 1,558,095 | ||
$58,900,843 | ||||
Medical & Health Technology & Services – 0.3% | ||||
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038 | $ | 1,250,000 | $ 1,476,020 | |
Metals & Mining – 1.8% | ||||
Anglo American Capital PLC, 5.375%, 4/01/2025 (n) | $ | 1,250,000 | $ 1,436,467 | |
Anglo American Capital PLC, 2.25%, 3/17/2028 (n) | 744,000 | 739,826 | ||
Anglo American Capital PLC, 2.875%, 3/17/2031 (n) | 870,000 | 872,086 | ||
Glencore Funding LLC, 4.125%, 5/30/2023 (n) | 1,518,000 | 1,617,004 | ||
Glencore Funding LLC, 1.625%, 4/27/2026 (n) | 1,191,000 | 1,183,808 | ||
Glencore Funding LLC, 3.875%, 10/27/2027 (n) | 1,887,000 | 2,071,039 | ||
$7,920,230 | ||||
Midstream – 1.9% | ||||
Enbridge, Inc., 3.125%, 11/15/2029 | $ | 1,506,000 | $ 1,580,219 | |
MPLX LP, 3.5%, 12/01/2022 | 1,584,000 | 1,649,947 | ||
MPLX LP, 4%, 3/15/2028 | 3,395,000 | 3,748,477 | ||
Plains All American Pipeline LP, 3.8%, 9/15/2030 | 1,510,000 | 1,555,240 | ||
$8,533,883 | ||||
Mortgage-Backed – 0.9% | ||||
Fannie Mae, 6.5%, 11/01/2031 | $ | 484,596 | $ 569,019 | |
Freddie Mac, 3.064%, 8/25/2024 | 1,457,127 | 1,562,711 | ||
Freddie Mac, 3.187%, 9/25/2027 | 550,000 | 610,535 | ||
Freddie Mac, 4.06%, 10/25/2028 | 582,000 | 682,211 | ||
Freddie Mac, 6%, 8/01/2034 | 6,308 | 7,389 | ||
Ginnie Mae, 6%, 6/15/2033 - 10/15/2036 | 312,734 | 366,895 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Ginnie Mae, 5.87%, 4/20/2058 | $ | 26,317 | $ 30,450 | |
$3,829,210 | ||||
Municipals – 5.4% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.06%, 12/01/2025 | $ | 4,000,000 | $ 4,092,723 | |
California Earthquake Authority Rev., “B”, 1.227%, 7/01/2021 | 180,000 | 180,291 | ||
California Earthquake Authority Rev., “B”, 1.327%, 7/01/2022 | 575,000 | 581,724 | ||
California Earthquake Authority Rev., “B”, 1.477%, 7/01/2023 | 405,000 | 414,001 | ||
Florida State Board of Administration Finance Corp. Rev., “A”, 1.705%, 7/01/2027 | 1,709,000 | 1,724,222 | ||
Gainesville, TX, Hospital District, “A”, 5.711%, 8/15/2033 | 2,330,000 | 2,736,929 | ||
Michigan Finance Authority Hospital Refunding Rev. (Trinity Health Credit Group), “T”, 3.084%, 12/01/2034 | 2,500,000 | 2,641,583 | ||
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev. (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030 | 425,000 | 438,662 | ||
New Jersey Economic Development Authority State Pension Funding Rev., Capital Appreciation, “B”, AGM, 0%, 2/15/2023 | 3,704,000 | 3,659,038 | ||
Puerto Rico Electric Power Authority Rev., “RR”, NPFG, 5%, 7/01/2022 | 1,675,000 | 1,699,181 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “B”, 5%, 1/01/2036 (n) | 3,635,000 | 3,432,494 | ||
University of California, General Taxable Rev., “BG”, 1.614%, 5/15/2030 | 2,010,000 | 1,942,368 | ||
$23,543,216 | ||||
Network & Telecom – 0.4% | ||||
Verizon Communications, Inc., 0.75%, 3/22/2024 | $ | 1,714,000 | $ 1,720,610 | |
Oils – 1.1% | ||||
Marathon Petroleum Corp., 3.625%, 9/15/2024 | $ | 1,003,000 | $ 1,083,341 | |
Valero Energy Corp., 2.85%, 4/15/2025 | 1,052,000 | 1,110,406 | ||
Valero Energy Corp., 3.4%, 9/15/2026 | 2,353,000 | 2,521,427 | ||
$4,715,174 | ||||
Other Banks & Diversified Financials – 0.4% | ||||
Macquarie Group Ltd., 1.34% to 1/12/2026, FLR (SOFR + 1.069%) to 1/12/2027 (n) | $ | 1,784,000 | $ 1,759,808 | |
Personal Computers & Peripherals – 0.2% | ||||
