UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5567
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MFS INTERMEDIATE HIGH INCOME FUND
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(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
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(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
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Date of fiscal year end: November 30
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Date of reporting period: August 31, 2007
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ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) INTERMEDIATE HIGH INCOME FUND
8/31/07
Quarterly portfolio holdings
[graphic omitted]
M F S(R)
INVESTMENT MANAGEMENT
MFS Intermediate High Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) 8/31/07
ISSUER SHARES/PAR VALUE ($)
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BONDS - 126.3%
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AEROSPACE - 2.8%
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Bombardier, Inc., 6.3%, 2014 (n) $ 640,000 $ 611,200
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DRS Technologies, Inc., 6.875%, 2013 355,000 347,900
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Hawker Beechcraft Acquisition Co. LLC, 9.75%, 2017 (n) 500,000 495,000
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Sequa Corp., 9%, 2009 255,000 263,925
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Vought Aircraft Industries, Inc., 8%, 2011 340,000 329,800
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$ 2,047,825
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APPAREL MANUFACTURERS - 2.1%
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Broder Brothers Co., 11.25%, 2010 $ 260,000 $ 223,600
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Hanesbrands, Inc., FRN, 8.784%, 2014 220,000 219,725
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Levi Strauss & Co., 9.75%, 2015 645,000 667,575
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Phillips-Van Heusen Corp., 7.25%, 2011 350,000 352,188
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Phillips-Van Heusen Corp., 8.125%, 2013 60,000 61,200
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$ 1,524,288
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AUTOMOTIVE - 5.7%
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ArvinMeritor, Inc., 8.125%, 2015 $ 265,000 $ 247,775
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Ford Motor Co., 7.45%, 2031 88,000 66,000
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Ford Motor Credit Co., 8%, 2016 345,000 318,375
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Ford Motor Credit Co. LLC, 9.75%, 2010 1,250,000 1,237,921
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Ford Motor Credit Co. LLC, 7.8%, 2012 710,000 654,124
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General Motors Corp., 8.375%, 2033 825,000 662,063
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Goodyear Tire & Rubber Co., 8.625%, 2011 (n) 107,000 108,669
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Goodyear Tire & Rubber Co., 9%, 2015 244,000 252,540
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J.B. Poindexter & Co., 8.75%, 2014 260,000 226,200
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TRW Automotive, Inc., 7%, 2014 (n) 465,000 432,450
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$ 4,206,117
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BASIC INDUSTRY - 0.7%
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General Cable Corp., 7.735%, 2015 $ 170,000 $ 164,900
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General Cable Corp., 7.125%, 2017 170,000 164,900
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TriMas Corp., 9.875%, 2012 158,000 159,185
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$ 488,985
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BROADCASTING - 7.8%
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Allbritton Communications Co., 7.75%, 2012 $ 425,000 $ 415,438
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CanWest MediaWorks LP, 9.25%, 2015 (n) 400,000 396,000
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Clear Channel Communications, Inc., 4.9%, 2015 300,000 222,000
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Clear Channel Communications, Inc., 5.5%, 2016 505,000 378,750
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CMP Susquehanna Corp., 10.125%, 2014 355,000 328,375
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Inmarsat Finance II PLC, 0% to 2008, 10.375% to 2012 460,000 435,850
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Intelsat Bermuda Ltd., 11.25%, 2016 640,000 669,600
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Intelsat Corp., 9%, 2014 226,000 229,955
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Intelsat Corp., 0% to 2010, 9.25% to 2015 310,000 251,100
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Lamar Media Corp., 6.625%, 2015 360,000 343,800
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LBI Media, Inc., 8.5%, 2017 (n) 210,000 206,063
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Local TV Finance LLC, 9.25%, 2015 (n)(p) 370,000 338,550
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Quebecor Media, Inc., 7.75%, 2016 410,000 390,013
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Quebecor World, Inc., 9.75%, 2015 (n) 250,000 235,000
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Univision Communications, Inc., 9.75%, 2015 (n)(p) 920,000 876,300
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$ 5,716,794
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BROKERAGE & ASSET MANAGERS - 0.5%
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LaBranche & Co., Inc., 11%, 2012 $ 345,000 $ 341,550
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BUILDING - 0.9%
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Nortek Holdings, Inc., 0% to 2009, 10.75% to 2014 $ 320,000 $ 200,000
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Nortek Holdings, Inc., 8.5%, 2014 250,000 216,250
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Ply Gem Industries, Inc., 9%, 2012 320,000 268,800
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$ 685,050
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BUSINESS SERVICES - 2.2%
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Iron Mountain, Inc., 7.75%, 2015 $ 350,000 $ 340,375
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Nortel Networks Corp., 10.75%, 2016 (n) 175,000 181,563
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Open Solutions, Inc., 9.75%, 2015 (n) 400,000 380,000
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SunGard Data Systems, Inc., 9.125%, 2013 275,000 283,938
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SunGard Data Systems, Inc., 10.25%, 2015 440,000 453,200
