N-CSR 1 f38981d1.htm MFS SERIES TRUST XII NCSR MFS Series Trust XII NCSR

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 811-21780

MFS SERIES TRUST XII

(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

111Huntington Avenue Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: April 30

Date of reporting period: April 30, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

Item 1(a):


Annual Report
April 30, 2024
MFS® Lifetime® Funds
MFS® Lifetime® Income Fund
MFS® Lifetime® 2025 Fund
MFS® Lifetime® 2030 Fund
MFS® Lifetime® 2035 Fund
MFS® Lifetime® 2040 Fund
MFS® Lifetime® 2045 Fund
MFS® Lifetime® 2050 Fund
MFS® Lifetime® 2055 Fund
MFS® Lifetime® 2060 Fund
MFS® Lifetime® 2065 Fund
LTF-ANN
MFS® Lifetime® Funds
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE
Portfolio Composition 
MFS Lifetime Income Fund
Portfolio allocation
Portfolio holdings
MFS Limited Maturity Fund 20.1%
MFS Total Return Bond Fund 19.4%
MFS Inflation-Adjusted Bond Fund 9.9%
MFS Government Securities Fund 9.4%
MFS Global Opportunistic Bond Fund 7.0%
MFS Blended Research Mid Cap Equity Fund 2.9%
MFS Blended Research International Equity Fund 2.5%
MFS High Income Fund 2.0%
MFS Value Fund 2.0%
MFS Blended Research Value Equity Fund 2.0%
MFS Commodity Strategy Fund 2.0%
MFS Global Real Estate Fund 1.9%
MFS Blended Research Core Equity Fund 1.6%
MFS Research Fund 1.6%
MFS Blended Research Growth Equity Fund 1.6%
MFS Growth Fund 1.6%
MFS Research International Fund 1.5%
MFS Mid Cap Value Fund 1.5%
MFS Mid Cap Growth Fund 1.5%
MFS Emerging Markets Debt Fund 1.0%
MFS Emerging Markets Debt Local Currency Fund 1.0%
MFS Blended Research Small Cap Equity Fund 1.0%
MFS International Growth Fund 0.5%
MFS International Intrinsic Value Fund 0.5%
MFS New Discovery Value Fund 0.5%
MFS New Discovery Fund 0.5%
Cash & Cash Equivalents 3.0%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
1
Portfolio Composition - continued
MFS Lifetime 2025 Fund
Portfolio allocation
Portfolio holdings
MFS Total Return Bond Fund 18.0%
MFS Limited Maturity Fund 17.2%
MFS Inflation-Adjusted Bond Fund 9.9%
MFS Government Securities Fund 9.3%
MFS Global Opportunistic Bond Fund 7.0%
MFS Blended Research Mid Cap Equity Fund 3.2%
MFS Blended Research International Equity Fund 2.9%
MFS High Income Fund 2.6%
MFS Value Fund 2.3%
MFS Blended Research Value Equity Fund 2.3%
MFS Commodity Strategy Fund 2.0%
MFS Global Real Estate Fund 2.0%
MFS Blended Research Core Equity Fund 1.9%
MFS Research Fund 1.9%
MFS Blended Research Growth Equity Fund 1.9%
MFS Growth Fund 1.9%
MFS Research International Fund 1.6%
MFS Mid Cap Value Fund 1.6%
MFS Mid Cap Growth Fund 1.6%
MFS Emerging Markets Debt Fund 1.3%
MFS Emerging Markets Debt Local Currency Fund 1.3%
MFS Blended Research Small Cap Equity Fund 1.0%
MFS International Growth Fund 0.7%
MFS International Intrinsic Value Fund 0.6%
MFS New Discovery Value Fund 0.5%
MFS New Discovery Fund 0.5%
Cash & Cash Equivalents 3.0%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
2
Portfolio Composition - continued
MFS Lifetime 2030 Fund
Portfolio allocation
Portfolio holdings
MFS Total Return Bond Fund 12.5%
MFS Government Securities Fund 9.3%
MFS Inflation-Adjusted Bond Fund 9.0%
MFS Limited Maturity Fund 7.1%
MFS Global Opportunistic Bond Fund 6.4%
MFS Blended Research Mid Cap Equity Fund 4.9%
MFS Blended Research International Equity Fund 4.7%
MFS High Income Fund 4.1%
MFS Value Fund 3.3%
MFS Blended Research Value Equity Fund 3.3%
MFS Blended Research Core Equity Fund 2.9%
MFS Research Fund 2.9%
MFS Blended Research Growth Equity Fund 2.9%
MFS Growth Fund 2.9%
MFS Mid Cap Value Fund 2.4%
MFS Mid Cap Growth Fund 2.4%
MFS Emerging Markets Debt Fund 2.3%
MFS Research International Fund 2.3%
MFS Commodity Strategy Fund 2.3%
MFS Global Real Estate Fund 2.2%
MFS Emerging Markets Debt Local Currency Fund 2.0%
MFS International Intrinsic Value Fund 1.2%
MFS International Growth Fund 1.1%
MFS Blended Research Small Cap Equity Fund 1.1%
MFS New Discovery Value Fund 0.6%
MFS New Discovery Fund 0.6%
MFS International New Discovery Fund 0.3%
Cash & Cash Equivalents 3.0%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
3
Portfolio Composition - continued
MFS Lifetime 2035 Fund
Portfolio allocation
Portfolio holdings
MFS Blended Research Mid Cap Equity Fund 7.6%
MFS Blended Research International Equity Fund 6.8%
MFS Government Securities Fund 6.6%
MFS Total Return Bond Fund 6.6%
MFS Inflation-Adjusted Bond Fund 6.3%
MFS Global Opportunistic Bond Fund 4.4%
MFS Value Fund 4.3%
MFS Blended Research Value Equity Fund 4.3%
MFS High Income Fund 4.0%
MFS Blended Research Core Equity Fund 3.9%
MFS Research Fund 3.9%
MFS Blended Research Growth Equity Fund 3.9%
MFS Growth Fund 3.8%
MFS Mid Cap Value Fund 3.8%
MFS Mid Cap Growth Fund 3.7%
MFS Commodity Strategy Fund 3.3%
MFS Global Real Estate Fund 3.3%
MFS Research International Fund 3.1%
MFS Emerging Markets Debt Fund 3.0%
MFS Emerging Markets Debt Local Currency Fund 2.0%
MFS International Intrinsic Value Fund 1.8%
MFS International Growth Fund 1.8%
MFS Blended Research Small Cap Equity Fund 1.6%
MFS International New Discovery Fund 1.3%
MFS New Discovery Value Fund 0.8%
MFS New Discovery Fund 0.8%
MFS Blended Research Emerging Markets Equity Fund 0.2%
MFS Emerging Markets Equity Fund 0.1%
Cash & Cash Equivalents 3.0%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
4
Portfolio Composition - continued
MFS Lifetime 2040 Fund
Portfolio allocation
Portfolio holdings
MFS Blended Research Mid Cap Equity Fund 9.1%
MFS Blended Research International Equity Fund 9.0%
MFS Value Fund 5.1%
MFS Blended Research Value Equity Fund 5.1%
MFS Blended Research Growth Equity Fund 4.7%
MFS Growth Fund 4.6%
MFS Blended Research Core Equity Fund 4.6%
MFS Mid Cap Value Fund 4.6%
MFS Research Fund 4.6%
MFS Inflation-Adjusted Bond Fund 4.5%
MFS Mid Cap Growth Fund 4.5%
MFS Commodity Strategy Fund 4.2%
MFS Global Real Estate Fund 4.1%
MFS Research International Fund 3.5%
MFS High Income Fund 3.4%
MFS International Intrinsic Value Fund 2.7%
MFS International Growth Fund 2.6%
MFS Emerging Markets Debt Fund 2.6%
MFS Global Opportunistic Bond Fund 2.6%
MFS International New Discovery Fund 2.3%
MFS Total Return Bond Fund 2.2%
MFS Blended Research Small Cap Equity Fund 2.0%
MFS Emerging Markets Debt Local Currency Fund 1.7%
MFS New Discovery Value Fund 1.0%
MFS New Discovery Fund 1.0%
MFS Blended Research Emerging Markets Equity Fund 0.6%
MFS Emerging Markets Equity Fund 0.6%
Cash & Cash Equivalents 2.3%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
5
Portfolio Composition - continued
MFS Lifetime 2045 Fund
Portfolio allocation
Portfolio holdings
MFS Blended Research International Equity Fund 10.2%
MFS Blended Research Mid Cap Equity Fund 9.6%
MFS Value Fund 5.3%
MFS Blended Research Value Equity Fund 5.3%
MFS Blended Research Growth Equity Fund 4.9%
MFS Growth Fund 4.9%
MFS Mid Cap Value Fund 4.8%
MFS Commodity Strategy Fund 4.7%
MFS Mid Cap Growth Fund 4.7%
MFS Blended Research Core Equity Fund 4.6%
MFS Research Fund 4.6%
MFS Global Real Estate Fund 4.6%
MFS Research International Fund 3.8%
MFS Inflation-Adjusted Bond Fund 3.3%
MFS International New Discovery Fund 3.3%
MFS International Intrinsic Value Fund 3.2%
MFS International Growth Fund 3.1%
MFS Blended Research Small Cap Equity Fund 2.3%
MFS Total Return Bond Fund 2.0%
MFS High Income Fund 1.4%
MFS New Discovery Value Fund 1.2%
MFS New Discovery Fund 1.2%
MFS Emerging Markets Debt Fund 1.1%
MFS Global Opportunistic Bond Fund 1.1%
MFS Blended Research Emerging Markets Equity Fund 0.9%
MFS Emerging Markets Equity Fund 0.8%
MFS Emerging Markets Debt Local Currency Fund 0.7%
Cash & Cash Equivalents 2.4%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
6
Portfolio Composition - continued
MFS Lifetime 2050 Fund
Portfolio allocation
Portfolio holdings
MFS Blended Research International Equity Fund 11.1%
MFS Blended Research Mid Cap Equity Fund 9.9%
MFS Value Fund 5.5%
MFS Blended Research Value Equity Fund 5.5%
MFS Commodity Strategy Fund 5.1%
MFS Blended Research Growth Equity Fund 5.1%
MFS Growth Fund 5.0%
MFS Mid Cap Value Fund 5.0%
MFS Global Real Estate Fund 5.0%
MFS Mid Cap Growth Fund 4.9%
MFS Blended Research Core Equity Fund 4.6%
MFS Research Fund 4.6%
MFS International New Discovery Fund 4.0%
MFS Research International Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS Inflation-Adjusted Bond Fund 2.4%
MFS Total Return Bond Fund 1.8%
MFS New Discovery Value Fund 1.3%
MFS New Discovery Fund 1.2%
MFS Blended Research Emerging Markets Equity Fund 1.1%
MFS Emerging Markets Equity Fund 1.0%
Cash & Cash Equivalents 2.4%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
7
Portfolio Composition - continued
MFS Lifetime 2055 Fund
Portfolio allocation
Portfolio holdings
MFS Blended Research International Equity Fund 11.1%
MFS Blended Research Mid Cap Equity Fund 10.0%
MFS Value Fund 5.5%
MFS Blended Research Value Equity Fund 5.5%
MFS Commodity Strategy Fund 5.2%
MFS Blended Research Growth Equity Fund 5.1%
MFS Growth Fund 5.0%
MFS Mid Cap Value Fund 5.0%
MFS Global Real Estate Fund 4.9%
MFS Mid Cap Growth Fund 4.9%
MFS Blended Research Core Equity Fund 4.6%
MFS Research Fund 4.6%
MFS International New Discovery Fund 4.0%
MFS Research International Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS Inflation-Adjusted Bond Fund 2.4%
MFS Total Return Bond Fund 1.8%
MFS New Discovery Value Fund 1.2%
MFS New Discovery Fund 1.2%
MFS Blended Research Emerging Markets Equity Fund 1.1%
MFS Emerging Markets Equity Fund 1.0%
Cash & Cash Equivalents 2.4%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
8
Portfolio Composition - continued
MFS Lifetime 2060 Fund
Portfolio allocation
Portfolio holdings
MFS Blended Research International Equity Fund 11.1%
MFS Blended Research Mid Cap Equity Fund 10.0%
MFS Value Fund 5.5%
MFS Blended Research Value Equity Fund 5.5%
MFS Blended Research Growth Equity Fund 5.1%
MFS Growth Fund 5.1%
MFS Mid Cap Value Fund 5.0%
MFS Commodity Strategy Fund 5.0%
MFS Global Real Estate Fund 5.0%
MFS Mid Cap Growth Fund 5.0%
MFS Blended Research Core Equity Fund 4.6%
MFS Research Fund 4.6%
MFS International New Discovery Fund 4.1%
MFS Research International Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS Inflation-Adjusted Bond Fund 2.4%
MFS Total Return Bond Fund 1.8%
MFS New Discovery Value Fund 1.2%
MFS New Discovery Fund 1.2%
MFS Emerging Markets Equity Fund 1.0%
MFS Blended Research Emerging Markets Equity Fund 1.0%
Cash & Cash Equivalents 2.3%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
9
Portfolio Composition - continued
MFS Lifetime 2065 Fund
Portfolio allocation
Portfolio holdings
MFS Blended Research International Equity Fund 11.0%
MFS Blended Research Mid Cap Equity Fund 10.0%
MFS Value Fund 5.5%
MFS Blended Research Value Equity Fund 5.5%
MFS Blended Research Growth Equity Fund 5.1%
MFS Growth Fund 5.1%
MFS Mid Cap Value Fund 5.0%
MFS Global Real Estate Fund 5.0%
MFS Mid Cap Growth Fund 5.0%
MFS Commodity Strategy Fund 5.0%
MFS Blended Research Core Equity Fund 4.6%
MFS Research Fund 4.6%
MFS International New Discovery Fund 4.1%
MFS Research International Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS Inflation-Adjusted Bond Fund 2.4%
MFS Total Return Bond Fund 1.8%
MFS New Discovery Value Fund 1.3%
MFS New Discovery Fund 1.3%
MFS Blended Research Emerging Markets Equity Fund 1.0%
MFS Emerging Markets Equity Fund 1.0%
Cash & Cash Equivalents 2.2%
 
Cash & Cash Equivalents includes the fund’s investments in MFS Institutional Money Market Portfolio, an underlying money market fund used for any strategic cash allocation and as a cash sweep vehicle. Cash & Cash Equivalents also includes other assets less liabilities.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
10
Management Review 
MFS Lifetime Funds
Market Environment
In response to the strongest inflationary period in four decades, global central banks tightened monetary policy significantly during the reporting period, helping reduce price pressures, although more work is needed before inflation returns to target. Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. The US sought to restrict the flow of advanced technologies to China and China looked to use its industrial overcapacity to increase exports to developed markets to bolster its slow-growing domestic economy. The conflict in the Middle East caused trade flow disruptions between Asia and Europe as shipping traffic was routed away from the Red Sea.
Although inflation has yet to reach central banks’ targets, policymakers have indicated their desire to begin cutting rates in the months ahead, although stickier-than-expected inflation could delay cuts in the US. The prospects for easier monetary policy along with resilient global economic growth have been supportive factors for risky assets, such as equities and high-yield bonds. Long-term interest rates moderated during the latter half of the reporting period, although rising government debt levels remained a concern over the medium term. Advancements in artificial intelligence and the adoption of novel weight-loss drugs were two areas of focus for investors during the period.
MFS Lifetime Income Fund  
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime Income Fund (fund) provided a total return of 5.03%, at net asset value. This compares with a return of -1.47% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund’s other benchmark, the MFS Lifetime Income Fund Blended Index (Blended Index), generated a return of 3.75%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
The fund’s investment selection within the fixed income segment was a primary contributor to relative performance. Here, the MFS Limited Maturity Fund aided relative results as short-term maturity issues performed well in a rising interest rate environment. Additionally, strong relative performance of the MFS Total Return Bond Fund, MFS Global Opportunistic Bond Fund and MFS Limited Maturity Fund bolstered relative returns as all three funds outperformed their respective benchmarks.
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within international equity funds, the MFS Research International Fund held back relative results as the fund lagged its respective benchmark.
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2025 Fund
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime 2025 Fund (fund) provided a total return of 5.77%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2025 Fund Blended Index (Blended Index), generated a return of 4.60%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
11
Management Review - continued
The fund’s investment selection within the fixed income segment was a primary contributor to relative performance. Here, the MFS Limited Maturity Fund aided relative results as short-term maturity issues performed well in a rising interest rate environment. Additionally, strong relative performance of the MFS Global Opportunistic Bond Fund,  MFS Total Return Bond Fund and MFS Limited Maturity Fund bolstered relative returns as all three funds outperformed their respective benchmarks.
Within international equity funds, the MFS Research International Fund held back relative results as the fund lagged its respective benchmark.
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2030 Fund
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime 2030 Fund (fund) provided a total return of 8.06%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2030 Fund Blended Index (Blended Index), generated a return of 7.38%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity funds, the MFS Research International Fund held back relative results as the fund lagged its respective benchmark.
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
The fund’s investment selection within the fixed income segment was a primary contributor to relative performance. Here, the MFS High Income Fund, MFS Limited Maturity Fund and MFS Emerging Markets Debt Fund aided relative results as all three funds performed well in a rising interest rate environment. Additionally, strong relative performance of the MFS Global Opportunistic Bond Fund and MFS Total Return Bond Fund bolstered relative returns as both funds outperformed their respective benchmarks.
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2035 Fund
Summary of Results   
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime 2035 Fund (fund) provided a total return of 11.13%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2035 Fund Blended Index (Blended Index), generated a return of 11.01%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity funds, the MFS Research International Fund held back relative results as the fund lagged its respective benchmark.
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
The fund’s investment selection within the fixed income segment was a primary contributor to relative performance. Here, the MFS High Income Fund and MFS Emerging Markets Debt Fund aided relative results as those funds performed well in a rising interest rate environment. Additionally, strong relative performance of the MFS Global Opportunistic Bond Fund and MFS Total Return Bond Fund bolstered relative returns as both funds outperformed their respective benchmarks.
12
Management Review - continued
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2040 Fund
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime 2040 Fund (fund) provided a total return of 13.33%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2040 Fund Blended Index (Blended Index), generated a return of 13.60%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
The fund’s investment selection within the fixed income segment contributed to relative performance. Here, investments in the MFS High Income Fund and MFS Emerging Markets Debt Fund aided relative results as both funds performed well in a rising interest rate environment. Additionally, strong relative performance of the MFS Global Opportunistic Bond Fund bolstered relative returns as the fund outperformed its respective benchmark.
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2045 Fund
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime 2045 Fund (fund) provided a total return of 13.87%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2045 Fund Blended Index (Blended Index), generated a return of 14.71%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
The fund’s investment selection within the fixed income segment contributed to relative performance. Here, investments in the MFS High Income Fund and MFS Emerging Markets Debt Fund aided relative results as both funds performed well in a rising interest rate environment.
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2050 Fund
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime 2050 Fund (fund) provided a total return of 14.17%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2050 Fund Blended Index (Blended Index), generated a return of 15.40%. The
13
Management Review - continued
Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within the fixed income segment, relative performance of the MFS Total Return Bond Fund contributed to relative results and more-than-offset negative contribution stemming from relative performance of the MFS Inflation-Adjusted Bond Fund that lagged its respective benchmark.
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2055 Fund
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime 2055 Fund (fund) provided a total return of 14.17%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2055 Fund Blended Index (Blended Index), generated a return of 15.40%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within the fixed income segment, relative performance of the MFS Total Return Bond Fund contributed to relative results and more-than-offset negative contribution stemming from relative performance of the MFS Inflation-Adjusted Bond Fund that lagged its respective benchmark.
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2060 Fund
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime 2060 Fund (fund) provided a total return of 14.12%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2060 Fund Blended Index (Blended Index), generated a return of 15.40%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
14
Management Review - continued
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within the fixed income segment, relative performance of the MFS Total Return Bond Fund contributed to relative results and more-than-offset negative contribution stemming from relative performance of the MFS Inflation-Adjusted Bond Fund that lagged its respective benchmark.
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
MFS Lifetime 2065 Fund
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Lifetime 2065 Fund (fund) provided a total return of 14.19%, at net asset value. This compares with a return of 22.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2065 Fund Blended Index (Blended Index), generated a return of 15.40%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary. The following commentary is based on fund results relative to the Blended Index.
Factors Affecting Performance
Within international equity funds, the MFS Research International Fund, MFS International New Discovery Fund and MFS International Growth Fund held back relative results as all three funds lagged their respective benchmarks.
Within the US equity funds segment, style selection was a headwind. Allocations to all strategies, with the exception of large-cap growth funds, held back relative returns as those funds lagged the US equity portion of the Blended Index. As the concentration in the US equity market has continued to increase, large-cap strategies have outperformed small- and mid-cap strategies. Conversely, manager selection boosted relative returns, as funds such as MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Blended Research Core Equity Fund outpaced their respective benchmarks.
Within the fixed income segment, relative performance of the MFS Total Return Bond Fund contributed to relative results and more-than-offset negative contribution stemming from relative performance of the MFS Inflation-Adjusted Bond Fund that lagged its respective benchmark.
The fund’s investments within the non-traditional funds had no material impact on relative performance over the reporting period.
Respectfully,
Portfolio Manager(s)
Joseph Flaherty, Benjamin Nastou, Natalie Shapiro, and Erich Shigley
Note to Shareholders: Effective August 28, 2023, Benjamin Nastou and Erich Shigley  were added as Portfolio Managers of the fund. Effective June 1, 2025, Joseph Flaherty will no longer be a Portfolio Manager of the fund.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
15
Performance Summary THROUGH 4/30/24
The following charts illustrate a representative class of each fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
MFS Lifetime Income Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/2005 5.03% 3.58% 3.62% N/A
B 9/29/2005 4.25% 2.79% 2.85% N/A
C 9/29/2005 4.34% 2.81% 2.85% N/A
I 9/29/2005 5.38% 3.84% 3.89% N/A
R1 9/29/2005 4.25% 2.81% 2.86% N/A
R2 9/29/2005 4.77% 3.31% 3.35% N/A
R3 9/29/2005 5.03% 3.57% 3.62% N/A
R4 9/29/2005 5.29% 3.84% 3.87% N/A
R6 8/29/2016 5.41% 3.94% N/A 4.19%
Comparative benchmark(s)
         
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (0.16)% 1.20% N/A
MFS Lifetime Income Fund Blended Index (f)(z) 3.75% 3.13% 3.75% N/A
Bloomberg Commodity Index (f) 2.89% 7.04% (1.54)% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) 0.88% (1.17)% 2.11% N/A
MSCI EAFE Index (net div) (f) 9.28% 6.18% 4.38% N/A
Standard & Poor’s 500 Stock Index (f) 22.66% 13.19% 12.41% N/A
16
Performance Summary  - continued
With sales charge
  1-yr 5-yr 10-yr Life (t)
A
With Initial Sales Charge (4.25%) 		0.57% 2.69% 3.17% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		0.25% 2.44% 2.85% N/A
C
With CDSC (1% for 12 months) (v) 		3.34% 2.81% 2.85% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
(z) The weights of the components of the blended benchmark (MFS Lifetime Income Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at September 29, 2005 (the fund’s inception date) and at the end of the reporting period:
  4/30/24 4/30/23
Bloomberg U.S. Aggregate Bond Index 71.0% 71.0%
Standard & Poor’s 500 Stock Index 20.0% 20.0%
MSCI EAFE Index (net div) 5.0% 5.0%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.0% 2.0%
Bloomberg Commodity Index 2.0% 2.0%
17
Performance Summary  - continued
MFS Lifetime 2025 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 11/02/2012 5.77% 4.28% 4.83% N/A
B 11/02/2012 5.00% 3.50% 4.03% N/A
C 11/02/2012 4.96% 3.50% 4.03% N/A
I 11/02/2012 6.06% 4.52% 5.07% N/A
R1 11/02/2012 4.99% 3.48% 4.03% N/A
R2 11/02/2012 5.60% 4.02% 4.56% N/A
R3 11/02/2012 5.76% 4.27% 4.82% N/A
R4 11/02/2012 6.11% 4.52% 5.07% N/A
R6 8/29/2016 6.12% 4.67% N/A 5.49%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 22.66% 13.19% 12.41% N/A
MFS Lifetime 2025 Fund Blended Index (f)(z) 4.60% 3.97% 4.83% N/A
Bloomberg Commodity Index (f) 2.89% 7.04% (1.54)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (0.16)% 1.20% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (0.88)% (1.17)% 2.11% N/A
MSCI EAFE Index (net div) (f) 9.28% 6.18% 4.38% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		(0.31)% 3.05% 4.21% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		1.00% 3.15% 4.03% N/A
C
With CDSC (1% for 12 months) (v) 		3.96% 3.50% 4.03% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
18
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2025 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/24 4/30/23
Bloomberg U.S. Aggregate Bond Index 67.70% 65.50%
Standard & Poor’s 500 Stock Index 22.40% 24.00%
MSCI EAFE Index (net div) 5.90% 6.50%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.00% 2.00%
Bloomberg Commodity Index 2.00% 2.00%
19
Performance Summary  - continued
MFS Lifetime 2030 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/2005 8.06% 5.68% 6.11% N/A
B 9/29/2005 7.27% 4.89% 5.31% N/A
C 9/29/2005 7.21% 4.90% 5.31% N/A
I 9/29/2005 8.35% 5.95% 6.35% N/A
R1 9/29/2005 7.24% 4.90% 5.31% N/A
R2 9/29/2005 7.82% 5.42% 5.84% N/A
R3 9/29/2005 8.06% 5.69% 6.11% N/A
R4 9/29/2005 8.36% 5.95% 6.37% N/A
R6 8/29/2016 8.49% 6.09% N/A 7.11%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 22.66% 13.19% 12.41% N/A
MFS Lifetime 2030 Fund Blended Index (f)(z) 7.38% 5.84% 6.22% N/A
Bloomberg Commodity Index (f) 2.89% 7.04% (1.54)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (0.16)% 1.20% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (0.88)% (1.17)% 2.11% N/A
MSCI EAFE Index (net div) (f) 9.28% 6.18% 4.38% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		1.84% 4.44% 5.48% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		3.27% 4.56% 5.31% N/A
C
With CDSC (1% for 12 months) (v) 		6.21% 4.90% 5.31% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
20
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2030 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/24 4/30/23
Bloomberg U.S. Aggregate Bond Index 54.00% 50.00%
Standard & Poor’s 500 Stock Index 31.90% 34.50%
MSCI EAFE Index (net div) 9.50% 10.50%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.30% 2.50%
Bloomberg Commodity Index 2.30% 2.50%
21
Performance Summary  - continued
MFS Lifetime 2035 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 11/02/2012 11.13% 7.28% 7.22% N/A
B 11/02/2012 10.24% 6.46% 6.41% N/A
C 11/02/2012 10.27% 6.46% 6.41% N/A
I 11/02/2012 11.44% 7.55% 7.47% N/A
R1 11/02/2012 10.25% 6.43% 6.40% N/A
R2 11/02/2012 10.85% 7.00% 6.95% N/A
R3 11/02/2012 11.14% 7.27% 7.21% N/A
R4 11/02/2012 11.45% 7.54% 7.49% N/A
R6 8/29/2016 11.59% 7.70% N/A 8.54%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 22.66% 13.19% 12.41% N/A
MFS Lifetime 2035 Fund Blended Index (f)(z) 11.01% 7.85% 7.43% N/A
Bloomberg Commodity Index (f) 2.89% 7.04% (1.54)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (0.16)% 1.20% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (0.88)% (1.17)% 2.11% N/A
MSCI EAFE Index (net div) (f) 9.28% 6.18% 4.38% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		4.74% 6.02% 6.59% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		6.24% 6.15% 6.41% N/A
C
With CDSC (1% for 12 months) (v) 		9.27% 6.46% 6.41% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. The comparative benchmark performance information provided for the “life” period is from the inception date of the Class A shares. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
22
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2035 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/24 4/30/23
Standard & Poor’s 500 Stock Index 44.30% 46.50%
Bloomberg U.S. Aggregate Bond Index 34.00% 30.00%
MSCI EAFE Index (net div) 15.10% 16.50%
FTSE EPRA Nareit Developed Real Estate Index (net div) 3.30% 3.50%
Bloomberg Commodity Index 3.30% 3.50%
23
Performance Summary  - continued
MFS Lifetime 2040 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/2005 13.33% 8.04% 7.75% N/A
B 9/29/2005 12.50% 7.22% 6.94% N/A
C 9/29/2005 12.46% 7.23% 6.95% N/A
I 9/29/2005 13.60% 8.30% 7.99% N/A
R1 9/29/2005 12.46% 7.21% 6.94% N/A
R2 9/29/2005 13.03% 7.75% 7.47% N/A
R3 9/29/2005 13.31% 8.03% 7.75% N/A
R4 9/29/2005 13.58% 8.30% 8.02% N/A
R6 8/29/2016 13.72% 8.44% N/A 9.22%
Comparative benchmark(s)
         
Standard & Poor's 500 Stock Index (f) 22.66% 13.19% 12.41% N/A
MFS Lifetime 2040 Fund Blended Index (f)(z) 13.60% 8.84% 8.02% N/A
Bloomberg Commodity Index (f) 2.89% 7.04% (1.54)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (0.16)% 1.20% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (0.88)% (1.17)% 2.11% N/A
MSCI EAFE Index (net div) (f) 9.28% 6.18% 4.38% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		6.81% 6.77% 7.12% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		8.50% 6.92% 6.94% N/A
C
With CDSC (1% for 12 months) (v) 		11.46% 7.23% 6.95% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
24
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2040 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/24 4/30/23
Standard & Poor's 500 Stock Index 52.75% 53.25%
MSCI EAFE Index (net div) 21.20% 22.00%
Bloomberg U.S. Aggregate Bond Index 17.75% 16.25%
Bloomberg Commodity Index 4.15% 4.25%
FTSE EPRA Nareit Developed Real Estate Index (net div) 4.15% 4.25%
25
Performance Summary  - continued
MFS Lifetime 2045 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 11/02/2012 13.87% 8.40% 7.97% N/A
B 11/02/2012 12.99% 7.58% 7.17% N/A
C 11/02/2012 12.99% 7.59% 7.17% N/A
I 11/02/2012 14.11% 8.66% 8.26% N/A
R1 11/02/2012 12.93% 7.56% 7.15% N/A
R2 11/02/2012 13.59% 8.12% 7.70% N/A
R3 11/02/2012 13.85% 8.39% 7.97% N/A
R4 11/02/2012 14.11% 8.66% 8.24% N/A
R6 8/29/2016 14.27% 8.82% N/A 9.52%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 22.66% 13.19% 12.41% N/A
MFS Lifetime 2045 Fund Blended Index (f)(z) 14.71% 9.46% 8.37% N/A
Bloomberg Commodity Index (f) 2.89% 7.04% (1.54)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (0.16)% 1.20% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (0.88)% (1.17)% 2.11% N/A
MSCI EAFE Index (net div) (f) 9.28% 6.18% 4.38% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		7.33% 7.12% 7.34% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		8.99% 7.27% 7.17% N/A
C
With CDSC (1% for 12 months) (v) 		11.99% 7.59% 7.17% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
26
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2045 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/24 4/30/23
Standard & Poor’s 500 Stock Index 55.25% 55.75%
MSCI EAFE Index (net div) 25.20% 26.00%
Bloomberg U.S. Aggregate Bond Index 10.25% 8.75%
FTSE EPRA Nareit Developed Real Estate Index (net div) 4.65% 4.75%
Bloomberg Commodity Index 4.65% 4.75%
27
Performance Summary  - continued
MFS Lifetime 2050 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/15/2010 14.17% 8.47% 8.01% N/A
B 9/15/2010 13.32% 7.66% 7.21% N/A
C 9/15/2010 13.33% 7.66% 7.21% N/A
I 9/15/2010 14.46% 8.73% 8.28% N/A
R1 9/15/2010 13.32% 7.66% 7.21% N/A
R2 9/15/2010 13.89% 8.20% 7.74% N/A
R3 9/15/2010 14.18% 8.46% 8.01% N/A
R4 9/15/2010 14.49% 8.73% 8.28% N/A
R6 8/29/2016 14.60% 8.90% N/A 9.56%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 22.66% 13.19% 12.41% N/A
MFS Lifetime 2050 Fund Blended Index (f)(z) 15.40% 9.67% 8.47% N/A
Bloomberg Commodity Index (f) 2.89% 7.04% (1.54)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (0.16)% 1.20% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (0.88)% (1.17)% 2.11% N/A
MSCI EAFE Index (net div) (f) 9.28% 6.18% 4.38% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		7.60% 7.19% 7.37% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		9.32% 7.36% 7.21% N/A
C
With CDSC (1% for 12 months) (v) 		12.33% 7.66% 7.21% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
28
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2050 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/24 4/30/23
Standard & Poor's  500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg Commodity Index 5.00% 5.00%
Bloomberg U.S. Aggregate Bond Index 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 5.00% 5.00%
29
Performance Summary  - continued
MFS Lifetime 2055 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 11/02/2012 14.17% 8.48% 8.01% N/A
B 11/02/2012 13.32% 7.66% 7.20% N/A
C 11/02/2012 13.34% 7.67% 7.21% N/A
I 11/02/2012 14.49% 8.74% 8.23% N/A
R1 11/02/2012 13.34% 7.68% 7.20% N/A
R2 11/02/2012 13.89% 8.22% 7.74% N/A
R3 11/02/2012 14.16% 8.47% 8.01% N/A
R4 11/02/2012 14.47% 8.75% 8.28% N/A
R6 8/29/2016 14.66% 8.92% N/A 9.57%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 22.66% 13.19% 12.41% N/A
MFS Lifetime 2055 Fund Blended Index (f)(z) 15.40% 9.67% 8.47% N/A
Bloomberg Commodity Index (f) 2.89% 7.04% (1.54)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (0.16)% 1.20% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (0.88)% (1.17)% 2.11% N/A
MSCI EAFE Index (net div) (f) 9.28% 6.18% 4.38% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		7.61% 7.20% 7.37% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		9.32% 7.36% 7.20% N/A
C
With CDSC (1% for 12 months) (v) 		12.34% 7.67% 7.21% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
30
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2055 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/24 4/30/23
Standard & Poor’s 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg Commodity Index 5.00% 5.00%
Bloomberg U.S. Aggregate Bond Index 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 5.00% 5.00%
31
Performance Summary  - continued
MFS Lifetime 2060 Fund
Growth of a Hypothetical $10,000 Investment (t)
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr Life (t)
A 12/06/2016 14.12% 8.49% 9.54%
B 12/06/2016 13.27% 7.67% 8.74%
C 12/06/2016 13.30% 7.68% 8.74%
I 12/06/2016 14.39% 8.76% 9.83%
R1 12/06/2016 14.15% 7.95% 8.92%
R2 12/06/2016 13.92% 8.22% 9.29%
R3 12/06/2016 14.12% 8.49% 9.55%
R4 12/06/2016 14.45% 8.74% 9.81%
R6 12/06/2016 14.65% 8.90% 9.95%
Comparative benchmark(s)
       
Standard & Poor's 500 Stock Index (f) 22.66% 13.19% 13.79%
MFS Lifetime 2060 Fund Blended Index (f)(z) 15.40% 9.67% 10.36%
Bloomberg Commodity Index (f) 2.89% 7.04% 3.93%
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (0.16)% 0.79%
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (0.88)% (1.17)% 1.85%
MSCI EAFE Index (net div) (f) 9.28% 6.18% 7.37%
Average annual with sales charge
       
A
With Initial Sales Charge (5.75%) 		7.56% 7.21% 8.67%
B
With CDSC (Declining over six years from 4% to 0%) (v) 		9.27% 7.37% 8.74%
C
With CDSC (1% for 12 months) (v) 		12.30% 7.68% 8.74%
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
32
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2060 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/24 4/30/23
Standard & Poor’s 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg U.S. Aggregate Bond Index 5.00% 5.00%
Bloomberg Commodity Index 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 5.00% 5.00%
33
Performance Summary  - continued
MFS Lifetime 2065 Fund
Growth of a Hypothetical $10,000 Investment (t)
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr Life (t)
A 9/01/2021 14.19% 1.37%
C 9/01/2021 13.47% 0.66%
I 9/01/2021 14.58% 1.67%
R1 9/01/2021 13.33% 0.63%
R2 9/01/2021 13.99% 1.17%
R3 9/01/2021 14.20% 1.38%
R4 9/01/2021 14.47% 1.63%
R6 9/01/2021 14.66% 1.70%
Comparative benchmark(s)
     
Standard & Poor's 500 Stock Index (f) 22.66% 5.76%
MFS Lifetime 2065 Fund Blended Index (f)(z) 15.40% 3.48%
Bloomberg Commodity Index (f) 2.89% 5.70%
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% (4.67)%
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (0.88)% (8.41)%
MSCI EAFE Index (net div) (f) 9.28% 1.47%
Average annual with sales charge
     