Equifax, Inc., 2.6%, 12/15/2025 | $ | 832,000 | $ 877,261 | |
Pharmaceuticals – 0.7% | ||||
AbbVie, Inc., 3.45%, 3/15/2022 | $ | 3,000,000 | $ 3,064,168 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Real Estate - Retail – 2.0% | ||||
Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030 | $ | 2,349,000 | $ 2,578,938 | |
Regency Centers Corp., 3.7%, 6/15/2030 | 3,000,000 | 3,270,483 | ||
VEREIT Operating Partnership LP, REIT, 3.4%, 1/15/2028 | 2,875,000 | 3,109,879 | ||
$8,959,300 | ||||
Retailers – 1.1% | ||||
Alimentation Couche-Tard, Inc., 2.7%, 7/26/2022 (n) | $ | 2,700,000 | $ 2,772,098 | |
Kohl's Corp., 9.5%, 5/15/2025 | 1,634,000 | 2,109,869 | ||
$4,881,967 | ||||
Specialty Stores – 0.8% | ||||
Advance Auto Parts, 1.75%, 10/01/2027 | $ | 3,000,000 | $ 2,970,934 | |
Nordstrom, Inc., 2.3%, 4/08/2024 (n) | 518,000 | 519,860 | ||
$3,490,794 | ||||
Supranational – 0.7% | ||||
Corporacion Andina de Fomento, 4.375%, 6/15/2022 | $ | 2,950,000 | $ 3,076,260 | |
Telecommunications - Wireless – 2.1% | ||||
American Tower Corp., REIT, 3.55%, 7/15/2027 | $ | 4,000,000 | $ 4,367,106 | |
Crown Castle International Corp., 3.65%, 9/01/2027 | 947,000 | 1,039,303 | ||
Crown Castle International Corp., 2.25%, 1/15/2031 | 1,000,000 | 970,587 | ||
T-Mobile USA, Inc., 3.875%, 4/15/2030 (n) | 2,500,000 | 2,723,250 | ||
$9,100,246 | ||||
Tobacco – 0.5% | ||||
B.A.T. Capital Corp., 4.7%, 4/02/2027 | $ | 2,000,000 | $ 2,255,407 | |
Transportation - Services – 0.7% | ||||
Element Fleet Management Corp., 1.6%, 4/06/2024 (n) | $ | 2,990,000 | $ 3,024,603 | |
U.S. Government Agencies and Equivalents – 0.1% | ||||
Small Business Administration, 6.34%, 5/01/2021 | $ | 9,391 | $ 9,392 | |
Small Business Administration, 6.44%, 6/01/2021 | 6,818 | 6,842 | ||
Small Business Administration, 6.625%, 7/01/2021 | 9,103 | 9,156 | ||
Small Business Administration, 5.34%, 11/01/2021 | 47,727 | 48,095 | ||
Small Business Administration, 4.93%, 1/01/2024 | 45,613 | 47,461 | ||
Small Business Administration, 5.36%, 11/01/2025 | 113,720 | 121,324 | ||
Small Business Administration, 5.39%, 12/01/2025 | 71,472 | 76,252 | ||
$318,522 | ||||
U.S. Treasury Obligations – 31.5% | ||||
U.S. Treasury Notes, 1.75%, 11/30/2021 | $ | 3,010,000 | $ 3,039,630 | |
U.S. Treasury Notes, 2.625%, 12/15/2021 | 12,500,000 | 12,699,219 | ||
U.S. Treasury Notes, 1.75%, 2/28/2022 | 10,420,000 | 10,565,717 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
U.S. Treasury Obligations – continued | ||||
U.S. Treasury Notes, 1.75%, 5/15/2022 | $ | 3,250,000 | $ 3,306,367 | |
U.S. Treasury Notes, 2.125%, 12/31/2022 (f) | 14,635,000 | 15,118,641 | ||
U.S. Treasury Notes, 2.5%, 8/15/2023 | 12,710,000 | 13,370,821 | ||
U.S. Treasury Notes, 2.75%, 2/15/2024 | 8,385,000 | 8,956,883 | ||
U.S. Treasury Notes, 2.375%, 8/15/2024 | 9,230,000 | 9,823,821 | ||
U.S. Treasury Notes, 2%, 2/15/2025 | 9,900,000 | 10,442,953 | ||
U.S. Treasury Notes, 2%, 8/15/2025 | 5,225,000 | 5,520,131 | ||
U.S. Treasury Notes, 2.25%, 11/15/2025 | 5,086,000 | 5,430,298 | ||
U.S. Treasury Notes, 2%, 11/15/2026 | 6,254,000 | 6,594,550 | ||
U.S. Treasury Notes, 1.625%, 11/30/2026 | 7,750,000 | 8,015,498 | ||
U.S. Treasury Notes, 2.375%, 5/15/2027 | 4,075,000 | 4,379,829 | ||
U.S. Treasury Notes, 0.5%, 6/30/2027 | 6,500,000 | 6,250,156 | ||