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$ 1,639,076
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CABLE TV - 4.0%
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Atlantic Broadband Finance LLC, 9.375%, 2014 $ 330,000 $ 313,500
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Cablevision Systems Corp., 8%, 2012 325,000 311,188
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CCH I Holdings LLC, 9.92%, 2014 770,000 646,800
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CCH I Holdings LLC, 11%, 2015 285,000 279,300
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CSC Holdings, Inc., 7.625%, 2011 585,000 576,225
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CSC Holdings, Inc., 7.625%, 2018 140,000 128,450
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Insight Midwest LP, 9.75%, 2009 101,000 101,000
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Insight Midwest LP, 9.75%, 2009 42,000 42,000
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Telenet Group Holding N.V., 0% to 2008, 11.5% to 2014(n) 368,000 349,600
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Virginia Media Finance PLC, 8.75%, 2014 180,000 182,250
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$ 2,930,313
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CHEMICALS - 4.1%
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Chemtura Corp., 6.875%, 2016 $ 400,000 $ 365,000
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Huntsman International LLC, 6.875%, 2013 (n) EUR 200,000 272,500
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Huntsman International LLC, 7.875%, 2014 $ 370,000 386,650
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Ineos Group Holdings PLC, 8.5%, 2016 (n) 265,000 243,800
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Koppers Holdings, Inc., 0% to 2009, 9.875% to 2014 340,000 283,900
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Lyondell Chemical Co., 8%, 2014 250,000 271,875
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Lyondell Chemical Co., 6.875%, 2017 350,000 378,875
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Momentive Performance Materials, Inc., 11.5%, 2016 (n) 400,000 382,000
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Mosaic Co., 7.625%, 2016 (n) 445,000 456,125
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$ 3,040,725
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COMPUTER SOFTWARE - 0.3%
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Syniverse Technologies, Inc., 7.75%, 2013 $ 260,000 $ 240,500
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CONGLOMERATES - 1.0%
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ESCO Corp., 8.625%, 2013 (n) $ 205,000 $ 200,900
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Trinity Industries, Inc., 6.5%, 2014 540,000 510,300
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$ 711,200
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CONSUMER GOODS & SERVICES - 4.9%
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ACCO Brands Corp., 7.625%, 2015 $ 330,000 $ 308,550
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Corrections Corp. of America, 6.25%, 2013 325,000 315,250
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Del Laboratories, Inc., 8%, 2012 325,000 294,125
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GEO Group, Inc., 8.25%, 2013 435,000 434,456
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Jarden Corp., 7.5%, 2017 425,000 397,375
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Kar Holdings, Inc., 10%, 2015 (n) 595,000 532,525
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Realogy Corp., 10.5%, 2014 (n) 225,000 189,563
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Realogy Corp., 12.375%, 2015 (n) 130,000 95,713
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Service Corp. International, 7.375%, 2014 50,000 50,250
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Service Corp. International, 6.75%, 2016 205,000 193,213
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Service Corp. International, 7%, 2017 485,000 458,325
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Visant Corp., 7.625%, 2012 345,000 345,863
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$ 3,615,208
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CONTAINERS - 2.4%
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Berry Plastics Holding Corp., 10.25%, 2016 $ 355,000 $ 340,800
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Crown Americas LLC, 7.75%, 2015 530,000 535,300
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Owens-Brockway Glass Container, Inc., 8.25%, 2013 900,000 922,500
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$ 1,798,600
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DEFENSE ELECTRONICS - 0.7%
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L-3 Communications Corp., 5.875%, 2015 $ 200,000 $ 189,500
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L-3 Communications Corp., 6.375%, 2015 310,000 299,925
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$ 489,425
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ELECTRONICS - 2.2%
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Flextronics International Ltd., 6.25%, 2014 $ 420,000 $ 386,400
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Freescale Semiconductor, Inc., 9.125%, 2014 520,000 465,400
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Freescale Semiconductor, Inc., 10.125%, 2016 860,000 748,200
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$ 1,600,000
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ENERGY - INDEPENDENT - 4.2%
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Chaparral Energy, Inc., 8.875%, 2017 (n) $ 370,000 $ 333,000
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Chesapeake Energy Corp., 7.5%, 2014 370,000 374,625
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Chesapeake Energy Corp., 6.375%, 2015 270,000 258,188
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Cimarex Energy Co., 7.125%, 2017 190,000 185,250
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Forest Oil Corp., 8%, 2011 220,000 224,400
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Hilcorp Energy I LP, 9%, 2016 (n) 410,000 415,125
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Mariner Energy, Inc., 8%, 2017 230,000 217,925
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OPTI Canada, Inc., 8.25%, 2014 (n) 325,000 329,063
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Plains Exploration & Production Co., 7%, 2017 470,000 427,700
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Quicksilver Resources, Inc., 7.125%, 2016 325,000 310,375
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$ 3,075,651
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ENTERTAINMENT - 1.4%