A
With Initial Sales Charge (5.75%) 		7.62% (0.85)%
C
With CDSC (1% for 12 months) (v) 		12.47% 0.66%
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
34
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2065 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/24 4/30/23
Standard & Poor’s 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg U.S. Aggregate Bond Index 5.00% 5.00%
Bloomberg Commodity Index 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 5.00% 5.00%
Benchmark Definition(s)
Bloomberg Commodity Index(a) – a highly liquid and diversified benchmark for the commodity futures market. The index tracks trades on futures contracts for physical commodities, such as energy (petroleum, gas), precious metals (gold, silver), industrial metals (zinc, copper), grains (corn, wheat), livestock (pork bellies), among others, and are traded in a variety of currencies.
Bloomberg U.S. Aggregate Bond Index(a) – a market capitalization-weighted index that measures the performance of the U.S. investment-grade, fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with at least one year to final maturity.
FTSE EPRA Nareit Developed Real Estate Index(c) (net div) – measures the performance of eligible real estate equities worldwide that generate a majority of their revenue and income through the ownership, disposure and development of income-producing real estate.
MSCI EAFE (Europe, Australasia, Far East) Index(e) (net div) – a market capitalization-weighted index that is designed to measure equity market performance in the developed markets, excluding the U.S. and Canada.
Standard & Poor's 500 Stock Index(g) – a market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
It is not possible to invest directly in an index.
(a) Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
(c) FTSE International Limited (“FTSE”)© FTSE 2019. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “FT-SE®”, “FOOTSIE®” and “FTSE4GOOD®” are trademarks of the London Stock Exchange Group companies. “Nareit®” is a trademark of the National Association of Real Estate Investment Trusts (“Nareit”) and “EPRA®” is a trademark of the European Public Real Estate Association (“EPRA”) and all are used by FTSE under license. The FTSE EPRA Nareit Developed Real Estate Index is calculated by FTSE. Neither FTSE, Euronext N.V., Nareit, nor EPRA sponsor, endorse, or promote this product and are not in any way connected to it and do not accept any liability. All intellectual property rights in the index values and constituent list vests in FTSE, Euronext N.V., Nareit, and EPRA. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.
(e) Morgan Stanley Capital International (“MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.
(g) “Standard & Poor's®” and “S&P®” are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500® is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS's product(s) is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in such product(s).
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life periods, for certain classes for certain funds.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers each fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
35
Performance Summary  - continued
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.  
From time to time the funds may receive proceeds from litigation settlements, without which performance would be lower.
36
Expense Tables 
Fund expenses borne by the shareholders during the period,
November 1, 2023 through April 30, 2024
As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Because the underlying funds have varied expenses and fee levels and each fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by each fund will vary. If these transactional and indirect costs were included, your costs would have been higher.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.
Actual Expenses
The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
37
Expense Tables - continued
MFS LIFETIME INCOME FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.24% $1,000.00 $1,086.53 $1.25
Hypothetical (h) 0.24% $1,000.00 $1,023.67 $1.21
B Actual 0.99% $1,000.00 $1,082.53 $5.13
Hypothetical (h) 0.99% $1,000.00 $1,019.94 $4.97
C Actual 0.99% $1,000.00 $1,083.49 $5.13
Hypothetical (h) 0.99% $1,000.00 $1,019.94 $4.97
I Actual 0.00% $1,000.00 $1,088.77 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R1 Actual 0.99% $1,000.00 $1,082.43 $5.13
Hypothetical (h) 0.99% $1,000.00 $1,019.94 $4.97
R2 Actual 0.49% $1,000.00 $1,085.21 $2.54
Hypothetical (h) 0.49% $1,000.00 $1,022.43 $2.46
R3 Actual 0.24% $1,000.00 $1,086.53 $1.25
Hypothetical (h) 0.24% $1,000.00 $1,023.67 $1.21
R4 Actual 0.00% $1,000.00 $1,088.83 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R6 Actual 0.00% $1,000.00 $1,089.18 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
38
Expense Tables - continued
MFS LIFETIME 2025 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.25% $1,000.00 $1,093.99 $1.30
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
B Actual 1.00% $1,000.00 $1,089.81 $5.20
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
C Actual 1.00% $1,000.00 $1,089.84 $5.20
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
I Actual 0.00% $1,000.00 $1,095.10 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R1 Actual 1.00% $1,000.00 $1,090.29 $5.20
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
R2 Actual 0.50% $1,000.00 $1,093.24 $2.60
Hypothetical (h) 0.50% $1,000.00 $1,022.38 $2.51
R3 Actual 0.25% $1,000.00 $1,094.03 $1.30
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
R4 Actual 0.00% $1,000.00 $1,095.57 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R6 Actual 0.00% $1,000.00 $1,095.61 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
39
Expense Tables - continued
MFS LIFETIME 2030 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.25% $1,000.00 $1,117.63 $1.32
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
B Actual 1.00% $1,000.00 $1,113.74 $5.26
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
C Actual 1.00% $1,000.00 $1,113.50 $5.25
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
I Actual 0.00% $1,000.00 $1,119.71 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R1 Actual 1.00% $1,000.00 $1,114.08 $5.26
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
R2 Actual 0.50% $1,000.00 $1,117.10 $2.63
Hypothetical (h) 0.50% $1,000.00 $1,022.38 $2.51
R3 Actual 0.25% $1,000.00 $1,117.83 $1.32
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
R4 Actual 0.00% $1,000.00 $1,119.62 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R6 Actual 0.00% $1,000.00 $1,120.26 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
40
Expense Tables - continued
MFS LIFETIME 2035 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.25% $1,000.00 $1,147.93 $1.34
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
B Actual 1.00% $1,000.00 $1,142.76 $5.33
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
C Actual 1.00% $1,000.00 $1,142.76 $5.33
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
I Actual 0.00% $1,000.00 $1,149.45 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R1 Actual 1.00% $1,000.00 $1,142.75 $5.33
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
R2 Actual 0.50% $1,000.00 $1,145.78 $2.67
Hypothetical (h) 0.50% $1,000.00 $1,022.38 $2.51
R3 Actual 0.25% $1,000.00 $1,147.27 $1.33
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
R4 Actual 0.00% $1,000.00 $1,148.60 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R6 Actual 0.00% $1,000.00 $1,150.11 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
41
Expense Tables - continued
MFS LIFETIME 2040 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.25% $1,000.00 $1,168.32 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
B Actual 1.00% $1,000.00 $1,163.48 $5.38
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
C Actual 1.00% $1,000.00 $1,163.78 $5.38
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
I Actual 0.00% $1,000.00 $1,169.40 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R1 Actual 1.00% $1,000.00 $1,163.25 $5.38
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
R2 Actual 0.50% $1,000.00 $1,166.13 $2.69
Hypothetical (h) 0.50% $1,000.00 $1,022.38 $2.51
R3 Actual 0.25% $1,000.00 $1,168.18 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
R4 Actual 0.00% $1,000.00 $1,169.72 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R6 Actual 0.00% $1,000.00 $1,169.77 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
42
Expense Tables - continued
MFS LIFETIME 2045 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.25% $1,000.00 $1,175.28 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
B Actual 1.00% $1,000.00 $1,170.75 $5.40
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
C Actual 1.00% $1,000.00 $1,171.13 $5.40
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
I Actual 0.00% $1,000.00 $1,176.71 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R1 Actual 1.00% $1,000.00 $1,170.73 $5.40
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
R2 Actual 0.50% $1,000.00 $1,173.94 $2.70
Hypothetical (h) 0.50% $1,000.00 $1,022.38 $2.51
R3 Actual 0.25% $1,000.00 $1,175.79 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
R4 Actual 0.00% $1,000.00 $1,176.65 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R6 Actual 0.00% $1,000.00 $1,177.64 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
43
Expense Tables - continued
MFS LIFETIME 2050 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.25% $1,000.00 $1,179.87 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
B Actual 1.00% $1,000.00 $1,176.00 $5.41
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
C Actual 1.00% $1,000.00 $1,175.87 $5.41
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
I Actual 0.00% $1,000.00 $1,181.08 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R1 Actual 1.00% $1,000.00 $1,175.53 $5.41
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
R2 Actual 0.50% $1,000.00 $1,178.08 $2.71
Hypothetical (h) 0.50% $1,000.00 $1,022.38 $2.51
R3 Actual 0.25% $1,000.00 $1,179.74 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
R4 Actual 0.00% $1,000.00 $1,181.35 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R6 Actual 0.00% $1,000.00 $1,181.93 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
44
Expense Tables - continued
MFS LIFETIME 2055 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.25% $1,000.00 $1,179.93 $1.36
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
B Actual 1.00% $1,000.00 $1,175.45 $5.41
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
C Actual 1.00% $1,000.00 $1,175.48 $5.41
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
I Actual 0.00% $1,000.00 $1,181.70 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R1 Actual 1.00% $1,000.00 $1,175.98 $5.41
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
R2 Actual 0.50% $1,000.00 $1,178.45 $2.71
Hypothetical (h) 0.50% $1,000.00 $1,022.38 $2.51
R3 Actual 0.25% $1,000.00 $1,179.75 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
R4 Actual 0.00% $1,000.00 $1,181.93 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R6 Actual 0.00% $1,000.00 $1,182.45 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
45
Expense Tables - continued
MFS LIFETIME 2060 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.25% $1,000.00 $1,179.52 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
B Actual 1.00% $1,000.00 $1,175.07 $5.41
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
C Actual 1.00% $1,000.00 $1,174.90 $5.41
Hypothetical (h) 1.00% $1,000.00 $1,019.89 $5.02
I Actual 0.00% $1,000.00 $1,181.01 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R1 Actual 0.25% $1,000.00 $1,179.51 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
R2 Actual 0.50% $1,000.00 $1,178.31 $2.71
Hypothetical (h) 0.50% $1,000.00 $1,022.38 $2.51
R3 Actual 0.25% $1,000.00 $1,179.43 $1.35
Hypothetical (h) 0.25% $1,000.00 $1,023.62 $1.26
R4 Actual 0.00% $1,000.00 $1,180.83 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
R6 Actual 0.00% $1,000.00 $1,182.76 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.86 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
Notes to Expense Table  
For the MFS Lifetime 2060 Fund, for the period from November 1, 2023 through April 30, 2024, the distribution fee for Class R1 was not imposed. Had the distribution fee been imposed throughout the entire six month period, the annualized expense ratio, the actual expenses paid during the period, and the hypothetical expenses paid during the period would have been approximately 1.00%, $5,42, and $5.02 for Class R1. See Note 3 in the Notes to Financial Statements for additional information.              
46
Expense Tables - continued
MFS LIFETIME 2065 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.22% $1,000.00 $1,179.85 $1.19
Hypothetical (h) 0.22% $1,000.00 $1,023.77 $1.11
C Actual 0.97% $1,000.00 $1,176.87 $5.25
Hypothetical (h) 0.97% $1,000.00 $1,020.04 $4.87
I Actual 0.01% $1,000.00 $1,182.32 $0.05
Hypothetical (h) 0.01% $1,000.00 $1,024.81 $0.05
R1 Actual 0.97% $1,000.00 $1,175.38 $5.25
Hypothetical (h) 0.97% $1,000.00 $1,020.04 $4.87
R2 Actual 0.47% $1,000.00 $1,179.28 $2.55
Hypothetical (h) 0.47% $1,000.00 $1,022.53 $2.36
R3 Actual 0.22% $1,000.00 $1,179.99 $1.19
Hypothetical (h) 0.22% $1,000.00 $1,023.77 $1.11
R4 Actual 0.01% $1,000.00 $1,181.25 $0.05
Hypothetical (h) 0.01% $1,000.00 $1,024.81 $0.05
R6 Actual 0.01% $1,000.00 $1,183.19 $0.05
Hypothetical (h) 0.01% $1,000.00 $1,024.81 $0.05
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
Notes to Expense Table                             
For the MFS Lifetime 2065 Fund, expense ratios include approximately 0.01% of interest related expenses that are outside of the expense limitation arrangement (See Note 3 of the Notes to Financial Statements).              
47
Portfolio of Investments 
4/30/24
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS Lifetime Income Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 69.8%
MFS Emerging Markets Debt Fund - Class R6     532,597 $6,258,015
MFS Emerging Markets Debt Local Currency Fund - Class R6     1,160,207 6,207,107
MFS Global Opportunistic Bond Fund - Class R6     5,540,281 43,712,819
MFS Government Securities Fund - Class R6     6,964,501 58,014,294
MFS High Income Fund - Class R6     4,154,878 12,547,730
MFS Inflation-Adjusted Bond Fund - Class R6     6,903,335 61,646,782
MFS Limited Maturity Fund - Class R6     21,868,774 125,089,385
MFS Total Return Bond Fund - Class R6     13,123,411 120,472,917
        $433,949,049
International Stock Funds – 5.0%
MFS Blended Research International Equity Fund - Class R6     1,225,749 $15,517,979
MFS International Growth Fund - Class R6     75,993 3,094,429
MFS International Intrinsic Value Fund - Class R6     78,746 3,089,232
MFS Research International Fund - Class R6     416,369 9,305,847
        $31,007,487
Non-Traditional Funds – 3.9%
MFS Commodity Strategy Fund - Class R6     3,414,989 $12,293,959
MFS Global Real Estate Fund - Class R6     775,934 12,104,575
        $24,398,534
U.S. Stock Funds – 18.3%
MFS Blended Research Core Equity Fund - Class R6     288,832 $9,979,138
MFS Blended Research Growth Equity Fund - Class R6     467,673 9,914,674
MFS Blended Research Mid Cap Equity Fund - Class R6     1,315,112 18,411,563
MFS Blended Research Small Cap Equity Fund - Class R6     412,150 6,116,310
MFS Blended Research Value Equity Fund - Class R6     773,542 12,353,463
MFS Growth Fund - Class R6     51,218 9,855,908
MFS Mid Cap Growth Fund - Class R6 (a)     299,529 9,102,690
MFS Mid Cap Value Fund - Class R6     289,025 9,271,917
MFS New Discovery Fund - Class R6 (a)     103,990 3,037,542
MFS New Discovery Value Fund - Class R6     175,210 3,080,190
MFS Research Fund - Class R6     178,216 9,940,874
MFS Value Fund - Class R6     251,593 12,385,948
        $113,450,217
Money Market Funds – 3.0%  
MFS Institutional Money Market Portfolio, 5.38% (v)     18,701,436 $18,701,436
Total Investment Companies (Identified Cost, $571,425,819) $621,506,723
Other Assets, Less Liabilities – 0.0%   37,878
Net Assets – 100.0% $621,544,601
See Portfolio Footnotes and Notes to Financial Statements
48
Portfolio of Investments – continued
MFS Lifetime 2025 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 66.6%
MFS Emerging Markets Debt Fund - Class R6     426,159 $5,007,364
MFS Emerging Markets Debt Local Currency Fund - Class R6     932,443 4,988,572
MFS Global Opportunistic Bond Fund - Class R6     3,442,902 27,164,495
MFS Government Securities Fund - Class R6     4,327,365 36,046,954
MFS High Income Fund - Class R6     3,316,411 10,015,561
MFS Inflation-Adjusted Bond Fund - Class R6     4,285,187 38,266,718
MFS Limited Maturity Fund - Class R6     11,632,689 66,538,982
MFS Total Return Bond Fund - Class R6     7,555,700 69,361,327
        $257,389,973
International Stock Funds – 5.8%
MFS Blended Research International Equity Fund - Class R6     892,758 $11,302,319
MFS International Growth Fund - Class R6     60,782 2,475,045
MFS International Intrinsic Value Fund - Class R6     62,961 2,469,943
MFS Research International Fund - Class R6     283,536 6,337,042
        $22,584,349
Non-Traditional Funds – 4.0%
MFS Commodity Strategy Fund - Class R6     2,129,965 $7,667,872
MFS Global Real Estate Fund - Class R6     489,184 7,631,272
        $15,299,144
U.S. Stock Funds – 20.6%
MFS Blended Research Core Equity Fund - Class R6     212,093 $7,327,797
MFS Blended Research Growth Equity Fund - Class R6     344,587 7,305,242
MFS Blended Research Mid Cap Equity Fund - Class R6     899,885 12,598,388
MFS Blended Research Small Cap Equity Fund - Class R6     258,442 3,835,277
MFS Blended Research Value Equity Fund - Class R6     550,543 8,792,175
MFS Growth Fund - Class R6     37,863 7,286,028
MFS Mid Cap Growth Fund - Class R6 (a)     206,608 6,278,821
MFS Mid Cap Value Fund - Class R6     197,513 6,336,229
MFS New Discovery Fund - Class R6 (a)     65,445 1,911,638
MFS New Discovery Value Fund - Class R6     109,210 1,919,903
MFS Research Fund - Class R6     131,209 7,318,848
MFS Value Fund - Class R6     178,776 8,801,165
        $79,711,511
Money Market Funds – 3.0%  
MFS Institutional Money Market Portfolio, 5.38% (v)     11,641,572 $11,641,572
Total Investment Companies (Identified Cost, $364,014,613) $386,626,549
Other Assets, Less Liabilities – (0.0)%   (48,972)
Net Assets – 100.0% $386,577,577
See Portfolio Footnotes and Notes to Financial Statements
49
Portfolio of Investments – continued
MFS Lifetime 2030 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 52.7%
MFS Emerging Markets Debt Fund - Class R6     1,546,857 $18,175,574
MFS Emerging Markets Debt Local Currency Fund - Class R6     2,908,501 15,560,478
MFS Global Opportunistic Bond Fund - Class R6     6,394,282 50,450,887
MFS Government Securities Fund - Class R6     8,779,234 73,131,017
MFS High Income Fund - Class R6     10,551,573 31,865,749
MFS Inflation-Adjusted Bond Fund - Class R6     7,953,201 71,022,086
MFS Limited Maturity Fund - Class R6     9,698,078 55,473,008
MFS Total Return Bond Fund - Class R6     10,701,947 98,243,876
        $413,922,675
International Stock Funds – 9.6%
MFS Blended Research International Equity Fund - Class R6     2,890,933 $36,599,212
MFS International Growth Fund - Class R6     221,373 9,014,324
MFS International Intrinsic Value Fund - Class R6     230,844 9,056,016
MFS International New Discovery Fund - Class R6     74,006 2,325,255
MFS Research International Fund - Class R6     810,628 18,117,528
        $75,112,335
Non-Traditional Funds – 4.5%
MFS Commodity Strategy Fund - Class R6     5,016,855 $18,060,680
MFS Global Real Estate Fund - Class R6     1,125,880 17,563,722
        $35,624,402
U.S. Stock Funds – 30.2%
MFS Blended Research Core Equity Fund - Class R6     659,688 $22,792,219
MFS Blended Research Growth Equity Fund - Class R6     1,067,600 22,633,121
MFS Blended Research Mid Cap Equity Fund - Class R6     2,737,196 38,320,749
MFS Blended Research Small Cap Equity Fund - Class R6     599,558 8,897,440
MFS Blended Research Value Equity Fund - Class R6     1,629,525 26,023,513
MFS Growth Fund - Class R6     116,981 22,510,615
MFS Mid Cap Growth Fund - Class R6 (a)     620,662 18,861,931
MFS Mid Cap Value Fund - Class R6     602,236 19,319,731
MFS New Discovery Fund - Class R6 (a)     151,759 4,432,864
MFS New Discovery Value Fund - Class R6     257,164 4,520,948
MFS Research Fund - Class R6     406,995 22,702,201
MFS Value Fund - Class R6     529,065 26,045,852
        $237,061,184
Money Market Funds – 3.0%  
MFS Institutional Money Market Portfolio, 5.38% (v)     23,943,988 $23,943,987
Total Investment Companies (Identified Cost, $675,482,982) $785,664,583
Other Assets, Less Liabilities – (0.0)%   (67,540)
Net Assets – 100.0% $785,597,043
See Portfolio Footnotes and Notes to Financial Statements
50
Portfolio of Investments – continued
MFS Lifetime 2035 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 32.9%
MFS Emerging Markets Debt Fund - Class R6     1,522,257 $17,886,519
MFS Emerging Markets Debt Local Currency Fund - Class R6     2,208,927 11,817,758
MFS Global Opportunistic Bond Fund - Class R6     3,320,712 26,200,415
MFS Government Securities Fund - Class R6     4,687,982 39,050,895
MFS High Income Fund - Class R6     7,949,762 24,008,280
MFS Inflation-Adjusted Bond Fund - Class R6     4,200,847 37,513,565
MFS Total Return Bond Fund - Class R6     4,232,123 38,850,887
        $195,328,319
International Stock Funds – 15.1%
MFS Blended Research Emerging Markets Equity Fund - Class R6     68,464 $902,358
MFS Blended Research International Equity Fund - Class R6     3,183,473 40,302,762
MFS Emerging Markets Equity Fund - Class R6     27,279 899,120
MFS International Growth Fund - Class R6     260,676 10,614,726
MFS International Intrinsic Value Fund - Class R6     271,021 10,632,170
MFS International New Discovery Fund - Class R6     244,246 7,674,212
MFS Research International Fund - Class R6     835,024 18,662,791
        $89,688,139
Non-Traditional Funds – 6.6%
MFS Commodity Strategy Fund - Class R6     5,473,907 $19,706,066
MFS Global Real Estate Fund - Class R6     1,232,623 19,228,913
        $38,934,979
U.S. Stock Funds – 42.4%
MFS Blended Research Core Equity Fund - Class R6     664,532 $22,959,592
MFS Blended Research Growth Equity Fund - Class R6     1,076,352 22,818,667
MFS Blended Research Mid Cap Equity Fund - Class R6     3,196,350 44,748,902
MFS Blended Research Small Cap Equity Fund - Class R6     654,194 9,708,239
MFS Blended Research Value Equity Fund - Class R6     1,595,592 25,481,600
MFS Growth Fund - Class R6     118,124 22,730,586
MFS Mid Cap Growth Fund - Class R6 (a)     727,500 22,108,726
MFS Mid Cap Value Fund - Class R6     703,753 22,576,402
MFS New Discovery Fund - Class R6 (a)     164,907 4,816,944
MFS New Discovery Value Fund - Class R6     277,995 4,887,142
MFS Research Fund - Class R6     410,526 22,899,142
MFS Value Fund - Class R6     518,418 25,521,700
        $251,257,642
Money Market Funds – 3.0%  
MFS Institutional Money Market Portfolio, 5.38% (v)     17,826,374 $17,826,374
Total Investment Companies (Identified Cost, $498,231,957) $593,035,453
Other Assets, Less Liabilities – (0.0)%   (78,085)
Net Assets – 100.0% $592,957,368
See Portfolio Footnotes and Notes to Financial Statements
51
Portfolio of Investments – continued
MFS Lifetime 2040 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 17.1%
MFS Emerging Markets Debt Fund - Class R6     1,683,350 $19,779,366
MFS Emerging Markets Debt Local Currency Fund - Class R6     2,435,925 13,032,201
MFS Global Opportunistic Bond Fund - Class R6     2,499,238 19,718,985
MFS High Income Fund - Class R6     8,788,454 26,541,132
MFS Inflation-Adjusted Bond Fund - Class R6     3,914,255 34,954,296
MFS Total Return Bond Fund - Class R6     1,871,951 17,184,508
        $131,210,488
International Stock Funds – 21.4%
MFS Blended Research Emerging Markets Equity Fund - Class R6     346,374 $4,565,214
MFS Blended Research International Equity Fund - Class R6     5,447,186 68,961,378
MFS Emerging Markets Equity Fund - Class R6     137,417 4,529,245
MFS International Growth Fund - Class R6     497,459 20,256,523
MFS International Intrinsic Value Fund - Class R6     520,969 20,437,608
MFS International New Discovery Fund - Class R6     562,156 17,662,935
MFS Research International Fund - Class R6     1,227,201 27,427,943
        $163,840,846
Non-Traditional Funds – 8.3%
MFS Commodity Strategy Fund - Class R6     9,027,136 $32,497,689
MFS Global Real Estate Fund - Class R6     1,995,363 31,127,660
        $63,625,349
U.S. Stock Funds – 50.9%
MFS Blended Research Core Equity Fund - Class R6     1,018,553 $35,191,012
MFS Blended Research Growth Equity Fund - Class R6     1,681,369 35,645,023
MFS Blended Research Mid Cap Equity Fund - Class R6     4,998,528 69,979,392
MFS Blended Research Small Cap Equity Fund - Class R6     1,058,992 15,715,434
MFS Blended Research Value Equity Fund - Class R6     2,442,208 39,002,064
MFS Growth Fund - Class R6     184,517 35,506,550
MFS Mid Cap Growth Fund - Class R6 (a)     1,133,086 34,434,479
MFS Mid Cap Value Fund - Class R6     1,096,864 35,187,407
MFS New Discovery Fund - Class R6 (a)     267,746 7,820,859
MFS New Discovery Value Fund - Class R6     452,605 7,956,790
MFS Research Fund - Class R6     628,169 35,039,295
MFS Value Fund - Class R6     793,493 39,063,682
        $390,541,987
Money Market Funds – 2.3%  
MFS Institutional Money Market Portfolio, 5.38% (v)     18,000,995 $18,000,995
Total Investment Companies (Identified Cost, $576,366,570) $767,219,665
Other Assets, Less Liabilities – (0.0)%   (20,721)
Net Assets – 100.0% $767,198,944
See Portfolio Footnotes and Notes to Financial Statements
52
Portfolio of Investments – continued
MFS Lifetime 2045 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 9.6%
MFS Emerging Markets Debt Fund - Class R6     461,915 $5,427,498
MFS Emerging Markets Debt Local Currency Fund - Class R6     668,781 3,577,977
MFS Global Opportunistic Bond Fund - Class R6     685,490 5,408,515
MFS High Income Fund - Class R6     2,411,648 7,283,176
MFS Inflation-Adjusted Bond Fund - Class R6     1,880,689 16,794,558
MFS Total Return Bond Fund - Class R6     1,099,537 10,093,749
        $48,585,473
International Stock Funds – 25.3%
MFS Blended Research Emerging Markets Equity Fund - Class R6     325,414 $4,288,960
MFS Blended Research International Equity Fund - Class R6     4,100,780 51,915,878
MFS Emerging Markets Equity Fund - Class R6     129,539 4,269,613
MFS International Growth Fund - Class R6     391,464 15,940,398
MFS International Intrinsic Value Fund - Class R6     408,070 16,008,573
MFS International New Discovery Fund - Class R6     534,181 16,783,978
MFS Research International Fund - Class R6     869,294 19,428,709
        $128,636,109
Non-Traditional Funds – 9.3%
MFS Commodity Strategy Fund - Class R6     6,687,790 $24,076,044
MFS Global Real Estate Fund - Class R6     1,484,608 23,159,885
        $47,235,929
U.S. Stock Funds – 53.4%
MFS Blended Research Core Equity Fund - Class R6     673,874 $23,282,351
MFS Blended Research Growth Equity Fund - Class R6     1,172,262 24,851,959
MFS Blended Research Mid Cap Equity Fund - Class R6     3,487,376 48,823,259
MFS Blended Research Small Cap Equity Fund - Class R6     787,676 11,689,107
MFS Blended Research Value Equity Fund - Class R6     1,695,627 27,079,160
MFS Growth Fund - Class R6     128,565 24,739,865
MFS Mid Cap Growth Fund - Class R6 (a)     791,755 24,061,425
MFS Mid Cap Value Fund - Class R6     764,987 24,540,796
MFS New Discovery Fund - Class R6 (a)     199,084 5,815,230
MFS New Discovery Value Fund - Class R6     336,111 5,908,832
MFS Research Fund - Class R6     415,947 23,201,527
MFS Value Fund - Class R6     550,394 27,095,918
        $271,089,429
Money Market Funds – 2.4%  
MFS Institutional Money Market Portfolio, 5.38% (v)     12,013,472 $12,013,472
Total Investment Companies (Identified Cost, $409,846,061) $507,560,412
Other Assets, Less Liabilities – (0.0)%   (138,461)
Net Assets – 100.0% $507,421,951
See Portfolio Footnotes and Notes to Financial Statements
53
Portfolio of Investments – continued
MFS Lifetime 2050 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 4.2%
MFS Inflation-Adjusted Bond Fund - Class R6     1,486,044 $13,270,373
MFS Total Return Bond Fund - Class R6     1,083,123 9,943,063
        $23,213,436
International Stock Funds – 28.2%
MFS Blended Research Emerging Markets Equity Fund - Class R6     428,176 $5,643,363
MFS Blended Research International Equity Fund - Class R6     4,812,332 60,924,123
MFS Emerging Markets Equity Fund - Class R6     170,173 5,608,895
MFS International Growth Fund - Class R6     470,414 19,155,240
MFS International Intrinsic Value Fund - Class R6     488,142 19,149,819
MFS International New Discovery Fund - Class R6     700,531 22,010,684
MFS Research International Fund - Class R6     981,913 21,945,767
        $154,437,891
Non-Traditional Funds – 10.1%
MFS Commodity Strategy Fund - Class R6     7,781,227 $28,012,415
MFS Global Real Estate Fund - Class R6     1,739,613 27,137,965
        $55,150,380
U.S. Stock Funds – 55.1%
MFS Blended Research Core Equity Fund - Class R6     727,212 $25,125,171
MFS Blended Research Growth Equity Fund - Class R6     1,309,900 27,769,882
MFS Blended Research Mid Cap Equity Fund - Class R6     3,891,325 54,478,557
MFS Blended Research Small Cap Equity Fund - Class R6     916,896 13,606,730
MFS Blended Research Value Equity Fund - Class R6     1,887,840 30,148,806
MFS Growth Fund - Class R6     143,790 27,669,553
MFS Mid Cap Growth Fund - Class R6 (a)     888,808 27,010,865
MFS Mid Cap Value Fund - Class R6     856,667 27,481,889
MFS New Discovery Fund - Class R6 (a)     231,989 6,776,407
MFS New Discovery Value Fund - Class R6     390,278 6,861,085
MFS Research Fund - Class R6     449,350 25,064,751
MFS Value Fund - Class R6     613,864 30,220,506
        $302,214,202
Money Market Funds – 2.4%  
MFS Institutional Money Market Portfolio, 5.38% (v)     12,963,873 $12,963,873
Total Investment Companies (Identified Cost, $436,345,757) $547,979,782
Other Assets, Less Liabilities – (0.0)%   (64,831)
Net Assets – 100.0% $547,914,951
See Portfolio Footnotes and Notes to Financial Statements
54
Portfolio of Investments – continued
MFS Lifetime 2055 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 4.2%
MFS Inflation-Adjusted Bond Fund - Class R6     970,773 $8,669,006
MFS Total Return Bond Fund - Class R6     707,087 6,491,058
        $15,160,064
International Stock Funds – 28.2%
MFS Blended Research Emerging Markets Equity Fund - Class R6     280,396 $3,695,617
MFS Blended Research International Equity Fund - Class R6     3,140,220 39,755,187
MFS Emerging Markets Equity Fund - Class R6     111,297 3,668,360
MFS International Growth Fund - Class R6     306,931 12,498,235
MFS International Intrinsic Value Fund - Class R6     318,563 12,497,235
MFS International New Discovery Fund - Class R6     457,458 14,373,324
MFS Research International Fund - Class R6     640,845 14,322,871
        $100,810,829
Non-Traditional Funds – 10.1%
MFS Commodity Strategy Fund - Class R6     5,120,728 $18,434,623
MFS Global Real Estate Fund - Class R6     1,135,317 17,710,940
        $36,145,563
U.S. Stock Funds – 55.1%
MFS Blended Research Core Equity Fund - Class R6     474,776 $16,403,509
MFS Blended Research Growth Equity Fund - Class R6     854,804 18,121,851
MFS Blended Research Mid Cap Equity Fund - Class R6     2,543,738 35,612,338
MFS Blended Research Small Cap Equity Fund - Class R6     598,752 8,885,478
MFS Blended Research Value Equity Fund - Class R6     1,232,333 19,680,363
MFS Growth Fund - Class R6     93,790 18,047,983
MFS Mid Cap Growth Fund - Class R6 (a)     579,792 17,619,873
MFS Mid Cap Value Fund - Class R6     559,099 17,935,894
MFS New Discovery Fund - Class R6 (a)     151,381 4,421,833
MFS New Discovery Value Fund - Class R6     254,900 4,481,142
MFS Research Fund - Class R6     293,282 16,359,269
MFS Value Fund - Class R6     400,610 19,722,017
        $197,291,550
Money Market Funds – 2.4%  
MFS Institutional Money Market Portfolio, 5.38% (v)     8,454,120 $8,454,120
Total Investment Companies (Identified Cost, $301,547,921) $357,862,126
Other Assets, Less Liabilities – (0.0)%   (50,945)
Net Assets – 100.0% $357,811,181
See Portfolio Footnotes and Notes to Financial Statements
55
Portfolio of Investments – continued
MFS Lifetime 2060 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 4.2%
MFS Inflation-Adjusted Bond Fund - Class R6     520,257 $4,645,899
MFS Total Return Bond Fund - Class R6     380,874 3,496,418
        $8,142,317
International Stock Funds – 28.2%
MFS Blended Research Emerging Markets Equity Fund - Class R6     148,891 $1,962,390
MFS Blended Research International Equity Fund - Class R6     1,687,838 21,368,026
MFS Emerging Markets Equity Fund - Class R6     59,560 1,963,085
MFS International Growth Fund - Class R6     165,680 6,746,491
MFS International Intrinsic Value Fund - Class R6     171,653 6,733,969
MFS International New Discovery Fund - Class R6     246,906 7,757,775
MFS Research International Fund - Class R6     345,792 7,728,444
        $54,260,180
Non-Traditional Funds – 10.0%
MFS Commodity Strategy Fund - Class R6     2,677,191 $9,637,887
MFS Global Real Estate Fund - Class R6     617,045 9,625,899
        $19,263,786
U.S. Stock Funds – 55.3%
MFS Blended Research Core Equity Fund - Class R6     256,976 $8,878,527
MFS Blended Research Growth Equity Fund - Class R6     463,380 9,823,647
MFS Blended Research Mid Cap Equity Fund - Class R6     1,372,094 19,209,312
MFS Blended Research Small Cap Equity Fund - Class R6     323,485 4,800,523
MFS Blended Research Value Equity Fund - Class R6     663,788 10,600,697
MFS Growth Fund - Class R6     50,981 9,810,297
MFS Mid Cap Growth Fund - Class R6 (a)     315,111 9,576,214
MFS Mid Cap Value Fund - Class R6     301,308 9,665,948
MFS New Discovery Fund - Class R6 (a)     82,086 2,397,748
MFS New Discovery Value Fund - Class R6     137,178 2,411,586
MFS Research Fund - Class R6     159,026 8,870,494
MFS Value Fund - Class R6     215,749 10,621,334
        $106,666,327
Money Market Funds – 2.3%  
MFS Institutional Money Market Portfolio, 5.38% (v)     4,467,900 $4,467,901
Total Investment Companies (Identified Cost, $172,595,280) $192,800,511
Other Assets, Less Liabilities – (0.0)%   (9,177)
Net Assets – 100.0% $192,791,334
See Portfolio Footnotes and Notes to Financial Statements
56
Portfolio of Investments – continued
MFS Lifetime 2065 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.1%
Bond Funds – 4.2%
MFS Inflation-Adjusted Bond Fund - Class R6     49,240 $439,719
MFS Total Return Bond Fund - Class R6     36,064 331,066
        $770,785
International Stock Funds – 28.1%
MFS Blended Research Emerging Markets Equity Fund - Class R6     13,992 $184,410
MFS Blended Research International Equity Fund - Class R6     158,592 2,007,781
MFS Emerging Markets Equity Fund - Class R6     5,590 184,252
MFS International Growth Fund - Class R6     15,681 638,532
MFS International Intrinsic Value Fund - Class R6     16,270 638,262
MFS International New Discovery Fund - Class R6     23,320 732,703
MFS Research International Fund - Class R6     32,673 730,238
        $5,116,178
Non-Traditional Funds – 10.0%
MFS Commodity Strategy Fund - Class R6     253,080 $911,087
MFS Global Real Estate Fund - Class R6     58,485 912,373
        $1,823,460
U.S. Stock Funds – 55.5%
MFS Blended Research Core Equity Fund - Class R6     24,401 $843,043
MFS Blended Research Growth Equity Fund - Class R6     44,060 934,078
MFS Blended Research Mid Cap Equity Fund - Class R6     130,168 1,822,350
MFS Blended Research Small Cap Equity Fund - Class R6     30,700 455,586
MFS Blended Research Value Equity Fund - Class R6     62,809 1,003,057
MFS Growth Fund - Class R6     4,853 933,984
MFS Mid Cap Growth Fund - Class R6 (a)     29,982 911,144
MFS Mid Cap Value Fund - Class R6     28,444 912,491
MFS New Discovery Fund - Class R6 (a)     7,798 227,781
MFS New Discovery Value Fund - Class R6     12,962 227,871
MFS Research Fund - Class R6     15,113 843,017
MFS Value Fund - Class R6     20,386 1,003,602
        $10,118,004
Money Market Funds – 2.3%  
MFS Institutional Money Market Portfolio, 5.38% (v)     425,051 $425,051
Total Investment Companies (Identified Cost, $16,845,394) $18,253,478
Other Assets, Less Liabilities – (0.1)%   (26,685)
Net Assets – 100.0% $18,226,793
Portfolio Footnotes:
(a) Non-income producing security.
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of each fund’s investments in affiliated issuers were as follows:
  Affiliated Issuers
MFS Lifetime Income Fund $621,506,723
MFS Lifetime 2025 Fund 386,626,549
MFS Lifetime 2030 Fund 785,664,583
MFS Lifetime 2035 Fund 593,035,453
MFS Lifetime 2040 Fund 767,219,665
MFS Lifetime 2045 Fund 507,560,412
MFS Lifetime 2050 Fund 547,979,782
MFS Lifetime 2055 Fund 357,862,126
MFS Lifetime 2060 Fund 192,800,511
MFS Lifetime 2065 Fund 18,253,478
57
Portfolio of Investments – continued
(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.
See Notes to Financial Statements
58
Financial Statements
Statements of Assets and Liabilities
At 4/30/24
These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund
Assets      
Investments in affiliated issuers, at value (identified cost, $571,425,819, $364,014,613, and $675,482,982, respectively) $621,506,723 $386,626,549 $785,664,583
Receivables for      
Investments sold 1,539,180 66,197 81,624
Fund shares sold 196,615 674,533 549,500
Receivable from investment adviser 111,050 68,907 147,725
Other assets 1,617 1,001 1,760
Total assets $623,355,185 $387,437,187 $786,445,192
Liabilities      
Payables for      
Distributions $84,255 $— $—
Investments purchased — 401,446 49,675
Fund shares reacquired 1,485,431 315,457 555,253
Payable to affiliates      
Administrative services fee 97 97 97
Shareholder servicing costs 168,275 85,904 172,659
Distribution and service fees 6,077 2,512 5,960
Payable for independent Trustees' compensation 12 13 14
Payable for audit and tax fees 37,492 36,089 36,913
Accrued expenses and other liabilities 28,945 18,092 27,578
Total liabilities $1,810,584 $859,610 $848,149
Net assets $621,544,601 $386,577,577 $785,597,043
Net assets consist of      
Paid-in capital $588,510,896 $366,117,797 $674,403,237
Total distributable earnings (loss) 33,033,705 20,459,780 111,193,806
Net assets $621,544,601 $386,577,577 $785,597,043
59
Statements of Assets and Liabilities – continued
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund
Net assets      
Class A $186,276,085 $36,141,779 $91,171,594
Class B 838,556 511,881 2,224,366
Class C 23,192,421 2,766,389 7,386,526
Class I 41,571,291 2,845,962 5,534,963
Class R1 2,702,689 333,081 3,054,729
Class R2 22,746,818 12,647,770 35,219,879
Class R3 121,319,539 106,722,360 220,766,306
Class R4 18,412,363 29,500,234 38,081,339
Class R6 204,484,839 195,108,121 382,157,341
Total net assets $621,544,601 $386,577,577 $785,597,043
Shares of beneficial interest outstanding      
Class A 15,506,191 2,786,693 5,806,084
Class B 69,798 39,530 143,019
Class C 1,931,670 216,100 480,121
Class I 3,459,643 218,403 350,103
Class R1 224,635 25,544 195,934
Class R2 1,893,268 976,234 2,262,146
Class R3 10,099,149 8,235,590 14,107,440
Class R4 1,533,474 2,255,882 2,399,853
Class R6 16,969,733 14,934,423 24,125,058
Total shares of beneficial interest outstanding 51,687,561 29,688,399 49,869,758
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$12.01 $12.97 $15.70
Offering price per share (100 / 95.75 x net asset value per share) $12.54 $— $—
Offering price per share (100 / 94.25 x net asset value per share) $— $13.76 $16.66
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$12.01 $12.95 $15.55
Class C shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$12.01 $12.80 $15.38
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$12.02 $13.03 $15.81
Class R1 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$12.03 $13.04 $15.59
Class R2 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$12.01 $12.96 $15.57
Class R3 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$12.01 $12.96 $15.65
Class R4 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$12.01 $13.08 $15.87
60
Statements of Assets and Liabilities – continued
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$12.05 $13.06 $15.84
On sales of $100,000 or more, the maximum offering price of Class A shares is reduced for the MFS Lifetime Income Fund. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced for all other funds. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
61
Statements of Assets and Liabilities – continued
At 4/30/24 MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund
Assets        
Investments in affiliated issuers, at value (identified cost, $498,231,957, $576,366,570, $409,846,061, and $436,345,757, respectively) $593,035,453 $767,219,665 $507,560,412 $547,979,782
Receivables for        
Investments sold — 221,270 806,912 21,880
Fund shares sold 747,047 536,666 578,601 623,266
Receivable from investment adviser 118,383 132,001 103,191 123,119
Other assets 1,366 1,698 1,518 1,196
Total assets $593,902,249 $768,111,300 $509,050,634 $548,749,243
Liabilities        
Payables for        
Investments purchased $583,872 $115,206 $57,553 $241,959
Fund shares reacquired 166,259 554,526 1,388,643 400,122
Payable to affiliates        
Administrative services fee 97 97 97 97
Shareholder servicing costs 127,442 170,395 118,726 124,324
Distribution and service fees 3,822 5,611 3,285 3,457
Payable for independent Trustees' compensation 13 15 11 12
Payable for audit and tax fees 36,089 37,413 36,588 36,721
Accrued expenses and other liabilities 27,287 29,093 23,780 27,600
Total liabilities $944,881 $912,356 $1,628,683 $834,292
Net assets $592,957,368 $767,198,944 $507,421,951 $547,914,951
Net assets consist of        
Paid-in capital $502,163,936 $584,920,762 $417,278,234 $443,702,566
Total distributable earnings (loss) 90,793,432 182,278,182 90,143,717 104,212,385
Net assets $592,957,368 $767,198,944 $507,421,951 $547,914,951
62
Statements of Assets and Liabilities – continued
  MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund
Net assets        
Class A $42,511,066 $67,188,187 $34,162,084 $37,887,201
Class B 696,533 1,380,925 434,578 649,807
Class C 5,284,846 6,207,639 3,204,090 4,203,926
Class I 8,302,128 13,391,037 11,779,034 7,823,531
Class R1 1,228,796 3,011,984 636,115 825,858
Class R2 14,018,261 40,651,460 9,755,416 15,982,223
Class R3 177,886,600 215,272,636 165,729,533 157,397,898
Class R4 27,498,480 41,883,542 20,245,573 38,189,243
Class R6 315,530,658 378,211,534 261,475,528 284,955,264
Total net assets $592,957,368 $767,198,944 $507,421,951 $547,914,951
Shares of beneficial interest outstanding        
Class A 2,507,168 3,603,528 1,848,096 1,705,702
Class B 41,182 74,208 23,592 29,597
Class C 317,160 340,610 176,044 193,940
Class I 487,902 712,060 633,017 351,861
Class R1 72,775 163,128 34,545 37,925
Class R2 825,446 2,193,300 528,829 727,363
Class R3 10,469,456 11,548,504 8,969,756 7,150,711
Class R4 1,603,284 2,213,933 1,085,415 1,717,202
Class R6 18,431,471 20,018,518 14,044,429 12,827,216
Total shares of beneficial interest outstanding 34,755,844 40,867,789 27,343,723 24,741,517
Class A shares        
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$16.96 $18.65 $18.49 $22.21
Offering price per share (100 / 94.25 x net asset value per share) $17.99 $19.79 $19.62 $23.56
Class B shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$16.91 $18.61 $18.42 $21.96
Class C shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$16.66 $18.23 $18.20 $21.68
Class I shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$17.02 $18.81 $18.61 $22.23
Class R1 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$16.88 $18.46 $18.41 $21.78
Class R2 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$16.98 $18.53 $18.45 $21.97
Class R3 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$16.99 $18.64 $18.48 $22.01
Class R4 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$17.15 $18.92 $18.65 $22.24
63
Statements of Assets and Liabilities – continued
  MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund
Class R6 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$17.12 $18.89 $18.62 $22.21
On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
64
Statements of Assets and Liabilities – continued
At 4/30/24 MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Assets      
Investments in affiliated issuers, at value (identified cost, $301,547,921, $172,595,280, and $16,845,394, respectively) $357,862,126 $192,800,511 $18,253,478
Receivables for      
Investments sold — 9,209 —
Fund shares sold 461,303 421,442 102,756
Receivable from investment adviser 86,128 63,580 17,894
Other assets 916 538 127
Total assets $358,410,473 $193,295,280 $18,374,255
Liabilities      
Payables for      
Investments purchased $218,344 $319,301 $89,317
Fund shares reacquired 233,708 81,001 12,625
Payable to affiliates      
Administrative services fee 97 97 97
Shareholder servicing costs 85,333 47,320 3,379
Distribution and service fees 2,386 1,274 126
Payable for independent Trustees' compensation 13 12 11
Payable for audit and tax fees 36,589 35,797 30,298
Accrued expenses and other liabilities 22,822 19,144 11,609
Total liabilities $599,292 $503,946 $147,462
Net assets $357,811,181 $192,791,334 $18,226,793
Net assets consist of      
Paid-in capital $305,566,337 $175,129,804 $16,885,809
Total distributable earnings (loss) 52,244,844 17,661,530 1,340,984
Net assets $357,811,181 $192,791,334 $18,226,793
65
Statements of Assets and Liabilities – continued
  MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Net assets      
Class A $26,235,876 $15,598,354 $1,332,166
Class B 383,160 149,905 —
Class C 2,888,809 1,467,808 182,707
Class I 3,820,618 576,105 100,720
Class R1 1,684,343 94,126 60,051
Class R2 9,538,499 3,262,348 259,034
Class R3 107,463,340 63,578,760 6,379,929
Class R4 12,123,214 4,457,990 438,874
Class R6 193,673,322 103,605,938 9,473,312
Total net assets $357,811,181 $192,791,334 $18,226,793
Shares of beneficial interest outstanding      
Class A 1,372,000 1,014,593 141,828
Class B 20,056 9,732 —
Class C 153,259 96,486 19,526
Class I 199,454 37,134 10,683
Class R1 89,174 6,084 6,399
Class R2 498,633 212,403 27,596
Class R3 5,616,327 4,130,504 679,129
Class R4 626,896 287,582 46,596
Class R6 10,024,288 6,664,580 1,004,700
Total shares of beneficial interest outstanding 18,600,087 12,459,098 1,936,457
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$19.12 $15.37 $9.39
Offering price per share (100 / 94.25 x net asset value per share) $20.29 $16.31 $9.96
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$19.10 $15.40 $—
Class C shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$18.85 $15.21 $9.36
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$19.16 $15.51 $9.43
Class R1 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$18.89 $15.47 $9.38
Class R2 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$19.13 $15.36 $9.39
Class R3 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$19.13 $15.39 $9.39
Class R4 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$19.34 $15.50 $9.42
66
Statements of Assets and Liabilities – continued
  MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$19.32 $15.55 $9.43
On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
67
Financial Statements
Statements of Operations
Year ended 4/30/24
These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Net investment income (loss)          
Dividends from affiliated issuers $21,602,589 $12,256,774 $22,228,699 $13,165,563 $14,599,650
Other 208 135 216 154 185
Payments from investment adviser for other expenses agreement (See Note 3) 241,105 251,731 476,932 398,135 462,594
Total investment income $21,843,902 $12,508,640 $22,705,847 $13,563,852 $15,062,429
Expenses          
Distribution and service fees $1,255,849 $451,131 $1,087,142 $630,112 $952,712
Shareholder servicing costs 636,452 323,841 671,307 441,653 624,752
Administrative services fee 17,500 17,500 17,500 17,500 17,500
Independent Trustees' compensation 12,616 8,147 14,254 10,624 13,187
Custodian fee 24,895 8,795 14,759 11,693 14,192
Shareholder communications 27,907 13,929 18,551 17,064 19,957
Audit and tax fees 45,767 46,103 47,441 46,608 46,937
Legal fees 6,300 4,335 6,738 5,037 6,466
Registration fees 135,730 136,335 149,752 152,007 146,408
Miscellaneous 38,863 35,181 39,269 36,511 38,380
Total expenses $2,201,879 $1,045,297 $2,066,713 $1,368,809 $1,880,491
Reduction of expenses by investment adviser and distributor (965,930) (592,754) (981,358) (737,085) (925,258)
Net expenses $1,235,949 $452,543 $1,085,355 $631,724 $955,233
Net investment income (loss) $20,607,953 $12,056,097 $21,620,492 $12,932,128 $14,107,196