U.S. Treasury Notes, 0.375%, 9/30/2027 | 5,672,000 | 5,381,532 | ||
U.S. Treasury Notes, 1.75%, 11/15/2029 | 4,500,000 | 4,593,340 | ||
U.S. Treasury Notes, 1.5%, 2/15/2030 | 5,043,500 | 5,028,133 | ||
$ 138,517,519 | ||||
Utilities - Electric Power – 3.8% | ||||
Emera U.S. Finance LP, 2.7%, 6/15/2021 | $ | 492,000 | $ 492,795 | |
Enel Americas S.A., 4%, 10/25/2026 | 252,000 | 274,398 | ||
Enel Finance International N.V., 2.75%, 4/06/2023 (n) | 3,500,000 | 3,638,821 | ||
FirstEnergy Corp., 4.4%, 7/15/2027 | 2,827,000 | 3,095,565 | ||
ITC Holdings Corp., 2.95%, 5/14/2030 (n) | 3,000,000 | 3,104,135 | ||
Liberty Utilities Finance Co., 2.05%, 9/15/2030 (n) | 3,000,000 | 2,843,577 | ||
Pacific Gas & Electric Co., 2.1%, 8/01/2027 | 952,000 | 928,063 | ||
Southern California Edison, 6.65%, 4/01/2029 | 816,000 | 1,002,659 | ||
Transelec S.A., 4.625%, 7/26/2023 (n) | 927,000 | 996,061 | ||
Transelec S.A., 4.25%, 1/14/2025 (n) | 228,000 | 248,237 | ||
$16,624,311 | ||||
Total Bonds (Identified Cost, $410,670,399) | $ 428,920,515 | |||
Investment Companies (h) – 1.9% | ||||
Money Market Funds – 1.9% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $8,383,353) | 8,383,353 | $ 8,383,353 | ||
Other Assets, Less Liabilities – 0.6% | 2,710,813 | |||
Net Assets – 100.0% | $ 440,014,681 |
(f) | All or a portion of the security has been segregated as collateral for open futures contracts. | |||
(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 $8,383,353 and $428,920,515, 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 $83,752,581, representing 19.0% of net assets. | |||
(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. |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed 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. |
LIBOR | London Interbank Offered Rate |
NPFG | National Public Finance Guarantee Corp. |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
Futures Contracts | ||||||
Description | Long/
Short |
Currency | Contracts | Notional
Amount |
Expiration
Date |
Value/Unrealized
Appreciation (Depreciation) |
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Ultra Note 10 yr | Short | USD | 30 | $4,366,406 | June – 2021 | $(49,328) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $410,670,399) | $428,920,515 |
Investments in affiliated issuers, at value (identified cost, $8,383,353) | 8,383,353 |
Receivables for | |
Interest | 2,941,443 |
Other assets | 82,868 |
Total assets | $440,328,179 |
Liabilities | |
Payables for | |
Distributions | $116,883 |
Net daily variation margin on open futures contracts | 3,749 |
Investments purchased | 68,789 |
Payable to affiliates | |
Investment adviser | 11,682 |
Administrative services fee | 374 |
Transfer agent and dividend disbursing costs | 2,216 |
Accrued expenses and other liabilities | 109,805 |
Total liabilities | $313,498 |
Net assets | $440,014,681 |
Net assets consist of | |
Paid-in capital | $434,198,009 |
Total distributable earnings (loss) | 5,816,672 |
Net assets | $440,014,681 |
Shares of beneficial interest outstanding | 115,930,528 |
Net asset value per share (net assets of $440,014,681 / 115,930,528 shares of beneficial interest outstanding) | $3.80 |
Net investment income (loss) | |
Income | |
Interest | $6,200,478 |
Dividends from affiliated issuers | 2,611 |
Total investment income | $6,203,089 |
Expenses | |
Management fee | $1,086,876 |