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AMC Entertainment, Inc., 11%, 2016 $ 500,000 $ 520,000
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Warner Music Group Corp., 7.375%, 2014 330,000 290,400
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WMG Holdings Corp., 0% to 2009, 9.5% to 2014 365,000 258,238
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$ 1,068,638
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FINANCIAL INSTITUTIONS - 2.2%
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General Motors Acceptance Corp., 6.875%, 2011 $ 770,000 $ 686,732
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General Motors Acceptance Corp., 8%, 2031 925,000 830,987
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Residential Capital LLC, 7.125%, 2008 80,000 66,800
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Residential Capital LLC, 7.5%, 2012 40,000 30,400
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$ 1,614,919
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FOOD & BEVERAGES - 2.8%
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ARAMARK Corp., 8.5%, 2015 $ 500,000 $ 498,125
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Dean Foods Co., 7%, 2016 295,000 271,400
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Dole Food Co., Inc., 8.625%, 2009 292,000 284,700
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Pinnacle Foods Finance LLC, 9.25%, 2015 (z) 370,000 341,325
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Reddy Ice Holdings, Inc., 0% to 2008, 10.5% to 2012 315,000 303,188
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Smithfield Foods, Inc., 7.75%, 2017 350,000 351,750
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$ 2,050,488
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FOREST & PAPER PRODUCTS - 3.6%
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Abitibi-Consolidated Co., 8.375%, 2015 $ 380,000 $ 298,300
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Boise Cascade LLC, 7.125%, 2014 190,000 174,800
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Bowater, Inc., 6.5%, 2013 500,000 387,500
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Canada Paper Corp., 8.625%, 2011 190,000 167,200
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Domtar Corp., 7.125%, 2015 370,000 344,100
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Georgia-Pacific Corp., 8%, 2024 425,000 399,500
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Jefferson Smurfit Corp., 8.25%, 2012 395,000 386,113
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Neenah Paper, Inc., 7.375%, 2014 130,000 122,200
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NewPage Corp., 10%, 2012 195,000 201,825
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NewPage Corp., 12%, 2013 190,000 198,550
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$ 2,680,088
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GAMING & LODGING - 9.8%
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Chukchansi Economic Development Authority, FRN, 8.86%, 2012 (z) $ 275,000 $ 275,688
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Circus & Eldorado Joint Venture, 10.125%, 2012 300,000 313,500
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Fontainebleau Las Vegas Holdings LLC, 10.25%, 2015 (n) 310,000 265,825
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Galaxy Entertainment Group Ltd., 9.875%, 2012 (n) 350,000 355,250
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Global Cash Access, Inc., 8.75%, 2012 332,000 336,980
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Greektown Holdings, 10.75%, 2013 (n) 315,000 315,000
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Harrah's Entertainment, Inc., 5.75%, 2017 510,000 382,500
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Harrah's Operating Co., Inc., 5.625%, 2015 570,000 437,475
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Isle of Capri Casinos, Inc., 7%, 2014 240,000 208,200
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Jacobs Entertainment, Inc., 9.75%, 2014 365,000 364,088
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Las Vegas Sands Corp., 6.375%, 2015 680,000 646,000
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MGM Mirage, Inc., 7.5%, 2016 1,210,000 1,194,875
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Pinnacle Entertainment, Inc., 8.25%, 2012 95,000 95,475
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Pinnacle Entertainment, Inc., 7.5%, 2015 (n) 605,000 562,650
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Station Casinos, Inc., 6.625%, 2018 875,000 704,375
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Wimar Opco LLC, 9.625%, 2014 (n) 475,000 351,500
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Wynn Las Vegas LLC, 6.625%, 2014 450,000 435,375
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$ 7,244,756
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INDUSTRIAL - 2.3%
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Baldor Electric Co., 8.625%, 2017 $ 240,000 $ 247,800
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Belden CDT, Inc., 7%, 2017 (n) 425,000 412,250
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Blount, Inc., 8.875%, 2012 395,000 395,000
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GrafTech International, Ltd., 10.25%, 2012 99,000 103,455
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JohnsonDiversey Holdings, Inc., "B", 9.625%, 2012 500,000 502,500
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$ 1,661,005
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INSURANCE - PROPERTY & CASUALTY - 1.6%
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Crum & Forster Holdings Corp., 7.75%, 2017 $ 635,000 $ 600,075
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Hub International Holdings, Inc., 10.25%, 2015 (n) 355,000 323,050
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USI Holdings Corp., 9.75%, 2015 (n) 255,000 233,325
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$ 1,156,450
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MACHINERY & TOOLS - 1.8%
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Case New Holland, Inc., 7.125%, 2014 $ 500,000 $ 505,000
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Manitowoc Co., Inc., 7.125%, 2013 165,000 160,463
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Rental Service Corp., 9.5%, 2014 470,000 460,013
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United Rentals, Inc., 7.75%, 2013 210,000 216,300
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$ 1,341,776
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MEDICAL & HEALTH TECHNOLOGY & SERVICES - 6.8%
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Advanced Medical Optics, Inc., 7.5%, 2017 $ 425,000 $ 387,813