Realized and unrealized gain (loss)          
Realized gain (loss) (identified cost basis)          
Investments in affiliated issuers $9,763,546 $3,650,927 $12,816,880 $1,664,523 $186,708
Capital gain distributions from affiliated issuers 3,413,009 2,446,141 7,371,202 7,167,737 11,420,176
Net realized gain (loss) $13,176,555 $6,097,068 $20,188,082 $8,832,260 $11,606,884
Change in unrealized appreciation or depreciation          
Affiliated issuers $(1,933,335) $3,542,215 $18,190,051 $35,450,809 $62,817,771
Net realized and unrealized gain (loss) $11,243,220 $9,639,283 $38,378,133 $44,283,069 $74,424,655
Change in net assets from operations $31,851,173 $21,695,380 $59,998,625 $57,215,197 $88,531,851
See Notes to Financial Statements
68
Statements of Operations – continued
Year ended 4/30/24 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Net investment income (loss)          
Dividends from affiliated issuers $8,379,639 $8,189,239 $5,311,224 $2,742,226 $221,956
Other 126 129 86 50 7
Payments from investment adviser for other expenses agreement (See Note 3) 338,990 342,555 244,293 114,429 8,096
Total investment income $8,718,755 $8,531,923 $5,555,603 $2,856,705 $230,059
Expenses          
Distribution and service fees $532,656 $570,187 $377,723 $192,766 $17,246
Shareholder servicing costs 400,072 457,586 309,896 182,616 24,439
Administrative services fee 17,500 17,500 17,500 17,500 17,500
Independent Trustees' compensation 9,321 9,766 7,066 4,674 3,008
Custodian fee 10,397 10,407 8,565 6,118 9,078
Shareholder communications 17,877 21,157 20,506 21,384 8,669
Audit and tax fees 46,604 46,238 47,099 45,803 40,281
Legal fees 4,661 4,739 3,977 3,256 2,621
Registration fees 139,285 142,362 136,626 132,932 110,886
Miscellaneous 35,737 36,326 34,158 32,800 30,576
Total expenses $1,214,110 $1,316,268 $963,116 $639,849 $264,304
Reduction of expenses by investment adviser and distributor (679,365) (743,731) (583,423) (445,530) (248,549)
Net expenses $534,745 $572,537 $379,693 $194,319 $15,755
Net investment income (loss) $8,184,010 $7,959,386 $5,175,910 $2,662,386 $214,304
Realized and unrealized gain (loss)          
Realized gain (loss) (identified cost basis)          
Investments in affiliated issuers $(491,970) $(742,497) $(1,087,207) $(1,168,721) $(184,944)
Capital gain distributions from affiliated issuers 7,938,712 8,777,762 5,697,128 2,943,171 239,505
Net realized gain (loss) $7,446,742 $8,035,265 $4,609,921 $1,774,450 $54,561
Change in unrealized appreciation or depreciation          
Affiliated issuers $44,216,776 $48,872,649 $32,089,109 $17,278,975 $1,441,035
Net realized and unrealized gain (loss) $51,663,518 $56,907,914 $36,699,030 $19,053,425 $1,495,596
Change in net assets from operations $59,847,528 $64,867,300 $41,874,940 $21,715,811 $1,709,900
See Notes to Financial Statements
69
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
Year ended 4/30/24 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Change in net assets          
From operations          
Net investment income (loss) $20,607,953 $12,056,097 $21,620,492 $12,932,128 $14,107,196
Net realized gain (loss) 13,176,555 6,097,068 20,188,082 8,832,260 11,606,884
Net unrealized gain (loss) (1,933,335) 3,542,215 18,190,051 35,450,809 62,817,771
Change in net assets from operations $31,851,173 $21,695,380 $59,998,625 $57,215,197 $88,531,851
Total distributions to shareholders $(28,125,348) $(12,272,947) $(29,656,475) $(15,335,080) $(24,513,935)
Change in net assets from fund share transactions $(18,799,478) $36,458,690 $62,708,566 $85,664,033 $89,772,806
Total change in net assets $(15,073,653) $45,881,123 $93,050,716 $127,544,150 $153,790,722
Net assets          
At beginning of period 636,618,254 340,696,454 692,546,327 465,413,218 613,408,222
At end of period $621,544,601 $386,577,577 $785,597,043 $592,957,368 $767,198,944
Year ended 4/30/24 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Change in net assets          
From operations          
Net investment income (loss) $8,184,010 $7,959,386 $5,175,910 $2,662,386 $214,304
Net realized gain (loss) 7,446,742 8,035,265 4,609,921 1,774,450 54,561
Net unrealized gain (loss) 44,216,776 48,872,649 32,089,109 17,278,975 1,441,035
Change in net assets from operations $59,847,528 $64,867,300 $41,874,940 $21,715,811 $1,709,900
Total distributions to shareholders $(14,556,070) $(16,711,959) $(10,914,914) $(5,206,962) $(284,999)
Change in net assets from fund share transactions $70,634,667 $86,207,259 $64,351,222 $49,691,500 $10,331,452
Total change in net assets $115,926,125 $134,362,600 $95,311,248 $66,200,349 $11,756,353
Net assets          
At beginning of period 391,495,826 413,552,351 262,499,933 126,590,985 6,470,440
At end of period $507,421,951 $547,914,951 $357,811,181 $192,791,334 $18,226,793
See Notes to Financial Statements
70
Statements of Changes in Net Assets – continued
Year ended 4/30/23 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Change in net assets          
From operations          
Net investment income (loss) $18,161,799 $11,392,010 $19,499,535 $12,818,067 $14,600,653
Net realized gain (loss) (100,518) (3,704,124) 2,917,991 (1,610,025) 3,044,892
Net unrealized gain (loss) (22,937,228) (10,090,882) (23,165,272) (9,512,686) (12,416,154)
Change in net assets from operations $(4,875,947) $(2,402,996) $(747,746) $1,695,356 $5,229,391
Total distributions to shareholders $(26,416,631) $(22,163,547) $(43,316,412) $(30,687,283) $(36,688,668)
Change in net assets from fund share transactions $61,492,028 $(48,121,454) $10,039,828 $20,701,169 $74,127,286
Total change in net assets $30,199,450 $(72,687,997) $(34,024,330) $(8,290,758) $42,668,009
Net assets          
At beginning of period 606,418,804 413,384,451 726,570,657 473,703,976 570,740,213
At end of period $636,618,254 $340,696,454 $692,546,327 $465,413,218 $613,408,222
Year ended 4/30/23 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Change in net assets          
From operations          
Net investment income (loss) $9,126,249 $8,848,965 $5,313,556 $2,377,953 $59,989
Net realized gain (loss) (478,646) 333,174 1,596,627 (332,483) (44,542)
Net unrealized gain (loss) (4,200,943) (5,006,500) (2,947,026) 367,905 151,974
Change in net assets from operations $4,446,660 $4,175,639 $3,963,157 $2,413,375 $167,421
Total distributions to shareholders $(23,863,536) $(23,051,323) $(13,845,443) $(5,283,991) $(97,000)
Change in net assets from fund share transactions $59,452,667 $93,914,153 $68,216,706 $50,255,215 $5,202,100
Total change in net assets $40,035,791 $75,038,469 $58,334,420 $47,384,599 $5,272,521
Net assets          
At beginning of period 351,460,035 338,513,882 204,165,513 79,206,386 1,197,919
At end of period $391,495,826 $413,552,351 $262,499,933 $126,590,985 $6,470,440
See Notes to Financial Statements
71
Financial Statements
Financial Highlights
MFS LIFETIME INCOME FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $11.94 $12.48 $13.84 $12.29 $12.39
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.38 $0.35 $0.45 $0.23 $0.30
Net realized and unrealized gain (loss) 0.21 (0.40) (1.01) 1.72 0.05
Total from investment operations $0.59 $(0.05) $(0.56) $1.95 $0.35
Less distributions declared to shareholders          
From net investment income $(0.44) $(0.29) $(0.45) $(0.27) $(0.31)
From net realized gain (0.08) (0.20) (0.35) (0.13) (0.14)
Total distributions declared to shareholders $(0.52) $(0.49) $(0.80) $(0.40) $(0.45)
Net asset value, end of period (x) $12.01 $11.94 $12.48 $13.84 $12.29
Total return (%) (r)(s)(t)(x) 5.03 (0.28) (4.52) 16.01 2.78
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.43 0.44 0.43 0.43 0.45
Expenses after expense reductions (h) 0.24 0.25 0.23 0.23 0.23
Net investment income (loss) (l) 3.17 2.90 3.28 1.77 2.37
Portfolio turnover 9 16 7 12 15
Net assets at end of period (000 omitted) $186,276 $190,944 $166,307 $164,096 $124,123
  Year ended
Class B 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $11.94 $12.48 $13.84 $12.29 $12.40
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.27 $0.33 $0.15 $0.20
Net realized and unrealized gain (loss) 0.22 (0.41) (1.00) 1.70 0.04
Total from investment operations $0.50 $(0.14) $(0.67) $1.85 $0.24
Less distributions declared to shareholders          
From net investment income $(0.35) $(0.20) $(0.34) $(0.17) $(0.21)
From net realized gain (0.08) (0.20) (0.35) (0.13) (0.14)
Total distributions declared to shareholders $(0.43) $(0.40) $(0.69) $(0.30) $(0.35)
Net asset value, end of period (x) $12.01 $11.94 $12.48 $13.84 $12.29
Total return (%) (r)(s)(t)(x) 4.25 (1.03) (5.24) 15.16 1.93
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.19 1.19 1.18 1.19 1.20
Expenses after expense reductions (h) 1.00 1.00 0.98 0.98 0.98
Net investment income (loss) (l) 2.36 2.26 2.39 1.15 1.61
Portfolio turnover 9 16 7 12 15
Net assets at end of period (000 omitted) $839 $1,647 $1,914 $3,347 $5,774
See Notes to Financial Statements
72
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class C 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $11.93 $12.47 $13.83 $12.28 $12.39
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.29 $0.25 $0.34 $0.15 $0.20
Net realized and unrealized gain (loss) 0.22 (0.39) (1.01) 1.70 0.04
Total from investment operations $0.51 $(0.14) $(0.67) $1.85 $0.24
Less distributions declared to shareholders          
From net investment income $(0.35) $(0.20) $(0.34) $(0.17) $(0.21)
From net realized gain (0.08) (0.20) (0.35) (0.13) (0.14)
Total distributions declared to shareholders $(0.43) $(0.40) $(0.69) $(0.30) $(0.35)
Net asset value, end of period (x) $12.01 $11.93 $12.47 $13.83 $12.28
Total return (%) (r)(s)(t)(x) 4.34 (1.03) (5.24) 15.17 1.93
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.19 1.20 1.18 1.19 1.20
Expenses after expense reductions (h) 0.99 1.00 0.98 0.98 0.98
Net investment income (loss) (l) 2.39 2.07 2.47 1.16 1.60
Portfolio turnover 9 16 7 12 15
Net assets at end of period (000 omitted) $23,192 $39,244 $55,415 $81,542 $98,286
  Year ended
Class I 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $11.94 $12.48 $13.84 $12.29 $12.40
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.41 $0.37 $0.49 $0.28 $0.33
Net realized and unrealized gain (loss) 0.22 (0.39) (1.02) 1.70 0.04
Total from investment operations $0.63 $(0.02) $(0.53) $1.98 $0.37
Less distributions declared to shareholders          
From net investment income $(0.47) $(0.32) $(0.48) $(0.30) $(0.34)
From net realized gain (0.08) (0.20) (0.35) (0.13) (0.14)
Total distributions declared to shareholders $(0.55) $(0.52) $(0.83) $(0.43) $(0.48)
Net asset value, end of period (x) $12.02 $11.94 $12.48 $13.84 $12.29
Total return (%) (r)(s)(t)(x) 5.38 (0.03) (4.28) 16.30 2.96
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.19 0.19 0.18 0.18 0.20
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.41 3.11 3.58 2.14 2.61
Portfolio turnover 9 16 7 12 15
Net assets at end of period (000 omitted) $41,571 $43,462 $45,108 $46,956 $34,513
See Notes to Financial Statements
73
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class R1 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $11.96 $12.49 $13.85 $12.30 $12.41
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.27 $0.36 $0.14 $0.20
Net realized and unrealized gain (loss) 0.22 (0.40) (1.03) 1.71 0.04
Total from investment operations $0.50 $(0.13) $(0.67) $1.85 $0.24
Less distributions declared to shareholders          
From net investment income $(0.35) $(0.20) $(0.34) $(0.17) $(0.21)
From net realized gain (0.08) (0.20) (0.35) (0.13) (0.14)
Total distributions declared to shareholders $(0.43) $(0.40) $(0.69) $(0.30) $(0.35)
Net asset value, end of period (x) $12.03 $11.96 $12.49 $13.85 $12.30
Total return (%) (r)(s)(t)(x) 4.25 (0.94) (5.23) 15.15 1.93
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.18 1.19 1.18 1.19 1.20
Expenses after expense reductions (h) 0.99 1.00 0.98 0.98 0.98
Net investment income (loss) (l) 2.38 2.22 2.61 1.08 1.58
Portfolio turnover 9 16 7 12 15
Net assets at end of period (000 omitted) $2,703 $2,792 $1,779 $1,932 $2,493
  Year ended
Class R2 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $11.94 $12.48 $13.84 $12.29 $12.40
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.35 $0.34 $0.40 $0.21 $0.26
Net realized and unrealized gain (loss) 0.21 (0.42) (1.00) 1.71 0.05
Total from investment operations $0.56 $(0.08) $(0.60) $1.92 $0.31
Less distributions declared to shareholders          
From net investment income $(0.41) $(0.26) $(0.41) $(0.24) $(0.28)
From net realized gain (0.08) (0.20) (0.35) (0.13) (0.14)
Total distributions declared to shareholders $(0.49) $(0.46) $(0.76) $(0.37) $(0.42)
Net asset value, end of period (x) $12.01 $11.94 $12.48 $13.84 $12.29
Total return (%) (r)(s)(t)(x) 4.77 (0.53) (4.76) 15.73 2.44
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.69 0.69 0.68 0.69 0.70
Expenses after expense reductions (h) 0.49 0.50 0.48 0.48 0.48
Net investment income (loss) (l) 2.91 2.88 2.92 1.60 2.07
Portfolio turnover 9 16 7 12 15
Net assets at end of period (000 omitted) $22,747 $27,337 $7,981 $10,823 $14,259
See Notes to Financial Statements
74
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class R3 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $11.94 $12.48 $13.84 $12.29 $12.40
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.38 $0.36 $0.43 $0.25 $0.30
Net realized and unrealized gain (loss) 0.21 (0.41) (0.99) 1.70 0.04
Total from investment operations $0.59 $(0.05) $(0.56) $1.95 $0.34
Less distributions declared to shareholders          
From net investment income $(0.44) $(0.29) $(0.45) $(0.27) $(0.31)
From net realized gain (0.08) (0.20) (0.35) (0.13) (0.14)
Total distributions declared to shareholders $(0.52) $(0.49) $(0.80) $(0.40) $(0.45)
Net asset value, end of period (x) $12.01 $11.94 $12.48 $13.84 $12.29
Total return (%) (r)(s)(t)(x) 5.03 (0.28) (4.52) 16.01 2.70
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.43 0.44 0.43 0.43 0.45
Expenses after expense reductions (h) 0.24 0.25 0.23 0.23 0.23
Net investment income (loss) (l) 3.17 3.00 3.13 1.90 2.39
Portfolio turnover 9 16 7 12 15
Net assets at end of period (000 omitted) $121,320 $120,218 $61,647 $75,909 $67,237
  Year ended
Class R4 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $11.94 $12.48 $13.84 $12.29 $12.39
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.40 $0.40 $0.45 $0.28 $0.33
Net realized and unrealized gain (loss) 0.22 (0.42) (0.98) 1.70 0.05
Total from investment operations $0.62 $(0.02) $(0.53) $1.98 $0.38
Less distributions declared to shareholders          
From net investment income $(0.47) $(0.32) $(0.48) $(0.30) $(0.34)
From net realized gain (0.08) (0.20) (0.35) (0.13) (0.14)
Total distributions declared to shareholders $(0.55) $(0.52) $(0.83) $(0.43) $(0.48)
Net asset value, end of period (x) $12.01 $11.94 $12.48 $13.84 $12.29
Total return (%) (r)(s)(t)(x) 5.29 (0.03) (4.28) 16.30 3.04
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.19 0.19 0.18 0.19 0.20
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.33 3.36 3.28 2.14 2.61
Portfolio turnover 9 16 7 12 15
Net assets at end of period (000 omitted) $18,412 $26,707 $11,700 $31,138 $41,807
See Notes to Financial Statements
75
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class R6 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $11.98 $12.52 $13.88 $12.32 $12.43
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.43 $0.42 $0.50 $0.30 $0.34
Net realized and unrealized gain (loss) 0.21 (0.43) (1.02) 1.71 0.04
Total from investment operations $0.64 $(0.01) $(0.52) $2.01 $0.38
Less distributions declared to shareholders          
From net investment income $(0.49) $(0.33) $(0.49) $(0.32) $(0.35)
From net realized gain (0.08) (0.20) (0.35) (0.13) (0.14)
Total distributions declared to shareholders $(0.57) $(0.53) $(0.84) $(0.45) $(0.49)
Net asset value, end of period (x) $12.05 $11.98 $12.52 $13.88 $12.32
Total return (%) (r)(s)(t)(x) 5.41 0.09 (4.18) 16.44 3.04
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.07 0.08 0.09 0.10 0.12
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.55 3.54 3.61 2.24 2.69
Portfolio turnover 9 16 7 12 15
Net assets at end of period (000 omitted) $204,485 $184,269 $81,457 $87,750 $42,065
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
76
Financial Highlights − continued
MFS LIFETIME 2025 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $12.65 $13.38 $15.00 $12.75 $13.03
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.41 $0.35 $0.51 $0.25 $0.30
Net realized and unrealized gain (loss) 0.32 (0.40) (1.09) 2.38 (0.11)
Total from investment operations $0.73 $(0.05) $(0.58) $2.63 $0.19
Less distributions declared to shareholders          
From net investment income $(0.37) $(0.32) $(0.53) $(0.26) $(0.28)
From net realized gain (0.04) (0.36) (0.51) (0.12) (0.19)
Total distributions declared to shareholders $(0.41) $(0.68) $(1.04) $(0.38) $(0.47)
Net asset value, end of period (x) $12.97 $12.65 $13.38 $15.00 $12.75
Total return (%) (r)(s)(t)(x) 5.77 (0.13) (4.47) 20.70 1.25
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.48 0.48 0.46 0.47 0.51
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.23
Net investment income (loss) (l) 3.18 2.74 3.41 1.77 2.25
Portfolio turnover 17 18 14 24 18
Net assets at end of period (000 omitted) $36,142 $23,748 $26,794 $29,637 $26,335
  Year ended
Class B 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $12.58 $13.29 $14.89 $12.64 $12.93
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.29 $0.25 $0.40 $0.14 $0.20
Net realized and unrealized gain (loss) 0.34 (0.40) (1.09) 2.36 (0.12)
Total from investment operations $0.63 $(0.15) $(0.69) $2.50 $0.08
Less distributions declared to shareholders          
From net investment income $(0.22) $(0.20) $(0.40) $(0.13) $(0.18)
From net realized gain (0.04) (0.36) (0.51) (0.12) (0.19)
Total distributions declared to shareholders $(0.26) $(0.56) $(0.91) $(0.25) $(0.37)
Net asset value, end of period (x) $12.95 $12.58 $13.29 $14.89 $12.64
Total return (%) (r)(s)(t)(x) 5.00 (0.95) (5.15) 19.83 0.48
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.23 1.21 1.22 1.26
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 0.99
Net investment income (loss) (l) 2.27 1.97 2.71 1.00 1.49
Portfolio turnover 17 18 14 24 18
Net assets at end of period (000 omitted) $512 $799 $1,156 $1,447 $1,632
See Notes to Financial Statements
77
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class C 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $12.46 $13.20 $14.80 $12.58 $12.86
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.29 $0.26 $0.40 $0.14 $0.19
Net realized and unrealized gain (loss) 0.33 (0.40) (1.09) 2.35 (0.11)
Total from investment operations $0.62 $(0.14) $(0.69) $2.49 $0.08
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.24) $(0.40) $(0.15) $(0.17)
From net realized gain (0.04) (0.36) (0.51) (0.12) (0.19)
Total distributions declared to shareholders $(0.28) $(0.60) $(0.91) $(0.27) $(0.36)
Net asset value, end of period (x) $12.80 $12.46 $13.20 $14.80 $12.58
Total return (%) (r)(s)(t)(x) 4.96 (0.88) (5.19) 19.86 0.45
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.23 1.21 1.22 1.26
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 2.28 2.07 2.74 1.03 1.46
Portfolio turnover 17 18 14 24 18
Net assets at end of period (000 omitted) $2,766 $3,478 $3,571 $4,618 $3,852
  Year ended
Class I 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $12.69 $13.43 $15.06 $12.79 $13.08
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.42 $0.38 $0.55 $0.30 $0.33
Net realized and unrealized gain (loss) 0.35 (0.40) (1.10) 2.38 (0.12)
Total from investment operations $0.77 $(0.02) $(0.55) $2.68 $0.21
Less distributions declared to shareholders          
From net investment income $(0.39) $(0.36) $(0.57) $(0.29) $(0.31)
From net realized gain (0.04) (0.36) (0.51) (0.12) (0.19)
Total distributions declared to shareholders $(0.43) $(0.72) $(1.08) $(0.41) $(0.50)
Net asset value, end of period (x) $13.03 $12.69 $13.43 $15.06 $12.79
Total return (%) (r)(s)(t)(x) 6.06 0.07 (4.26) 21.10 1.38
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.23 0.23 0.21 0.22 0.26
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.30 2.99 3.68 2.08 2.49
Portfolio turnover 17 18 14 24 18
Net assets at end of period (000 omitted) $2,846 $2,724 $4,104 $3,131 $1,445
See Notes to Financial Statements
78
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class R1 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $12.70 $13.44 $15.04 $12.65 $12.95
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.26 $0.39 $0.09 $0.19
Net realized and unrealized gain (loss) 0.34 (0.41) (1.09) 2.42 (0.12)
Total from investment operations $0.64 $(0.15) $(0.70) $2.51 $0.07
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.23) $(0.39) $— $(0.18)
From net realized gain (0.04) (0.36) (0.51) (0.12) (0.19)
Total distributions declared to shareholders $(0.30) $(0.59) $(0.90) $(0.12) $(0.37)
Net asset value, end of period (x) $13.04 $12.70 $13.44 $15.04 $12.65
Total return (%) (r)(s)(t)(x) 4.99 (0.92) (5.19) 19.86 0.37
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.23 1.21 1.23 1.26
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 2.31 2.02 2.61 0.67 1.46
Portfolio turnover 17 18 14 24 18
Net assets at end of period (000 omitted) $333 $347 $310 $374 $1,902
  Year ended
Class R2 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $12.61 $13.35 $14.95 $12.69 $12.96
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $0.32 $0.47 $0.21 $0.25
Net realized and unrealized gain (loss) 0.35 (0.41) (1.08) 2.37 (0.11)
Total from investment operations $0.71 $(0.09) $(0.61) $2.58 $0.14
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.29) $(0.48) $(0.20) $(0.22)
From net realized gain (0.04) (0.36) (0.51) (0.12) (0.19)
Total distributions declared to shareholders $(0.36) $(0.65) $(0.99) $(0.32) $(0.41)
Net asset value, end of period (x) $12.96 $12.61 $13.35 $14.95 $12.69
Total return (%) (r)(s)(t)(x) 5.60 (0.48) (4.64) 20.43 0.93
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.73 0.73 0.71 0.73 0.76
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 2.80 2.51 3.15 1.49 1.89
Portfolio turnover 17 18 14 24 18
Net assets at end of period (000 omitted) $12,648 $14,322 $16,771 $21,994 $26,607
See Notes to Financial Statements
79
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class R3 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $12.63 $13.37 $14.98 $12.73 $13.02
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.39 $0.35 $0.51 $0.25 $0.30
Net realized and unrealized gain (loss) 0.34 (0.41) (1.08) 2.38 (0.12)
Total from investment operations $0.73 $(0.06) $(0.57) $2.63 $0.18
Less distributions declared to shareholders          
From net investment income $(0.36) $(0.32) $(0.53) $(0.26) $(0.28)
From net realized gain (0.04) (0.36) (0.51) (0.12) (0.19)
Total distributions declared to shareholders $(0.40) $(0.68) $(1.04) $(0.38) $(0.47)
Net asset value, end of period (x) $12.96 $12.63 $13.37 $14.98 $12.73
Total return (%) (r)(s)(t)(x) 5.76 (0.18) (4.41) 20.74 1.17
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.48 0.48 0.46 0.47 0.51
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 3.07 2.75 3.43 1.80 2.25
Portfolio turnover 17 18 14 24 18
Net assets at end of period (000 omitted) $106,722 $100,312 $109,420 $112,826 $95,013
  Year ended
Class R4 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $12.73 $13.47 $15.09 $12.81 $13.10
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.42 $0.38 $0.52 $0.28 $0.33
Net realized and unrealized gain (loss) 0.36 (0.40) (1.08) 2.40 (0.12)
Total from investment operations $0.78 $(0.02) $(0.56) $2.68 $0.21
Less distributions declared to shareholders          
From net investment income $(0.39) $(0.36) $(0.55) $(0.28) $(0.31)
From net realized gain (0.04) (0.36) (0.51) (0.12) (0.19)
Total distributions declared to shareholders $(0.43) $(0.72) $(1.06) $(0.40) $(0.50)
Net asset value, end of period (x) $13.08 $12.73 $13.47 $15.09 $12.81
Total return (%) (r)(s)(t)(x) 6.11 0.08 (4.26) 21.06 1.37
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.23 0.23 0.21 0.23 0.26
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.26 2.99 3.43 2.00 2.49
Portfolio turnover 17 18 14 24 18
Net assets at end of period (000 omitted) $29,500 $36,419 $34,089 $82,037 $105,160
See Notes to Financial Statements
80
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class R6 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $12.73 $13.47 $15.09 $12.82 $13.10
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.45 $0.43 $0.58 $0.32 $0.35
Net realized and unrealized gain (loss) 0.33 (0.43) (1.10) 2.38 (0.12)
Total from investment operations $0.78 $0.00 $(0.52) $2.70 $0.23
Less distributions declared to shareholders          
From net investment income $(0.41) $(0.38) $(0.59) $(0.31) $(0.32)
From net realized gain (0.04) (0.36) (0.51) (0.12) (0.19)
Total distributions declared to shareholders $(0.45) $(0.74) $(1.10) $(0.43) $(0.51)
Net asset value, end of period (x) $13.06 $12.73 $13.47 $15.09 $12.82
Total return (%) (r)(s)(t)(x) 6.12 0.24 (4.06) 21.17 1.57
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.09 0.09 0.07 0.08 0.12
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.48 3.34 3.88 2.22 2.63
Portfolio turnover 17 18 14 24 18
Net assets at end of period (000 omitted) $195,108 $158,548 $217,171 $228,469 $65,523
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
81
Financial Highlights − continued
MFS LIFETIME 2030 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.08 $16.03 $18.20 $14.61 $15.59
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.42 $0.40 $0.72 $0.26 $0.32
Net realized and unrealized gain (loss) 0.79 (0.45) (1.34) 3.96 (0.46)
Total from investment operations $1.21 $(0.05) $(0.62) $4.22 $(0.14)
Less distributions declared to shareholders          
From net investment income $(0.39) $(0.37) $(0.73) $(0.27) $(0.32)
From net realized gain (0.20) (0.53) (0.82) (0.36) (0.52)
Total distributions declared to shareholders $(0.59) $(0.90) $(1.55) $(0.63) $(0.84)
Net asset value, end of period (x) $15.70 $15.08 $16.03 $18.20 $14.61
Total return (%) (r)(s)(t)(x) 8.06 (0.02) (4.25) 29.17 (1.36)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.44 0.45 0.44 0.44 0.46
Expenses after expense reductions (h) 0.25 0.25 0.25 0.24 0.24
Net investment income (loss) (l) 2.76 2.62 3.95 1.56 2.07
Portfolio turnover 14 18 15 27 18
Net assets at end of period (000 omitted) $91,172 $78,198 $78,464 $81,398 $66,732
  Year ended
Class B 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $14.92 $15.82 $17.96 $14.41 $15.37
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.27 $0.55 $0.13 $0.20
Net realized and unrealized gain (loss) 0.77 (0.43) (1.30) 3.91 (0.46)
Total from investment operations $1.07 $(0.16) $(0.75) $4.04 $(0.26)
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.21) $(0.57) $(0.13) $(0.18)
From net realized gain (0.20) (0.53) (0.82) (0.36) (0.52)
Total distributions declared to shareholders $(0.44) $(0.74) $(1.39) $(0.49) $(0.70)
Net asset value, end of period (x) $15.55 $14.92 $15.82 $17.96 $14.41
Total return (%) (r)(s)(t)(x) 7.19 (0.74) (4.98) 28.24 (2.07)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.19 1.20 1.19 1.19 1.21
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 0.99
Net investment income (loss) (l) 1.95 1.82 3.09 0.82 1.29
Portfolio turnover 14 18 15 27 18
Net assets at end of period (000 omitted) $2,224 $3,104 $4,398 $6,394 $6,495
See Notes to Financial Statements
82
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class C 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $14.78 $15.69 $17.84 $14.31 $15.27
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.26 $0.56 $0.14 $0.19
Net realized and unrealized gain (loss) 0.76 (0.42) (1.30) 3.87 (0.44)
Total from investment operations $1.06 $(0.16) $(0.74) $4.01 $(0.25)
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.22) $(0.59) $(0.12) $(0.19)
From net realized gain (0.20) (0.53) (0.82) (0.36) (0.52)
Total distributions declared to shareholders $(0.46) $(0.75) $(1.41) $(0.48) $(0.71)
Net asset value, end of period (x) $15.38 $14.78 $15.69 $17.84 $14.31
Total return (%) (r)(s)(t)(x) 7.21 (0.76) (4.97) 28.24 (2.05)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.19 1.20 1.19 1.19 1.21
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 0.99
Net investment income (loss) (l) 1.96 1.78 3.15 0.85 1.26
Portfolio turnover 14 18 15 27 18
Net assets at end of period (000 omitted) $7,387 $8,025 $10,573 $12,826 $13,474
  Year ended
Class I 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.17 $16.12 $18.30 $14.69 $15.66
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.46 $0.43 $0.85 $0.31 $0.36
Net realized and unrealized gain (loss) 0.80 (0.45) (1.43) 3.98 (0.46)
Total from investment operations $1.26 $(0.02) $(0.58) $4.29 $(0.10)
Less distributions declared to shareholders          
From net investment income $(0.42) $(0.40) $(0.78) $(0.32) $(0.35)
From net realized gain (0.20) (0.53) (0.82) (0.36) (0.52)
Total distributions declared to shareholders $(0.62) $(0.93) $(1.60) $(0.68) $(0.87)
Net asset value, end of period (x) $15.81 $15.17 $16.12 $18.30 $14.69
Total return (%) (r)(s)(t)(x) 8.35 0.23 (4.02) 29.48 (1.07)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.19 0.20 0.19 0.19 0.21
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.98 2.81 4.65 1.86 2.29
Portfolio turnover 14 18 15 27 18
Net assets at end of period (000 omitted) $5,535 $6,146 $6,552 $6,274 $2,395
See Notes to Financial Statements
83
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class R1 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $14.97 $15.89 $18.05 $14.43 $15.42
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.28 $0.58 $0.11 $0.21
Net realized and unrealized gain (loss) 0.78 (0.44) (1.34) 3.94 (0.46)
Total from investment operations $1.08 $(0.16) $(0.76) $4.05 $(0.25)
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.23) $(0.58) $(0.07) $(0.22)
From net realized gain (0.20) (0.53) (0.82) (0.36) (0.52)
Total distributions declared to shareholders $(0.46) $(0.76) $(1.40) $(0.43) $(0.74)
Net asset value, end of period (x) $15.59 $14.97 $15.89 $18.05 $14.43
Total return (%) (r)(s)(t)(x) 7.24 (0.73) (5.00) 28.21 (2.06)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.19 1.20 1.19 1.20 1.21
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 1.00
Net investment income (loss) (l) 1.95 1.83 3.21 0.66 1.38
Portfolio turnover 14 18 15 27 18
Net assets at end of period (000 omitted) $3,055 $3,347 $4,148 $5,636 $7,150
  Year ended
Class R2 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $14.94 $15.88 $18.04 $14.47 $15.43
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.37 $0.35 $0.65 $0.20 $0.28
Net realized and unrealized gain (loss) 0.80 (0.44) (1.31) 3.94 (0.46)
Total from investment operations $1.17 $(0.09) $(0.66) $4.14 $(0.18)
Less distributions declared to shareholders          
From net investment income $(0.34) $(0.32) $(0.68) $(0.21) $(0.26)
From net realized gain (0.20) (0.53) (0.82) (0.36) (0.52)
Total distributions declared to shareholders $(0.54) $(0.85) $(1.50) $(0.57) $(0.78)
Net asset value, end of period (x) $15.57 $14.94 $15.88 $18.04 $14.47
Total return (%) (r)(s)(t)(x) 7.82 (0.26) (4.50) 28.84 (1.60)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.69 0.70 0.69 0.70 0.71
Expenses after expense reductions (h) 0.50 0.50 0.50 0.49 0.49
Net investment income (loss) (l) 2.45 2.33 3.64 1.24 1.78
Portfolio turnover 14 18 15 27 18
Net assets at end of period (000 omitted) $35,220 $46,256 $51,968 $60,402 $66,342
See Notes to Financial Statements
84
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class R3 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.03 $15.98 $18.15 $14.57 $15.54
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.42 $0.39 $0.69 $0.26 $0.32
Net realized and unrealized gain (loss) 0.79 (0.44) (1.31) 3.95 (0.45)
Total from investment operations $1.21 $(0.05) $(0.62) $4.21 $(0.13)
Less distributions declared to shareholders          
From net investment income $(0.39) $(0.37) $(0.73) $(0.27) $(0.32)
From net realized gain (0.20) (0.53) (0.82) (0.36) (0.52)
Total distributions declared to shareholders $(0.59) $(0.90) $(1.55) $(0.63) $(0.84)
Net asset value, end of period (x) $15.65 $15.03 $15.98 $18.15 $14.57
Total return (%) (r)(s)(t)(x) 8.06 (0.01) (4.27) 29.18 (1.31)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.44 0.45 0.44 0.44 0.46
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.73 2.59 3.84 1.58 2.06
Portfolio turnover 14 18 15 27 18
Net assets at end of period (000 omitted) $220,766 $199,271 $196,297 $196,178 $158,189
  Year ended
Class R4 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.22 $16.17 $18.34 $14.70 $15.68
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.44 $0.44 $0.71 $0.30 $0.37
Net realized and unrealized gain (loss) 0.83 (0.46) (1.29) 4.01 (0.48)
Total from investment operations $1.27 $(0.02) $(0.58) $4.31 $(0.11)
Less distributions declared to shareholders          
From net investment income $(0.42) $(0.40) $(0.77) $(0.31) $(0.35)
From net realized gain (0.20) (0.53) (0.82) (0.36) (0.52)
Total distributions declared to shareholders $(0.62) $(0.93) $(1.59) $(0.67) $(0.87)
Net asset value, end of period (x) $15.87 $15.22 $16.17 $18.34 $14.70
Total return (%) (r)(s)(t)(x) 8.36 0.24 (4.03) 29.58 (1.14)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.19 0.20 0.19 0.20 0.21
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.83 2.83 3.87 1.80 2.32
Portfolio turnover 14 18 15 27 18
Net assets at end of period (000 omitted) $38,081 $59,570 $58,095 $123,740 $162,913
See Notes to Financial Statements
85
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class R6 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.20 $16.15 $18.33 $14.70 $15.68
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.49 $0.49 $0.79 $0.34 $0.38
Net realized and unrealized gain (loss) 0.79 (0.48) (1.35) 3.98 (0.47)
Total from investment operations $1.28 $0.01 $(0.56) $4.32 $(0.09)
Less distributions declared to shareholders          
From net investment income $(0.44) $(0.43) $(0.80) $(0.33) $(0.37)
From net realized gain (0.20) (0.53) (0.82) (0.36) (0.52)
Total distributions declared to shareholders $(0.64) $(0.96) $(1.62) $(0.69) $(0.89)
Net asset value, end of period (x) $15.84 $15.20 $16.15 $18.33 $14.70
Total return (%) (r)(s)(t)(x) 8.49 0.40 (3.92) 29.71 (1.02)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.06 0.06 0.05 0.06 0.08
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.14 3.17 4.34 2.01 2.44
Portfolio turnover 14 18 15 27 18
Net assets at end of period (000 omitted) $382,157 $288,629 $316,077 $300,098 $116,212
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
86
Financial Highlights − continued
MFS LIFETIME 2035 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.67 $16.63 $18.63 $13.79 $14.94
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.37 $0.38 $0.88 $0.23 $0.29
Net realized and unrealized gain (loss) 1.36 (0.40) (1.44) 5.04 (0.85)
Total from investment operations $1.73 $(0.02) $(0.56) $5.27 $(0.56)
Less distributions declared to shareholders          
From net investment income $(0.33) $(0.37) $(0.86) $(0.23) $(0.29)
From net realized gain (0.11) (0.57) (0.58) (0.20) (0.30)
Total distributions declared to shareholders $(0.44) $(0.94) $(1.44) $(0.43) $(0.59)
Net asset value, end of period (x) $16.96 $15.67 $16.63 $18.63 $13.79
Total return (%) (r)(s)(t)(x) 11.13 0.27 (3.84) 38.48 (4.23)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.46 0.47 0.47 0.48 0.52
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.29 2.44 4.67 1.41 1.96
Portfolio turnover 11 24 18 28 13
Net assets at end of period (000 omitted) $42,511 $32,421 $29,272 $27,770 $20,382
  Year ended
Class B 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.59 $16.52 $18.50 $13.70 $14.84
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.26 $0.69 $0.11 $0.17
Net realized and unrealized gain (loss) 1.36 (0.39) (1.39) 4.99 (0.85)
Total from investment operations $1.59 $(0.13) $(0.70) $5.10 $(0.68)
Less distributions declared to shareholders          
From net investment income $(0.16) $(0.23) $(0.70) $(0.10) $(0.16)
From net realized gain (0.11) (0.57) (0.58) (0.20) (0.30)
Total distributions declared to shareholders $(0.27) $(0.80) $(1.28) $(0.30) $(0.46)
Net asset value, end of period (x) $16.91 $15.59 $16.52 $18.50 $13.70
Total return (%) (r)(s)(t)(x) 10.24 (0.48) (4.53) 37.44 (4.98)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.22 1.22 1.22 1.23 1.27
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.43 1.66 3.72 0.65 1.12
Portfolio turnover 11 24 18 28 13
Net assets at end of period (000 omitted) $697 $1,067 $1,370 $1,597 $1,387
See Notes to Financial Statements
87
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class C 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.42 $16.40 $18.38 $13.62 $14.78
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.24 $0.27 $0.69 $0.10 $0.19
Net realized and unrealized gain (loss) 1.33 (0.41) (1.37) 4.97 (0.87)
Total from investment operations $1.57 $(0.14) $(0.68) $5.07 $(0.68)
Less distributions declared to shareholders          
From net investment income $(0.22) $(0.27) $(0.72) $(0.11) $(0.18)
From net realized gain (0.11) (0.57) (0.58) (0.20) (0.30)
Total distributions declared to shareholders $(0.33) $(0.84) $(1.30) $(0.31) $(0.48)
Net asset value, end of period (x) $16.66 $15.42 $16.40 $18.38 $13.62
Total return (%) (r)(s)(t)(x) 10.27 (0.55) (4.50) 37.40 (4.97)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.21 1.22 1.22 1.23 1.27
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 0.99
Net investment income (loss) (l) 1.52 1.74 3.72 0.63 1.26
Portfolio turnover 11 24 18 28 13
Net assets at end of period (000 omitted) $5,285 $4,272 $3,413 $3,514 $2,632
  Year ended
Class I 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.72 $16.69 $18.68 $13.82 $14.97
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.42 $0.45 $0.88 $0.27 $0.32
Net realized and unrealized gain (loss) 1.36 (0.44) (1.38) 5.05 (0.85)
Total from investment operations $1.78 $0.01 $(0.50) $5.32 $(0.53)
Less distributions declared to shareholders          
From net investment income $(0.37) $(0.41) $(0.91) $(0.26) $(0.32)
From net realized gain (0.11) (0.57) (0.58) (0.20) (0.30)
Total distributions declared to shareholders $(0.48) $(0.98) $(1.49) $(0.46) $(0.62)
Net asset value, end of period (x) $17.02 $15.72 $16.69 $18.68 $13.82
Total return (%) (r)(s)(t)(x) 11.44 0.48 (3.55) 38.83 (4.03)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.21 0.22 0.22 0.23 0.27
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.54 2.83 4.69 1.66 2.17
Portfolio turnover 11 24 18 28 13
Net assets at end of period (000 omitted) $8,302 $1,953 $1,365 $1,267 $714
See Notes to Financial Statements
88
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class R1 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.61 $16.59 $18.59 $13.70 $14.83
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.24 $0.26 $0.72 $(0.01) $0.15
Net realized and unrealized gain (loss) 1.35 (0.40) (1.42) 5.10 (0.84)
Total from investment operations $1.59 $(0.14) $(0.70) $5.09 $(0.69)
Less distributions declared to shareholders          
From net investment income $(0.21) $(0.27) $(0.72) $— $(0.14)
From net realized gain (0.11) (0.57) (0.58) (0.20) (0.30)
Total distributions declared to shareholders $(0.32) $(0.84) $(1.30) $(0.20) $(0.44)
Net asset value, end of period (x) $16.88 $15.61 $16.59 $18.59 $13.70
Total return (%) (r)(s)(t)(x) 10.25 (0.50) (4.52) 37.27 (5.01)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.21 1.22 1.22 1.24 1.27
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.46 1.64 3.84 (0.05) 1.00
Portfolio turnover 11 24 18 28 13
Net assets at end of period (000 omitted) $1,229 $998 $932 $470 $1,835
  Year ended
Class R2 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.68 $16.64 $18.61 $13.75 $14.89
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.32 $0.34 $0.75 $0.16 $0.23
Net realized and unrealized gain (loss) 1.37 (0.41) (1.35) 5.04 (0.84)
Total from investment operations $1.69 $(0.07) $(0.60) $5.20 $(0.61)
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.32) $(0.79) $(0.14) $(0.23)
From net realized gain (0.11) (0.57) (0.58) (0.20) (0.30)
Total distributions declared to shareholders $(0.39) $(0.89) $(1.37) $(0.34) $(0.53)
Net asset value, end of period (x) $16.98 $15.68 $16.64 $18.61 $13.75
Total return (%) (r)(s)(t)(x) 10.85 (0.05) (4.01) 38.06 (4.50)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.72 0.72 0.72 0.74 0.77
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 1.98 2.19 4.01 0.97 1.58
Portfolio turnover 11 24 18 28 13
Net assets at end of period (000 omitted) $14,018 $14,659 $17,075 $20,783 $26,572
See Notes to Financial Statements
89
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class R3 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.69 $16.65 $18.64 $13.80 $14.96
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $0.38 $0.83 $0.23 $0.30
Net realized and unrealized gain (loss) 1.38 (0.40) (1.38) 5.04 (0.87)
Total from investment operations $1.74 $(0.02) $(0.55) $5.27 $(0.57)
Less distributions declared to shareholders          
From net investment income $(0.33) $(0.37) $(0.86) $(0.23) $(0.29)
From net realized gain (0.11) (0.57) (0.58) (0.20) (0.30)
Total distributions declared to shareholders $(0.44) $(0.94) $(1.44) $(0.43) $(0.59)
Net asset value, end of period (x) $16.99 $15.69 $16.65 $18.64 $13.80
Total return (%) (r)(s)(t)(x) 11.14 0.24 (3.81) 38.44 (4.27)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.46 0.47 0.47 0.48 0.52
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.24 2.41 4.41 1.40 2.00
Portfolio turnover 11 24 18 28 13
Net assets at end of period (000 omitted) $177,887 $140,851 $142,758 $141,555 $96,287
  Year ended
Class R4 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.81 $16.78 $18.76 $13.87 $15.02
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.35 $0.42 $0.78 $0.25 $0.33
Net realized and unrealized gain (loss) 1.45 (0.41) (1.29) 5.09 (0.86)
Total from investment operations $1.80 $0.01 $(0.51) $5.34 $(0.53)
Less distributions declared to shareholders          
From net investment income $(0.35) $(0.41) $(0.89) $(0.25) $(0.32)
From net realized gain (0.11) (0.57) (0.58) (0.20) (0.30)
Total distributions declared to shareholders $(0.46) $(0.98) $(1.47) $(0.45) $(0.62)
Net asset value, end of period (x) $17.15 $15.81 $16.78 $18.76 $13.87
Total return (%) (r)(s)(t)(x) 11.45 0.44 (3.56) 38.82 (4.01)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.22 0.22 0.22 0.23 0.27
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.16 2.65 4.12 1.56 2.22
Portfolio turnover 11 24 18 28 13
Net assets at end of period (000 omitted) $27,498 $45,521 $39,766 $89,097 $120,415
See Notes to Financial Statements
90
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class R6 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $15.80 $16.77 $18.76 $13.87 $15.02
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.44 $0.50 $0.94 $0.31 $0.35
Net realized and unrealized gain (loss) 1.38 (0.47) (1.42) 5.07 (0.86)
Total from investment operations $1.82 $0.03 $(0.48) $5.38 $(0.51)
Less distributions declared to shareholders          
From net investment income $(0.39) $(0.43) $(0.93) $(0.29) $(0.34)
From net realized gain (0.11) (0.57) (0.58) (0.20) (0.30)
Total distributions declared to shareholders $(0.50) $(1.00) $(1.51) $(0.49) $(0.64)
Net asset value, end of period (x) $17.12 $15.80 $16.77 $18.76 $13.87
Total return (%) (r)(s)(t)(x) 11.59 0.61 (3.42) 39.08 (3.90)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.07 0.07 0.07 0.09 0.12
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.66 3.13 4.97 1.86 2.35
Portfolio turnover 11 24 18 28 13
Net assets at end of period (000 omitted) $315,531 $223,670 $237,753 $206,449 $62,093
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
91
Financial Highlights − continued
MFS LIFETIME 2040 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.01 $18.03 $20.33 $14.79 $16.46
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.34 $0.39 $0.94 $0.21 $0.30
Net realized and unrealized gain (loss) 1.91 (0.39) (1.48) 5.86 (1.02)
Total from investment operations $2.25 $0.00(w) $(0.54) $6.07 $(0.72)
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.39) $(0.97) $(0.22) $(0.30)
From net realized gain (0.30) (0.63) (0.79) (0.31) (0.65)
Total distributions declared to shareholders $(0.61) $(1.02) $(1.76) $(0.53) $(0.95)
Net asset value, end of period (x) $18.65 $17.01 $18.03 $20.33 $14.79
Total return (%) (r)(s)(t)(x) 13.33 0.39 (3.60) 41.38 (5.08)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.45 0.46 0.45 0.46 0.49
Expenses after expense reductions (h) 0.25 0.25 0.25 0.24 0.24
Net investment income (loss) (l) 1.89 2.29 4.60 1.21 1.86
Portfolio turnover 9 18 14 27 13
Net assets at end of period (000 omitted) $67,188 $51,443 $50,245 $56,524 $41,909
  Year ended
Class B 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.93 $17.92 $20.20 $14.68 $16.34
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.18 $0.26 $0.78 $0.08 $0.17
Net realized and unrealized gain (loss) 1.93 (0.39) (1.48) 5.81 (1.01)
Total from investment operations $2.11 $(0.13) $(0.70) $5.89 $(0.84)
Less distributions declared to shareholders          
From net investment income $(0.13) $(0.23) $(0.79) $(0.06) $(0.17)
From net realized gain (0.30) (0.63) (0.79) (0.31) (0.65)
Total distributions declared to shareholders $(0.43) $(0.86) $(1.58) $(0.37) $(0.82)
Net asset value, end of period (x) $18.61 $16.93 $17.92 $20.20 $14.68
Total return (%) (r)(s)(t)(x) 12.50 (0.40) (4.34) 40.36 (5.80)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.20 1.21 1.20 1.21 1.24
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 0.99
Net investment income (loss) (l) 1.04 1.52 3.85 0.44 1.05
Portfolio turnover 9 18 14 27 13
Net assets at end of period (000 omitted) $1,381 $1,972 $2,641 $3,527 $3,577
See Notes to Financial Statements
92
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class C 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.64 $17.64 $19.94 $14.48 $16.13
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.20 $0.26 $0.77 $0.08 $0.16
Net realized and unrealized gain (loss) 1.86 (0.37) (1.46) 5.73 (0.99)
Total from investment operations $2.06 $(0.11) $(0.69) $5.81 $(0.83)
Less distributions declared to shareholders          
From net investment income $(0.17) $(0.26) $(0.82) $(0.04) $(0.17)
From net realized gain (0.30) (0.63) (0.79) (0.31) (0.65)
Total distributions declared to shareholders $(0.47) $(0.89) $(1.61) $(0.35) $(0.82)
Net asset value, end of period (x) $18.23 $16.64 $17.64 $19.94 $14.48
Total return (%) (r)(s)(t)(x) 12.46 (0.30) (4.40) 40.39 (5.79)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.20 1.21 1.20 1.22 1.24
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.13 1.57 3.84 0.48 1.03
Portfolio turnover 9 18 14 27 13
Net assets at end of period (000 omitted) $6,208 $6,747 $7,809 $8,727 $9,202
  Year ended
Class I 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.15 $18.17 $20.49 $14.91 $16.57
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.40 $0.47 $1.04 $0.28 $0.32
Net realized and unrealized gain (loss) 1.91 (0.42) (1.54) 5.88 (1.00)
Total from investment operations $2.31 $0.05 $(0.50) $6.16 $(0.68)
Less distributions declared to shareholders          
From net investment income $(0.35) $(0.44) $(1.03) $(0.27) $(0.33)
From net realized gain (0.30) (0.63) (0.79) (0.31) (0.65)
Total distributions declared to shareholders $(0.65) $(1.07) $(1.82) $(0.58) $(0.98)
Net asset value, end of period (x) $18.81 $17.15 $18.17 $20.49 $14.91
Total return (%) (r)(s)(t)(x) 13.60 0.68 (3.41) 41.67 (4.81)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.20 0.21 0.20 0.21 0.24
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.19 2.75 5.06 1.57 1.92
Portfolio turnover 9 18 14 27 13
Net assets at end of period (000 omitted) $13,391 $7,846 $5,129 $3,870 $1,201
See Notes to Financial Statements
93
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class R1 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.84 $17.82 $20.13 $14.61 $16.27
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.19 $0.25 $0.79 $0.05 $0.16
Net realized and unrealized gain (loss) 1.90 (0.37) (1.48) 5.81 (1.00)
Total from investment operations $2.09 $(0.12) $(0.69) $5.86 $(0.84)
Less distributions declared to shareholders          
From net investment income $(0.17) $(0.23) $(0.83) $(0.03) $(0.17)
From net realized gain (0.30) (0.63) (0.79) (0.31) (0.65)
Total distributions declared to shareholders $(0.47) $(0.86) $(1.62) $(0.34) $(0.82)
Net asset value, end of period (x) $18.46 $16.84 $17.82 $20.13 $14.61