Transfer agent and dividend disbursing costs | 40,801 |
Administrative services fee | 33,567 |
Independent Trustees' compensation | 11,166 |
Stock exchange fee | 56,184 |
Custodian fee | 14,913 |
Shareholder communications | 72,937 |
Audit and tax fees | 42,501 |
Legal fees | 8,129 |
Miscellaneous | 23,051 |
Total expenses | $1,390,125 |
Net investment income (loss) | $4,812,964 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $2,903,297 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(6,189,523) |
Futures contracts | (49,328) |
Net unrealized gain (loss) | $(6,238,851) |
Net realized and unrealized gain (loss) | $(3,335,554) |
Change in net assets from operations | $1,477,410 |
Six months ended | Year ended | |
4/30/21
(unaudited) |
10/31/20 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $4,812,964 | $10,810,455 |
Net realized gain (loss) | 2,903,297 | 11,617,275 |
Net unrealized gain (loss) | (6,238,851) | 5,979,324 |
Change in net assets from operations | $1,477,410 | $28,407,054 |
Distributions to shareholders | $(7,967,345) | $(17,493,874) |
Tax return of capital distributions to shareholders | $— | $(22,080,450) |
Distributions from other sources | $(11,339,728) | $— |
Change in net assets from fund share transactions | $— | $(3,410,552) |
Total change in net assets | $(17,829,663) | $(14,577,822) |
Net assets | ||
At beginning of period | 457,844,344 | 472,422,166 |
At end of period | $440,014,681 | $457,844,344 |
Six months ended |
Year ended | |||||
4/30/21
(unaudited) |
10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | |
Net asset value, beginning of period | $3.95 | $4.04 | $4.03 | $4.46 | $4.80 | $5.05 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.09 | $0.10 | $0.10 | $0.10(c) | $0.11 |
Net realized and unrealized gain (loss) | (0.02) | 0.16 | 0.25 | (0.17) | (0.05) | 0.06 |
Total from investment operations | $0.02 | $0.25 | $0.35 | $(0.07) | $0.05 | $0.17 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.11) | $(0.10) | $(0.10) | $(0.02) | $(0.08) |
From net realized gain | — | (0.04) | — | — | — | — |
From tax return of capital | — | (0.19) | (0.24) | (0.26) | (0.37) | (0.34) |
From other sources | (0.10) | — | — | — | — | — |
Total distributions declared to shareholders | $(0.17) | $(0.34) | $(0.34) | $(0.36) | $(0.39) | $(0.42) |
Net increase from repurchase of capital shares | $— | $0.00(w) | $0.00(w) | $0.00(w) | $— | $0.00(w) |
Net asset value, end of period (x) | $3.80 | $3.95 | $4.04 | $4.03 | $4.46 | $4.80 |
Market value, end of period | $3.72 | $3.73 | $3.77 | $3.69 | $4.24 | $4.45 |
Total return at market value (%) | 4.22(n) | 8.24 | 11.87 | (4.56) | 4.30 | 6.93 |
Total return at net asset value (%) (j)(r)(s)(x) | 0.53(n) | 6.96 | 9.77 | (0.90) | 1.72(c) | 4.15 |
Ratios
(%) (to average net assets) and Supplemental data: | ||||||
Expenses (f) | 0.62(a) | 0.64 | 0.65 | 0.64 | 0.61(c) | 0.64 |
Net investment income (loss) | 2.15(a) | 2.33 | 2.58 | 2.33 | 2.07(c) | 2.16 |
Portfolio turnover | 12(n) | 43 | 18 | 50 | 65 | 19 |
Net assets at end of period (000 omitted) | $440,015 | $457,844 | $472,422 | $473,577 | $524,864 | $565,316 |
(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. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | $— | $138,836,041 | $— | $138,836,041 |
Non - U.S. Sovereign Debt | — | 8,512,300 | — | 8,512,300 |