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Community Health Systems, Inc., 8.875%, 2015 (n) 850,000 848,938
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Cooper Cos., Inc., 7.125%, 2015 355,000 339,025
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DaVita, Inc., 7.25%, 2015 380,000 372,400
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HCA, Inc., 6.375%, 2015 450,000 366,750
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HCA, Inc., 9.25%, 2016 (n) 790,000 811,725
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HCA, Inc., 9.625%, 2016 (n)(p) 530,000 547,888
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HealthSouth Corp., 10.75%, 2016 300,000 309,000
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Omnicare, Inc., 6.75%, 2013 220,000 204,600
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Psychiatric Solutions, Inc., 7.75%, 2015 340,000 333,200
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U.S. Oncology Holdings, Inc., 9.797%, 2012 (n) 265,000 245,125
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VWR Funding, Inc., 10.25%, 2015 (n) 250,000 232,500
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$ 4,998,964
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METALS & MINING - 3.9%
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Arch Western Finance LLC, 6.75%, 2013 $ 395,000 $ 373,769
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FMG Finance Ltd., 10.625%, 2016 (n) 605,000 692,725
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Foundation PA Coal Co., 7.25%, 2014 40,000 38,300
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Freeport-McMoRan Copper & Gold, Inc., 8.375%, 2017 825,000 878,625
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Massey Energy Co., 6.875%, 2013 435,000 392,588
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Noranda Aluminum Holding Corp., 11.14%, 2014 (p)(z) 355,000 323,050
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Peabody Energy Corp., 7.375%, 2016 180,000 181,350
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$ 2,880,407
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MUNICIPALS - 1.4%
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Cabazon Band Mission Indians, CA, Mortgage Notes, 13%, 2011 $ 575,000 $ 676,700
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Virginia Tobacco Settlement Financing Corp., "A-1", 6.706%, 2046 425,000 384,778
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$ 1,061,478
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MUTUAL FUNDS - 2.5%
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Dow Jones CDX High Yield Index, 7.625%, 2012 (z) $2,000,000 $ 1,880,000
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NATURAL GAS - DISTRIBUTION - 0.4%
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AmeriGas Partners LP, 7.125%, 2016 $ 300,000 $ 288,000
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NATURAL GAS - PIPELINE - 4.1%
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Atlas Pipeline Partners LP, 8.125%, 2015 $ 270,000 $ 267,975
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Colorado Interstate Gas Co., 6.8%, 2015 130,000 134,153
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El Paso Corp., 6.875%, 2014 325,000 327,924
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Deutsche Bank (El Paso Performance-Linked Trust, CLN), 7.75%, 2011 (n) 210,000 215,154
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MarkWest Energy Partners LP, 6.875%, 2014 315,000 294,525
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MarkWest Energy Partners LP, 8.5%, 2016 150,000 149,250
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Williams Cos., Inc., 6.375%, 2010 (n) 935,000 937,338
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Williams Cos., Inc., 8.125%, 2012 140,000 150,150
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Williams Cos., Inc., 7.75%, 2031 215,000 223,063
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Williams Cos., Inc., 8.75%, 2032 285,000 324,188
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$ 3,023,720
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NETWORK & TELECOM - 4.1%
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Cincinnati Bell, Inc., 7%, 2015 $ 395,000 $ 379,200
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Citizens Communications Co., 7.875%, 2027 325,000 304,688
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Nordic Telephone Co. Holdings, 8.25%, 2016 (n) EUR 240,000 330,270
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Orascom Telecom Finance S.C.A., 7.875%, 2014 (z) $ 225,000 205,313
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Qwest Communications International, Inc. " B", 7.5%, 2014 250,000 245,625
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Qwest Corp., 8.875%, 2012 515,000 557,488
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Qwest Corp., 7.5%, 2014 145,000 148,625
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Time Warner Telecom Holdings, Inc., 9.25%, 2014 330,000 341,550
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Windstream Corp., 8.625%, 2016 510,000 532,950
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$ 3,045,709
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OIL SERVICES - 1.5%
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Basic Energy Services, Inc., 7.125%, 2016 $ 400,000 $ 366,000
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Compagnie Generale de Geophysique - Veritas, 7.75%, 2017 290,000 292,900
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Pride International, Inc., 7.375%, 2014 220,000 222,200
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Seitel, Inc., 9.75%, 2014 (n) 220,000 202,950
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$ 1,084,050
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OILS - 0.9%
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Petroplus Finance Ltd., 6.75%, 2014 (n) $ 75,000 $ 69,750
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Petroplus Finance Ltd., 7%, 2017 (n) 75,000 69,000
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Tesoro Corp., 6.625%, 2015 345,000 340,256
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United Refining Co., 10.5%, 2012 (n) 210,000 212,625
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$ 691,631
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PHARMACEUTICALS - 2.1%
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Elan Finance PLC, 8.875%, 2013 $ 500,000 $ 490,000
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Mylan Laboratories, Inc., 6.375%, 2015 385,000 385,000
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Rotavax LLC, 10.62%, 2014 (z) 258,431 242,925
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Warner Chilcott Corp., 8.75%, 2015 401,000 399,998
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$ 1,517,923