Total return (%) (r)(s)(t)(x) 12.46 (0.35) (4.36) 40.32 (5.80)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.20 1.21 1.20 1.22 1.24
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.07 1.46 3.90 0.29 1.01
Portfolio turnover 9 18 14 27 13
Net assets at end of period (000 omitted) $3,012 $3,063 $4,001 $3,965 $4,153
  Year ended
Class R2 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.90 $17.91 $20.21 $14.70 $16.34
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.34 $0.87 $0.16 $0.24
Net realized and unrealized gain (loss) 1.91 (0.38) (1.46) 5.82 (0.99)
Total from investment operations $2.19 $(0.04) $(0.59) $5.98 $(0.75)
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.34) $(0.92) $(0.16) $(0.24)
From net realized gain (0.30) (0.63) (0.79) (0.31) (0.65)
Total distributions declared to shareholders $(0.56) $(0.97) $(1.71) $(0.47) $(0.89)
Net asset value, end of period (x) $18.53 $16.90 $17.91 $20.21 $14.70
Total return (%) (r)(s)(t)(x) 13.03 0.14 (3.89) 40.98 (5.30)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.70 0.71 0.70 0.72 0.74
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 1.59 2.00 4.26 0.90 1.49
Portfolio turnover 9 18 14 27 13
Net assets at end of period (000 omitted) $40,651 $40,810 $44,155 $53,097 $48,086
See Notes to Financial Statements
94
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class R3 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.00 $18.02 $20.33 $14.80 $16.46
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.33 $0.39 $0.94 $0.22 $0.30
Net realized and unrealized gain (loss) 1.92 (0.39) (1.48) 5.84 (1.01)
Total from investment operations $2.25 $0.00(w) $(0.54) $6.06 $(0.71)
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.39) $(0.98) $(0.22) $(0.30)
From net realized gain (0.30) (0.63) (0.79) (0.31) (0.65)
Total distributions declared to shareholders $(0.61) $(1.02) $(1.77) $(0.53) $(0.95)
Net asset value, end of period (x) $18.64 $17.00 $18.02 $20.33 $14.80
Total return (%) (r)(s)(t)(x) 13.31 0.39 (3.63) 41.32 (5.02)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.45 0.46 0.45 0.46 0.49
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.86 2.27 4.60 1.26 1.82
Portfolio turnover 9 18 14 27 13
Net assets at end of period (000 omitted) $215,273 $176,070 $171,589 $156,544 $104,521
  Year ended
Class R4 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.24 $18.26 $20.56 $14.94 $16.61
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.35 $0.43 $0.91 $0.25 $0.34
Net realized and unrealized gain (loss) 1.97 (0.39) (1.40) 5.93 (1.02)
Total from investment operations $2.32 $0.04 $(0.49) $6.18 $(0.68)
Less distributions declared to shareholders          
From net investment income $(0.34) $(0.43) $(1.02) $(0.25) $(0.34)
From net realized gain (0.30) (0.63) (0.79) (0.31) (0.65)
Total distributions declared to shareholders $(0.64) $(1.06) $(1.81) $(0.56) $(0.99)
Net asset value, end of period (x) $18.92 $17.24 $18.26 $20.56 $14.94
Total return (%) (r)(s)(t)(x) 13.58 0.64 (3.38) 41.74 (4.84)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.20 0.21 0.20 0.22 0.24
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.95 2.50 4.36 1.40 2.07
Portfolio turnover 9 18 14 27 13
Net assets at end of period (000 omitted) $41,884 $51,695 $41,621 $105,822 $144,006
See Notes to Financial Statements
95
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class R6 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.22 $18.24 $20.55 $14.94 $16.61
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.41 $0.51 $1.06 $0.31 $0.36
Net realized and unrealized gain (loss) 1.93 (0.44) (1.52) 5.89 (1.02)
Total from investment operations $2.34 $0.07 $(0.46) $6.20 $(0.66)
Less distributions declared to shareholders          
From net investment income $(0.37) $(0.46) $(1.06) $(0.28) $(0.36)
From net realized gain (0.30) (0.63) (0.79) (0.31) (0.65)
Total distributions declared to shareholders $(0.67) $(1.09) $(1.85) $(0.59) $(1.01)
Net asset value, end of period (x) $18.89 $17.22 $18.24 $20.55 $14.94
Total return (%) (r)(s)(t)(x) 13.72 0.80 (3.24) 41.92 (4.72)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.06 0.07 0.06 0.08 0.10
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.30 2.98 5.12 1.69 2.20
Portfolio turnover 9 18 14 27 13
Net assets at end of period (000 omitted) $378,212 $273,761 $243,550 $221,571 $77,824
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(w) Per share amount was less than $0.01.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
96
Financial Highlights − continued
MFS LIFETIME 2045 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.73 $17.72 $19.84 $14.08 $15.53
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.36 $0.97 $0.19 $0.28
Net realized and unrealized gain (loss) 2.01 (0.36) (1.46) 5.97 (1.12)
Total from investment operations $2.31 $0.00 $(0.49) $6.16 $(0.84)
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.36) $(0.98) $(0.19) $(0.27)
From net realized gain (0.27) (0.63) (0.65) (0.21) (0.34)
Total distributions declared to shareholders $(0.55) $(0.99) $(1.63) $(0.40) $(0.61)
Net asset value, end of period (x) $18.49 $16.73 $17.72 $19.84 $14.08
Total return (%) (r)(s)(t)(x) 13.87 0.37 (3.41) 44.10 (5.93)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.48 0.50 0.49 0.51 0.57
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.69 2.14 4.83 1.09 1.78
Portfolio turnover 9 23 18 30 8
Net assets at end of period (000 omitted) $34,162 $23,665 $19,763 $18,980 $11,409
  Year ended
Class B 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.64 $17.60 $19.71 $14.00 $15.43
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.14 $0.23 $0.79 $0.05 $0.14
Net realized and unrealized gain (loss) 2.01 (0.35) (1.44) 5.93 (1.10)
Total from investment operations $2.15 $(0.12) $(0.65) $5.98 $(0.96)
Less distributions declared to shareholders          
From net investment income $(0.10) $(0.21) $(0.81) $(0.06) $(0.13)
From net realized gain (0.27) (0.63) (0.65) (0.21) (0.34)
Total distributions declared to shareholders $(0.37) $(0.84) $(1.46) $(0.27) $(0.47)
Net asset value, end of period (x) $18.42 $16.64 $17.60 $19.71 $14.00
Total return (%) (r)(s)(t)(x) 12.99 (0.36) (4.13) 42.95 (6.62)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.25 1.24 1.26 1.32
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.80 1.39 3.98 0.30 0.89
Portfolio turnover 9 23 18 30 8
Net assets at end of period (000 omitted) $435 $676 $736 $930 $724
See Notes to Financial Statements
97
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class C 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.49 $17.50 $19.62 $13.91 $15.35
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.15 $0.25 $0.78 $0.05 $0.16
Net realized and unrealized gain (loss) 1.98 (0.38) (1.42) 5.90 (1.11)
Total from investment operations $2.13 $(0.13) $(0.64) $5.95 $(0.95)
Less distributions declared to shareholders          
From net investment income $(0.15) $(0.25) $(0.83) $(0.03) $(0.15)
From net realized gain (0.27) (0.63) (0.65) (0.21) (0.34)
Total distributions declared to shareholders $(0.42) $(0.88) $(1.48) $(0.24) $(0.49)
Net asset value, end of period (x) $18.20 $16.49 $17.50 $19.62 $13.91
Total return (%) (r)(s)(t)(x) 12.99 (0.38) (4.13) 43.01 (6.60)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.25 1.24 1.27 1.32
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 0.97
Net investment income (loss) (l) 0.88 1.52 3.93 0.30 1.02
Portfolio turnover 9 23 18 30 8
Net assets at end of period (000 omitted) $3,204 $2,642 $2,027 $1,943 $1,960
  Year ended
Class I 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.84 $17.82 $19.94 $14.15 $15.60
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.35 $0.39 $1.01 $0.24 $0.31
Net realized and unrealized gain (loss) 2.01 (0.35) (1.45) 6.00 (1.12)
Total from investment operations $2.36 $0.04 $(0.44) $6.24 $(0.81)
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.39) $(1.03) $(0.24) $(0.30)
From net realized gain (0.27) (0.63) (0.65) (0.21) (0.34)
Total distributions declared to shareholders $(0.59) $(1.02) $(1.68) $(0.45) $(0.64)
Net asset value, end of period (x) $18.61 $16.84 $17.82 $19.94 $14.15
Total return (%) (r)(s)(t)(x) 14.11 0.66 (3.17) 44.43 (5.72)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.22 0.25 0.24 0.25 0.32
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.98 2.32 5.03 1.37 2.01
Portfolio turnover 9 23 18 30 8
Net assets at end of period (000 omitted) $11,779 $3,190 $2,458 $2,145 $395
See Notes to Financial Statements
98
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class R1 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.68 $17.67 $19.74 $13.97 $15.41
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.15 $0.23 $0.69 $(0.04) $0.15
Net realized and unrealized gain (loss) 2.00 (0.35) (1.34) 6.02 (1.11)
Total from investment operations $2.15 $(0.12) $(0.65) $5.98 $(0.96)
Less distributions declared to shareholders          
From net investment income $(0.15) $(0.24) $(0.77) $— $(0.14)
From net realized gain (0.27) (0.63) (0.65) (0.21) (0.34)
Total distributions declared to shareholders $(0.42) $(0.87) $(1.42) $(0.21) $(0.48)
Net asset value, end of period (x) $18.41 $16.68 $17.67 $19.74 $13.97
Total return (%) (r)(s)(t)(x) 12.93 (0.36) (4.13) 42.98 (6.67)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.25 1.24 1.28 1.32
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.85 1.39 3.47 (0.25) 0.98
Portfolio turnover 9 23 18 30 8
Net assets at end of period (000 omitted) $636 $522 $398 $552 $995
  Year ended
Class R2 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.68 $17.66 $19.75 $14.00 $15.42
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.31 $0.84 $0.11 $0.20
Net realized and unrealized gain (loss) 2.02 (0.36) (1.38) 5.96 (1.07)
Total from investment operations $2.25 $(0.05) $(0.54) $6.07 $(0.87)
Less distributions declared to shareholders          
From net investment income $(0.21) $(0.30) $(0.90) $(0.11) $(0.21)
From net realized gain (0.27) (0.63) (0.65) (0.21) (0.34)
Total distributions declared to shareholders $(0.48) $(0.93) $(1.55) $(0.32) $(0.55)
Net asset value, end of period (x) $18.45 $16.68 $17.66 $19.75 $14.00
Total return (%) (r)(s)(t)(x) 13.59 0.09 (3.62) 43.65 (6.12)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.73 0.75 0.74 0.77 0.82
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 1.32 1.84 4.21 0.67 1.31
Portfolio turnover 9 23 18 30 8
Net assets at end of period (000 omitted) $9,755 $10,413 $11,276 $15,161 $17,299
See Notes to Financial Statements
99
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class R3 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.72 $17.70 $19.82 $14.07 $15.52
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.29 $0.36 $0.92 $0.18 $0.27
Net realized and unrealized gain (loss) 2.01 (0.36) (1.41) 5.97 (1.11)
Total from investment operations $2.30 $0.00 $(0.49) $6.15 $(0.84)
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.35) $(0.98) $(0.19) $(0.27)
From net realized gain (0.27) (0.63) (0.65) (0.21) (0.34)
Total distributions declared to shareholders $(0.54) $(0.98) $(1.63) $(0.40) $(0.61)
Net asset value, end of period (x) $18.48 $16.72 $17.70 $19.82 $14.07
Total return (%) (r)(s)(t)(x) 13.85 0.39 (3.42) 44.05 (5.93)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.48 0.50 0.49 0.51 0.57
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.64 2.13 4.61 1.08 1.77
Portfolio turnover 9 23 18 30 8
Net assets at end of period (000 omitted) $165,730 $129,497 $127,223 $109,034 $69,136
  Year ended
Class R4 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.86 $17.84 $19.94 $14.14 $15.58
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.29 $0.40 $0.85 $0.21 $0.32
Net realized and unrealized gain (loss) 2.07 (0.36) (1.30) 6.02 (1.12)
Total from investment operations $2.36 $0.04 $(0.45) $6.23 $(0.80)
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.39) $(1.00) $(0.22) $(0.30)
From net realized gain (0.27) (0.63) (0.65) (0.21) (0.34)
Total distributions declared to shareholders $(0.57) $(1.02) $(1.65) $(0.43) $(0.64)
Net asset value, end of period (x) $18.65 $16.86 $17.84 $19.94 $14.14
Total return (%) (r)(s)(t)(x) 14.11 0.64 (3.17) 44.39 (5.67)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.23 0.25 0.24 0.27 0.32
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.63 2.38 4.18 1.23 2.04
Portfolio turnover 9 23 18 30 8
Net assets at end of period (000 omitted) $20,246 $23,492 $20,668 $68,489 $90,453
See Notes to Financial Statements
100
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class R6 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $16.84 $17.82 $19.93 $14.14 $15.58
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $0.50 $1.05 $0.27 $0.33
Net realized and unrealized gain (loss) 2.02 (0.43) (1.46) 5.98 (1.11)
Total from investment operations $2.38 $0.07 $(0.41) $6.25 $(0.78)
Less distributions declared to shareholders          
From net investment income $(0.33) $(0.42) $(1.05) $(0.25) $(0.32)
From net realized gain (0.27) (0.63) (0.65) (0.21) (0.34)
Total distributions declared to shareholders $(0.60) $(1.05) $(1.70) $(0.46) $(0.66)
Net asset value, end of period (x) $18.62 $16.84 $17.82 $19.93 $14.14
Total return (%) (r)(s)(t)(x) 14.27 0.82 (2.99) 44.58 (5.55)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.08 0.10 0.09 0.11 0.17
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.03 2.99 5.23 1.56 2.14
Portfolio turnover 9 23 18 30 8
Net assets at end of period (000 omitted) $261,476 $197,399 $166,911 $140,992 $37,856
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
101
Financial Highlights − continued
MFS LIFETIME 2050 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $20.09 $21.30 $23.98 $16.99 $18.80
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.32 $0.43 $1.17 $0.22 $0.32
Net realized and unrealized gain (loss) 2.51 (0.44) (1.73) 7.23 (1.33)
Total from investment operations $2.83 $(0.01) $(0.56) $7.45 $(1.01)
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.44) $(1.18) $(0.23) $(0.32)
From net realized gain (0.40) (0.76) (0.94) (0.23) (0.48)
Total distributions declared to shareholders $(0.71) $(1.20) $(2.12) $(0.46) $(0.80)
Net asset value, end of period (x) $22.21 $20.09 $21.30 $23.98 $16.99
Total return (%) (r)(s)(t)(x) 14.17 0.34 (3.36) 44.17 (5.93)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.48 0.50 0.50 0.51 0.57
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.51 2.12 4.85 1.08 1.74
Portfolio turnover 7 21 17 24 8
Net assets at end of period (000 omitted) $37,887 $27,752 $22,761 $22,708 $14,315
  Year ended
Class B 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $19.80 $20.96 $23.62 $16.75 $18.55
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.12 $0.26 $0.95 $0.06 $0.18
Net realized and unrealized gain (loss) 2.51 (0.40) (1.70) 7.11 (1.32)
Total from investment operations $2.63 $(0.14) $(0.75) $7.17 $(1.14)
Less distributions declared to shareholders          
From net investment income $(0.07) $(0.26) $(0.97) $(0.07) $(0.18)
From net realized gain (0.40) (0.76) (0.94) (0.23) (0.48)
Total distributions declared to shareholders $(0.47) $(1.02) $(1.91) $(0.30) $(0.66)
Net asset value, end of period (x) $21.96 $19.80 $20.96 $23.62 $16.75
Total return (%) (r)(s)(t)(x) 13.32 (0.37) (4.11) 43.04 (6.61)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.25 1.25 1.26 1.32
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.57 1.30 3.98 0.32 0.97
Portfolio turnover 7 21 17 24 8
Net assets at end of period (000 omitted) $650 $987 $1,265 $1,727 $1,359
See Notes to Financial Statements
102
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class C 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $19.63 $20.83 $23.49 $16.65 $18.45
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.14 $0.28 $0.91 $0.06 $0.17
Net realized and unrealized gain (loss) 2.46 (0.43) (1.65) 7.08 (1.31)
Total from investment operations $2.60 $(0.15) $(0.74) $7.14 $(1.14)
Less distributions declared to shareholders          
From net investment income $(0.15) $(0.29) $(0.98) $(0.07) $(0.18)
From net realized gain (0.40) (0.76) (0.94) (0.23) (0.48)
Total distributions declared to shareholders $(0.55) $(1.05) $(1.92) $(0.30) $(0.66)
Net asset value, end of period (x) $21.68 $19.63 $20.83 $23.49 $16.65
Total return (%) (r)(s)(t)(x) 13.33 (0.37) (4.11) 43.12 (6.66)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.25 1.25 1.26 1.32
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.69 1.42 3.85 0.31 0.94
Portfolio turnover 7 21 17 24 8
Net assets at end of period (000 omitted) $4,204 $3,521 $3,223 $3,898 $3,029
  Year ended
Class I 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $20.10 $21.27 $23.95 $16.97 $18.78
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $0.60 $1.18 $0.28 $0.41
Net realized and unrealized gain (loss) 2.53 (0.56) (1.68) 7.21 (1.37)
Total from investment operations $2.89 $0.04 $(0.50) $7.49 $(0.96)
Less distributions declared to shareholders          
From net investment income $(0.36) $(0.45) $(1.24) $(0.28) $(0.37)
From net realized gain (0.40) (0.76) (0.94) (0.23) (0.48)
Total distributions declared to shareholders $(0.76) $(1.21) $(2.18) $(0.51) $(0.85)
Net asset value, end of period (x) $22.23 $20.10 $21.27 $23.95 $16.97
Total return (%) (r)(s)(t)(x) 14.46 0.60 (3.14) 44.49 (5.71)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.23 0.25 0.25 0.26 0.32
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.68 3.00 4.92 1.36 2.23
Portfolio turnover 7 21 17 24 8
Net assets at end of period (000 omitted) $7,824 $2,425 $1,445 $1,033 $354
See Notes to Financial Statements
103
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class R1 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $19.72 $20.91 $23.59 $16.67 $18.46
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.15 $0.29 $0.95 $(0.04) $0.16
Net realized and unrealized gain (loss) 2.46 (0.44) (1.69) 7.20 (1.30)
Total from investment operations $2.61 $(0.15) $(0.74) $7.16 $(1.14)
Less distributions declared to shareholders          
From net investment income $(0.15) $(0.28) $(1.00) $— $(0.17)
From net realized gain (0.40) (0.76) (0.94) (0.24) (0.48)
Total distributions declared to shareholders $(0.55) $(1.04) $(1.94) $(0.24) $(0.65)
Net asset value, end of period (x) $21.78 $19.72 $20.91 $23.59 $16.67
Total return (%) (r)(s)(t)(x) 13.32 (0.37) (4.08) 43.08 (6.64)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.25 1.25 1.28 1.32
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.73 1.49 4.02 (0.21) 0.90
Portfolio turnover 7 21 17 24 8
Net assets at end of period (000 omitted) $826 $680 $731 $695 $1,184
  Year ended
Class R2 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $19.86 $21.06 $23.70 $16.79 $18.55
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.24 $0.36 $1.00 $0.15 $0.26
Net realized and unrealized gain (loss) 2.50 (0.42) (1.62) 7.15 (1.30)
Total from investment operations $2.74 $(0.06) $(0.62) $7.30 $(1.04)
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.38) $(1.08) $(0.15) $(0.24)
From net realized gain (0.40) (0.76) (0.94) (0.24) (0.48)
Total distributions declared to shareholders $(0.63) $(1.14) $(2.02) $(0.39) $(0.72)
Net asset value, end of period (x) $21.97 $19.86 $21.06 $23.70 $16.79
Total return (%) (r)(s)(t)(x) 13.89 0.07 (3.59) 43.72 (6.12)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.73 0.75 0.75 0.77 0.82
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 1.14 1.82 4.18 0.72 1.41
Portfolio turnover 7 21 17 24 8
Net assets at end of period (000 omitted) $15,982 $18,388 $19,078 $28,781 $26,545
See Notes to Financial Statements
104
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class R3 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $19.91 $21.11 $23.79 $16.86 $18.67
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.31 $0.42 $1.10 $0.22 $0.33
Net realized and unrealized gain (loss) 2.49 (0.42) (1.67) 7.17 (1.33)
Total from investment operations $2.80 $0.00 $(0.57) $7.39 $(1.00)
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.44) $(1.17) $(0.23) $(0.33)
From net realized gain (0.40) (0.76) (0.94) (0.23) (0.48)
Total distributions declared to shareholders $(0.70) $(1.20) $(2.11) $(0.46) $(0.81)
Net asset value, end of period (x) $22.01 $19.91 $21.11 $23.79 $16.86
Total return (%) (r)(s)(t)(x) 14.18 0.37 (3.41) 44.16 (5.96)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.48 0.50 0.50 0.51 0.57
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.49 2.09 4.60 1.08 1.77
Portfolio turnover 7 21 17 24 8
Net assets at end of period (000 omitted) $157,398 $121,060 $118,076 $113,346 $70,610
  Year ended
Class R4 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $20.10 $21.31 $23.97 $16.97 $18.77
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.34 $0.45 $0.94 $0.26 $0.37
Net realized and unrealized gain (loss) 2.55 (0.41) (1.46) 7.24 (1.33)
Total from investment operations $2.89 $0.04 $(0.52) $7.50 $(0.96)
Less distributions declared to shareholders          
From net investment income $(0.35) $(0.49) $(1.20) $(0.26) $(0.36)
From net realized gain (0.40) (0.76) (0.94) (0.24) (0.48)
Total distributions declared to shareholders $(0.75) $(1.25) $(2.14) $(0.50) $(0.84)
Net asset value, end of period (x) $22.24 $20.10 $21.31 $23.97 $16.97
Total return (%) (r)(s)(t)(x) 14.49 0.57 (3.16) 44.52 (5.69)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.23 0.25 0.25 0.27 0.32
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.61 2.24 3.88 1.28 2.01
Portfolio turnover 7 21 17 24 8
Net assets at end of period (000 omitted) $38,189 $44,972 $24,207 $71,368 $76,018
See Notes to Financial Statements
105
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class R6 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $20.08 $21.29 $23.96 $16.97 $18.76
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.40 $0.57 $1.26 $0.32 $0.39
Net realized and unrealized gain (loss) 2.51 (0.50) (1.72) 7.20 (1.31)
Total from investment operations $2.91 $0.07 $(0.46) $7.52 $(0.92)
Less distributions declared to shareholders          
From net investment income $(0.38) $(0.52) $(1.27) $(0.30) $(0.39)
From net realized gain (0.40) (0.76) (0.94) (0.23) (0.48)
Total distributions declared to shareholders $(0.78) $(1.28) $(2.21) $(0.53) $(0.87)
Net asset value, end of period (x) $22.21 $20.08 $21.29 $23.96 $16.97
Total return (%) (r)(s)(t)(x) 14.60 0.74 (2.97) 44.70 (5.52)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.08 0.10 0.09 0.12 0.17
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.88 2.85 5.23 1.54 2.11
Portfolio turnover 7 21 17 24 8
Net assets at end of period (000 omitted) $284,955 $193,767 $147,729 $121,495 $44,463
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
106
Financial Highlights − continued
MFS LIFETIME 2055 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.30 $18.30 $20.42 $14.47 $15.93
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.27 $0.37 $1.02 $0.19 $0.28
Net realized and unrealized gain (loss) 2.16 (0.37) (1.52) 6.15 (1.14)
Total from investment operations $2.43 $0.00 $(0.50) $6.34 $(0.86)
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.36) $(1.02) $(0.20) $(0.27)
From net realized gain (0.35) (0.64) (0.60) (0.19) (0.33)
Total distributions declared to shareholders $(0.61) $(1.00) $(1.62) $(0.39) $(0.60)
Net asset value, end of period (x) $19.12 $17.30 $18.30 $20.42 $14.47
Total return (%) (r)(s)(t)(x) 14.17 0.36 (3.35) 44.11 (5.87)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.52 0.56 0.56 0.61 0.72
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.51 2.12 4.94 1.09 1.78
Portfolio turnover 7 13 19 24 11
Net assets at end of period (000 omitted) $26,236 $19,429 $15,144 $14,314 $7,729
  Year ended
Class B 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.25 $18.22 $20.33 $14.41 $15.87
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.11 $0.22 $0.82 $0.05 $0.15
Net realized and unrealized gain (loss) 2.17 (0.35) (1.48) 6.13 (1.14)
Total from investment operations $2.28 $(0.13) $(0.66) $6.18 $(0.99)
Less distributions declared to shareholders          
From net investment income $(0.08) $(0.20) $(0.85) $(0.07) $(0.14)
From net realized gain (0.35) (0.64) (0.60) (0.19) (0.33)
Total distributions declared to shareholders $(0.43) $(0.84) $(1.45) $(0.26) $(0.47)
Net asset value, end of period (x) $19.10 $17.25 $18.22 $20.33 $14.41
Total return (%) (r)(s)(t)(x) 13.32 (0.41) (4.09) 43.06 (6.61)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.27 1.31 1.31 1.36 1.48
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.63 1.30 3.96 0.31 0.93
Portfolio turnover 7 13 19 24 11
Net assets at end of period (000 omitted) $383 $502 $590 $713 $517
See Notes to Financial Statements
107
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class C 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.06 $18.06 $20.17 $14.29 $15.75
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.12 $0.23 $0.82 $0.05 $0.14
Net realized and unrealized gain (loss) 2.14 (0.36) (1.47) 6.08 (1.11)
Total from investment operations $2.26 $(0.13) $(0.65) $6.13 $(0.97)
Less distributions declared to shareholders          
From net investment income $(0.12) $(0.23) $(0.86) $(0.06) $(0.16)
From net realized gain (0.35) (0.64) (0.60) (0.19) (0.33)
Total distributions declared to shareholders $(0.47) $(0.87) $(1.46) $(0.25) $(0.49)
Net asset value, end of period (x) $18.85 $17.06 $18.06 $20.17 $14.29
Total return (%) (r)(s)(t)(x) 13.34 (0.43) (4.06) 43.08 (6.59)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.27 1.31 1.31 1.36 1.48
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 0.99
Net investment income (loss) (l) 0.69 1.35 4.03 0.29 0.92
Portfolio turnover 7 13 19 24 11
Net assets at end of period (000 omitted) $2,889 $2,588 $2,426 $2,585 $2,126
  Year ended
Class I 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.33 $18.33 $20.45 $14.49 $15.94
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.34 $0.36 $1.00 $0.25 $0.32
Net realized and unrealized gain (loss) 2.14 (0.32) (1.45) 6.14 (1.14)
Total from investment operations $2.48 $0.04 $(0.45) $6.39 $(0.82)
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.40) $(1.07) $(0.24) $(0.30)
From net realized gain (0.35) (0.64) (0.60) (0.19) (0.33)
Total distributions declared to shareholders $(0.65) $(1.04) $(1.67) $(0.43) $(0.63)
Net asset value, end of period (x) $19.16 $17.33 $18.33 $20.45 $14.49
Total return (%) (r)(s)(t)(x) 14.49 0.62 (3.13) 44.42 (5.65)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.27 0.31 0.31 0.35 0.48
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.86 2.10 4.85 1.39 1.99
Portfolio turnover 7 13 19 24 11
Net assets at end of period (000 omitted) $3,821 $1,314 $512 $434 $98
See Notes to Financial Statements
108
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class R1 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.12 $18.14 $20.26 $14.30 $15.76
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.13 $0.23 $0.81 $(0.06) $0.14
Net realized and unrealized gain (loss) 2.13 (0.36) (1.46) 6.21 (1.12)
Total from investment operations $2.26 $(0.13) $(0.65) $6.15 $(0.98)
Less distributions declared to shareholders          
From net investment income $(0.14) $(0.25) $(0.87) $— $(0.15)
From net realized gain (0.35) (0.64) (0.60) (0.19) (0.33)
Total distributions declared to shareholders $(0.49) $(0.89) $(1.47) $(0.19) $(0.48)
Net asset value, end of period (x) $18.89 $17.12 $18.14 $20.26 $14.30
Total return (%) (r)(s)(t)(x) 13.34 (0.42) (4.07) 43.16 (6.60)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.27 1.31 1.31 1.39 1.48
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 0.74 1.37 3.95 (0.34) 0.93
Portfolio turnover 7 13 19 24 11
Net assets at end of period (000 omitted) $1,684 $1,070 $701 $663 $1,597
  Year ended
Class R2 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.30 $18.29 $20.35 $14.39 $15.84
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.22 $0.31 $0.83 $0.11 $0.22
Net realized and unrealized gain (loss) 2.16 (0.35) (1.38) 6.16 (1.12)
Total from investment operations $2.38 $(0.04) $(0.55) $6.27 $(0.90)
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.31) $(0.91) $(0.12) $(0.22)
From net realized gain (0.35) (0.64) (0.60) (0.19) (0.33)
Total distributions declared to shareholders $(0.55) $(0.95) $(1.51) $(0.31) $(0.55)
Net asset value, end of period (x) $19.13 $17.30 $18.29 $20.35 $14.39
Total return (%) (r)(s)(t)(x) 13.89 0.10 (3.56) 43.78 (6.12)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.77 0.81 0.81 0.87 0.98
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 1.19 1.80 4.02 0.64 1.39
Portfolio turnover 7 13 19 24 11
Net assets at end of period (000 omitted) $9,538 $9,003 $8,981 $17,589 $17,485
See Notes to Financial Statements
109
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class R3 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.31 $18.31 $20.42 $14.47 $15.93
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.27 $0.36 $0.97 $0.19 $0.27
Net realized and unrealized gain (loss) 2.16 (0.36) (1.46) 6.15 (1.13)
Total from investment operations $2.43 $0.00 $(0.49) $6.34 $(0.86)
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.36) $(1.02) $(0.20) $(0.27)
From net realized gain (0.35) (0.64) (0.60) (0.19) (0.33)
Total distributions declared to shareholders $(0.61) $(1.00) $(1.62) $(0.39) $(0.60)
Net asset value, end of period (x) $19.13 $17.31 $18.31 $20.42 $14.47
Total return (%) (r)(s)(t)(x) 14.16 0.34 (3.33) 44.10 (5.88)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.52 0.56 0.56 0.61 0.73
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 1.51 2.09 4.69 1.09 1.73
Portfolio turnover 7 13 19 24 11
Net assets at end of period (000 omitted) $107,463 $76,726 $73,743 $65,613 $36,674
  Year ended
Class R4 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.47 $18.47 $20.56 $14.55 $16.01
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.41 $0.80 $0.22 $0.32
Net realized and unrealized gain (loss) 2.24 (0.37) (1.25) 6.21 (1.14)
Total from investment operations $2.50 $0.04 $(0.45) $6.43 $(0.82)
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.40) $(1.04) $(0.23) $(0.31)
From net realized gain (0.35) (0.64) (0.60) (0.19) (0.33)
Total distributions declared to shareholders $(0.63) $(1.04) $(1.64) $(0.42) $(0.64)
Net asset value, end of period (x) $19.34 $17.47 $18.47 $20.56 $14.55
Total return (%) (r)(s)(t)(x) 14.47 0.58 (3.09) 44.49 (5.67)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.27 0.31 0.31 0.36 0.47
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.44 2.34 3.86 1.27 2.04
Portfolio turnover 7 13 19 24 11
Net assets at end of period (000 omitted) $12,123 $18,660 $14,606 $38,374 $37,665
See Notes to Financial Statements
110
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class R6 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $17.46 $18.46 $20.58 $14.56 $16.01
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.35 $0.49 $1.11 $0.28 $0.34
Net realized and unrealized gain (loss) 2.18 (0.42) (1.53) 6.18 (1.13)
Total from investment operations $2.53 $0.07 $(0.42) $6.46 $(0.79)
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.43) $(1.10) $(0.25) $(0.33)
From net realized gain (0.35) (0.64) (0.60) (0.19) (0.33)
Total distributions declared to shareholders $(0.67) $(1.07) $(1.70) $(0.44) $(0.66)
Net asset value, end of period (x) $19.32 $17.46 $18.46 $20.58 $14.56
Total return (%) (r)(s)(t)(x) 14.66 0.75 (2.99) 44.75 (5.50)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.12 0.15 0.15 0.21 0.33
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.89 2.82 5.32 1.54 2.16
Portfolio turnover 7 13 19 24 11
Net assets at end of period (000 omitted) $193,673 $133,208 $87,462 $60,705 $21,065
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
111
Financial Highlights − continued
MFS LIFETIME 2060 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $13.87 $14.54 $15.99 $11.25 $12.26
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.22 $0.30 $0.78 $0.15 $0.22
Net realized and unrealized gain (loss) 1.72 (0.30) (1.22) 4.82 (0.89)
Total from investment operations $1.94 $0.00(w) $(0.44) $4.97 $(0.67)
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.28) $(0.79) $(0.14) $(0.21)
From net realized gain (0.24) (0.39) (0.22) (0.09) (0.13)
Total distributions declared to shareholders $(0.44) $(0.67) $(1.01) $(0.23) $(0.34)
Net asset value, end of period (x) $15.37 $13.87 $14.54 $15.99 $11.25
Total return (%) (r)(s)(t)(x) 14.12 0.35 (3.51) 44.39 (5.83)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.61 0.70 0.79 1.08 1.84
Expenses after expense reductions (h) 0.25 0.25 0.25 0.24 0.22
Net investment income (loss) (l) 1.48 2.17 4.80 1.06 1.81
Portfolio turnover 7 14 18 21 9
Net assets at end of period (000 omitted) $15,598 $11,316 $8,023 $5,584 $2,879
  Year ended
Class B 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $13.87 $14.52 $15.95 $11.24 $12.25
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.08 $0.19 $0.65 $0.04 $0.12
Net realized and unrealized gain (loss) 1.75 (0.29) (1.21) 4.80 (0.89)
Total from investment operations $1.83 $(0.10) $(0.56) $4.84 $(0.77)
Less distributions declared to shareholders          
From net investment income $(0.06) $(0.16) $(0.65) $(0.04) $(0.11)
From net realized gain (0.24) (0.39) (0.22) (0.09) (0.13)
Total distributions declared to shareholders $(0.30) $(0.55) $(0.87) $(0.13) $(0.24)
Net asset value, end of period (x) $15.40 $13.87 $14.52 $15.95 $11.24
Total return (%) (r)(s)(t)(x) 13.27 (0.41) (4.15) 43.16 (6.53)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.36 1.45 1.54 1.83 2.65
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 0.97
Net investment income (loss) (l) 0.58 1.35 4.02 0.33 0.99
Portfolio turnover 7 14 18 21 9
Net assets at end of period (000 omitted) $150 $168 $179 $191 $137
See Notes to Financial Statements
112
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class C 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $13.74 $14.41 $15.86 $11.18 $12.21
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.10 $0.19 $0.67 $0.05 $0.13
Net realized and unrealized gain (loss) 1.71 (0.29) (1.23) 4.78 (0.89)
Total from investment operations $1.81 $(0.10) $(0.56) $4.83 $(0.76)
Less distributions declared to shareholders          
From net investment income $(0.10) $(0.18) $(0.67) $(0.06) $(0.14)
From net realized gain (0.24) (0.39) (0.22) (0.09) (0.13)
Total distributions declared to shareholders $(0.34) $(0.57) $(0.89) $(0.15) $(0.27)
Net asset value, end of period (x) $15.21 $13.74 $14.41 $15.86 $11.18
Total return (%) (r)(s)(t)(x) 13.30 (0.40) (4.20) 43.28 (6.53)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.36 1.45 1.54 1.83 2.61
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 0.96
Net investment income (loss) (l) 0.71 1.38 4.14 0.34 1.11
Portfolio turnover 7 14 18 21 9
Net assets at end of period (000 omitted) $1,468 $1,091 $891 $761 $432
  Year ended
Class I 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $13.99 $14.65 $16.09 $11.32 $12.32
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.33 $0.85 $0.19 $0.23
Net realized and unrealized gain (loss) 1.73 (0.29) (1.25) 4.84 (0.87)
Total from investment operations $1.99 $0.04 $(0.40) $5.03 $(0.64)
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.31) $(0.82) $(0.17) $(0.23)
From net realized gain (0.24) (0.39) (0.22) (0.09) (0.13)
Total distributions declared to shareholders $(0.47) $(0.70) $(1.04) $(0.26) $(0.36)
Net asset value, end of period (x) $15.51 $13.99 $14.65 $16.09 $11.32
Total return (%) (r)(s)(t)(x) 14.39 0.64 (3.25) 44.66 (5.58)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.36 0.45 0.54 0.82 1.60
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.78 2.38 5.20 1.33 1.86
Portfolio turnover 7 14 18 21 9
Net assets at end of period (000 omitted) $576 $396 $295 $232 $103
See Notes to Financial Statements
113
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class R1 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $13.95 $14.57 $16.01 $11.28 $12.28
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.21 $0.26 $0.65 $0.04 $0.12
Net realized and unrealized gain (loss) 1.75 (0.29) (1.22) 4.82 (0.88)
Total from investment operations $1.96 $(0.03) $(0.57) $4.86 $(0.76)
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.20) $(0.65) $(0.04) $(0.11)
From net realized gain (0.24) (0.39) (0.22) (0.09) (0.13)
Total distributions declared to shareholders $(0.44) $(0.59) $(0.87) $(0.13) $(0.24)
Net asset value, end of period (x) $15.47 $13.95 $14.57 $16.01 $11.28
Total return (%) (r)(s)(t)(x) 14.15 0.09 (4.20) 43.20 (6.46)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.61 0.96 1.54 1.83 2.65
Expenses after expense reductions (h) 0.25 0.50 1.00 0.99 0.97
Net investment income (loss) (l) 1.46 1.85 3.99 0.32 0.99
Portfolio turnover 7 14 18 21 9
Net assets at end of period (000 omitted) $94 $82 $82 $86 $60
  Year ended
Class R2 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $13.86 $14.52 $15.97 $11.25 $12.25
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.18 $0.23 $0.75 $0.13 $0.17
Net realized and unrealized gain (loss) 1.73 (0.27) (1.23) 4.80 (0.87)
Total from investment operations $1.91 $(0.04) $(0.48) $4.93 $(0.70)
Less distributions declared to shareholders          
From net investment income $(0.17) $(0.23) $(0.75) $(0.12) $(0.17)
From net realized gain (0.24) (0.39) (0.22) (0.09) (0.13)
Total distributions declared to shareholders $(0.41) $(0.62) $(0.97) $(0.21) $(0.30)
Net asset value, end of period (x) $15.36 $13.86 $14.52 $15.97 $11.25
Total return (%) (r)(s)(t)(x) 13.92 0.04 (3.73) 43.97 (6.03)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.86 0.96 1.04 1.33 2.13
Expenses after expense reductions (h) 0.50 0.50 0.50 0.49 0.47
Net investment income (loss) (l) 1.23 1.66 4.62 0.99 1.39
Portfolio turnover 7 14 18 21 9
Net assets at end of period (000 omitted) $3,262 $2,203 $2,107 $1,580 $980
See Notes to Financial Statements
114
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class R3 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $13.89 $14.56 $16.00 $11.27 $12.28
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.22 $0.30 $0.77 $0.16 $0.24
Net realized and unrealized gain (loss) 1.72 (0.30) (1.21) 4.81 (0.90)
Total from investment operations $1.94 $0.00(w) $(0.44) $4.97 $(0.66)
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.28) $(0.78) $(0.15) $(0.22)
From net realized gain (0.24) (0.39) (0.22) (0.09) (0.13)
Total distributions declared to shareholders $(0.44) $(0.67) $(1.00) $(0.24) $(0.35)
Net asset value, end of period (x) $15.39 $13.89 $14.56 $16.00 $11.27
Total return (%) (r)(s)(t)(x) 14.12 0.36 (3.46) 44.28 (5.78)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.61 0.70 0.79 1.07 1.80
Expenses after expense reductions (h) 0.25 0.25 0.25 0.24 0.22
Net investment income (loss) (l) 1.51 2.17 4.74 1.12 1.99
Portfolio turnover 7 14 18 21 9
Net assets at end of period (000 omitted) $63,579 $43,119 $28,505 $17,477 $7,252
  Year ended
Class R4 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $13.97 $14.64 $16.07 $11.31 $12.31
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.32 $0.57 $0.18 $0.28
Net realized and unrealized gain (loss) 1.77 (0.29) (0.98) 4.84 (0.92)
Total from investment operations $2.00 $0.03 $(0.41) $5.02 $(0.64)
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.31) $(0.80) $(0.17) $(0.23)
From net realized gain (0.24) (0.39) (0.22) (0.09) (0.13)
Total distributions declared to shareholders $(0.47) $(0.70) $(1.02) $(0.26) $(0.36)
Net asset value, end of period (x) $15.50 $13.97 $14.64 $16.07 $11.31
Total return (%) (r)(s)(t)(x) 14.45 0.57 (3.31) 44.61 (5.55)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.36 0.45 0.55 0.83 1.55
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.56 2.29 3.51 1.33 2.29
Portfolio turnover 7 14 18 21 9
Net assets at end of period (000 omitted) $4,458 $7,987 $3,227 $8,871 $4,568
See Notes to Financial Statements
115
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class R6 4/30/24 4/30/23 4/30/22 4/30/21 4/30/20
Net asset value, beginning of period $14.01 $14.67 $16.11 $11.33 $12.33
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.40 $0.88 $0.21 $0.27
Net realized and unrealized gain (loss) 1.75 (0.34) (1.26) 4.85 (0.90)
Total from investment operations $2.03 $0.06 $(0.38) $5.06 $(0.63)
Less distributions declared to shareholders          
From net investment income $(0.25) $(0.33) $(0.84) $(0.19) $(0.24)
From net realized gain (0.24) (0.39) (0.22) (0.09) (0.13)
Total distributions declared to shareholders $(0.49) $(0.72) $(1.06) $(0.28) $(0.37)
Net asset value, end of period (x) $15.55 $14.01 $14.67 $16.11 $11.33
Total return (%) (r)(s)(t)(x) 14.65 0.77 (3.15) 44.87 (5.50)
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.21 0.31 0.40 0.69 1.48
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 1.89 2.87 5.38 1.49 2.21
Portfolio turnover 7 14 18 21 9
Net assets at end of period (000 omitted) $103,606 $60,227 $35,897 $25,148 $7,641
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(w) Per share amount was less than $0.01.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
116
Financial Highlights − continued
MFS Lifetime 2065 Fund
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/24 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.39 $8.68 $10.00
Income (loss) from investment operations      
Net investment income (loss) (d)(l) $0.14 $0.18 $0.21
Net realized and unrealized gain (loss) 1.05 (0.17)(g) (1.12)
Total from investment operations $1.19 $0.01 $(0.91)
Less distributions declared to shareholders      
From net investment income $(0.13) $(0.18) $(0.41)
From net realized gain (0.06) (0.12) —
Total distributions declared to shareholders $(0.19) $(0.30) $(0.41)
Net asset value, end of period (x) $9.39 $8.39 $8.68
Total return (%) (r)(s)(t)(x) 14.19 0.42 (9.56)(n)
Ratios (%) (to average net assets) and Supplemental data:      
Expenses before expense reductions (h) 2.25 10.09 11.82(a)
Expenses after expense reductions (h) 0.22 0.15 0.12(a)
Net investment income (loss) (l) 1.55 2.24 3.44(a)
Portfolio turnover 25 15 4(n)
Net assets at end of period (000 omitted) $1,332 $539 $240
  Year ended
Class C 4/30/24 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.37 $8.67 $10.00
Income (loss) from investment operations      
Net investment income (loss) (d)(l) $0.06 $0.12 $0.40
Net realized and unrealized gain (loss) 1.07 (0.18)(g) (1.35)
Total from investment operations $1.13 $(0.06) $(0.95)
Less distributions declared to shareholders      
From net investment income $(0.08) $(0.12) $(0.38)
From net realized gain (0.06) (0.12) —
Total distributions declared to shareholders $(0.14) $(0.24) $(0.38)
Net asset value, end of period (x) $9.36 $8.37 $8.67
Total return (%) (r)(s)(t)(x) 13.47 (0.42) (9.93)(n)
Ratios (%) (to average net assets) and Supplemental data:      
Expenses before expense reductions (h) 3.04 11.64 13.66(a)
Expenses after expense reductions (h) 0.97 0.89 0.87(a)
Net investment income (loss) (l) 0.73 1.51 6.35(a)
Portfolio turnover 25 15 4(n)
Net assets at end of period (000 omitted) $183 $89 $52
See Notes to Financial Statements
117
Financial Highlights − continued
MFS Lifetime 2065 Fund − continued
  Year ended
Class I 4/30/24 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.41 $8.70 $10.00
Income (loss) from investment operations      
Net investment income (loss) (d)(l) $0.16 $0.23 $0.48
Net realized and unrealized gain (loss) 1.06 (0.21)(g) (1.37)
Total from investment operations $1.22 $0.02 $(0.89)
Less distributions declared to shareholders      
From net investment income $(0.14) $(0.19) $(0.41)
From net realized gain (0.06) (0.12) —
Total distributions declared to shareholders $(0.20) $(0.31) $(0.41)
Net asset value, end of period (x) $9.43 $8.41 $8.70
Total return (%) (r)(s)(t)(x) 14.58 0.59 (9.32)(n)
Ratios (%) (to average net assets) and Supplemental data:      
Expenses before expense reductions (h) 2.15 10.51 12.75(a)
Expenses after expense reductions (h) 0.00 0.00 0.00(a)
Net investment income (loss) (l) 1.80 2.75 7.56(a)
Portfolio turnover 25 15 4(n)
Net assets at end of period (000 omitted) $101 $64 $46
  Year ended
Class R1 4/30/24 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.38 $8.67 $10.00
Income (loss) from investment operations      
Net investment income (loss) (d)(l) $0.07 $0.13 $0.42
Net realized and unrealized gain (loss) 1.05 (0.18)(g) (1.37)
Total from investment operations $1.12 $(0.05) $(0.95)
Less distributions declared to shareholders      
From net investment income $(0.06) $(0.12) $(0.38)
From net realized gain (0.06) (0.12) —
Total distributions declared to shareholders $(0.12) $(0.24) $(0.38)
Net asset value, end of period (x) $9.38 $8.38 $8.67
Total return (%) (r)(s)(t)(x) 13.33 (0.37) (9.93)(n)
Ratios (%) (to average net assets) and Supplemental data:      
Expenses before expense reductions (h) 3.26 12.20 13.76(a)
Expenses after expense reductions (h) 0.97 0.89 0.87(a)
Net investment income (loss) (l) 0.76 1.59 6.58(a)
Portfolio turnover 25 15 4(n)
Net assets at end of period (000 omitted) $60 $53 $45
See Notes to Financial Statements
118
Financial Highlights − continued
MFS Lifetime 2065 Fund − continued
  Year ended
Class R2 4/30/24 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.39 $8.68 $10.00
Income (loss) from investment operations      
Net investment income (loss) (d)(l) $0.12 $0.17 $0.44
Net realized and unrealized gain (loss) 1.05 (0.18)(g) (1.36)
Total from investment operations $1.17 $(0.01) $(0.92)
Less distributions declared to shareholders      
From net investment income $(0.11) $(0.16) $(0.40)
From net realized gain (0.06) (0.12) —
Total distributions declared to shareholders $(0.17) $(0.28) $(0.40)
Net asset value, end of period (x) $9.39 $8.39 $8.68
Total return (%) (r)(s)(t)(x) 13.99 0.18 (9.67)(n)
Ratios (%) (to average net assets) and Supplemental data:      
Expenses before expense reductions (h) 2.54 10.75 13.14(a)
Expenses after expense reductions (h) 0.47 0.40 0.37(a)
Net investment income (loss) (l) 1.34 2.09 7.00(a)
Portfolio turnover 25 15 4(n)
Net assets at end of period (000 omitted) $259 $102 $60
  Year ended
Class R3 4/30/24 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.39 $8.69 $10.00
Income (loss) from investment operations      
Net investment income (loss) (d)(l) $0.14 $0.11 $0.47
Net realized and unrealized gain (loss) 1.05 (0.11)(g) (1.37)
Total from investment operations $1.19 $0.00 $(0.90)
Less distributions declared to shareholders      
From net investment income $(0.13) $(0.18) $(0.41)
From net realized gain (0.06) (0.12) —
Total distributions declared to shareholders $(0.19) $(0.30) $(0.41)
Net asset value, end of period (x) $9.39 $8.39 $8.69
Total return (%) (r)(s)(t)(x) 14.20 0.36 (9.50)(n)
Ratios (%) (to average net assets) and Supplemental data:      
Expenses before expense reductions (h) 2.32 6.43 13.01(a)
Expenses after expense reductions (h) 0.22 0.17 0.12(a)
Net investment income (loss) (l) 1.57 1.39 7.33(a)
Portfolio turnover 25 15 4(n)
Net assets at end of period (000 omitted) $6,380 $1,729 $45
See Notes to Financial Statements
119
Financial Highlights − continued
MFS Lifetime 2065 Fund − continued
  Year ended
Class R4 4/30/24 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.41 $8.70 $10.00
Income (loss) from investment operations      
Net investment income (loss) (d)(l) $0.17 $0.17 $0.48
Net realized and unrealized gain (loss) 1.04 (0.15)(g) (1.37)
Total from investment operations $1.21 $0.02 $(0.89)
Less distributions declared to shareholders      
From net investment income $(0.14) $(0.19) $(0.41)
From net realized gain (0.06) (0.12) —
Total distributions declared to shareholders $(0.20) $(0.31) $(0.41)
Net asset value, end of period (x) $9.42 $8.41 $8.70
Total return (%) (r)(s)(t)(x) 14.47 0.59 (9.32)(n)
Ratios (%) (to average net assets) and Supplemental data:      
Expenses before expense reductions (h) 2.17 9.06 12.76(a)
Expenses after expense reductions (h) 0.01 0.00 0.00(a)
Net investment income (loss) (l) 1.90 2.06 7.58(a)
Portfolio turnover 25 15 4(n)
Net assets at end of period (000 omitted) $439 $536 $45
  Year ended
Class R6 4/30/24 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.41 $8.69 $10.00
Income (loss) from investment operations      
Net investment income (loss) (d)(l) $0.17 $0.23 $0.43
Net realized and unrealized gain (loss) 1.06 (0.20)(g) (1.32)
Total from investment operations $1.23 $0.03 $(0.89)
Less distributions declared to shareholders      
From net investment income $(0.15) $(0.19) $(0.42)
From net realized gain (0.06) (0.12) —
Total distributions declared to shareholders $(0.21) $(0.31) $(0.42)
Net asset value, end of period (x) $9.43 $8.41 $8.69
Total return (%) (r)(s)(t)(x) 14.66 0.72 (9.42)(n)
Ratios (%) (to average net assets) and Supplemental data:      
Expenses before expense reductions (h) 1.83 7.93 12.42(a)
Expenses after expense reductions (h) 0.01 0.00 0.00(a)
Net investment income (loss) (l) 1.87 2.78 6.79(a)
Portfolio turnover 25 15 4(n)
Net assets at end of period (000 omitted) $9,473 $3,358 $664
    