Municipal Bonds | — | 23,543,216 | — | 23,543,216 |
U.S. Corporate Bonds | — | 154,551,958 | — | 154,551,958 |
Residential Mortgage-Backed Securities | — | 3,829,210 | — | 3,829,210 |
Commercial Mortgage-Backed Securities | — | 5,139,013 | — | 5,139,013 |
Asset-Backed Securities (including CDOs) | — | 1,559,735 | — | 1,559,735 |
Foreign Bonds | — | 92,949,042 | — | 92,949,042 |
Mutual Funds | 8,383,353 | — | — | 8,383,353 |
Total | $8,383,353 | $428,920,515 | $— | $437,303,868 |
Other Financial Instruments | ||||
Futures Contracts – Liabilities | $(49,328) | $— | $— | $(49,328) |
Fair Value (a) | |||
Risk | Derivative Contracts | Liability Derivatives | |
Interest Rate | Interest Rate Futures | $(49,328) |
(a) | Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is separately reported within the Statement of Assets and Liabilities. |
Risk | Futures
Contracts |
Interest Rate | $(49,328) |
Year
ended 10/31/20 | |
Ordinary income (including any short-term capital gains) | $12,852,951 |
Long-term capital gains | 4,640,923 |
Tax return of capital (b) | 22,080,450 |
Total distributions | $39,574,324 |
(b) | Distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital. |
As of 4/30/21 | |
Cost of investments | $419,981,258 |
Gross appreciation | 19,116,298 |
Gross depreciation | (1,793,688) |
Net unrealized appreciation (depreciation) | $ 17,322,610 |
As of 10/31/20 | |
Other temporary differences | (122,722) |
Net unrealized appreciation (depreciation) | 23,769,057 |
Purchases | Sales | |
U.S. Government securities | $5,570,769 | $7,216,270 |
Non-U.S. Government securities | 48,657,805 | 62,715,500 |
Six
months ended 4/30/21 |
Year
ended 10/31/20 | ||||
Shares | Amount | Shares | Amount | ||
Capital shares repurchased | — | $— | (973,652) | $(3,410,552) |
Affiliated Issuers | Beginning
Value |
Purchases | Sales
Proceeds |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation or Depreciation |
Ending
Value |
MFS Institutional Money Market Portfolio | $6,790,424 | $59,138,729 | $57,545,800 | $— | $— | $8,383,353 |
Affiliated Issuers | Dividend
Income |
Capital
Gain Distributions |
MFS Institutional Money Market Portfolio | $2,611 | $— |
Item 1(b): | |
A copy of the notice transmitted to the Registrants shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.
ITEM 2. | CODE OF ETHICS. |
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 Codes definitions 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 Income Trust is included as part of the report to shareholders under Item 1(a) 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 the period.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
MFS Intermediate Income Trust
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 |
||||||||||||
11/01/20-11/30/20 |
0 | N/A | 0 | 11,593,052 | ||||||||||||
12/01/20-12/31/20 |
0 | N/A | 0 | 11,593,052 | ||||||||||||
1/01/21-1/31/21 |
0 | N/A | 0 | 11,593,052 | ||||||||||||
2/01/21-2/28/21 |
0 | N/A | 0 | 11,593,052 | ||||||||||||
3/01/21-3/31/21 |
0 | N/A | 0 | 11,593,052 | ||||||||||||
4/01/21-4/30/21 |
0 | N/A | 0 | 11,593,052 | ||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
0 | N/A | 0 | |||||||||||||
|
|
|
|
|
|
Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrants 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, 2020 plan year is 11,593,052.