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POLLUTION CONTROL - 0.8%
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Allied Waste North America, Inc., 7.875%, 2013 $ 590,000 $ 598,850
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PRINTING & PUBLISHING - 4.7%
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American Media Operations, Inc., 10.25%, 2009 $ 400,000 $ 352,000
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Dex Media West LLC, 9.875%, 2013 739,000 779,645
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Dex Media, Inc., 0% to 2008, 9% to 2013 250,000 230,625
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Idearc, Inc., 8%, 2016 765,000 755,438
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Nielsen Finance LLC, 10%, 2014 60,000 61,500
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Nielsen Finance LLC, 0% to 2011, 12.5% to 2016 750,000 504,375
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Quebecor World Capital Corp., 8.75%, 2016 (n) 510,000 459,000
-------------------------------------------------------------------------------------------------------------------------------
R.H. Donnelley Corp., 8.875%, 2016 290,000 297,250
-------------------------------------------------------------------------------------------------------------------------------
$ 3,439,833
-------------------------------------------------------------------------------------------------------------------------------
RAILROAD & SHIPPING - 0.9%
-------------------------------------------------------------------------------------------------------------------------------
American Railcar Industries, Inc., 7.5%, 2014 $ 260,000 $ 252,200
-------------------------------------------------------------------------------------------------------------------------------
TFM S.A. de C.V., 9.375%, 2012 410,000 424,350
-------------------------------------------------------------------------------------------------------------------------------
$ 676,550
-------------------------------------------------------------------------------------------------------------------------------
REAL ESTATE - 0.5%
-------------------------------------------------------------------------------------------------------------------------------
Rouse Co. LP, 6.75%, 2013 (z) $ 350,000 $ 346,500
-------------------------------------------------------------------------------------------------------------------------------
RESTAURANTS - 0.8%
-------------------------------------------------------------------------------------------------------------------------------
Buffets, Inc., 12.5%, 2014 $ 290,000 $ 223,300
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Dave & Buster's, Inc., 11.25%, 2014 190,000 181,450
-------------------------------------------------------------------------------------------------------------------------------
Landry's Restaurants, Inc., 7.5%, 2014 175,000 175,219
-------------------------------------------------------------------------------------------------------------------------------
$ 579,969
-------------------------------------------------------------------------------------------------------------------------------
RETAILERS - 3.0%
-------------------------------------------------------------------------------------------------------------------------------
Asbury Automotive Group, Inc., 8%, 2014 $ 360,000 $ 343,800
-------------------------------------------------------------------------------------------------------------------------------
Asbury Automotive Group, Inc., 7.625%, 2017 (n) 155,000 142,600
-------------------------------------------------------------------------------------------------------------------------------
AutoNation, Inc., 7%, 2014 140,000 131,775
-------------------------------------------------------------------------------------------------------------------------------
AutoNation, Inc., FRN, 7.36%, 2013 85,000 79,900
-------------------------------------------------------------------------------------------------------------------------------
Buhrmann U.S., Inc., 7.875%, 2015 140,000 128,800
-------------------------------------------------------------------------------------------------------------------------------
Couche-Tard, Inc., 7.5%, 2013 65,000 63,700
-------------------------------------------------------------------------------------------------------------------------------
Rite Aid Corp., 9.375%, 2015 (n) 565,000 514,150
-------------------------------------------------------------------------------------------------------------------------------
Sally Beauty Holdings. Inc., 9.25%, 2014 100,000 98,500
-------------------------------------------------------------------------------------------------------------------------------
Steinway Musical Instruments, Inc., 7%, 2014 (n) 380,000 361,000
-------------------------------------------------------------------------------------------------------------------------------
United Auto Group, Inc., 7.75%, 2016 365,000 348,575
-------------------------------------------------------------------------------------------------------------------------------
$ 2,212,800
-------------------------------------------------------------------------------------------------------------------------------
SPECIALTY CHEMICALS - 0.4%
-------------------------------------------------------------------------------------------------------------------------------
INVISTA, 9.25%, 2012 (n) $ 285,000 $ 296,400
-------------------------------------------------------------------------------------------------------------------------------
SPECIALTY STORES - 0.8%
-------------------------------------------------------------------------------------------------------------------------------
Claire's Stores, Inc., 9.25%, 2015 (n) $ 300,000 $ 260,250
-------------------------------------------------------------------------------------------------------------------------------
Claire's Stores, Inc., 10.5%, 2017 (n) 155,000 114,700
-------------------------------------------------------------------------------------------------------------------------------
Michaels Stores, Inc., 11.375%, 2016 (n) 190,000 184,775
-------------------------------------------------------------------------------------------------------------------------------
$ 559,725
-------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS - WIRELESS - 4.9%
-------------------------------------------------------------------------------------------------------------------------------
Cricket Communications, Inc., 9.375%, 2014 $ 610,000 $ 597,800
-------------------------------------------------------------------------------------------------------------------------------
Digicel Group Ltd., 9.125%, 2015 (z) 25,362 23,176
-------------------------------------------------------------------------------------------------------------------------------