See Notes to Financial Statements
120
Financial Highlights − continued
MFS Lifetime 2065 Fund − continued
(a) Annualized.
(c) For the period from the commencement of the fund’s investment operations, September 1, 2021, through the stated period end.
(d) Per share data is based on average shares outstanding.
(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(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.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
121
Notes to Financial Statements 
(1)  Business and Organization
MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund, and MFS Lifetime 2065 Fund (the funds) are each a diversified series of MFS Series Trust XII (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
Each fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2)  Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
Each fund is a “fund of funds”, which invests the majority of its assets in other MFS mutual funds (hereafter referred to as “underlying affiliated funds” or “underlying funds”), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. Certain underlying funds invest a significant portion of their assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae. Certain underlying funds invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, and economic instability than developed markets.
The accounting policies of the underlying funds in which each fund invests are outlined in the underlying funds’ shareholder reports, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' shareholder reports are not covered by this report.
Investment Valuations — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, “fund” also refers to the underlying funds in which the fund-of-funds invests.
Subject to its oversight, the funds' Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund’s investments to MFS as the funds' adviser, pursuant to each fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of each fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under each fund's valuation policy and procedures, equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported that day, are generally valued at the last quoted daily ask quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options
122
Notes to Financial Statements  - continued
are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under each fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of each fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating each fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine each fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which each fund determines its net asset value per share.
Various inputs are used in determining the value of each fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Each fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of April 30, 2024 in valuing each fund's assets and liabilities:
  Level 1 Level 2 Level 3 Total
MFS Lifetime Income Fund        
Financial Instruments        
Mutual Funds $621,506,723 $— $— $621,506,723
MFS Lifetime 2025 Fund        
Financial Instruments        
Mutual Funds $386,626,549 $— $— $386,626,549
MFS Lifetime 2030 Fund        
Financial Instruments        
Mutual Funds $785,664,583 $— $— $785,664,583
MFS Lifetime 2035 Fund        
Financial Instruments        
Mutual Funds $593,035,453 $— $— $593,035,453
123
Notes to Financial Statements  - continued
  Level 1 Level 2 Level 3 Total
MFS Lifetime 2040 Fund        
Financial Instruments        
Mutual Funds $767,219,665 $— $— $767,219,665
MFS Lifetime 2045 Fund        
Financial Instruments        
Mutual Funds $507,560,412 $— $— $507,560,412
MFS Lifetime 2050 Fund        
Financial Instruments        
Mutual Funds $547,979,782 $— $— $547,979,782
MFS Lifetime 2055 Fund        
Financial Instruments        
Mutual Funds $357,862,126 $— $— $357,862,126
MFS Lifetime 2060 Fund        
Financial Instruments        
Mutual Funds $192,800,511 $— $— $192,800,511
MFS Lifetime 2065 Fund        
Financial Instruments        
Mutual Funds $18,253,478 $— $— $18,253,478
For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds’ shareholder reports for further information regarding the levels used in valuing the underlying funds’ assets and liabilities.
Derivatives — Each fund does not invest in derivatives directly. Each fund does invest in underlying funds that may use derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the underlying funds use derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
Indemnifications — Under each fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each fund. Additionally, in the normal course of business, each fund enters into agreements with service providers that may contain indemnification clauses. Each fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against each fund that have not yet occurred.
Investment Transactions and Income —  Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income and realized gain from affiliated issuers by each fund is affected by the timing of the declaration of distributions by the underlying funds in which each fund invests.
Each fund and/or the underlying funds may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.
Investment transactions are recorded on the trade date.  In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed each fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
124
Notes to Financial Statements  - continued
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to wash sale loss deferrals and treating a portion of the proceeds from redemptions as a distribution for tax purposes, as applicable to each fund.
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
Year ended 4/30/24 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Ordinary income (including any short-term capital gains) $24,030,553 $11,251,448 $20,820,021 $12,220,031 $13,001,594
Long-term capital gains 4,094,795 1,021,499 8,836,454 3,115,049 11,512,341
Total distributions $28,125,348 $12,272,947 $29,656,475 $15,335,080 $24,513,935
Year ended 4/30/24 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Ordinary income (including any short-term capital gains) $7,715,990 $7,732,965 $4,900,977 $2,525,991 $203,499
Long-term capital gains 6,840,080 8,978,994 6,013,937 2,680,971 81,500
Total distributions $14,556,070 $16,711,959 $10,914,914 $5,206,962 $284,999
Year ended 4/30/23 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Ordinary income (including any short-term capital gains) $15,441,704 $11,357,402 $18,576,383 $13,094,415 $14,871,553
Long-term capital gains 10,974,927 10,806,145 24,740,029 17,592,868 21,817,115
Total distributions $26,416,631 $22,163,547 $43,316,412 $30,687,283 $36,688,668
Year ended 4/30/23 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Ordinary income (including any short-term capital gains) $9,359,451 $8,968,255 $5,462,444 $2,325,996 $58,250
Long-term capital gains 14,504,085 14,083,068 8,382,999 2,957,995 38,750
Total distributions $23,863,536 $23,051,323 $13,845,443 $5,283,991 $97,000
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 4/30/24 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Cost of investments $598,062,518 $375,515,062 $696,369,656 $513,480,525 $598,823,320
Gross appreciation 55,760,709 30,547,965 127,538,012 96,328,912 180,948,393
Gross depreciation (32,316,504) (19,436,478) (38,243,085) (16,773,984) (12,552,048)
Net unrealized appreciation (depreciation) $23,444,205 $11,111,487 $89,294,927 $79,554,928 $168,396,345
Undistributed ordinary income 390,190 3,317,716 6,634,565 3,838,563 2,925,049
Undistributed long-term capital gain 10,809,586 6,030,577 15,264,314 7,399,941 10,956,788
Other temporary differences (1,610,276) — — — —
Total distributable earnings (loss) $33,033,705 $20,459,780 $111,193,806 $90,793,432 $182,278,182
As of 4/30/24 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Cost of investments $426,218,592 $452,646,318 $311,418,289 $178,036,188 $17,172,792
Gross appreciation 86,354,425 99,529,442 50,361,756 16,994,732 1,168,023
Gross depreciation (5,012,605) (4,195,978) (3,917,919) (2,230,409) (87,337)
Net unrealized appreciation (depreciation) $81,341,820 $95,333,464 $46,443,837 $14,764,323 $1,080,686
Undistributed ordinary income 1,483,751 1,020,431 698,615 268,803 27,814
Undistributed long-term capital gain 7,318,146 7,858,490 5,102,392 2,628,404 232,483
Other temporary differences — — — — 1
Total distributable earnings (loss) $90,143,717 $104,212,385 $52,244,844 $17,661,530 $1,340,984
125
Notes to Financial Statements  - continued
Multiple Classes of Shares of Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. For the MFS Lifetime Income Fund, income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. For the MFS Lifetime Income Fund, realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. For all other funds, income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. Effective May 20, 2022, all Class 529A shares were redeemed. Each fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  MFS Lifetime
Income Fund 		  MFS Lifetime
2025 Fund 		  MFS Lifetime
2030 Fund
  Year Ended
4/30/24 		  Year Ended
4/30/23 		  Year Ended
4/30/24 		  Year Ended
4/30/23 		  Year Ended
4/30/24 		  Year Ended
4/30/23
Class A $8,247,132   $7,658,936   $1,164,290   $1,264,356   $3,395,832   $4,469,769
Class B 41,320   72,364   11,667   40,256   73,979   167,329
Class C 1,099,652   1,513,442   62,015   177,154   229,318   401,191
Class I 1,930,639   1,937,482   89,170   170,985   227,722   411,170
Class R1 90,829   89,304   7,400   14,785   97,914   183,073
Class R2 990,921   970,048   341,680   778,630   1,318,013   2,578,672
Class R3 5,329,548   4,488,151   3,266,194   5,317,471   8,251,019   11,153,148
Class R4 937,577   1,333,712   933,157   1,750,011   1,511,165   3,223,628
Class R6 9,457,730   8,178,656   6,397,374   12,649,899   14,551,513   20,728,432
Class 529A —   174,536   —   —   —   —
Total $28,125,348   $26,416,631   $12,272,947   $22,163,547   $29,656,475   $43,316,412
  MFS Lifetime
2035 Fund 		  MFS Lifetime
2040 Fund 		  MFS Lifetime
2045 Fund
  Year Ended
4/30/24 		  Year Ended
4/30/23 		  Year Ended
4/30/24 		  Year Ended
4/30/23 		  Year Ended
4/30/24 		  Year Ended
4/30/23
Class A $1,105,908   $1,833,455   $2,071,166   $2,874,116   $939,365   $1,260,866
Class B 13,252   59,407   37,949   110,378   11,479   34,388
Class C 104,363   205,622   184,835   387,440   72,853   131,064
Class I 162,745   120,757   373,291   487,481   251,868   159,746
Class R1 20,810   45,789   78,441   164,288   12,770   22,090
Class R2 355,220   897,002   1,216,005   2,234,676   264,623   562,607
Class R3 4,253,844   7,968,371   6,649,838   9,870,855   4,617,756   7,153,536
Class R4 608,473   2,366,563   1,391,089   2,460,142   532,632   1,214,593
Class R6 8,710,465   17,190,317   12,511,321   18,099,292   7,852,724   13,324,646
Total $15,335,080   $30,687,283   $24,513,935   $36,688,668   $14,556,070   $23,863,536
  MFS Lifetime
2050 Fund 		  MFS Lifetime
2055 Fund 		  MFS Lifetime
2060 Fund
  Year Ended
4/30/24 		  Year Ended
4/30/23 		  Year Ended
4/30/24 		  Year Ended
4/30/23 		  Year Ended
4/30/24 		  Year Ended
4/30/23
Class A $1,132,673   $1,432,956   $800,618   $972,563   $412,324   $469,628
Class B 16,004   54,886   10,463   25,204   2,951   6,556
Class C 99,866   176,827   70,472   121,684   30,085   39,581
Class I 170,303   347,085   99,505   41,667   16,185   16,731
Class R1 19,093   36,156   36,957   42,431   2,592   3,344
Class R2 492,007   977,549   274,109   471,625   75,636   80,011
Class R3 4,737,555   6,826,023   3,169,752   4,225,102   1,669,512   1,707,057
Class R4 1,450,254   1,427,668   406,752   892,610   199,256   192,059
Class R6 8,594,204   11,772,173   6,046,286   7,052,557   2,798,421   2,769,024
Total $16,711,959   $23,051,323   $10,914,914   $13,845,443   $5,206,962   $5,283,991
126
Notes to Financial Statements  - continued
  MFS Lifetime
2065 Fund
  Year Ended
4/30/24 		  Year Ended
4/30/23
Class A $18,583   $13,148
Class C 1,798   1,908
Class I 1,874   2,318
Class R1 717   1,477
Class R2 3,392   2,772
Class R3 109,122   13,541
Class R4 16,855   2,062
Class R6 132,658   59,774
Total $284,999   $97,000
(3)  Transactions with Affiliates
Investment Adviser — Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the funds. MFS receives no compensation under this agreement; however MFS receives management fees from the underlying MFS funds.
For classes other than Class R6 shares, the investment adviser has agreed in writing to pay all of each fund’s operating expenses, excluding distribution and service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs and investment-related expenses including fees and expenses associated with investments in investment companies and other similar investment vehicles (“Other Expenses”). For the year ended April 30, 2024, this reduction amounted to the following for each fund and is included in the reduction of total expenses in the Statements of Operations:
MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
$965,507 $592,750 $980,888 $736,797 $924,755
MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
$679,269 $743,610 $583,330 $445,525 $248,549
For Class R6 shares, the investment adviser has agreed to bear each fund's expenses, or make payment to such fund, such that the “Other Expenses” of the class do not exceed (0.12)% annually of average daily net assets for the MFS Lifetime Income Fund and (0.14)% annually of average daily net assets for all other funds. These written agreements will continue until modified by the funds’ Board of Trustees, but such agreements will continue at least until August 31, 2024. Payments made to certain classes of the funds to further reduce “Other Expenses” below 0.00% annually of average daily net assets are included in “Payments from investment adviser for other expenses agreement” in the Statements of Operations.
In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Accordingly, the expense ratio for each fund reflects only those fees and expenses borne directly by each fund.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended April 30, 2024, as its portion of the initial sales charge on sales of Class A shares of each fund:
MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
$3,379 $7,664 $15,178 $13,614 $18,895
MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
$12,779 $15,890 $14,310 $17,379 $2,258
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
Each fund's distribution plan provides that each fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.
127
Notes to Financial Statements  - continued
Distribution Plan Fee Table:
  Class A
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund — 0.25% 0.25% 0.25% $472,215
MFS Lifetime 2025 Fund — 0.25% 0.25% 0.25% 80,473
MFS Lifetime 2030 Fund — 0.25% 0.25% 0.25% 213,923
MFS Lifetime 2035 Fund — 0.25% 0.25% 0.25% 95,740
MFS Lifetime 2040 Fund — 0.25% 0.25% 0.25% 148,555
MFS Lifetime 2045 Fund — 0.25% 0.25% 0.25% 72,027
MFS Lifetime 2050 Fund — 0.25% 0.25% 0.25% 82,396
MFS Lifetime 2055 Fund — 0.25% 0.25% 0.25% 57,660
MFS Lifetime 2060 Fund — 0.25% 0.25% 0.25% 33,408
MFS Lifetime 2065 Fund — 0.25% 0.25% 0.25% 2,152
  Class B
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund 0.75% 0.25% 1.00% 1.00% $12,442
MFS Lifetime 2025 Fund 0.75% 0.25% 1.00% 1.00% 6,354
MFS Lifetime 2030 Fund 0.75% 0.25% 1.00% 1.00% 27,484
MFS Lifetime 2035 Fund 0.75% 0.25% 1.00% 1.00% 8,437
MFS Lifetime 2040 Fund 0.75% 0.25% 1.00% 1.00% 17,411
MFS Lifetime 2045 Fund 0.75% 0.25% 1.00% 1.00% 5,680
MFS Lifetime 2050 Fund 0.75% 0.25% 1.00% 1.00% 8,097
MFS Lifetime 2055 Fund 0.75% 0.25% 1.00% 1.00% 4,727
MFS Lifetime 2060 Fund 0.75% 0.25% 1.00% 1.00% 1,599
  Class C
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund 0.75% 0.25% 1.00% 1.00% $316,927
MFS Lifetime 2025 Fund 0.75% 0.25% 1.00% 1.00% 30,189
MFS Lifetime 2030 Fund 0.75% 0.25% 1.00% 1.00% 77,400
MFS Lifetime 2035 Fund 0.75% 0.25% 1.00% 1.00% 47,595
MFS Lifetime 2040 Fund 0.75% 0.25% 1.00% 1.00% 66,906
MFS Lifetime 2045 Fund 0.75% 0.25% 1.00% 1.00% 29,741
MFS Lifetime 2050 Fund 0.75% 0.25% 1.00% 1.00% 38,060
MFS Lifetime 2055 Fund 0.75% 0.25% 1.00% 1.00% 27,485
MFS Lifetime 2060 Fund 0.75% 0.25% 1.00% 1.00% 12,472
MFS Lifetime 2065 Fund 0.75% 0.25% 1.00% 1.00% 1,193
128
Notes to Financial Statements  - continued
  Class R1
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund 0.75% 0.25% 1.00% 1.00% $25,844
MFS Lifetime 2025 Fund 0.75% 0.25% 1.00% 1.00% 3,347
MFS Lifetime 2030 Fund 0.75% 0.25% 1.00% 1.00% 33,363
MFS Lifetime 2035 Fund 0.75% 0.25% 1.00% 1.00% 10,655
MFS Lifetime 2040 Fund 0.75% 0.25% 1.00% 1.00% 30,611
MFS Lifetime 2045 Fund 0.75% 0.25% 1.00% 1.00% 5,467
MFS Lifetime 2050 Fund 0.75% 0.25% 1.00% 1.00% 7,275
MFS Lifetime 2055 Fund 0.75% 0.25% 1.00% 1.00% 13,285
MFS Lifetime 2060 Fund 0.75% 0.25% 1.00% 0.25% 219
MFS Lifetime 2065 Fund 0.75% 0.25% 1.00% 1.00% 559
  Class R2
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund 0.25% 0.25% 0.50% 0.50% $122,522
MFS Lifetime 2025 Fund 0.25% 0.25% 0.50% 0.50% 65,010
MFS Lifetime 2030 Fund 0.25% 0.25% 0.50% 0.50% 197,700
MFS Lifetime 2035 Fund 0.25% 0.25% 0.50% 0.50% 73,266
MFS Lifetime 2040 Fund 0.25% 0.25% 0.50% 0.50% 198,236
MFS Lifetime 2045 Fund 0.25% 0.25% 0.50% 0.50% 50,034
MFS Lifetime 2050 Fund 0.25% 0.25% 0.50% 0.50% 86,484
MFS Lifetime 2055 Fund 0.25% 0.25% 0.50% 0.50% 45,528
MFS Lifetime 2060 Fund 0.25% 0.25% 0.50% 0.50% 12,832
MFS Lifetime 2065 Fund 0.25% 0.25% 0.50% 0.50% 836
  Class R3
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund — 0.25% 0.25% 0.25% $305,899
MFS Lifetime 2025 Fund — 0.25% 0.25% 0.25% 265,758
MFS Lifetime 2030 Fund — 0.25% 0.25% 0.25% 537,272
MFS Lifetime 2035 Fund — 0.25% 0.25% 0.25% 394,419
MFS Lifetime 2040 Fund — 0.25% 0.25% 0.25% 490,993
MFS Lifetime 2045 Fund — 0.25% 0.25% 0.25% 369,707
MFS Lifetime 2050 Fund — 0.25% 0.25% 0.25% 347,875
MFS Lifetime 2055 Fund — 0.25% 0.25% 0.25% 229,038
MFS Lifetime 2060 Fund — 0.25% 0.25% 0.25% 132,236
MFS Lifetime 2065 Fund — 0.25% 0.25% 0.25% 12,506
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Total Distribution and Service Fees $1,255,849 $451,131 $1,087,142 $630,112 $952,712
129
Notes to Financial Statements  - continued
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Total Distribution and Service Fees $532,656 $570,187 $377,723 $192,766 $17,246
(d) In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.
(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended April 30, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the year ended April 30, 2024, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Class A $202 $1 $11 $55 $61
Class C 53 — — — —
Class R2 165 — 407 3 87
Class R3 3 3 52 230 355
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Class A $24 $8 $13 $5 $—
Class R3 72 113 80 — —
For the MFS Lifetime 2060 Fund, for the year ended April 30, 2024, the 0.75% distribution fee was not imposed for Class R1 shares due to the sales charge limitations contained in Financial Industry Regulatory Authority (“FINRA”) Rule 2341.
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended April 30, 2024, were as follows:
CDSC Imposed MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Class A $8,291 $245 $603 $534 $713
Class B 1,008 27 911 75 41
Class C 1,297 2,358 1,111 1,277 1,956
CDSC Imposed MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Class A $755 $2,492 $736 $263 $105
Class B 245 341 349 206 N/A
Class C 851 541 256 351 154
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended April 30, 2024, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net assets:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Expenses paid $70,038 $24,479 $57,753 $37,527 $61,088
Annual percentage of average daily net assets 0.0111% 0.0067% 0.0077% 0.0071% 0.0089%
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Expenses paid $40,375 $51,122 $45,356 $32,736 $7,650
Annual percentage of average daily net assets 0.0090% 0.0107% 0.0148% 0.0208% 0.0609%
130
Notes to Financial Statements  - continued
MFSC also receives reimbursement from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended April 30, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:
MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
$566,414 $299,362 $613,554 $404,126 $563,664
MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
$359,697 $406,464 $264,540 $149,880 $16,789
Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs incurred to provide these services. Each fund pays an annual fixed amount of $17,500. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended April 30, 2024 was equivalent to the following annual effective rates of each fund's average daily net assets:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Percentage of average daily net assets 0.0028% 0.0048% 0.0023% 0.0033% 0.0025%
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Percentage of average daily net assets 0.0039% 0.0037% 0.0057% 0.0111% 0.1394%
Trustees’ and Officers’ Compensation — Each fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The funds do not pay compensation directly to Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to each fund. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and MFSC.
Other — Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
MFS purchased or redeemed the following fund shares:
Fund Date Transaction Class Shares Amount
MFS Lifetime 2055 Fund 6/23/2023 Redemption Class I 4,480 $78,445
MFS Lifetime 2065 Fund 8/03/2022 Purchase Class I 699 6,000
MFS Lifetime 2065 Fund 8/03/2022 Purchase Class R1 937 8,000
MFS Lifetime 2065 Fund 8/03/2022 Purchase Class R4 815 7,000
MFS Lifeitme 2065 Fund 6/23/2023 Redemption Class R3 5,411 45,831
MFS Lifetime 2065 Fund 6/23/2023 Redemption Class R6 54,236 461,006
At April 30, 2024, MFS held approximately 62% of the outstanding shares of Class B and 100% of the outstanding shares of Class R1 of the MFS Lifetime 2060 Fund. Also, MFS held approximately 59% of the outstanding shares of Class I and 100% of the
outstanding shares of Class R1 of the MFS Lifetime 2065 Fund.
(4)  Portfolio Securities
For the year ended April 30, 2024, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated to the following:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Purchases $54,828,233 $73,755,417 $111,343,234 $110,590,386 $106,422,462
Sales $120,019,404 $60,362,450 $101,531,405 $57,573,214 $59,007,821
131
Notes to Financial Statements  - continued
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Purchases $84,498,119 $91,485,053 $65,013,601 $51,714,437 $12,782,968
Sales $39,939,753 $34,583,452 $19,760,269 $11,688,411 $3,144,568
(5)  Shares of Beneficial Interest
Each fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  MFS Lifetime Income Fund   MFS Lifetime 2025 Fund
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A   2,493,897 $  29,695,958     1,939,043 $  23,081,811    1,547,894 $  19,697,054       386,169 $   4,922,186
Class B         774         9,197         9,190       108,855          606         7,664            —           —
Class C     104,903     1,259,063       253,264     3,026,937       34,841       440,045        72,046       904,804
Class I     749,432     8,952,644       843,785    10,123,736       24,813       315,979        38,312       483,592
Class R1      49,333       593,056        51,608       616,153        4,124        53,064         5,569        71,520
Class R2     300,855     3,596,047       365,356     4,351,884      160,657     2,049,877       244,098     3,113,185
Class R3   2,194,012    26,144,260     2,059,654    24,480,194    2,087,112    26,513,263     1,687,674    21,414,360
Class R4     524,726     6,256,801     1,489,589    18,131,500    1,218,675    15,775,209       892,389    11,413,620
Class R6   4,553,678    54,528,806     8,240,043    99,193,242    5,797,647    74,834,673     5,174,368    65,971,483
Class 529A          —           —       248,093    2,495,454           —           —            —           —
   10,971,610  $131,035,832    15,499,625  $185,609,766   10,876,369  $139,686,828     8,500,625  $108,294,750
Shares issued in connection with
acquisition of MFS Lifetime 2020 Fund 		                     
Class A         3,049,968 $  37,667,110            
Class B            95,301     1,176,967            
Class C           312,197     3,852,508            
Class I           265,139     3,274,471            
Class R1            84,922     1,050,490            
Class R2         1,809,715    22,349,976            
Class R3         4,949,814    61,130,203            
Class R4         1,478,497    18,259,440            
Class R6         6,629,463   82,139,036            
         18,675,016  $230,900,201            
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     641,527 $   7,710,690       630,080 $   7,370,558       54,792 $     711,744       102,267 $   1,234,363
Class B       3,365        40,426         6,092        70,958          897        11,667         3,344        40,256
Class C      90,562     1,088,254       128,674     1,500,466        4,824        61,983        14,862       177,154
Class I     139,991     1,682,409       142,961     1,675,593        6,838        89,170        14,131       170,985
Class R1       7,522        90,684         7,655        89,275          565         7,399         1,217        14,785
Class R2      80,702       970,183        81,717       951,792       26,275       341,056        64,547       777,796
Class R3     443,325     5,328,822       384,042     4,484,557      251,633     3,266,194       441,284     5,317,471
Class R4      77,775       934,168       113,782     1,327,703       70,473       921,790       142,750     1,732,989
Class R6     732,775    8,834,452       655,172    7,674,124      449,691    5,872,964       975,307   11,830,480
    2,217,544   $26,680,088     2,150,175   $25,145,026      865,988   $11,283,967     1,759,709   $21,296,279
132
Notes to Financial Statements  - continued
  MFS Lifetime Income Fund − continued   MFS Lifetime 2025 Fund − continued
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares reacquired                      
Class A  (3,623,282) $ (43,259,427)    (2,952,373) $ (35,215,392)     (693,851) $  (8,926,268)      (612,701) $  (7,828,647)
Class B     (72,240)      (864,833)      (126,048)   (1,492,382)      (25,476)      (323,566)       (26,841)      (335,916)
Class C  (1,552,584)   (18,522,327)    (1,848,073)  (22,025,488)     (102,770)    (1,286,766)       (78,202)      (973,918)
Class I  (1,069,236)   (12,747,673)    (1,226,165)  (14,545,947)      (27,868)      (358,118)      (143,298)    (1,861,480)
Class R1     (65,730)      (779,285)       (53,033)     (633,153)       (6,450)       (81,552)        (2,528)       (32,292)
Class R2    (777,799)    (9,287,010)      (606,610)   (7,176,513)     (346,049)    (4,363,521)      (429,857)    (5,366,293)
Class R3  (2,607,867)   (31,037,258)    (2,264,031)  (26,893,818)   (2,047,448)   (26,228,062)    (2,371,659)  (30,129,331)
Class R4  (1,306,540)   (15,649,359)    (1,782,203)  (21,306,179)   (1,893,347)   (24,433,399)      (705,124)    (9,088,190)
Class R6  (3,703,919)   (44,368,226)    (6,645,922)  (78,064,102)   (3,772,148)   (48,510,853)    (9,815,696) (122,096,416)
Class 529A          —           —   (17,366,010) (172,809,991)           —           —            —           —
  (14,779,197) $(176,515,398)   (34,870,468) $(380,162,965)   (8,915,407) $(114,512,105)   (14,185,906) $(177,712,483)
Net change                      
Class A    (487,858) $  (5,852,779)     2,666,718 $  32,904,087      908,835 $  11,482,530      (124,265) $  (1,672,098)
Class B     (68,101)      (815,210)       (15,465)     (135,602)      (23,973)      (304,235)       (23,497)      (295,660)
Class C  (1,357,119)   (16,175,010)    (1,153,938)  (13,645,577)      (63,105)      (784,738)         8,706       108,040
Class I    (179,813)    (2,112,620)        25,720       527,853        3,783        47,031       (90,855)    (1,206,903)
Class R1      (8,875)       (95,545)        91,152     1,122,765       (1,761)       (21,089)         4,258        54,013
Class R2    (396,242)    (4,720,780)     1,650,178    20,477,139     (159,117)    (1,972,588)      (121,212)    (1,475,312)
Class R3      29,470       435,824     5,129,479    63,201,136      291,297     3,551,395      (242,701)    (3,397,500)
Class R4    (704,039)    (8,458,390)     1,299,665    16,412,464     (604,199)    (7,736,400)       330,015     4,058,419
Class R6   1,582,534    18,995,032     8,878,756   110,942,300    2,475,190    32,196,784    (3,666,021)  (44,294,453)
Class 529A          —           —   (17,117,917) (170,314,537)           —           —            —           —
   (1,590,043)  $(18,799,478)     1,454,348   $61,492,028    2,826,950   $36,458,690    (3,925,572)  $(48,121,454)
  MFS Lifetime 2030 Fund   MFS Lifetime 2035 Fund
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A   1,253,897 $  19,198,135       634,470 $   9,625,569      845,920 $  13,745,472       396,735 $   6,240,446
Class B       4,401        65,705            26           381          621        10,126             8           132
Class C      67,862     1,021,750        88,213     1,308,553       99,531     1,553,631        87,644     1,368,091
Class I     116,231     1,772,462       289,608     4,580,850      447,164     7,342,700        67,567     1,068,723
Class R1      41,152       625,646        33,857       509,895       16,183       267,546        17,097       261,966
Class R2     336,138     5,115,221       542,629     8,132,715      203,532     3,322,750       240,895     3,820,373
Class R3   3,166,069    48,354,143     2,849,602    42,962,175    2,836,797    46,043,906     2,089,044    32,704,299
Class R4     950,994    14,921,978     2,180,010    33,788,712      688,297    11,428,190       780,390    12,309,822
Class R6   8,039,922  124,992,412     7,579,454  115,107,062    6,853,768  112,680,361     6,393,615  100,192,969
   13,976,666  $216,067,452    14,197,869  $216,015,912   11,991,813  $196,394,682    10,072,995  $157,966,821
133
Notes to Financial Statements  - continued
  MFS Lifetime 2030 Fund − continued   MFS Lifetime 2035 Fund − continued
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     185,877 $   2,897,817       300,979 $   4,300,996       54,727 $     910,656       114,233 $   1,684,932
Class B       4,767        73,847        11,794       167,118          796        13,252         4,039        59,407
Class C      14,551       222,920        27,873       391,342        6,322       103,689        14,024       204,044
Class I      14,106       221,330        26,543       381,417        9,630       160,724         7,894       116,667
Class R1       6,309        97,913        12,874       183,073        1,252        20,810         3,109        45,789
Class R2      84,364     1,305,107       180,747     2,561,190       21,251       354,472        60,730       896,975
Class R3     530,954     8,251,019       783,227    11,153,148      255,027     4,253,844       539,497     7,968,371
Class R4      94,053     1,481,340       220,844     3,182,368       36,176       608,473       159,150     2,366,563
Class R6     839,137   13,182,837     1,302,388   18,741,359      451,208    7,571,270     1,014,738   15,068,865
    1,774,118   $27,734,130     2,867,269   $41,062,011      836,389   $13,997,190     1,917,414   $28,411,613
Shares reacquired                      
Class A    (818,593) $ (12,615,111)      (645,688) $  (9,809,860)     (462,799) $  (7,592,441)      (201,754) $  (3,157,387)
Class B     (74,274)    (1,138,964)       (81,754)   (1,221,737)      (28,720)      (465,336)       (18,522)      (289,977)
Class C    (145,312)    (2,188,657)      (247,132)   (3,709,676)      (65,728)    (1,050,066)       (32,788)      (505,703)
Class I    (185,288)    (2,833,335)      (317,537)   (4,848,674)      (93,132)    (1,527,837)       (32,998)      (518,681)
Class R1     (75,142)    (1,148,929)       (84,132)   (1,266,228)       (8,602)      (139,711)       (12,423)      (193,708)
Class R2  (1,253,869)   (19,054,583)      (900,130)  (13,446,089)     (334,057)    (5,479,141)      (393,276)    (6,036,023)
Class R3  (2,848,091)   (43,809,633)    (2,660,474)  (40,239,632)   (1,596,952)   (25,788,988)    (2,226,349)  (34,962,090)
Class R4  (2,559,145)   (40,055,368)    (2,080,364)  (32,447,960)   (1,999,670)   (32,730,415)      (431,624)    (6,912,686)
Class R6  (3,740,405)  (58,248,436)    (9,462,838) (140,048,239)   (3,026,268)  (49,953,904)    (7,435,492) (113,101,010)
  (11,700,119) $(181,093,016)   (16,480,049) $(247,038,095)   (7,615,928) $(124,727,839)   (10,785,226) $(165,677,265)
Net change                      
Class A     621,181 $   9,480,841       289,761 $   4,116,705      437,848 $   7,063,687       309,214 $   4,767,991
Class B     (65,106)      (999,412)       (69,934)   (1,054,238)      (27,303)      (441,958)       (14,475)      (230,438)
Class C     (62,899)      (943,987)      (131,046)   (2,009,781)       40,125       607,254        68,880     1,066,432
Class I     (54,951)      (839,543)        (1,386)       113,593      363,662     5,975,587        42,463       666,709
Class R1     (27,681)      (425,370)       (37,401)     (573,260)        8,833       148,645         7,783       114,047
Class R2    (833,367)   (12,634,255)      (176,754)   (2,752,184)     (109,274)    (1,801,919)       (91,651)    (1,318,675)
Class R3     848,932    12,795,529       972,355    13,875,691    1,494,872    24,508,762       402,192     5,710,580
Class R4  (1,514,098)   (23,652,050)       320,490     4,523,120   (1,275,197)   (20,693,752)       507,916     7,763,699
Class R6   5,138,654   79,926,813      (580,996)   (6,199,818)    4,278,708   70,297,727       (27,139)    2,160,824
    4,050,665   $62,708,566       585,089   $10,039,828    5,212,274   $85,664,033     1,205,183   $20,701,169
  MFS Lifetime 2040 Fund   MFS Lifetime 2045 Fund
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     946,864 $  16,834,351       513,194 $   8,703,305      666,031 $  11,641,031       360,922 $   6,075,782
Class B          48           875         1,406        23,383           —           —            —           —
Class C      62,709     1,082,701        66,352     1,102,996       41,313       715,050        58,066       946,570
Class I     420,595     7,615,489       259,384     4,460,483      538,307     9,500,323        50,698       857,100
Class R1      28,918       506,325        42,218       701,564        8,044       141,409        10,285       170,810
Class R2     399,453     6,993,541       504,169     8,499,721      183,933     3,200,852       145,317     2,419,509
Class R3   2,545,885    44,943,987     2,606,391    43,902,492    2,059,762    35,693,902     1,977,527    32,736,692
Class R4     695,059    12,658,694     1,874,637    32,476,792      501,962     9,036,933       691,181    11,642,980
Class R6   6,079,912  109,493,942     7,294,741  123,888,531    4,291,496   76,058,561     6,350,626  105,138,036
   11,179,443  $200,129,905    13,162,492  $223,759,267    8,290,848  $145,988,061     9,644,622  $159,987,479
134
Notes to Financial Statements  - continued
  MFS Lifetime 2040 Fund − continued   MFS Lifetime 2045 Fund − continued
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      97,076 $   1,759,015       165,639 $   2,640,289       45,382 $     812,791        73,378 $   1,148,366
Class B       2,093        37,949         6,913       109,985          642        11,479         2,204        34,388
Class C      10,303       182,978        24,626       384,906        4,107        72,616         8,470       130,945
Class I      18,663       340,787        29,468       473,251       13,985       251,868        10,156       159,746
Class R1       4,360        78,441        10,378       164,288          714        12,770         1,412        22,090
Class R2      65,915     1,188,447       138,247     2,192,601       14,791       264,607        36,016       562,575
Class R3     367,191     6,649,838       619,639     9,870,855      257,975     4,617,751       457,387     7,153,536
Class R4      75,691     1,390,437       152,368     2,459,223       29,479       532,104        77,071     1,213,873
Class R6     595,124   10,914,574       983,420   15,852,736      385,111    6,935,853       764,854   12,023,500
    1,236,416   $22,542,466     2,130,698   $34,148,134      752,186   $13,511,839     1,430,948   $22,449,019
Shares reacquired                      
Class A    (464,821) $  (8,373,801)      (441,711) $  (7,479,502)     (277,650) $  (4,949,692)      (135,163) $  (2,252,069)
Class B     (44,382)      (792,009)       (39,301)     (659,656)      (17,663)      (310,588)        (3,423)       (56,124)
Class C    (137,989)    (2,426,973)      (128,016)   (2,107,011)      (29,605)      (521,739)       (22,144)      (358,910)
Class I    (184,739)    (3,240,198)      (113,521)   (1,939,016)     (108,758)    (1,926,746)        (9,287)      (155,223)
Class R1     (52,026)      (918,562)       (95,222)   (1,577,743)       (5,495)       (93,704)        (2,953)       (49,597)
Class R2    (686,221)   (11,947,615)      (693,165)  (11,684,879)     (293,980)    (5,087,073)      (195,770)    (3,180,632)
Class R3  (1,720,379)   (30,487,687)    (2,392,144)  (40,333,406)   (1,093,003)   (19,181,629)    (1,876,195)  (31,002,736)
Class R4  (1,555,706)   (28,437,986)    (1,307,817)  (23,037,134)     (839,579)   (15,033,360)      (533,032)    (9,073,829)
Class R6  (2,556,551)  (46,274,734)    (5,731,402)  (94,961,768)   (2,357,427)  (41,760,702)    (4,756,652)  (76,854,711)
   (7,402,814) $(132,899,565)   (10,942,299) $(183,780,115)   (5,023,160)  $(88,865,233)    (7,534,619) $(122,983,831)
Net change                      
Class A     579,119 $  10,219,565       237,122 $   3,864,092      433,763 $   7,504,130       299,137 $   4,972,079
Class B     (42,241)      (753,185)       (30,982)     (526,288)      (17,021)      (299,109)        (1,219)       (21,736)
Class C     (64,977)    (1,161,294)       (37,038)     (619,109)       15,815       265,927        44,392       718,605
Class I     254,519     4,716,078       175,331     2,994,718      443,534     7,825,445        51,567       861,623
Class R1     (18,748)      (333,796)       (42,626)     (711,891)        3,263        60,475         8,744       143,303
Class R2    (220,853)    (3,765,627)       (50,749)     (992,557)      (95,256)    (1,621,614)       (14,437)      (198,548)
Class R3   1,192,697    21,106,138       833,886    13,439,941    1,224,734    21,130,024       558,719     8,887,492
Class R4    (784,956)   (14,388,855)       719,188    11,898,881     (308,138)    (5,464,323)       235,220     3,783,024
Class R6   4,118,485   74,133,782     2,546,759   44,779,499    2,319,180   41,233,712     2,358,828   40,306,825
    5,013,045   $89,772,806     4,350,891   $74,127,286    4,019,874   $70,634,667     3,540,951   $59,452,667
  MFS Lifetime 2050 Fund   MFS Lifetime 2055 Fund
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     498,499 $  10,464,915       364,851 $   7,302,330      452,686 $   8,220,810       363,044 $   6,220,154
Class B          —           —           372         6,839           —             1            —           —
Class C      42,474       877,810        51,556     1,001,183       32,081       572,690        32,632       553,339
Class I     305,222     6,540,076     1,093,643    22,813,928      141,997     2,578,594        48,946       827,616
Class R1       8,245       170,195         8,099       159,745       31,344       563,497        25,465       433,844
Class R2     221,963     4,604,732       284,399     5,645,668      184,668     3,350,254       213,502     3,701,473
Class R3   1,806,883    37,591,194     1,871,007    36,985,841    1,703,476    30,808,082     1,669,100    28,639,603
Class R4     671,222    14,262,529     1,525,549    30,666,021      308,798     5,687,609       564,425     9,890,646
Class R6   4,412,784   94,359,399     5,090,385  100,592,550    3,582,057   66,134,754     4,457,184   76,341,194
    7,967,292  $168,870,850    10,289,861  $205,174,105    6,437,107  $117,916,291     7,374,298  $126,607,869
135
Notes to Financial Statements  - continued
  MFS Lifetime 2050 Fund − continued   MFS Lifetime 2055 Fund − continued
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      46,147 $     991,233        70,311 $   1,319,739       30,445 $     562,927        46,652 $     753,900
Class B         752        16,004         2,960        54,886          565        10,463         1,560        25,204
Class C       4,575        96,111         9,289       170,724        3,779        69,038         7,468       119,339
Class I       7,892       169,529        18,433       345,992        5,373        99,394         2,574        41,647
Class R1         904        19,093         1,958        36,156        2,018        36,957         2,645        42,431
Class R2      23,136       491,870        52,623       977,206       14,437       267,237        28,692       464,238
Class R3     222,629     4,737,550       366,990     6,826,023      171,338     3,169,752       261,293     4,225,102
Class R4      67,512     1,450,164        76,054     1,427,526       21,764       406,558        54,721       892,500
Class R6     371,385    7,966,216       582,906   10,917,829      298,627    5,569,392       398,254    6,487,552
      744,932   $15,937,770     1,181,524   $22,076,081      548,346   $10,191,718       803,859   $13,051,913
Shares reacquired                      
Class A    (220,339) $  (4,700,869)      (122,541) $  (2,469,370)     (234,153) $  (4,332,340)      (114,006) $  (1,964,255)
Class B     (20,999)      (430,749)       (13,862)     (269,697)       (9,602)      (178,417)        (4,841)       (83,808)
Class C     (32,511)      (674,738)       (36,150)     (718,589)      (34,307)      (613,349)       (22,760)      (384,928)
Class I     (81,865)    (1,790,936)    (1,059,375)  (21,335,496)      (23,738)      (438,807)        (3,603)       (61,762)
Class R1      (5,716)      (116,743)       (10,515)     (204,381)       (6,670)      (116,776)        (4,291)       (73,609)
Class R2    (443,539)    (9,215,515)      (317,299)   (6,285,691)     (220,907)    (3,960,217)      (212,801)    (3,589,164)
Class R3    (958,581)   (20,001,069)    (1,750,365)  (34,375,588)     (690,976)   (12,557,894)    (1,525,477)  (25,963,858)
Class R4  (1,258,510)   (27,811,457)      (500,642)  (10,262,398)     (771,917)   (14,310,867)      (341,873)    (6,073,727)
Class R6  (1,607,005)  (33,859,285)    (2,963,605)  (57,414,823)   (1,484,948)  (27,248,120)    (1,964,136)  (33,247,965)
   (4,629,065)  $(98,601,361)    (6,774,354) $(133,336,033)   (3,477,218)  $(63,756,787)    (4,193,788)  $(71,443,076)
Net change                      
Class A     324,307 $   6,755,279       312,621 $   6,152,699      248,978 $   4,451,397       295,690 $   5,009,799
Class B     (20,247)      (414,745)       (10,530)     (207,972)       (9,037)      (167,953)        (3,281)       (58,604)
Class C      14,538       299,183        24,695       453,318        1,553        28,379        17,340       287,750
Class I     231,249     4,918,669        52,701     1,824,424      123,632     2,239,181        47,917       807,501
Class R1       3,433        72,545          (458)       (8,480)       26,692       483,678        23,819       402,666
Class R2    (198,440)    (4,118,913)        19,723       337,183      (21,802)      (342,726)        29,393       576,547
Class R3   1,070,931    22,327,675       487,632     9,436,276    1,183,838    21,419,940       404,916     6,900,847
Class R4    (519,776)   (12,098,764)     1,100,961    21,831,149     (441,355)    (8,216,700)       277,273     4,709,419
Class R6   3,177,164   68,466,330     2,709,686   54,095,556    2,395,736   44,456,026     2,891,302   49,580,781
    4,083,159   $86,207,259     4,697,031   $93,914,153    3,508,235   $64,351,222     3,984,369   $68,216,706
  MFS Lifetime 2060 Fund   MFS Lifetime 2065 Fund
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     330,365 $   4,802,584       280,404 $   3,849,663       84,330 $     755,593        37,159 $     306,713
Class C      25,886       373,801        23,016       313,628       10,709        95,053         5,583        45,712
Class I       9,681       140,686         7,598       104,441        2,831        25,327         2,053        17,106
Class R1          —           —            —           —           —           —           937         8,000
Class R2     115,076     1,671,886        94,774     1,302,985       15,251       135,941         5,108        42,003
Class R3   1,692,201    24,590,194     1,597,954    21,886,101      706,776     6,179,087       204,615     1,673,072
Class R4     217,560     3,194,772       385,411     5,338,715       76,583       701,316        59,769       501,316
Class R6   3,276,896   48,681,073     2,944,975   40,407,482      854,619    7,723,168       346,587    2,857,157
    5,667,665   $83,454,996     5,334,132   $73,203,015    1,751,099   $15,615,485       661,811    $5,451,079
136
Notes to Financial Statements  - continued
  MFS Lifetime 2060 Fund − continued   MFS Lifetime 2065 Fund − continued
  Year ended
4/30/24 		  Year ended
4/30/23 		  Year ended
4/30/24 		  Year ended
4/30/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      26,950 $     400,479        36,105 $     467,922        1,994 $      18,104         1,679 $      13,148
Class B         198         2,951           505         6,556           —           —            —           —
Class C       1,993        29,379         3,075        39,581          198         1,798           243         1,908
Class I       1,071        16,051         1,279        16,695          206         1,874           295         2,318
Class R1         173         2,592           257         3,344           79           717           188         1,477
Class R2       5,090        75,636         6,174        80,011          374         3,392           354         2,772
Class R3     112,198     1,669,507       131,616     1,707,057       12,018       109,122         1,729        13,541
Class R4      13,310       199,256        14,728       192,059        1,852        16,855           263         2,062
Class R6     163,715    2,457,355       185,053    2,418,637       14,578      132,658         7,624       59,774
      324,698    $4,853,206       378,792    $4,931,862       31,299      $284,520        12,375       $97,000
Shares reacquired                      
Class A    (158,693) $  (2,323,292)       (52,387) $    (721,858)       (8,798) $     (80,800)        (2,185) $     (18,063)
Class B      (2,616)       (37,697)          (695)       (9,465)           —           —            —           —
Class C     (10,786)      (153,639)        (8,506)     (117,688)       (2,006)       (16,778)        (1,165)        (9,596)
Class I      (1,964)       (29,146)          (653)       (8,799)          (14)          (125)            (6)           (50)
Class R2     (66,686)      (966,549)       (87,171)   (1,156,842)         (229)        (2,005)          (206)        (1,698)
Class R3    (779,084)   (11,422,857)      (582,305)   (7,965,743)     (245,779)    (2,201,249)        (5,437)       (44,373)
Class R4    (514,994)    (7,808,611)       (48,890)     (682,539)      (95,624)      (917,601)        (1,458)       (12,155)
Class R6  (1,075,189)  (15,874,911)    (1,277,186)  (17,216,728)     (263,822)   (2,349,995)       (31,267)     (260,044)
   (2,610,012)  $(38,616,702)    (2,057,793)  $(27,879,662)     (616,272)   $(5,568,553)       (41,724)     $(345,979)
Net change                      
Class A     198,622 $   2,879,771       264,122 $   3,595,727       77,526 $     692,897        36,653 $     301,798
Class B      (2,418)       (34,746)          (190)       (2,909)           —           —            —           —
Class C      17,093       249,541        17,585       235,521        8,901        80,073         4,661        38,024
Class I       8,788       127,591         8,224       112,337        3,023        27,076         2,342        19,374
Class R1         173         2,592           257         3,344           79           717         1,125         9,477
Class R2      53,480       780,973        13,777       226,154       15,396       137,328         5,256        43,077
Class R3   1,025,315    14,836,844     1,147,265    15,627,415      473,015     4,086,960       200,907     1,642,240
Class R4    (284,124)    (4,414,583)       351,249     4,848,235      (17,189)      (199,430)        58,574       491,223
Class R6   2,365,422   35,263,517     1,852,842   25,609,391      605,375    5,505,831       322,944    2,656,887
    3,382,351   $49,691,500     3,655,131   $50,255,215    1,166,126   $10,331,452       632,462    $5,202,100
Effective June 1, 2019, purchases of each fund's Class B shares were closed to new and existing investors subject to certain exceptions. For the MFS Lifetime Income Fund, effective after the close of business on May 13, 2022, all sales and redemptions of Class 529A shares were suspended, and all Class 529A shares were redeemed on May 20, 2022. Effective September 29, 2023, purchases of each fund's Class R1 and Class R2 shares were closed to new eligible investors.
(6)  Line of Credit
Each fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund,
137
Notes to Financial Statements  - continued
based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended April 30, 2024, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense in the Statements of Operations:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Commitment Fee $3,383 $1,911 $3,771 $2,583 $3,469
Interest Expense — — — — —
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Commitment Fee $2,222 $2,370 $1,487 $766 $54
Interest Expense — — — — —
(7)  Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
  MFS Lifetime Income Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $12,753,411 $1,192,835 $6,448,121 $1,311,260 $1,169,753 $9,979,138
MFS Blended Research Growth Equity Fund 12,750,500 1,089,537 7,453,583 2,735,156 793,064 9,914,674
MFS Blended Research International Equity Fund 15,855,510 2,305,284 3,714,463 323,630 748,018 15,517,979