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 Registrants 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 registrants 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 registrants 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 Commissions rules and forms. |
(b) | There were no changes in the registrants internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrants 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) | File the exhibits listed below as part of this form. Letter or number the exhibits in the sequence indicated. |
(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 registrants 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) | Registrants Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice. |
(d) | Notices to Trusts common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1. Attached hereto as EX-99.19a-1. |
Notice
A copy of the Amended and Restated Declaration of Trust of the Registrant is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | MFS INTERMEDIATE INCOME TRUST |
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: June 15, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President | ||
(Principal Executive Officer) |
Date: June 15, 2021
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer | ||
(Principal Financial Officer | ||
and Accounting Officer) |
Date: June 15, 2021
* | Print name and title of each signing officer under his or her signature. |
EX-99.302CERT
MFS INTERMEDIATE INCOME TRUST
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT
I, James O. Yost, certify that:
1. | I have reviewed this report on Form N-CSR of MFS Intermediate Income Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d. | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: June 15, 2021 | /S/ JAMES O. YOST | |||
James O. Yost | ||||
Treasurer (Principal Financial Officer and Accounting Officer) |
EX-99.302CERT
MFS INTERMEDIATE INCOME TRUST
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT
I, David L. DiLorenzo, certify that:
1. | I have reviewed this report on Form N-CSR of MFS Intermediate Income Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d. | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: June 15, 2021 | /S/ DAVID L. DILORENZO | |||
David L. DiLorenzo | ||||
President (Principal Executive Officer) |
EX-99.906CERT
MFS INTERMEDIATE INCOME TRUST
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
I, James O. Yost, certify that, to my knowledge:
1. | The Form N-CSR (the Report) of MFS Intermediate Income Trust (the Registrant) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: June 15, 2021 | /S/ JAMES O. YOST | |||
James O. Yost | ||||
Treasurer (Principal Financial Officer and Accounting Officer) |
A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
EX-99.906CERT
MFS INTERMEDIATE INCOME TRUST
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
I, David L. DiLorenzo, certify that, to my knowledge:
1. | The Form N-CSR (the Report) of MFS Intermediate Income Trust (the Registrant) fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: June 15, 2021 | /S/ DAVID L. DILORENZO | |||
David L. DiLorenzo | ||||
President (Principal Executive Officer) |
A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
EX-99.30e-3Notice
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An Important Report to Shareholders is Now Available Online and In Print by Request
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MFS Intermediate Income Trust
Thank you for being a shareholder. You are encouraged to access and review this important report containing information about the fund, including portfolio holdings and financial statements.
The report is available at: closedendfunds.mfs.com
This report is available by mail or email upon request free of charge. Reports for the prior reporting period and the funds portfolio holdings for its most recent first and third fiscal quarters are also available online and in print by request.
Current and future report delivery requests can be submitted at any time using the options in the right panel.
Why am I receiving this Notice?
The Securities and Exchange Commission adopted new rule 30e-3, which, among other things, allows mutual fund companies to deliver shareholder reports by making such reports accessible at a website address. You still may elect to receive a paper copy of the current report and/or any future reports by following the instructions on the panel on the right-hand side. |
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Please contact us with any questions:
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In accordance with Section 23(c) of the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall determine.
03DCCB
EX-99.19a-1
MFS® Intermediate Income Trust
P.O. Box 505005
Louisville, KY 40233-5005
Notice to shareholders Source of distribution
Distribution | November 2020 | |||||
Distribution amount per share | 0.02809 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The funds fiscal year begins each November 1st. All amounts are expressed per common share.
Current |
% Breakdown of |
Total cumulative distributions for the fiscal year to date |
% Breakdown of the total cumulative distributions for the fiscal year to date |
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Net Investment Income |
0.00718 | 26 | % | 0.00718 | 26 | % | ||||||||||
Net Realized ST Cap Gains |
0.00123 | 4 | % | 0.00123 | 4 | % | ||||||||||
Net Realized LT Cap Gains |
0.00487 | 17 | % | 0.00487 | 17 | % | ||||||||||
Return of Capital or Other Capital Source |
0.01481 | 53 | % | 0.01481 | 53 | % | ||||||||||
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Total (per common share) |
0.02809 | 100 | % | 0.02809 | 100 | % |
Average annual total return (in relation to NAV) for the five years ended 10-31-2020 |
4.27 | % | ||
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Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2020 |
8.53 | % | ||
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Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2020 |
6.96 | % | ||
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Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2020 |
0.71 | % | ||
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You should not draw any conclusions about the funds investment performance from the amount of this distribution or from the terms of the funds managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the funds investment performance and should not be confused with yield or income.