Dobson Communications Corp., 8.375%, 2011 400,000 423,000
-------------------------------------------------------------------------------------------------------------------------------
Dobson Communications Corp., 9.875%, 2012 510,000 548,250
-------------------------------------------------------------------------------------------------------------------------------
MetroPCS Wireless, Inc., 9.25%, 2014 (n) 585,000 576,225
-------------------------------------------------------------------------------------------------------------------------------
Rogers Wireless, Inc., 8%, 2012 210,000 221,369
-------------------------------------------------------------------------------------------------------------------------------
Rural Cellular Corp., FRN, 11.1%, 2012 320,000 329,600
-------------------------------------------------------------------------------------------------------------------------------
Rural Cellular Corp., FRN, 8.36%, 2013 (n) 355,000 362,100
-------------------------------------------------------------------------------------------------------------------------------
U.S. Unwired, Inc., 10%, 2012 500,000 537,113
-------------------------------------------------------------------------------------------------------------------------------
$ 3,618,633
-------------------------------------------------------------------------------------------------------------------------------
TELEPHONE SERVICES - 0.4%
-------------------------------------------------------------------------------------------------------------------------------
Embarq Corp., 7.082%, 2016 $ 160,000 $ 165,004
-------------------------------------------------------------------------------------------------------------------------------
Embarq Corp., 7.995%, 2036 160,000 165,799
-------------------------------------------------------------------------------------------------------------------------------
$ 330,803
-------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 0.9%
-------------------------------------------------------------------------------------------------------------------------------
Alliance One International, Inc., 8.5%, 2012 (n) $ 295,000 $ 293,525
-------------------------------------------------------------------------------------------------------------------------------
Reynolds American, Inc., 7.625%, 2016 345,000 361,314
-------------------------------------------------------------------------------------------------------------------------------
$ 654,839
-------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SERVICES - 2.7%
-------------------------------------------------------------------------------------------------------------------------------
Hertz Corp., 8.875%, 2014 $ 375,000 $ 388,125
-------------------------------------------------------------------------------------------------------------------------------
Navios Maritime Holdings, Inc., 9.5%, 2014 370,000 377,863
-------------------------------------------------------------------------------------------------------------------------------
Quality Distribution, Inc., 9%, 2010 265,000 245,125
-------------------------------------------------------------------------------------------------------------------------------
Ship Finance International Ltd., 8.5%, 2013 440,000 446,600
-------------------------------------------------------------------------------------------------------------------------------
Stena AB, 7.5%, 2013 520,000 514,800
-------------------------------------------------------------------------------------------------------------------------------
$ 1,972,513
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - ELECTRIC POWER - 5.8%
-------------------------------------------------------------------------------------------------------------------------------
AES Corp., 7.75%, 2014 $ 495,000 $ 490,050
-------------------------------------------------------------------------------------------------------------------------------
Calpine Generating Co. LLC, 14.37%, 2011 (d) 235,000 82,838
-------------------------------------------------------------------------------------------------------------------------------
Dynegy Holdings, Inc., 7.125%, 2018 540,000 480,600
-------------------------------------------------------------------------------------------------------------------------------
Edison Mission Energy, 7%, 2017 (n) 905,000 855,205
-------------------------------------------------------------------------------------------------------------------------------
Intergen N.V., 9%, 2017 (n) 180,000 182,700
-------------------------------------------------------------------------------------------------------------------------------
Mirant North American LLC, 7.375%, 2013 435,000 432,825
-------------------------------------------------------------------------------------------------------------------------------
NRG Energy, Inc., 7.25%, 2014 225,000 222,750
-------------------------------------------------------------------------------------------------------------------------------
NRG Energy, Inc., 7.375%, 2016 365,000 360,438
-------------------------------------------------------------------------------------------------------------------------------
NRG Energy, Inc., 7.375%, 2017 245,000 240,713
-------------------------------------------------------------------------------------------------------------------------------
NSG Holdings LLC, 7.75%, 2025 (z) 335,000 325,369
-------------------------------------------------------------------------------------------------------------------------------
Reliant Energy, Inc., 7.875%, 2017 625,000 610,938
-------------------------------------------------------------------------------------------------------------------------------
$ 4,284,426
-------------------------------------------------------------------------------------------------------------------------------
TOTAL BONDS $ 93,013,150
-------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 1.9%
-------------------------------------------------------------------------------------------------------------------------------
CABLE TV - 0.4%
-------------------------------------------------------------------------------------------------------------------------------
Comcast Corp., "A" (a) 6,800 $ 177,412
-------------------------------------------------------------------------------------------------------------------------------
Time Warner Cable, Inc. 3,900 143,130
-------------------------------------------------------------------------------------------------------------------------------
$ 320,542
-------------------------------------------------------------------------------------------------------------------------------
CONSUMER GOODS & SERVICES - 0.1%
-------------------------------------------------------------------------------------------------------------------------------