MFS Blended Research Mid Cap Equity Fund 18,955,645 2,813,150 7,096,470 978,546 2,760,692 18,411,563
MFS Blended Research Small Cap Equity Fund 6,331,179 1,113,748 2,249,922 229,828 691,477 6,116,310
MFS Blended Research Value Equity Fund 12,717,549 1,564,140 3,789,651 561,893 1,299,532 12,353,463
MFS Commodity Strategy Fund 12,582,368 2,603,138 3,041,174 (520,073) 669,700 12,293,959
MFS Emerging Markets Debt Fund 6,383,067 740,223 976,835 (151,256) 262,816 6,258,015
MFS Emerging Markets Debt Local Currency Fund 6,374,369 1,007,250 869,568 (117,426) (187,518) 6,207,107
MFS Global Opportunistic Bond Fund 44,494,136 4,059,538 4,439,946 (648,765) 247,856 43,712,819
MFS Global Real Estate Fund 12,817,794 3,078,686 3,449,488 75,581 (417,998) 12,104,575
MFS Government Securities Fund 63,637,758 7,443,769 8,952,353 (1,572,408) (2,542,472) 58,014,294
MFS Growth Fund 12,799,178 1,544,089 7,409,748 4,737,582 (1,815,193) 9,855,908
MFS High Income Fund 12,734,315 1,318,406 1,668,225 (149,987) 313,221 12,547,730
MFS Inflation-Adjusted Bond Fund 63,337,536 8,428,404 5,807,188 (871,810) (3,440,160) 61,646,782
MFS Institutional Money Market Portfolio 1,185,439 47,123,555 29,605,477 (572) (1,509) 18,701,436
MFS International Growth Fund 3,177,724 602,152 723,126 83,191 (45,512) 3,094,429
MFS International Intrinsic Value Fund 3,167,247 767,026 805,784 43,293 (82,550) 3,089,232
MFS Limited Maturity Fund 126,986,442 15,400,799 17,245,817 (902,407) 850,368 125,089,385
MFS Mid Cap Growth Fund 9,478,592 1,196,565 3,256,838 1,656,554 27,817 9,102,690
MFS Mid Cap Value Fund 9,546,504 1,473,890 2,919,714 717,052 454,185 9,271,917
MFS New Discovery Fund 3,166,334 584,069 967,915 83,855 171,199 3,037,542
MFS New Discovery Value Fund 3,170,373 773,443 1,019,005 37,088 118,291 3,080,190
MFS Research Fund 12,773,916 1,621,593 5,899,294 2,803,744 (1,359,085) 9,940,874
MFS Research International Fund 9,529,108 1,500,917 2,001,535 228,853 48,504 9,305,847
MFS Total Return Bond Fund 127,339,190 12,931,401 14,676,286 (2,189,734) (2,931,654) 120,472,917
MFS Value Fund 12,703,076 2,275,524 3,137,353 280,878 263,823 12,385,948
  $636,748,260 $126,553,131 $149,624,879 $9,763,546 $(1,933,335) $621,506,723
138
Notes to Financial Statements  - continued
  MFS Lifetime Income Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $114,670 $325,809
MFS Blended Research Growth Equity Fund 77,350 —
MFS Blended Research International Equity Fund 462,320 —
MFS Blended Research Mid Cap Equity Fund 231,365 240,591
MFS Blended Research Small Cap Equity Fund 59,561 —
MFS Blended Research Value Equity Fund 198,073 271,299
MFS Commodity Strategy Fund 278,566 —
MFS Emerging Markets Debt Fund 415,500 —
MFS Emerging Markets Debt Local Currency Fund 334,364 —
MFS Global Opportunistic Bond Fund 1,451,781 —
MFS Global Real Estate Fund 255,900 —
MFS Government Securities Fund 2,312,597 —
MFS Growth Fund — 530,083
MFS High Income Fund 801,707 —
MFS Inflation-Adjusted Bond Fund 2,618,307 —
MFS Institutional Money Market Portfolio 414,254 —
MFS International Growth Fund 49,025 43,399
MFS International Intrinsic Value Fund 65,257 290,080
MFS Limited Maturity Fund 5,201,545 —
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 290,494 —
MFS New Discovery Fund — —
MFS New Discovery Value Fund 42,771 159,443
MFS Research Fund 94,194 659,354
MFS Research International Fund 179,929 —
MFS Total Return Bond Fund 5,490,325 —
MFS Value Fund 162,734 892,951
  $21,602,589 $3,413,009
139
Notes to Financial Statements  - continued
  MFS Lifetime 2025 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $8,492,247 $1,257,650 $4,148,308 $738,559 $987,649 $7,327,797
MFS Blended Research Growth Equity Fund 8,492,130 1,234,112 4,876,064 1,587,443 867,621 7,305,242
MFS Blended Research International Equity Fund 11,025,832 1,953,231 2,450,225 142,889 630,592 11,302,319
MFS Blended Research Mid Cap Equity Fund 11,760,480 2,485,229 4,100,655 400,123 2,053,211 12,598,388
MFS Blended Research Small Cap Equity Fund 3,378,300 1,041,687 1,106,145 50,083 471,352 3,835,277
MFS Blended Research Value Equity Fund 8,470,913 1,478,855 2,447,144 258,249 1,031,302 8,792,175
MFS Commodity Strategy Fund 6,687,111 2,500,545 1,599,486 (276,179) 355,881 7,667,872
MFS Emerging Markets Debt Fund 5,064,411 802,952 950,261 (218,876) 309,138 5,007,364
MFS Emerging Markets Debt Local Currency Fund 5,067,227 916,119 745,992 (68,498) (180,284) 4,988,572
MFS Global Opportunistic Bond Fund 23,787,007 5,564,178 1,982,598 (331,962) 127,870 27,164,495
MFS Global Real Estate Fund 6,838,795 2,417,138 1,413,629 8,144 (219,176) 7,631,272
MFS Government Securities Fund 34,027,368 8,853,257 4,498,148 (747,734) (1,587,789) 36,046,954
MFS Growth Fund 8,532,516 1,602,650 4,889,221 2,303,268 (263,185) 7,286,028
MFS High Income Fund 10,114,699 1,538,880 1,767,631 (186,942) 316,555 10,015,561
MFS Inflation-Adjusted Bond Fund 33,870,126 9,635,238 2,827,169 (438,216) (1,973,261) 38,266,718
MFS Institutional Money Market Portfolio 951,899 18,846,863 8,155,722 (450) (1,018) 11,641,572
MFS International Growth Fund 2,554,329 502,652 611,624 49,791 (20,103) 2,475,045
MFS International Intrinsic Value Fund 2,547,706 618,070 660,196 24,169 (59,806) 2,469,943
MFS Limited Maturity Fund 51,272,740 19,191,592 3,909,869 (242,312) 226,831 66,538,982
MFS Mid Cap Growth Fund 5,905,229 1,175,721 1,904,856 466,661 636,066 6,278,821
MFS Mid Cap Value Fund 5,938,656 1,265,499 1,636,965 90,233 678,806 6,336,229
MFS New Discovery Fund 1,693,447 532,716 464,030 19,034 130,471 1,911,638
MFS New Discovery Value Fund 1,693,248 616,398 479,795 9,632 80,420 1,919,903
MFS Research Fund 8,504,333 1,563,790 3,747,058 773,434 224,349 7,318,848
MFS Research International Fund 5,973,975 1,288,211 1,115,439 28,958 161,337 6,337,042
MFS Total Return Bond Fund 59,783,776 16,232,981 4,052,279 (832,371) (1,770,780) 69,361,327
MFS Value Fund 8,473,904 1,932,961 1,977,663 43,797 328,166 8,801,165
  $340,902,404 $107,049,175 $68,518,172 $3,650,927 $3,542,215 $386,626,549
140
Notes to Financial Statements  - continued
  MFS Lifetime 2025 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $83,368 $236,874
MFS Blended Research Growth Equity Fund 56,162 —
MFS Blended Research International Equity Fund 336,056 —
MFS Blended Research Mid Cap Equity Fund 155,585 161,788
MFS Blended Research Small Cap Equity Fund 35,301 —
MFS Blended Research Value Equity Fund 140,345 192,229
MFS Commodity Strategy Fund 170,426 —
MFS Emerging Markets Debt Fund 333,467 —
MFS Emerging Markets Debt Local Currency Fund 268,512 —
MFS Global Opportunistic Bond Fund 847,997 —
MFS Global Real Estate Fund 152,842 —
MFS Government Securities Fund 1,342,703 —
MFS Growth Fund — 380,576
MFS High Income Fund 642,750 —
MFS Inflation-Adjusted Bond Fund 1,504,982 —
MFS Institutional Money Market Portfolio 256,020 —
MFS International Growth Fund 45,168 30,041
MFS International Intrinsic Value Fund 53,072 235,920
MFS Limited Maturity Fund 2,445,802 —
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 103,096 91,076
MFS New Discovery Fund — —
MFS New Discovery Value Fund 51,787 66,485
MFS Research Fund 68,103 476,703
MFS Research International Fund 120,524 —
MFS Total Return Bond Fund 2,871,712 —
MFS Value Fund 170,994 574,449
  $12,256,774 $2,446,141
141
Notes to Financial Statements  - continued
  MFS Lifetime 2030 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $24,199,011 $2,066,549 $8,597,424 $1,438,516 $3,685,567 $22,792,219
MFS Blended Research Growth Equity Fund 24,202,990 1,879,101 10,709,681 2,882,242 4,378,469 22,633,121
MFS Blended Research International Equity Fund 34,356,888 4,043,047 4,238,935 183,699 2,254,513 36,599,212
MFS Blended Research Mid Cap Equity Fund 37,514,705 4,433,383 11,275,613 1,587,307 6,060,967 38,320,749
MFS Blended Research Small Cap Equity Fund 8,552,667 1,280,596 2,215,077 175,134 1,104,120 8,897,440
MFS Blended Research Value Equity Fund 24,102,443 2,577,376 4,391,854 386,194 3,349,354 26,023,513
MFS Commodity Strategy Fund 16,990,558 3,918,214 3,075,900 (737,031) 964,839 18,060,680
MFS Emerging Markets Debt Fund 17,262,057 2,187,949 1,591,395 (396,180) 713,143 18,175,574
MFS Emerging Markets Debt Local Currency Fund 13,859,609 2,952,147 486,989 (61,032) (703,257) 15,560,478
MFS Global Opportunistic Bond Fund 41,621,545 10,069,956 861,490 (159,379) (219,745) 50,450,887
MFS Global Real Estate Fund 17,370,095 3,237,468 2,545,694 39,100 (537,247) 17,563,722
MFS Government Securities Fund 69,170,001 15,328,165 6,602,961 (1,275,663) (3,488,525) 73,131,017
MFS Growth Fund 24,365,037 2,801,869 10,677,806 4,934,923 1,086,592 22,510,615
MFS High Income Fund 27,685,361 5,255,916 1,466,215 (211,780) 602,467 31,865,749
MFS Inflation-Adjusted Bond Fund 58,854,970 17,969,451 1,563,450 (359,006) (3,879,879) 71,022,086
MFS Institutional Money Market Portfolio 861,210 41,540,562 18,454,753 (955) (2,077) 23,943,987
MFS International Growth Fund 8,681,370 1,285,042 1,056,183 71,161 32,934 9,014,324
MFS International Intrinsic Value Fund 8,643,267 1,849,945 1,326,733 35,858 (146,321) 9,056,016
MFS International New Discovery Fund 3,443,196 154,109 1,257,693 394,247 (408,604) 2,325,255
MFS Limited Maturity Fund 35,401,757 20,537,599 453,927 (34,070) 21,649 55,473,008
MFS Mid Cap Growth Fund 18,779,895 1,546,592 4,879,145 2,146,956 1,267,633 18,861,931
MFS Mid Cap Value Fund 18,934,027 2,301,283 4,302,289 566,457 1,820,253 19,319,731
MFS New Discovery Fund 4,285,537 683,628 892,783 42,339 314,143 4,432,864
MFS New Discovery Value Fund 4,282,850 967,844 944,208 30,073 184,389 4,520,948
MFS Research Fund 24,259,980 2,880,051 7,394,108 1,904,849 1,051,429 22,702,201
MFS Research International Fund 17,328,831 2,232,375 1,973,171 85,612 443,881 18,117,528
MFS Total Return Bond Fund 83,572,771 22,233,682 3,870,398 (915,489) (2,776,690) 98,243,876
MFS Value Fund 24,074,652 3,772,632 2,880,284 62,798 1,016,054 26,045,852
  $692,657,280 $181,986,531 $119,986,159 $12,816,880 $18,190,051 $785,664,583
142
Notes to Financial Statements  - continued
  MFS Lifetime 2030 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $246,626 $700,734
MFS Blended Research Growth Equity Fund 166,636 —
MFS Blended Research International Equity Fund 1,050,100 —
MFS Blended Research Mid Cap Equity Fund 481,737 500,944
MFS Blended Research Small Cap Equity Fund 87,441 —
MFS Blended Research Value Equity Fund 402,571 551,398
MFS Commodity Strategy Fund 394,758 —
MFS Emerging Markets Debt Fund 1,167,582 —
MFS Emerging Markets Debt Local Currency Fund 786,235 —
MFS Global Opportunistic Bond Fund 1,529,201 —
MFS Global Real Estate Fund 372,605 —
MFS Government Securities Fund 2,714,522 —
MFS Growth Fund — 1,131,001
MFS High Income Fund 1,881,279 —
MFS Inflation-Adjusted Bond Fund 2,647,522 —
MFS Institutional Money Market Portfolio 497,168 —
MFS International Growth Fund 158,200 105,214
MFS International Intrinsic Value Fund 185,752 825,711
MFS International New Discovery Fund 56,386 63,204
MFS Limited Maturity Fund 1,876,102 —
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 317,384 280,381
MFS New Discovery Fund — —
MFS New Discovery Value Fund 127,083 161,299
MFS Research Fund 201,569 1,410,967
MFS Research International Fund 340,729 —
MFS Total Return Bond Fund 4,047,027 —
MFS Value Fund 492,484 1,640,349
  $22,228,699 $7,371,202
143
Notes to Financial Statements  - continued
  MFS Lifetime 2035 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $20,933,184 $2,371,650 $5,063,821 $291,041 $4,427,538 $22,959,592
MFS Blended Research Emerging Markets Equity Fund 1,131,106 43,149 342,658 25,162 45,599 902,358
MFS Blended Research Growth Equity Fund 20,923,361 2,338,962 7,112,976 1,137,968 5,531,352 22,818,667
MFS Blended Research International Equity Fund 33,480,954 6,392,316 2,144,528 18,104 2,555,916 40,302,762
MFS Blended Research Mid Cap Equity Fund 36,814,562 6,667,917 6,820,314 373,245 7,713,492 44,748,902
MFS Blended Research Small Cap Equity Fund 8,056,788 1,988,971 1,577,397 83,131 1,156,746 9,708,239
MFS Blended Research Value Equity Fund 20,856,626 3,241,357 2,032,783 53,474 3,362,926 25,481,600
MFS Commodity Strategy Fund 16,024,683 5,703,234 2,281,337 (437,832) 697,318 19,706,066
MFS Emerging Markets Debt Fund 14,018,435 4,131,081 534,000 (162,959) 433,962 17,886,519
MFS Emerging Markets Debt Local Currency Fund 9,337,763 3,441,928 373,368 (60,457) (528,108) 11,817,758
MFS Emerging Markets Equity Fund 1,136,619 48,169 333,928 45,479 2,781 899,120
MFS Global Opportunistic Bond Fund 18,737,685 8,153,530 476,374 (103,156) (111,270) 26,200,415
MFS Global Real Estate Fund 16,348,531 5,340,740 1,889,975 (6,582) (563,801) 19,228,913
MFS Government Securities Fund 23,917,217 18,237,251 1,061,207 (211,150) (1,831,216) 39,050,895
MFS Growth Fund 21,010,721 3,215,887 7,052,602 1,166,574 4,390,006 22,730,586
MFS High Income Fund 18,647,015 6,005,828 896,303 (139,517) 391,257 24,008,280
MFS Inflation-Adjusted Bond Fund 28,016,468 12,584,732 980,701 (251,165) (1,855,769) 37,513,565
MFS Institutional Money Market Portfolio 405,291 32,854,660 15,432,693 (41) (843) 17,826,374
MFS International Growth Fund 9,261,015 1,910,585 664,075 (3,547) 110,748 10,614,726
MFS International Intrinsic Value Fund 9,229,352 2,437,341 921,611 (19,585) (93,327) 10,632,170
MFS International New Discovery Fund 6,944,688 1,232,533 504,097 (2,350) 3,438 7,674,212
MFS Mid Cap Growth Fund 18,432,674 3,025,250 2,913,129 173,945 3,389,986 22,108,726
MFS Mid Cap Value Fund 18,530,981 3,885,952 2,369,319 80,171 2,448,617 22,576,402
MFS New Discovery Fund 4,033,999 1,039,977 602,439 (279) 345,686 4,816,944
MFS New Discovery Value Fund 4,037,581 1,240,175 598,177 6,332 201,231 4,887,142
MFS Research Fund 20,972,227 3,263,406 4,044,007 130,965 2,576,551 22,899,142
MFS Research International Fund 15,087,510 3,710,395 653,305 (11,698) 529,889 18,662,791
MFS Total Return Bond Fund 28,334,754 14,050,625 2,138,101 (502,952) (893,439) 38,850,887
MFS Value Fund 20,820,185 4,886,450 1,190,680 (7,798) 1,013,543 25,521,700
  $465,481,975 $163,444,051 $73,005,905 $1,664,523 $35,450,809 $593,035,453
144
Notes to Financial Statements  - continued
  MFS Lifetime 2035 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $228,081 $648,040
MFS Blended Research Emerging Markets Equity Fund 27,488 —
MFS Blended Research Growth Equity Fund 154,226 —
MFS Blended Research International Equity Fund 1,073,985 —
MFS Blended Research Mid Cap Equity Fund 511,026 531,402
MFS Blended Research Small Cap Equity Fund 85,486 —
MFS Blended Research Value Equity Fund 365,641 500,815
MFS Commodity Strategy Fund 394,729 —
MFS Emerging Markets Debt Fund 1,042,050 —
MFS Emerging Markets Debt Local Currency Fund 557,608 —
MFS Emerging Markets Equity Fund 26,696 —
MFS Global Opportunistic Bond Fund 739,463 —
MFS Global Real Estate Fund 371,676 —
MFS Government Securities Fund 1,188,015 —
MFS Growth Fund — 1,042,414
MFS High Income Fund 1,332,833 —
MFS Inflation-Adjusted Bond Fund 1,301,724 —
MFS Institutional Money Market Portfolio 334,291 —
MFS International Growth Fund 174,502 116,057
MFS International Intrinsic Value Fund 205,085 911,650
MFS International New Discovery Fund 145,139 162,691
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 336,739 297,479
MFS New Discovery Fund — —
MFS New Discovery Value Fund 125,870 160,979
MFS Research Fund 186,308 1,304,135
MFS Research International Fund 320,490 —
MFS Total Return Bond Fund 1,486,418 —
MFS Value Fund 449,994 1,492,075
  $13,165,563 $7,167,737
145
Notes to Financial Statements  - continued
  MFS Lifetime 2040 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $30,767,881 $2,905,549 $5,445,104 $(55,935) $7,018,621 $35,191,012
MFS Blended Research Emerging Markets Equity Fund 3,808,808 674,798 249,838 2,500 328,946 4,565,214
MFS Blended Research Growth Equity Fund 31,523,456 2,316,416 8,221,850 981,864 9,045,137 35,645,023
MFS Blended Research International Equity Fund 55,709,237 10,291,105 1,430,636 (8,228) 4,399,900 68,961,378
MFS Blended Research Mid Cap Equity Fund 56,349,616 7,604,111 6,420,538 269,611 12,176,592 69,979,392
MFS Blended Research Small Cap Equity Fund 12,947,903 2,735,705 1,954,127 97,970 1,887,983 15,715,434
MFS Blended Research Value Equity Fund 31,385,022 4,336,422 1,901,295 49,021 5,132,894 39,002,064
MFS Commodity Strategy Fund 25,784,128 9,076,125 2,781,376 (893,279) 1,312,091 32,497,689
MFS Emerging Markets Debt Fund 13,981,720 5,762,752 273,746 (80,431) 389,071 19,779,366
MFS Emerging Markets Debt Local Currency Fund 9,301,734 4,518,370 155,029 (19,860) (613,014) 13,032,201
MFS Emerging Markets Equity Fund 3,832,575 697,047 218,105 251 217,477 4,529,245
MFS Global Opportunistic Bond Fund 13,921,788 6,198,376 250,853 (50,841) (99,485) 19,718,985
MFS Global Real Estate Fund 26,291,662 7,999,145 2,270,932 (23,848) (868,367) 31,127,660
MFS Growth Fund 31,652,657 3,898,015 8,365,048 888,130 7,432,796 35,506,550
MFS High Income Fund 18,577,669 8,167,971 487,479 (74,915) 357,886 26,541,132
MFS Inflation-Adjusted Bond Fund 26,889,307 11,037,318 980,721 (229,909) (1,761,699) 34,954,296
MFS Institutional Money Market Portfolio 351,457 32,098,988 14,447,677 (603) (1,170) 18,000,995
MFS International Growth Fund 16,819,326 3,761,539 544,283 3,789 216,152 20,256,523
MFS International Intrinsic Value Fund 16,781,719 4,657,610 802,209 (16,986) (182,526) 20,437,608
MFS International New Discovery Fund 15,303,063 3,055,382 721,916 (5,094) 31,500 17,662,935
MFS Mid Cap Growth Fund 28,200,760 3,219,632 2,428,620 135,342 5,307,365 34,434,479
MFS Mid Cap Value Fund 28,316,001 4,889,396 1,932,054 79,780 3,834,284 35,187,407
MFS New Discovery Fund 6,478,737 1,355,482 575,550 (63,064) 625,254 7,820,859
MFS New Discovery Value Fund 6,484,807 1,878,137 745,342 11,820 327,368 7,956,790
MFS Research Fund 30,832,881 4,688,722 4,453,841 (43,047) 4,014,580 35,039,295
MFS Research International Fund 22,188,167 5,025,236 557,775 (9,019) 781,334 27,427,943
MFS Total Return Bond Fund 17,674,550 4,343,549 4,063,493 (751,080) (19,018) 17,184,508
MFS Value Fund 31,336,060 6,985,093 776,059 (7,231) 1,525,819 39,063,682
  $613,492,691 $164,177,991 $73,455,496 $186,708 $62,817,771 $767,219,665
146
Notes to Financial Statements  - continued
  MFS Lifetime 2040 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $343,170 $975,043
MFS Blended Research Emerging Markets Equity Fund 116,318 —
MFS Blended Research Growth Equity Fund 236,395 —
MFS Blended Research International Equity Fund 1,820,740 —
MFS Blended Research Mid Cap Equity Fund 790,610 822,133
MFS Blended Research Small Cap Equity Fund 141,205 —
MFS Blended Research Value Equity Fund 556,629 762,408
MFS Commodity Strategy Fund 646,451 —
MFS Emerging Markets Debt Fund 1,096,709 —
MFS Emerging Markets Debt Local Currency Fund 585,653 —
MFS Emerging Markets Equity Fund 113,087 —
MFS Global Opportunistic Bond Fund 550,733 —
MFS Global Real Estate Fund 601,281 —
MFS Growth Fund — 1,604,861
MFS High Income Fund 1,398,892 —
MFS Inflation-Adjusted Bond Fund 1,237,096 —
MFS Institutional Money Market Portfolio 363,284 —
MFS International Growth Fund 328,011 218,151
MFS International Intrinsic Value Fund 385,265 1,712,590
MFS International New Discovery Fund 328,550 368,283
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 521,658 460,840
MFS New Discovery Fund — —
MFS New Discovery Value Fund 204,836 261,433
MFS Research Fund 280,220 1,961,515
MFS Research International Fund 473,388 —
MFS Total Return Bond Fund 798,615 —
MFS Value Fund 680,854 2,272,919
  $14,599,650 $11,420,176
147
Notes to Financial Statements  - continued
  MFS Lifetime 2045 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $19,632,616 $2,407,577 $3,281,135 $(4,753) $4,528,046 $23,282,351
MFS Blended Research Emerging Markets Equity Fund 3,408,397 830,432 262,733 1,672 311,192 4,288,960
MFS Blended Research Growth Equity Fund 21,094,731 2,244,994 5,332,576 557,726 6,287,084 24,851,959
MFS Blended Research International Equity Fund 40,420,848 9,692,587 1,471,503 (21,658) 3,295,604 51,915,878
MFS Blended Research Mid Cap Equity Fund 37,909,235 6,413,481 3,985,100 77,012 8,408,631 48,823,259
MFS Blended Research Small Cap Equity Fund 9,241,536 2,357,673 1,331,421 43,707 1,377,612 11,689,107
MFS Blended Research Value Equity Fund 21,009,775 3,729,404 1,183,494 7,206 3,516,269 27,079,160
MFS Commodity Strategy Fund 18,379,520 7,933,346 2,553,084 (806,797) 1,123,059 24,076,044
MFS Emerging Markets Debt Fund 3,026,203 2,371,115 51,772 (16,832) 98,784 5,427,498
MFS Emerging Markets Debt Local Currency Fund 2,014,988 1,752,129 17,341 (3,004) (168,795) 3,577,977
MFS Emerging Markets Equity Fund 3,427,247 874,036 237,788 (312) 206,430 4,269,613
MFS Global Opportunistic Bond Fund 3,016,700 2,495,074 68,872 (14,787) (19,600) 5,408,515
MFS Global Real Estate Fund 18,726,248 6,968,164 1,853,753 (10,148) (670,626) 23,159,885
MFS Growth Fund 21,172,671 3,423,860 5,554,209 476,122 5,221,421 24,739,865
MFS High Income Fund 4,025,673 3,289,748 104,063 (18,334) 90,152 7,283,176
MFS Inflation-Adjusted Bond Fund 12,289,077 6,053,702 623,417 (157,827) (766,977) 16,794,558
MFS Institutional Money Market Portfolio 375,108 23,473,850 11,834,429 (237) (820) 12,013,472
MFS International Growth Fund 12,689,973 3,395,097 311,354 (3,209) 169,891 15,940,398
MFS International Intrinsic Value Fund 12,655,946 4,119,186 626,470 (84,587) (55,502) 16,008,573
MFS International New Discovery Fund 13,686,098 3,619,352 551,349 (35,652) 65,529 16,783,978
MFS Mid Cap Growth Fund 18,970,013 3,139,583 1,765,351 66,937 3,650,243 24,061,425
MFS Mid Cap Value Fund 19,054,141 4,055,261 1,229,762 14,810 2,646,346 24,540,796
MFS New Discovery Fund 4,623,068 1,234,570 447,765 (38,328) 443,685 5,815,230
MFS New Discovery Value Fund 4,629,365 1,536,370 499,616 (339) 243,052 5,908,832
MFS Research Fund 19,657,516 3,580,714 2,611,710 (6,823) 2,581,830 23,201,527
MFS Research International Fund 15,133,658 4,091,213 332,900 (5,534) 542,272 19,428,709
MFS Total Return Bond Fund 10,320,093 3,007,967 2,779,851 (488,550) 34,090 10,093,749
MFS Value Fund 20,972,991 5,955,867 871,363 (19,451) 1,057,874 27,095,918
  $391,563,435 $124,046,352 $51,774,181 $(491,970) $44,216,776 $507,560,412
148
Notes to Financial Statements  - continued
  MFS Lifetime 2045 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $222,274 $631,542
MFS Blended Research Emerging Markets Equity Fund 107,317 —
MFS Blended Research Growth Equity Fund 160,931 —
MFS Blended Research International Equity Fund 1,341,869 —
MFS Blended Research Mid Cap Equity Fund 537,627 559,063
MFS Blended Research Small Cap Equity Fund 100,197 —
MFS Blended Research Value Equity Fund 378,089 517,865
MFS Commodity Strategy Fund 471,533 —
MFS Emerging Markets Debt Fund 274,192 —
MFS Emerging Markets Debt Local Currency Fund 146,327 —
MFS Emerging Markets Equity Fund 104,341 —
MFS Global Opportunistic Bond Fund 138,406 —
MFS Global Real Estate Fund 432,156 —
MFS Growth Fund — 1,091,208
MFS High Income Fund 348,086 —
MFS Inflation-Adjusted Bond Fund 577,026 —
MFS Institutional Money Market Portfolio 243,967 —
MFS International Growth Fund 251,674 167,382
MFS International Intrinsic Value Fund 295,670 1,314,319
MFS International New Discovery Fund 302,013 338,535
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 355,362 313,931
MFS New Discovery Fund — —
MFS New Discovery Value Fund 146,864 188,277
MFS Research Fund 181,394 1,269,743
MFS Research International Fund 327,675 —
MFS Total Return Bond Fund 470,074 —
MFS Value Fund 464,575 1,546,847
  $8,379,639 $7,938,712
149
Notes to Financial Statements  - continued
  MFS Lifetime 2050 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $20,728,991 $2,817,937 $3,208,368 $9,690 $4,776,921 $25,125,171
MFS Blended Research Emerging Markets Equity Fund 4,128,768 1,289,202 179,315 (1,609) 406,317 5,643,363
MFS Blended Research Growth Equity Fund 22,814,064 2,849,696 5,369,674 466,420 7,009,376 27,769,882
MFS Blended Research International Equity Fund 45,346,647 12,906,149 1,107,832 (31,913) 3,811,072 60,924,123
MFS Blended Research Mid Cap Equity Fund 41,142,181 6,577,669 2,520,016 22,538 9,256,185 54,478,557
MFS Blended Research Small Cap Equity Fund 10,299,249 2,665,464 939,131 25,755 1,555,393 13,606,730
MFS Blended Research Value Equity Fund 22,715,330 4,414,667 827,200 (3,337) 3,849,346 30,148,806
MFS Commodity Strategy Fund 20,505,776 9,277,728 2,166,074 (699,612) 1,094,597 28,012,415
MFS Emerging Markets Equity Fund 4,148,839 1,334,216 139,712 (1,277) 266,829 5,608,895
MFS Global Real Estate Fund 20,857,165 8,317,631 1,213,351 (68,239) (755,241) 27,137,965
MFS Growth Fund 22,912,045 4,016,198 5,470,451 336,322 5,875,439 27,669,553
MFS Inflation-Adjusted Bond Fund 10,324,520 4,632,203 916,135 (166,770) (603,445) 13,270,373
MFS Institutional Money Market Portfolio 357,079 21,849,723 9,241,450 (500) (979) 12,963,873
MFS International Growth Fund 14,461,454 4,823,497 322,313 (13,690) 206,292 19,155,240
MFS International Intrinsic Value Fund 14,433,531 5,313,288 440,750 (55,720) (100,530) 19,149,819
MFS International New Discovery Fund 16,574,557 5,874,496 475,679 (35,402) 72,712 22,010,684
MFS Mid Cap Growth Fund 20,589,702 3,861,555 1,480,532 16,454 4,023,686 27,010,865
MFS Mid Cap Value Fund 20,652,603 4,591,374 660,590 (4,638) 2,903,140 27,481,889
MFS New Discovery Fund 5,152,398 1,463,980 287,339 (23,392) 470,760 6,776,407
MFS New Discovery Value Fund 5,156,000 1,793,267 354,930 (4,059) 270,807 6,861,085
MFS Research Fund 20,765,590 4,295,334 2,716,131 (7,743) 2,727,701 25,064,751
MFS Research International Fund 16,517,452 5,207,110 366,157 (17,991) 605,353 21,945,767
MFS Total Return Bond Fund 10,361,745 3,058,873 3,015,111 (473,213) 10,769 9,943,063
MFS Value Fund 22,685,207 6,812,382 406,661 (10,571) 1,140,149 30,220,506
  $413,630,893 $130,043,639 $43,824,902 $(742,497) $48,872,649 $547,979,782
150
Notes to Financial Statements  - continued
  MFS Lifetime 2050 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $235,223 $668,336
MFS Blended Research Emerging Markets Equity Fund 134,919 —
MFS Blended Research Growth Equity Fund 175,702 —
MFS Blended Research International Equity Fund 1,531,966 —
MFS Blended Research Mid Cap Equity Fund 591,545 615,130
MFS Blended Research Small Cap Equity Fund 115,437 —
MFS Blended Research Value Equity Fund 411,838 564,090
MFS Commodity Strategy Fund 531,512 —
MFS Emerging Markets Equity Fund 131,197 —
MFS Global Real Estate Fund 495,729 —
MFS Growth Fund — 1,193,119
MFS Inflation-Adjusted Bond Fund 472,201 —
MFS Institutional Money Market Portfolio 258,137 —
MFS International Growth Fund 293,208 195,004
MFS International Intrinsic Value Fund 344,372 1,530,808
MFS International New Discovery Fund 380,179 426,155
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 388,745 343,422
MFS New Discovery Fund — —
MFS New Discovery Value Fund 166,096 213,869
MFS Research Fund 192,120 1,344,823
MFS Research International Fund 361,407 —
MFS Total Return Bond Fund 469,025 —
MFS Value Fund 508,681 1,683,006
  $8,189,239 $8,777,762
151
Notes to Financial Statements  - continued
  MFS Lifetime 2055 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $13,147,678 $2,075,302 $1,904,083 $(63,445) $3,148,057 $16,403,509
MFS Blended Research Emerging Markets Equity Fund 2,621,764 886,443 71,683 (3,806) 262,899 3,695,617
MFS Blended Research Growth Equity Fund 14,478,656 2,017,394 3,191,549 156,048 4,661,302 18,121,851
MFS Blended Research International Equity Fund 28,785,226 8,948,637 415,192 (18,900) 2,455,416 39,755,187
MFS Blended Research Mid Cap Equity Fund 26,146,623 4,796,298 1,307,336 (27,054) 6,003,807 35,612,338
MFS Blended Research Small Cap Equity Fund 6,544,952 1,994,473 670,177 (2,294) 1,018,524 8,885,478
MFS Blended Research Value Equity Fund 14,414,706 3,162,382 379,086 (5,026) 2,487,387 19,680,363
MFS Commodity Strategy Fund 13,039,040 6,380,421 1,224,099 (438,365) 677,626 18,434,623
MFS Emerging Markets Equity Fund 2,634,737 926,902 61,095 (5,300) 173,116 3,668,360
MFS Global Real Estate Fund 13,221,431 5,865,103 846,982 (110,933) (417,679) 17,710,940
MFS Growth Fund 14,546,504 2,873,057 3,381,559 131,486 3,878,495 18,047,983
MFS Inflation-Adjusted Bond Fund 6,549,471 3,051,616 438,971 (111,971) (381,139) 8,669,006
MFS Institutional Money Market Portfolio 250,212 13,343,330 5,138,513 (273) (636) 8,454,120
MFS International Growth Fund 9,173,361 3,255,269 50,583 (1,677) 121,865 12,498,235
MFS International Intrinsic Value Fund 9,159,636 3,580,378 134,957 (34,659) (73,163) 12,497,235
MFS International New Discovery Fund 10,500,569 4,004,112 157,328 (28,485) 54,456 14,373,324
MFS Mid Cap Growth Fund 13,081,214 2,880,732 948,102 (3,245) 2,609,274 17,619,873
MFS Mid Cap Value Fund 13,108,669 3,239,734 278,579 (5,028) 1,871,098 17,935,894
MFS New Discovery Fund 3,273,165 1,048,459 188,736 (56,371) 345,316 4,421,833
MFS New Discovery Value Fund 3,274,842 1,258,825 224,654 (8,555) 180,684 4,481,142
MFS Research Fund 13,166,095 3,106,952 1,663,993 (81,823) 1,832,038 16,359,269
MFS Research International Fund 10,479,261 3,572,763 106,960 (3,554) 381,361 14,322,871
MFS Total Return Bond Fund 6,563,734 1,997,942 1,776,071 (351,058) 56,511 6,491,058
MFS Value Fund 14,401,466 4,929,471 338,495 (12,919) 742,494 19,722,017
  $262,563,012 $89,195,995 $24,898,783 $(1,087,207) $32,089,109 $357,862,126
152
Notes to Financial Statements  - continued
  MFS Lifetime 2055 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $152,612 $433,615
MFS Blended Research Emerging Markets Equity Fund 87,749 —
MFS Blended Research Growth Equity Fund 114,013 —
MFS Blended Research International Equity Fund 995,563 —
MFS Blended Research Mid Cap Equity Fund 383,088 398,363
MFS Blended Research Small Cap Equity Fund 74,225 —
MFS Blended Research Value Equity Fund 267,429 366,294
MFS Commodity Strategy Fund 346,204 —
MFS Emerging Markets Equity Fund 85,316 —
MFS Global Real Estate Fund 320,962 —
MFS Growth Fund — 774,661
MFS Inflation-Adjusted Bond Fund 304,299 —
MFS Institutional Money Market Portfolio 169,289 —
MFS International Growth Fund 190,519 126,710
MFS International Intrinsic Value Fund 223,639 994,126
MFS International New Discovery Fund 247,087 276,969
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 252,195 222,792
MFS New Discovery Fund — —
MFS New Discovery Value Fund 106,827 138,289
MFS Research Fund 124,636 872,442
MFS Research International Fund 234,860 —
MFS Total Return Bond Fund 302,204 —
MFS Value Fund 328,508 1,092,867
  $5,311,224 $5,697,128
153
Notes to Financial Statements  - continued
  MFS Lifetime 2060 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $6,332,387 $1,881,856 $907,690 $(49,171) $1,621,145 $8,878,527
MFS Blended Research Emerging Markets Equity Fund 1,265,721 622,599 65,936 (9,665) 149,671 1,962,390
MFS Blended Research Growth Equity Fund 6,976,170 1,905,554 1,489,448 (17,962) 2,449,333 9,823,647
MFS Blended Research International Equity Fund 13,905,966 6,412,885 283,876 (15,003) 1,348,054 21,368,026
MFS Blended Research Mid Cap Equity Fund 12,643,201 4,298,781 828,388 (26,023) 3,121,741 19,209,312
MFS Blended Research Small Cap Equity Fund 3,162,803 1,519,627 388,858 (27,943) 534,894 4,800,523
MFS Blended Research Value Equity Fund 6,958,583 2,723,269 380,921 (5,917) 1,305,683 10,600,697
MFS Commodity Strategy Fund 6,312,944 4,117,735 931,802 (330,444) 469,454 9,637,887
MFS Emerging Markets Equity Fund 1,271,630 655,284 54,754 (8,569) 99,494 1,963,085
MFS Global Real Estate Fund 6,360,165 4,151,868 606,258 (126,228) (153,648) 9,625,899
MFS Growth Fund 7,012,940 2,411,716 1,651,406 21,600 2,015,447 9,810,297
MFS Inflation-Adjusted Bond Fund 3,161,427 2,080,325 351,981 (85,516) (158,356) 4,645,899
MFS Institutional Money Market Portfolio 32,073 7,336,353 2,900,176 (68) (281) 4,467,901
MFS International Growth Fund 4,426,105 2,372,887 132,478 (10,426) 90,403 6,746,491
MFS International Intrinsic Value Fund 4,423,467 2,513,325 167,460 (52,599) 17,236 6,733,969
MFS International New Discovery Fund 5,060,646 2,852,643 186,484 (38,742) 69,712 7,757,775
MFS Mid Cap Growth Fund 6,322,339 2,419,922 502,549 (29,073) 1,365,575 9,576,214
MFS Mid Cap Value Fund 6,327,327 2,650,198 288,481 (9,057) 985,961 9,665,948
MFS New Discovery Fund 1,581,251 789,598 123,681 (37,921) 188,501 2,397,748
MFS New Discovery Value Fund 1,581,803 895,488 156,366 (19,248) 109,909 2,411,586
MFS Research Fund 6,335,064 2,487,900 841,960 (69,422) 958,912 8,870,494
MFS Research International Fund 5,057,463 2,572,322 119,247 (5,681) 223,587 7,728,444
MFS Total Return Bond Fund 3,163,867 1,396,665 917,640 (192,805) 46,331 3,496,418
MFS Value Fund 6,956,260 3,578,442 310,747 (22,838) 420,217 10,621,334
  $126,631,602 $64,647,242 $14,588,587 $(1,168,721) $17,278,975 $192,800,511
154
Notes to Financial Statements  - continued
  MFS Lifetime 2060 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $78,856 $224,050
MFS Blended Research Emerging Markets Equity Fund 45,912 —
MFS Blended Research Growth Equity Fund 58,757 —
MFS Blended Research International Equity Fund 516,741 —
MFS Blended Research Mid Cap Equity Fund 195,932 203,745
MFS Blended Research Small Cap Equity Fund 37,254 —
MFS Blended Research Value Equity Fund 138,111 189,169
MFS Commodity Strategy Fund 183,175 —
MFS Emerging Markets Equity Fund 44,689 —
MFS Global Real Estate Fund 162,850 —
MFS Growth Fund — 399,092
MFS Inflation-Adjusted Bond Fund 154,548 —
MFS Institutional Money Market Portfolio 88,944 —
MFS International Growth Fund 98,801 65,710
MFS International Intrinsic Value Fund 116,080 516,005
MFS International New Discovery Fund 127,901 143,369
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 129,575 114,468
MFS New Discovery Fund 53,739 70,672
MFS New Discovery Value Fund — —
MFS Research Fund 64,511 451,570
MFS Research International Fund 122,035 —
MFS Total Return Bond Fund 155,003 —
MFS Value Fund 168,812 565,321
  $2,742,226 $2,943,171
155
Notes to Financial Statements  - continued
  MFS Lifetime 2065 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $324,039 $551,989 $150,473 $(7,020) $124,508 $843,043
MFS Blended Research Emerging Markets Equity Fund 64,808 137,769 30,270 (1,602) 13,705 184,410
MFS Blended Research Growth Equity Fund 356,442 595,676 198,354 (3,499) 183,813 934,078
MFS Blended Research International Equity Fund 712,885 1,463,182 286,144 (11,501) 129,359 2,007,781
MFS Blended Research Mid Cap Equity Fund 648,077 1,243,377 312,159 (13,506) 256,561 1,822,350
MFS Blended Research Small Cap Equity Fund 162,019 349,522 91,090 (4,441) 39,576 455,586
MFS Blended Research Value Equity Fund 356,442 710,321 168,273 (7,511) 112,078 1,003,057
MFS Commodity Strategy Fund 324,038 753,889 181,211 (36,062) 50,433 911,087
MFS Emerging Markets Equity Fund 64,808 141,243 29,358 (1,295) 8,854 184,252
MFS Global Real Estate Fund 324,039 761,062 148,735 (17,910) (6,083) 912,373
MFS Growth Fund 356,442 644,419 219,076 (1,778) 153,977 933,984
MFS Inflation-Adjusted Bond Fund 162,020 371,583 76,496 (8,688) (8,700) 439,719
MFS Institutional Money Market Portfolio 15,662 1,444,741 1,035,314 (22) (16) 425,051
MFS International Growth Fund 226,827 504,232 99,665 (4,784) 11,922 638,532
MFS International Intrinsic Value Fund 226,827 510,046 98,889 (9,804) 10,082 638,262
MFS International New Discovery Fund 259,231 573,806 104,776 (7,734) 12,176 732,703
MFS Mid Cap Growth Fund 324,039 645,255 159,323 (5,597) 106,770 911,144
MFS Mid Cap Value Fund 324,039 662,240 150,544 (5,986) 82,742 912,491
MFS New Discovery Fund 81,010 178,262 42,422 (2,942) 13,873 227,781
MFS New Discovery Value Fund 81,010 182,416 42,290 (3,506) 10,241 227,871
MFS Research Fund 324,039 602,973 147,857 (8,072) 71,934 843,017
MFS Research International Fund 259,231 556,929 105,843 (4,670) 24,591 730,238
MFS Total Return Bond Fund 162,019 316,841 137,232 (6,947) (3,615) 331,066
MFS Value Fund 356,443 779,060 164,088 (10,067) 42,254 1,003,602
  $6,496,436 $14,680,833 $4,179,882 $(184,944) $1,441,035 $18,253,478
156
Notes to Financial Statements  - continued
  MFS Lifetime 2065 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $6,501 $18,473
MFS Blended Research Emerging Markets Equity Fund 3,666 —
MFS Blended Research Growth Equity Fund 4,851 —
MFS Blended Research International Equity Fund 41,263 —
MFS Blended Research Mid Cap Equity Fund 16,066 16,707
MFS Blended Research Small Cap Equity Fund 2,951 —
MFS Blended Research Value Equity Fund 11,384 15,592
MFS Commodity Strategy Fund 14,692 —
MFS Emerging Markets Equity Fund 3,562 —
MFS Global Real Estate Fund 13,316 —
MFS Growth Fund — 31,690
MFS Inflation-Adjusted Bond Fund 12,029 —
MFS Institutional Money Market Portfolio 8,337 —
MFS International Growth Fund 7,890 5,247
MFS International Intrinsic Value Fund 9,285 41,276
MFS International New Discovery Fund 10,247 11,486
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 10,678 9,433
MFS New Discovery Fund — —
MFS New Discovery Value Fund 4,218 5,733
MFS Research Fund 5,324 37,266
MFS Research International Fund 9,742 —
MFS Total Return Bond Fund 12,174 —
MFS Value Fund 13,780 46,602
  $221,956 $239,505
(8)  Acquisitions
At close of business on August 5, 2022, the MFS Lifetime Income Fund with net assets of approximately $466,542,514, acquired all of the assets and liabilities of MFS Lifetime 2020 Fund, a series of MFS Series Trust XII. The purpose of the transaction was to provide shareholders of MFS Lifetime 2020 Fund the opportunity to participate in a larger combined portfolio with a similar investment objective and similar investment policies and strategies. The acquisition was accomplished by a tax-free exchange of approximately 18,675,016 shares of the MFS Lifetime Income Fund (valued at approximately $230,900,201) for all of the assets and liabilities of MFS Lifetime 2020 Fund. MFS Lifetime 2020 Fund then distributed the shares of the MFS Lifetime Income Fund that MFS Lifetime 2020 Fund received from the MFS Lifetime Income Fund to its shareholders. MFS Lifetime 2020 Fund’s investments on that date were valued at approximately $230,624,564 with a cost basis of approximately $205,704,676. For financial reporting purposes, assets received and shares issued by the MFS Lifetime Income Fund were recorded at fair value; however, the cost basis of the investments received from MFS Lifetime 2020 Fund were carried forward to align ongoing reporting of the MFS Lifetime Income Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
157
Report of Independent Registered Public Accounting Firm 
To the Shareholders of MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund and MFS Lifetime 2065 Fund and the Board of Trustees of MFS Series Trust XII
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund and MFS Lifetime 2065 Fund (collectively referred to as the “Funds”),  (ten of the funds constituting MFS Series Trust XII (the “Trust”)), including the portfolios of investments, as of April 30, 2024, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (ten of the funds constituting MFS Series Trust XII) at April 30, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles. 
Individual fund constituting the MFS Series Trust XII Statement of operations Statements of changes in net assets Financial Highlights
MFS Lifetime Income Fund MFS Lifetime 2025 Fund MFS Lifetime 2030 Fund MFS Lifetime 2035 Fund MFS Lifetime 2040 Fund MFS Lifetime 2045 Fund MFS Lifetime 2050 Fund MFS Lifetime 2055 Fund MFS Lifetime 2060 Fund For the year ended April 30, 2024 For each of the two years in the
period ended April 30, 2024 		For each of the five years in the
period ended April 30, 2024
MFS Lifetime 2065 Fund For the year ended April 30, 2024 For each of the two years in the
period ended April 30, 2024 		For each of the two years in the
period ended April 30, 2024 and
the period from September 1, 2021
(commencement of operations)
through April 30, 2022
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the auditor of one or more MFS investment companies since 1993.
Boston, Massachusetts
June 14, 2024
158
Trustees and Officers — Identification and Background
The Trustees and Officers of the Trust, as of June 1, 2024, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.)  The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
INTERESTED TRUSTEE                    
Michael W. Roberge (k)
(age 57) 		  Trustee   January 2021   135   Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022)   N/A
INDEPENDENT TRUSTEES                    
John P. Kavanaugh
(age 69) 		  Trustee and Chair of Trustees   January 2009   135   Private investor   N/A
Steven E. Buller
(age 72) 		  Trustee   February 2014   135   Private investor   N/A
John A. Caroselli
(age 69) 		  Trustee   March 2017   135   Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)   N/A
Maureen R. Goldfarb
(age 69) 		  Trustee   January 2009   135   Private investor   N/A
Peter D. Jones
(age 68) 		  Trustee   January 2019   135   Private investor   N/A
James W. Kilman, Jr.
(age 63) 		  Trustee   January 2019   135   Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)   Alpha-En Corporation, Director (2016-2019)
Clarence Otis, Jr.
(age 68) 		  Trustee   March 2017   135   Private investor   VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke
(age 68) 		  Trustee   May 2014   135   Private investor   N/A
Laurie J. Thomsen
(age 66) 		  Trustee   March 2005   135   Private investor   The Travelers Companies, Director; Dycom Industries, Inc., Director
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
OFFICERS                
William T. Allen (k)
(age 57) 		  Deputy Assistant Treasurer   April 2024   135   Massachusetts Financial Services Company, Vice President
Brian Balasco (k)
(age 46) 		  Assistant Treasurer   April 2024   135   Massachusetts Financial Services Company, Vice President
Christopher R. Bohane (k)
(age 50) 		  Assistant Secretary and Assistant Clerk   July 2005   135   Massachusetts Financial Services Company, Senior Vice President and Deputy General Counsel
159
Trustees and Officers - continued
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
James L. Byrne (k)
(age 48) 		  Assistant Treasurer   April 2024   135   Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k)
(age 57) 		  Deputy Treasurer   April 2017   135   Massachusetts Financial Services Company, Vice President
David L. DiLorenzo (k)
(age 55) 		  President   July 2005   135   Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k)
(age 56) 		  Secretary and Clerk   April 2017   135   Massachusetts Financial Services Company, Executive Vice President and General Counsel
Brian E. Langenfeld (k)
(age 51) 		  Assistant Secretary and Assistant Clerk   June 2006   135   Massachusetts Financial Services Company, Vice President and Managing Counsel
Rosa E. Licea-Mailloux (k)
(age 47) 		  Chief Compliance Officer   March 2022   135   Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022)
Amanda S. Mooradian (k)
(age 45) 		  Assistant Secretary and Assistant Clerk   September 2018   135   Massachusetts Financial Services Company, Vice President and Senior Counsel
Susan A. Pereira (k)
(age 53) 		  Assistant Secretary and Assistant Clerk   July 2005   135   Massachusetts Financial Services Company, Vice President and Managing Counsel
Kasey L. Phillips (k)
(age 53) 		  Treasurer   September 2012   135   Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k)
(age 49) 		  Assistant Secretary and Assistant Clerk   October 2014   135   Massachusetts Financial Services Company, Vice President and Senior Managing Counsel
William B. Wilson (k)
(age 41) 		  Assistant Secretary and Assistant Clerk   October 2022   135   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise.  From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer and of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds.
(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS.  The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal.  Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019.  The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms.  Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Caroselli, Jones and Otis are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
160
Trustees and Officers - continued
The Statement of Additional Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
Investment Adviser Custodian
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618 		State Street Bank and Trust Company
1 Congress Street, Suite 1
Boston, MA 02114-2016
Distributor Independent Registered Public Accounting Firm
MFS Fund Distributors, Inc.
111 Huntington Avenue
Boston, MA 02199-7618 		Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Portfolio Manager(s)  
Joseph Flaherty
Benjamin Nastou
Natalie Shapiro
Erich Shigley 		 
161
Statement Regarding Liquidity Risk Management Program 
Each fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. Each fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of each fund. Liquidity risk is the risk that each fund could not meet requests to redeem shares issued by each fund without significant dilution of remaining investors' interests.
MFS provided a written report to the Board for consideration at its March 2024 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2023 to December 31, 2023 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage each fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted each fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in each fund may be subject, can be found in each fund's prospectus.
162
Proxy Voting Policies and Information
MFS votes proxies on behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how each fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund's Form N-PORT reports are available on the SEC's Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of each fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Shareholder Reports” tab.
Further Information
From time to time, MFS may post important information about each fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing each fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
Each fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Federal Tax Information (unaudited)
The funds will notify shareholders of amounts for use in preparing 2024 income tax forms in January 2025. The following information is provided pursuant to provisions of the Internal Revenue Code.
The funds designate the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.
The funds below designated the following amounts as capital gain dividends paid during the fiscal year:
  Capital
Gains
MFS Lifetime Income Fund $4,979,000
MFS Lifetime 2025 Fund $1,962,000
MFS Lifetime 2030 Fund $11,094,000
MFS Lifetime 2035 Fund $3,907,000
MFS Lifetime 2040 Fund $13,298,000
MFS Lifetime 2045 Fund $8,002,000
MFS Lifetime 2050 Fund $10,479,000
MFS Lifetime 2055 Fund $6,933,000
MFS Lifetime 2060 Fund $3,127,000
MFS Lifetime 2065 Fund $95,000
163
Federal Tax Information (unaudited) - continued
For corporate shareholders, the percentages of the ordinary income dividends paid during the prior calendar year that qualify for the corporate dividends received deduction are as follows:
  Dividends Received
Deductions
MFS Lifetime Income Fund 5.50%
MFS Lifetime 2025 Fund 7.39%
MFS Lifetime 2030 Fund 11.67%
MFS Lifetime 2035 Fund 19.15%
MFS Lifetime 2040 Fund 27.57%
MFS Lifetime 2045 Fund 31.36%
MFS Lifetime 2050 Fund 34.08%
MFS Lifetime 2055 Fund 34.81%
MFS Lifetime 2060 Fund 34.30%
MFS Lifetime 2065 Fund 33.82%
The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
The funds intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
164
rev. 3/16
FACTS WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
 • Social Security number and account balances
 • Account transactions and transaction history
 • Checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice.
How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing.
Reasons we can share your
personal information 		Does MFS share? Can you limit
this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus 		Yes No
For our marketing purposes –
to offer our products and services to you 		No We don't share
For joint marketing with other
financial companies 		No We don't share
For our affiliates' everyday business purposes –
information about your transactions and experiences 		No We don't share
For our affiliates' everyday business purposes –
information about your creditworthiness 		No We don't share
For nonaffiliates to market to you No We don't share
Questions? Call 800-225-2606 or go to mfs.com.
165
Page 2
Who we are
Who is providing this notice? MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.
What we do
How does MFS
protect my personal
information? 		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS
collect my personal
information? 		We collect your personal information, for example, when you
 • open an account or provide account information
 • direct us to buy securities or direct us to sell your securities
 • make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing? Federal law gives you the right to limit only
 • sharing for affiliates' everyday business purposes – information about your creditworthiness
 • affiliates from using your information to market to you
 • sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
 • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
 • MFS does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
 • MFS doesn't jointly market.
Other important information
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.
166
Save paper with eDelivery.
MFS® will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.
To sign up:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Annual Report
April 30, 2024
MFS®  Core Bond Fund
MCB-ANN
MFS® Core Bond Fund
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE
Portfolio Composition
Portfolio structure (i)
Fixed income sectors (i)
Investment Grade Corporates 31.3%
Mortgage-Backed Securities 30.6%
U.S. Treasury Securities 28.2%
Collateralized Debt Obligations 8.3%
Commercial Mortgage-Backed Securities 5.0%
Asset-Backed Securities 2.8%
Municipal Bonds 0.3%
Composition including fixed income credit quality (a)(i)
AAA 11.6%
AA 3.8%
A 12.9%
BBB 19.3%
U.S. Government 21.3%
Federal Agencies 30.6%
Not Rated 7.0%
Cash & Cash Equivalents 0.5%
Other (7.0)%
Portfolio facts
Average Duration (d) 6.1
Average Effective Maturity (m) 7.8 yrs.
 