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
MINSN-1120
MFS® Intermediate Income Trust
P.O. Box 505005
Louisville, KY 40233-5005
Notice to shareholders Source of distribution
Distribution | December-2020 | |||||
Distribution amount per share | 0.02802 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The funds fiscal year begins each November 1st. All amounts are expressed per common share.
Current distribution |
% Breakdown of current distribution |
Total cumulative distributions for the fiscal year to date |
% Breakdown of the total cumulative distributions for the fiscal year to date |
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Net Investment Income |
0.00716 | 26 | % | 0.01432 | 26 | % | ||||||||||
Net Realized ST Cap Gains |
0.00000 | 0 | % | 0.00000 | 0 | % | ||||||||||
Net Realized LT Cap Gains |
0.00000 | 0 | % | 0.00000 | 0 | % | ||||||||||
Return of Capital or Other Capital Source |
0.02086 | 74 | % | 0.04179 | 74 | % | ||||||||||
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Total (per common share) |
0.02802 | 100 | % | 0.05611 | 100 | % |
Average annual total return (in relation to NAV) for the five years ended 11-30-2020 |
4.48 | % | ||
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Annualized current distribution rate expressed as a percentage of month end NAV as of 11-30-2020 |
8.49 | % | ||
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Cumulative total return (in relation to NAV) for the fiscal year through 11-30-2020 |
0.99 | % | ||
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Cumulative fiscal year distributions as a percentage of NAV as of 11-30-2020 |
1.42 | % | ||
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You should not draw any conclusions about the funds investment performance from the amount of this distribution or from the terms of the funds managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the funds investment performance and should not be confused with yield or income.
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
MINSN-1220
MFS® Intermediate Income Trust
P.O. Box 505005
Louisville, KY 40233-5005
Notice to shareholders Source of distribution
Distribution | January-2021 | |||||
Distribution amount per share | 0.02796 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The funds fiscal year begins each November 1st. All amounts are expressed per common share.
Current distribution |
% Breakdown of current distribution |
Total cumulative distributions for the fiscal year to date |
% Breakdown of the total cumulative distributions for the fiscal year to date |
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Net Investment Income |
0.00763 | 27 | % | 0.02270 | 27 | % | ||||||||||
Net Realized ST Cap Gains |
0.00000 | 0 | % | 0.00000 | 0 | % | ||||||||||
Net Realized LT Cap Gains |
0.00177 | 6 | % | 0.00252 | 3 | % | ||||||||||
Return of Capital or Other Capital Source |
0.01856 | 67 | % | 0.05885 | 70 | % | ||||||||||
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Total (per common share) |
0.02796 | 100 | % | 0.08407 | 100 | % |
Average annual total return (in relation to NAV) for the five years ended 12-31-2020 |
4.67 | % | ||
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Annualized current distribution rate expressed as a percentage of month end NAV as of 12-31-2020 |
8.49 | % | ||
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Cumulative total return (in relation to NAV) for the fiscal year through 12-31-2020 |
1.48 | % | ||
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Cumulative fiscal year distributions as a percentage of NAV as of 12-31-2020 |
2.13 | % | ||
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You should not draw any conclusions about the funds investment performance from the amount of this distribution or from the terms of the funds managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the funds investment performance and should not be confused with yield or income.
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
MINSN-0121
MFS® Intermediate Income Trust
P.O. Box 505005
Louisville, KY 40233-5005
Notice to shareholders Source of distribution
Distribution | February-2021 | |||||
Distribution amount per share | 0.02782 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The funds fiscal year begins each November 1st. All amounts are expressed per common share.