Central Garden & Pet Co. 3,100 $ 39,680
-------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS - 0.1%
-------------------------------------------------------------------------------------------------------------------------------
Intel Corp. 3,200 $ 82,400
-------------------------------------------------------------------------------------------------------------------------------
ENERGY - INDEPENDENT - 0.3%
-------------------------------------------------------------------------------------------------------------------------------
Chesapeake Energy Corp. 2,200 $ 70,972
-------------------------------------------------------------------------------------------------------------------------------
Foundation Coal Holdings, Inc. 4,700 159,424
-------------------------------------------------------------------------------------------------------------------------------
$ 230,396
-------------------------------------------------------------------------------------------------------------------------------
ENERGY - INTEGRATED - 0.2%
-------------------------------------------------------------------------------------------------------------------------------
Chevron Corp. 1,400 $ 122,864
-------------------------------------------------------------------------------------------------------------------------------
FOREST & PAPER PRODUCTS - 0.1%
-------------------------------------------------------------------------------------------------------------------------------
Louisiana-Pacific Corp. 4,100 $ 76,793
-------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 0.0%
-------------------------------------------------------------------------------------------------------------------------------
Fairline Management Corp. 8,000 $ 0
-------------------------------------------------------------------------------------------------------------------------------
MAJOR BANKS - 0.1%
-------------------------------------------------------------------------------------------------------------------------------
Bank of America Corp. 900 $ 45,612
-------------------------------------------------------------------------------------------------------------------------------
JPMorgan Chase & Co. 800 35,616
-------------------------------------------------------------------------------------------------------------------------------
$ 81,228
-------------------------------------------------------------------------------------------------------------------------------
NATURAL GAS - PIPELINE - 0.2%
-------------------------------------------------------------------------------------------------------------------------------
Williams Cos., Inc. 3,600 $ 111,600
-------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 0.1%
-------------------------------------------------------------------------------------------------------------------------------
Johnson & Johnson 1,200 $ 74,148
-------------------------------------------------------------------------------------------------------------------------------
TELEPHONE SERVICES - 0.3%
-------------------------------------------------------------------------------------------------------------------------------
Windstream Corp. 16,800 $ 239,904
-------------------------------------------------------------------------------------------------------------------------------
TRUCKING - 0.0%
-------------------------------------------------------------------------------------------------------------------------------
Quality Distribution, Inc. (z) 2,687 $ 26,064
-------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS $ 1,405,619
-------------------------------------------------------------------------------------------------------------------------------
FLOATING RATE LOANS - 0.8% (g)(r)
-------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS - WIRELESS - 0.8%
-------------------------------------------------------------------------------------------------------------------------------
Wind Acquisition Holdings Syndicated Loan, 12.61%, 2007 $ 608,600 $ 604,035
-------------------------------------------------------------------------------------------------------------------------------
TOTAL FLOATING RATE LOANS $ 604,035
-------------------------------------------------------------------------------------------------------------------------------
STRIKE PRICE FIRST EXERCISE
-------------------------------------------------------------------------------------------------------------------------------
WARRANTS - 0.0%
-------------------------------------------------------------------------------------------------------------------------------
ISSUER SHARES/PAR VALUE ($)
-------------------------------------------------------------------------------------------------------------------------------
CABLE TV - 0.0%
-------------------------------------------------------------------------------------------------------------------------------
XM Satellite Radio Holdings, Inc. (a)(z) $ 45.24 9/16/00 600 $ 390
-------------------------------------------------------------------------------------------------------------------------------
TELEPHONE SERVICES - 0.0%
-------------------------------------------------------------------------------------------------------------------------------
Jazztel PLC (a)(z) EUR 34.10 6/28/00 350 $ 0
-------------------------------------------------------------------------------------------------------------------------------
TOTAL WARRANTS $ 390
-------------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS - 0.3%
-------------------------------------------------------------------------------------------------------------------------------
CABLE TV - 0.3%
-------------------------------------------------------------------------------------------------------------------------------
Virginia Media Finance PLC, 8.75%, 2014 EUR 160,000 $ 218,000
-------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM OBLIGATIONS - 4.0%
-------------------------------------------------------------------------------------------------------------------------------
General Electric Capital Corp., 5.15%, due 9/04/07 (y) $2,943,000 $ 2,941,737
-------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 3.3%
-------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch, 5.3%, dated 8/31/07, due 9/04/07, total to be received $2,414,421
(secured by various U.S. Treasury and Federal Agency obligations and Mortgage
Backed securities in a jointly traded account) $2,413,000 $ 2,413,000
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS(k) $100,595,931
-------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - (36.6)% (26,936,928)
-------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - 100.0% $ 73,659,003
-------------------------------------------------------------------------------------------------------------------------------
(a) Non-income producing security.