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency.
The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
1
Portfolio Composition - continued
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.
Percentages are based on net assets as of April 30, 2024.
The portfolio is actively managed and current holdings may be different.
2
Management Review
Summary of Results
For the twelve months ended April 30, 2024, Class A shares of the MFS Core Bond Fund (fund) provided a total return of -1.00%, at net asset value. This compares with a return of -1.47% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index.
Market Environment
In response to the strongest inflationary period in four decades, global central banks tightened monetary policy significantly during the reporting period, helping reduce price pressures, although more work is needed before inflation returns to target. Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense. The US sought to restrict the flow of advanced technologies to China and China looked to use its industrial overcapacity to increase exports to developed markets to bolster its slow-growing domestic economy. The conflict in the Middle East caused trade flow disruptions between Asia and Europe as shipping traffic was routed away from the Red Sea.
Although inflation has yet to reach central banks’ targets, policymakers have indicated their desire to begin cutting rates in the months ahead, although stickier-than-expected inflation could delay cuts in the US. The prospects for easier monetary policy along with resilient global economic growth have been supportive factors for risky assets, such as equities and high-yield bonds. Long-term interest rates moderated during the latter half of the reporting period, although rising government debt levels remained a concern over the medium term. Advancements in artificial intelligence and the adoption of novel weight-loss drugs were two areas of focus for investors during the period.
Factors Affecting Performance
Relative to the Bloomberg U.S. Aggregate Bond Index, the fund’s underweight exposure to the treasury sector, exposure to the collateralized mortgage obligation (CMO) sector, for which the benchmark has no exposure, and an overweight exposure to both the financials and industrials sectors contributed to relative performance. From a credit perspective, bond selection within “A” rated(r) bonds also aided relative returns.
Conversely, the fund’s bond selection within “AA” rated securities and an overweight exposure to the “AAA” rated credit quality segment detracted from relative performance.
Respectfully,
Portfolio Manager(s)
Alexander Mackey and Joshua Marston
(r) Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the
3
Management Review - continued
security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
4
Performance Summary THROUGH 4/30/24
The following chart illustrates a representative class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of a Hypothetical $10,000 Investment (t)
5
Performance Summary  - continued
Total Returns through 4/30/24
Average annual without sales charge
Share Class Class Inception Date 1-yr Life (t)
A 6/22/2022 (1.00)% 0.39%
C 6/22/2022 (1.71)% (0.36)%
I 6/22/2022 (0.76)% 0.63%
R1 6/22/2022 (1.74)% (0.36)%
R2 6/22/2022 (1.15)% 0.19%
R3 6/22/2022 (0.90)% 0.44%
R4 6/22/2022 (0.65)% 0.69%
R6 6/22/2022 (0.62)% 0.71%
Comparative benchmark(s)
     