Current distribution |
% Breakdown of current distribution |
Total cumulative distributions for the fiscal year to date |
% Breakdown of the total cumulative distributions for the fiscal year to date |
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Net Investment Income |
0.00741 | 27 | % | 0.03021 | 27 | % | ||||||||||
Net Realized ST Cap Gains |
0.00429 | 15 | % | 0.00559 | 5 | % | ||||||||||
Net Realized LT Cap Gains |
0.00237 | 9 | % | 0.00559 | 5 | % | ||||||||||
Return of Capital or Other Capital Source |
0.01375 | 49 | % | 0.07050 | 63 | % | ||||||||||
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Total (per common share) |
0.02782 | 100 | % | 0.11189 | 100 | % |
Average annual total return (in relation to NAV) for the five years ended 1-31-2021 |
4.45 | % | ||
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Annualized current distribution rate expressed as a percentage of month end NAV as of 1-31-2021 |
8.54 | % | ||
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Cumulative total return (in relation to NAV) for the fiscal year through 1-31-2021 |
1.20 | % | ||
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Cumulative fiscal year distributions as a percentage of NAV as of 1-31-2021 |
2.86 | % | ||
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You should not draw any conclusions about the funds investment performance from the amount of this distribution or from the terms of the funds managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the funds investment performance and should not be confused with yield or income.
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
MINSN-0221
MFS® Intermediate Income Trust
P.O. Box 505005
Louisville, KY 40233-5005
Notice to shareholders Source of distribution
Distribution | March-2021 | |||||
Distribution amount per share | 0.02757 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The funds fiscal year begins each November 1st. All amounts are expressed per common share.
Current distribution |
% Breakdown of current distribution |
Total cumulative distributions for the fiscal year to date |
% Breakdown of the total cumulative distributions for the fiscal year to date |
|||||||||||||
Net Investment Income |
$ | 0.00701 | 25 | % | $ | 0.03765 | 27 | % | ||||||||
Net Realized ST Cap Gains |
0.00002 | 0 | % | 0.00558 | 4 | % | ||||||||||
Net Realized LT Cap Gains |
0.00000 | 0 | % | 0.00418 | 3 | % | ||||||||||
Return of Capital or Other Capital Source |
0.02054 | 75 | % | 0.09205 | 66 | % | ||||||||||
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Total (per common share) |
$ | 0.02757 | 100 | % | $ | 0.13946 | 100 | % |
Average annual total return (in relation to NAV) for the five years ended 2-28-2021 |
4.16 | % | ||
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Annualized current distribution rate expressed as a percentage of month end NAV as of 2-28-2021 |
8.59 | % | ||
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Cumulative total return (in relation to NAV) for the fiscal year through 2-28-2021 |
0.37 | % | ||
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|||
Cumulative fiscal year distributions as a percentage of NAV as of 2-28-2021 |
3.62 | % | ||
|
|
You should not draw any conclusions about the funds investment performance from the amount of this distribution or from the terms of the funds managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the funds investment performance and should not be confused with yield or income.
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
MINSN-0321
MFS® Intermediate Income Trust
P.O. Box 505005
Louisville, KY 40233-5005
Notice to shareholders Source of distribution
Distribution | April-2021 | |||||
Distribution amount per share | $0.02708 |
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The funds fiscal year begins each November 1st. All amounts are expressed per common share.
Current distribution |
% Breakdown of current distribution |
Total cumulative distributions for the fiscal year to date |
% Breakdown of the total cumulative distributions for the fiscal year to date |
|||||||||||||
Net Investment Income |
$ | 0.00731 | 27 | % | $ | 0.04497 | 27 | % | ||||||||
Net Realized ST Cap Gains |
0.00298 | 11 | % | 0.00833 | 5 | % | ||||||||||
Net Realized LT Cap Gains |
0.00460 | 17 | % | 0.00999 | 6 | % | ||||||||||
Return of Capital or Other Capital Source |
0.01219 | 45 | % | 0.10325 | 62 | % | ||||||||||
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|||||||||
Total (per common share) |
$ | 0.02708 | 100 | % | $ | 0.16654 | 100 | % |
Average annual total return (in relation to NAV) for the five years ended 3-31-2021 |
3.85 | % | ||
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|||
Annualized current distribution rate expressed as a percentage of month end NAV as of 3-31-2021 |
8.55 | % | ||
|
|
|||
Cumulative total return (in relation to NAV) for the fiscal year through 3-31-2021 |
-0.20 | % | ||
|
|
|||
Cumulative fiscal year distributions as a percentage of NAV as of 3-31-2021 |
4.38 | % | ||
|
|
You should not draw any conclusions about the funds investment performance from the amount of this distribution or from the terms of the funds managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the funds investment performance and should not be confused with yield or income.
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax-reporting purposes. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon the funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
If you have any questions regarding this information, please call our fund service department at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time.
MINSN-0421
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