(d) Non-income producing security - in default.
(g) The rate shown represents a weighted average coupon rate on settled positions at period end.
(k) As of August 31, 2007, the fund held securities fair valued in accordance with the policies adopted by the Board of
Trustees, aggregating $92,988,635 and 92.44% of market value. An independent pricing service provided an evaluated bid for
91.77% of the market value.
(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 $20,898,177, representing 28.4% of net assets.
(p) Payment-in-kind security.
(r) Remaining maturities of floating rate loans may be less than 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. Floating rate loans generally have rates of interest which are determined periodically by reference to a base
lending rate plus a premium.
(y) The rate shown represents an annualized yield at time of purchase.
(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:
ACQUISITION ACQUISITION CURRENT TOTAL % OF
RESTRICTED SECURITIES DATE COST MARKET VALUE NET ASSETS
---------------------------------------------------------------------------------------------------------------------------
Chukchansi Economic Development Authority, FRN, 8.86%, 2012 1/10/06 $282,562 $ 275,688
Digicel Group Ltd., 9.125%, 2015 2/22/07-7/02/07 25,362 23,176
Dow Jones CDX High Yield Index, 7.625%, 2012 5/07/07 1,988,750 1,880,000
Jazztel PLC 11/29/00 602 -
Noranda Aluminum Holding Corp., 11.14%, 2014 6/04/07 351,450 323,050
NSG Holdings LLC, 7.75%, 2025 3/06/07-3/14/07 337,625 325,369
Orascom Telecom Finance S.C.A., 7.875%, 2014 2/01/07 225,000 205,313
Pinnacle Foods Finance LLC, 9.25%, 2015 3/21/07-3/22/07 370,187 341,325
Quality Distribution, Inc. 12/28/06 - 26,064
Rotavax LLC, 10.62%, 2014 6/06/06-2/06/07 258,442 242,925
Rouse Co. LP, 6.75%, 2013 5/02/06-6/19/06 348,361 346,500
XM Satellite Radio Holdings, Inc. 3/29/00-7/11/00 69,923 390
---------------------------------------------------------------------------------------------------------------------------
Total Restricted Securities $3,989,800 5.4%
========================
The following abbreviations are used in this report and are defined:
CLN Credit-Linked Note
FRN Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
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
See attached supplemental information. For more information see notes to financial statements as disclosed in the most
recent semiannual or annual report.
MFS INTERMEDIATE HIGH INCOME FUND
SUPPLEMENTAL INFORMATION (UNAUDITED) 8/31/07
(1) PORTFOLIO SECURITIES
The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a
federal income tax basis, are as follows
Aggregate Cost 103,966,499
===========
Gross unrealized appreciation 819,429
Gross unrealized depreciation (4,189,997)
-----------
Net unrealized appreciation (depreciation) (3,370,568)
===========
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) FINANCIAL INSTRUMENTS
DERIVATIVES
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS AT 8/31/07
Appreciation and Depreciation in the table below are reported by currency.
NET UNREALIZED
CONTRACTS TO SETTLEMENT CONTRACTS APPRECIATION
TYPE CURRENCY DELIVER/RECEIVE DATE RANGE IN EXCHANGE FOR AT VALUE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------
DEPRECIATION
------------
Buy EUR 353,104 9/19/2007 $ 482,221 $ 481,523 $ (698)
Sell EUR 990,000 9/19/2007 1,343,303 1,350,047 (6,744)
-------
$(7,442)
=======
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the effectiveness of the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940 (the "Act")) as conducted within 90 days of
the filing date of this Form N-Q, 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 registrant's last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
File as exhibits as part of this Form 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.
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)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President
Date: October 16, 2007
----------------
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)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President (Principal Executive
Officer)
Date: October 16, 2007
----------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: October 16, 2007
----------------
* Print name and title of each signing officer under his or her signature.