Bloomberg U.S. Aggregate Bond Index (f) (1.47)% 0.36%
Average annual with sales charge
     
A
With Initial Sales Charge (4.25%) 		(5.20)% (1.93)%
C
With CDSC (1% for 12 months) (v) 		(2.65)% (0.36)%
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
Benchmark Definition(s)
Bloomberg U.S. Aggregate Bond Index(a) – a market capitalization-weighted index that measures the performance of the U.S. investment-grade, fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with at least one year to final maturity.
It is not possible to invest directly in an index.
(a) Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date.
6
Performance Summary  - continued
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.  
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
7
Expense Table
Fund expenses borne by the shareholders during the period,
November 1, 2023 through April 30, 2024
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.
Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8
Expense Table - continued
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/23 		Ending
Account Value
4/30/24 		Expenses
Paid During
Period (p)
11/01/23-4/30/24
A Actual 0.62% $1,000.00 $1,052.19 $3.16
Hypothetical (h) 0.62% $1,000.00 $1,021.78 $3.12
C Actual 1.37% $1,000.00 $1,048.39 $6.98
Hypothetical (h) 1.37% $1,000.00 $1,018.05 $6.87
I Actual 0.37% $1,000.00 $1,053.42 $1.89
Hypothetical (h) 0.37% $1,000.00 $1,023.02 $1.86
R1 Actual 1.37% $1,000.00 $1,048.22 $6.98
Hypothetical (h) 1.37% $1,000.00 $1,018.05 $6.87
R2 Actual 0.87% $1,000.00 $1,051.94 $4.44
Hypothetical (h) 0.87% $1,000.00 $1,020.54 $4.37
R3 Actual 0.62% $1,000.00 $1,053.25 $3.17
Hypothetical (h) 0.62% $1,000.00 $1,021.78 $3.12
R4 Actual 0.37% $1,000.00 $1,054.55 $1.89
Hypothetical (h) 0.37% $1,000.00 $1,023.02 $1.86
R6 Actual 0.33% $1,000.00 $1,054.76 $1.69
Hypothetical (h) 0.33% $1,000.00 $1,023.22 $1.66
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
9
Portfolio of Investments
4/30/24
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Bonds – 98.9%
Asset-Backed & Securitized – 16.0%
ACRES 2021-FL2 Issuer Ltd., “C”, FLR, 8.081% ((SOFR - 1mo. + 0.11448%) + 2.65%), 1/15/2037 (n)   $ 200,000 $194,186
Allegro CLO V Ltd., 2017-1A, “BR”, FLR, 7.039% ((SOFR - 3mo. + 0.26161%) + 1.45%), 10/16/2030 (n)     250,000 249,389
Arbor Realty Trust, Inc., CLO, 2021-FL3, “B”, FLR, 7.035% ((SOFR - 1mo. + 0.11448%) + 1.6%), 8/15/2034 (n)     200,000 193,738
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n)     100,000 100,290
BDS 2021-FL10 Ltd., “A”, FLR, 6.503% ((SOFR - 1mo. + 0.11448%) + 1.07%), 6/16/2036 (n)     117,324 116,196
Benchmark 2023-V3 Mortgage Trust, “A3”, 6.363%, 7/15/2056      10,878 11,089
BSPRT 2021-FL6 Issuer Ltd., “C”, FLR, 7.485% ((SOFR - 1mo. + 0.11448%) + 2.05%), 3/15/2036 (n)     100,000 96,222
Business Jet Securities LLC, 2024-1A, “A”, 6.197%, 5/15/2039 (n)     100,000 99,882
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)     75,219 75,041
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “A4”, 5.745%, 8/15/2056      145,414 146,339
Commercial Mortgage Trust, 2015-PC1, “A5”, 3.902%, 7/10/2050      250,000 245,010
Consumers 2023 Securitization Funding LLC, 5.55%, 3/01/2028      44,000 43,844
Dryden 68 CLO, Ltd., 2019-68A, “BR”, FLR, 7.29% ((SOFR - 3mo. + 0.26161%) + 1.7%), 7/15/2035 (n)     250,000 249,757
Dryden Senior Loan Fund, 2022-113A, “A1R”, CLO, FLR, 6.955% (SOFR - 3mo. + 1.63%), 10/20/2035 (n)     250,000 250,550
DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n)     23,117 23,092
Empire District Bondco LLC, 4.943%, 1/01/2033      41,000 40,182
Enterprise Fleet Financing 2023-1 LLC, “A2”, 5.51%, 1/22/2029 (n)     46,405 46,293
GLS Auto Select Receivables Trust, 2023-1A, “A2”, 6.27%, 8/16/2027 (n)     43,050 43,181
JPMBB Commercial Mortgage Securities Trust, 2014-C26, “A4”, 3.494%, 1/15/2048      75,000 73,736
KREF 2018-FT1 Ltd., “A”, FLR, 6.501% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n)     199,595 196,104
Kubota Credit Owner Trust, 2023-2A, “A2”, 5.61%, 7/15/2026 (n)     90,932 90,840
LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.435% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n)     100,000 97,643
MF1 2021-FL7 Ltd., “AS”, FLR, 6.883% ((SOFR - 1mo. + 0.11448%) + 1.45%), 10/16/2036 (n)     250,000 245,381
MF1 2022-FL10 Ltd., “AS”, FLR, 8.506% (SOFR - 1mo. + 3.187%), 9/17/2037 (n)     250,000 249,994
MF1 2022-FL8 Ltd., “B”, FLR, 7.269% (SOFR - 30 day + 1.95%), 2/19/2037 (n)     100,000 98,063
10
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
MF1 2023-FL12 LLC, FLR, “A”, 7.385% (SOFR - 1mo. + 2.066%), 10/19/2038 (n)   $ 128,500 $128,735
MSWF Commercial Mortgage Trust 2023-2, “A5”, 6.014%, 12/15/2056      69,165 71,361
Nissan Master Owner Trust, 2024-A, “A”, 6% (SOFR - 1mo. + 0.67%), 2/15/2028 (n)     100,000 100,034
OneMain Financial Issuance Trust 2022-3A, “A”, 5.94%, 5/15/2034 (n)     89,000 89,089
Palmer Square Loan Funding 2020-2A Ltd., “A1”, FLR, 6.381% ((SOFR - 3mo. + 0.26161%) + 0.8%), 5/20/2029 (n)     48,912 48,912
Ready Capital Mortgage Financing LLC, 2022-FL9, FLR, 8.428% (SOFR - 1mo. + 3.111%), 6/25/2037 (n)     250,000 249,999
Toyota Lease Owner Trust, 2023-A, “A2”, 5.3%, 8/20/2025 (n)     7,975 7,966
Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027      45,000 44,642
Wells Fargo Commercial Mortgage Trust, 2015-C28, “A4”, 3.54%, 5/15/2048      250,000 243,636
Wells Fargo Commercial Mortgage Trust, 2015-NXS1, “A5”, 3.148%, 5/15/2048      250,000 243,015
Wells Fargo Commercial Mortgage Trust, 2017-RB1, “A5”, 3.635%, 3/15/2050      175,000 161,288
        $4,664,719
Automotive – 0.8%
Lear Corp., 3.8%, 9/15/2027    $ 68,000 $64,384
Stellantis Finance US, Inc., 2.691%, 9/15/2031 (n)     200,000 163,603
        $227,987
Broadcasting – 0.6%
Walt Disney Co., 3.5%, 5/13/2040    $ 68,000 $52,960
WarnerMedia Holdings, Inc., 5.141%, 3/15/2052      161,000 123,312
        $176,272
Brokerage & Asset Managers – 1.7%
Charles Schwab Corp., 5.853% to 5/19/2033, FLR (SOFR - 1 day + 2.5%) to 5/19/2034    $ 198,000 $197,152
Intercontinental Exchange, Inc., 2.1%, 6/15/2030      103,000 85,484
LPL Holdings, Inc., 4.625%, 11/15/2027 (n)     43,000 40,975
LPL Holdings, Inc., 6.75%, 11/17/2028      11,000 11,305
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)     178,000 158,367
        $493,283
Building – 0.3%
Masco Corp., 2%, 2/15/2031    $ 117,000 $93,282
11
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Business Services – 1.4%
Equinix, Inc., 1.8%, 7/15/2027    $ 83,000 $73,827
Equinix, Inc., 2.5%, 5/15/2031      69,000 56,264
Fiserv, Inc., 2.65%, 6/01/2030      88,000 74,893
Global Payments, Inc., 1.2%, 3/01/2026      87,000 80,323
Global Payments, Inc., 2.9%, 11/15/2031      77,000 63,246
Verisk Analytics, Inc., 5.75%, 4/01/2033      70,000 70,520
        $419,073
Cable TV – 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035    $ 69,000 $65,198
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047      98,000 74,920
Cox Communications, Inc., 1.8%, 10/01/2030 (n)     88,000 68,896
Time Warner Entertainment Co. LP, 8.375%, 7/15/2033      58,000 62,836
        $271,850
Computer Software – 0.3%
Oracle Corp., 4.9%, 2/06/2033    $ 22,000 $20,827
Roper Technologies, Inc., 2%, 6/30/2030      89,000 72,778
        $93,605
Conglomerates – 0.4%
Westinghouse Air Brake Technologies Corp., 3.2%, 6/15/2025    $ 129,000 $125,203
Consumer Products – 0.2%
Kenvue, Inc., 4.9%, 3/22/2033    $ 60,000 $58,074
Consumer Services – 0.5%
Booking Holdings, Inc., 4.625%, 4/13/2030    $ 138,000 $133,029
Electrical Equipment – 0.4%
Arrow Electronics, Inc., 2.95%, 2/15/2032    $ 147,000 $119,870
Electronics – 0.5%
Broadcom, Inc., 4.3%, 11/15/2032    $ 63,000 $57,389
Broadcom, Inc., 4.926%, 5/15/2037 (n)     108,000 98,628
        $156,017
Financial Institutions – 1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026    $ 150,000 $138,590
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)     79,000 76,106
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n)     78,000 71,919
        $286,615
12
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Food & Beverages – 1.1%
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038    $ 163,000 $144,435
Diageo Capital PLC, 2.375%, 10/24/2029      200,000 173,088
        $317,523
Gaming & Lodging – 0.8%
GLP Capital LP/GLP Financing II, Inc., 5.3%, 1/15/2029    $ 64,000 $62,130
Las Vegas Sands Corp., 3.9%, 8/08/2029      65,000 58,000
Marriott International, Inc., 4.625%, 6/15/2030      108,000 102,631
        $222,761
Insurance – 0.9%
Corebridge Financial, Inc., 3.9%, 4/05/2032    $ 82,000 $71,536
Corebridge Financial, Inc., 5.75%, 1/15/2034      42,000 41,258
Metropolitan Life Global Funding I, 3.3%, 3/21/2029 (n)     150,000 136,177
        $248,971
Insurance - Health – 0.1%
Humana, Inc., 5.875%, 3/01/2033    $ 38,000 $37,969
Insurance - Property & Casualty – 0.8%
Aon Corp., 4.5%, 12/15/2028    $ 61,000 $58,561
Brown & Brown, Inc., 4.2%, 3/17/2032      84,000 74,749
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032      85,000 82,507
        $215,817
Machinery & Tools – 0.9%
Ashtead Capital, Inc., 5.5%, 8/11/2032 (n)   $ 200,000 $191,763
CNH Industrial Capital LLC, 1.875%, 1/15/2026      79,000 74,116
        $265,879
Major Banks – 6.9%
Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032    $ 302,000 $243,627
Capital One Financial Corp., 3.273% to 3/01/2029, FLR (SOFR - 1 day + 1.79%) to 3/01/2030      160,000 141,262
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027      150,000 136,455
Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029      150,000 152,982
Goldman Sachs Group, Inc., 2.6%, 2/07/2030      172,000 147,529
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032      98,000 78,427
JPMorgan Chase & Co., 4.323% to 4/26/2027, FLR (SOFR - 1 day + 1.56%) to 4/26/2028      74,000 71,537
13
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Major Banks – continued
JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031    $ 72,000 $61,617
JPMorgan Chase & Co., 2.963% to 1/25/2032, FLR (SOFR - 1 day + 1.26%) to 1/25/2033      69,000 57,331
JPMorgan Chase & Co., 3.109% to 4/22/2040, FLR (SOFR - 1 day + 2.46%) to 4/22/2041      102,000 74,161
JPMorgan Chase & Co., 3.157% to 4/22/2041, FLR (SOFR - 1 day + 1.46%) to 4/22/2042      152,000 109,802
Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + 0.858%) to 7/20/2027      131,000 119,629
Morgan Stanley, 2.699% to 1/22/2030, FLR (SOFR - 1 day + 1.143%) to 1/22/2031      97,000 83,092
Morgan Stanley, 2.943% to 1/21/2032, FLR (SOFR - 1 day + 1.29%) to 1/21/2033      127,000 104,831
PNC Financial Services Group, Inc., 5.676% to 1/22/2034, FLR (SOFR - 1 day + 1.902%) to 1/22/2035      147,000 144,020
UBS Group AG, 2.095% to 2/11/2031, FLR (CMT - 1yr. + 1.0%) to 2/11/2032 (n)     200,000 156,191
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033      162,000 136,754
        $2,019,247
Medical & Health Technology & Services – 1.1%
Adventist Health System/West, 5.43%, 3/01/2032    $ 75,000 $73,567
Alcon Finance Corp., 2.6%, 5/27/2030 (n)     200,000 169,492
CVS Health Corp., 5.3%, 6/01/2033      85,000 82,179
        $325,238
Metals & Mining – 0.9%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)   $ 200,000 $199,252
Glencore Funding LLC, 2.5%, 9/01/2030 (n)     87,000 71,994
        $271,246
Midstream – 1.7%
DCP Midstream Operating, LP, 3.25%, 2/15/2032    $ 167,000 $140,488
Plains All American Pipeline LP, 3.8%, 9/15/2030      174,000 155,935
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030      75,000 70,415
Targa Resources Corp., 6.125%, 3/15/2033      138,000 139,717
        $506,555
Mortgage-Backed – 30.5%  
Fannie Mae, 3%, 8/01/2046    $ 31,186 $26,497
Fannie Mae, UMBS, 2%, 4/01/2037 - 7/01/2052      1,001,978 778,163
Fannie Mae, UMBS, 2.5%, 5/01/2037 - 5/01/2052      1,498,007 1,194,490
14
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mortgage-Backed – continued  
Fannie Mae, UMBS, 5%, 10/01/2037 - 5/01/2053    $ 165,364 $156,934
Fannie Mae, UMBS, 5.5%, 10/01/2038 - 3/01/2054      163,809 159,463
Fannie Mae, UMBS, 3%, 5/01/2043 - 8/01/2052      478,925 397,321
Fannie Mae, UMBS, 3.5%, 7/01/2043 - 6/01/2053      139,926 122,687
Fannie Mae, UMBS, 4%, 9/01/2046 - 10/01/2050      52,107 47,626
Fannie Mae, UMBS, 1.5%, 6/01/2051 - 10/01/2051      138,237 99,381
Fannie Mae, UMBS, 4.5%, 6/01/2052 - 9/01/2052      155,197 143,252
Fannie Mae, UMBS, 6%, 11/01/2052 - 2/01/2053      117,422 117,354
Freddie Mac, UMBS, 2%, 3/01/2037 - 3/01/2052      791,852 609,096
Freddie Mac, UMBS, 2.5%, 5/01/2037 - 6/01/2052      227,284 180,142
Freddie Mac, UMBS, 3.5%, 1/01/2041 - 11/01/2053      376,018 327,609
Freddie Mac, UMBS, 1.5%, 3/01/2051      39,578 28,569
Freddie Mac, UMBS, 3%, 7/01/2051 - 6/01/2052      476,552 394,012
Freddie Mac, UMBS, 4%, 7/01/2052      208,315 186,685
Freddie Mac, UMBS, 4.5%, 10/01/2052      136,276 125,630
Freddie Mac, UMBS, 5.5%, 4/01/2053 - 6/01/2053      243,225 236,800
Freddie Mac, UMBS, 5%, 6/01/2053 - 11/01/2053      148,084 140,360
Freddie Mac, UMBS, 6.5%, 8/01/2053      24,920 25,129
Ginnie Mae, 4.5%, 10/20/2033 - 5/20/2053      371,790 346,993
Ginnie Mae, 5.53%, 9/20/2041      31,050 30,431
Ginnie Mae, 3%, 1/20/2051 - 11/20/2052      267,050 227,249
Ginnie Mae, 2%, 3/20/2052 - 6/20/2052      175,304 138,111
Ginnie Mae, 3.5%, 6/20/2052 - 9/20/2052      265,346 233,791
Ginnie Mae, 4%, 7/20/2052 - 10/20/2052      138,689 125,713
Ginnie Mae, 5%, 1/20/2053 - 5/20/2053      310,284 297,219
Ginnie Mae, 5.5%, 2/20/2053 - 6/20/2053      137,780 135,204
Ginnie Mae, 6.48%, 3/20/2064      24,956 24,957
Ginnie Mae, TBA, 2%, 5/15/2054      250,000 196,692
Ginnie Mae, TBA, 2.5%, 5/15/2054      325,000 266,399
Ginnie Mae, TBA, 3%, 5/15/2054      75,000 63,794
Ginnie Mae, TBA, 5.5%, 5/15/2054      125,000 122,540
Ginnie Mae, TBA, 6%, 6/15/2054      50,000 49,892
Ginnie Mae, TBA, 6.5%, 6/15/2054      50,000 50,499
UMBS, TBA, 2%, 5/25/2039      75,000 64,600
UMBS, TBA, 2.5%, 5/25/2039 - 5/25/2054      375,000 306,070
UMBS, TBA, 3%, 5/25/2039      100,000 90,710
UMBS, TBA, 4.5%, 5/25/2039      50,000 48,341
UMBS, TBA, 5%, 5/25/2039      50,000 49,083
UMBS, TBA, 3.5%, 5/25/2054      100,000 86,184
UMBS, TBA, 4%, 5/25/2054      224,324 200,619
UMBS, TBA, 6%, 5/25/2054      200,000 198,141
UMBS, TBA, 6.5%, 5/25/2054      50,000 50,377
        $8,900,809
15
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Municipals – 0.3%
Rhode Island Student Loan Authority Education Loan Rev., Taxable, 6.081%, 12/01/2042    $ 95,000 $92,855
Natural Gas - Distribution – 0.2%
NiSource, Inc., 5.65%, 2/01/2045    $ 73,000 $68,366
Network & Telecom – 0.2%
Verizon Communications, Inc., 2.55%, 3/21/2031    $ 57,000 $47,303
Oils – 0.3%
Marathon Petroleum Corp., 4.75%, 9/15/2044    $ 83,000 $69,671
Other Banks & Diversified Financials – 0.5%
Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n)   $ 148,000 $133,535
Pollution Control – 0.6%
Waste Management, Inc., 4.875%, 2/15/2034    $ 179,000 $172,105
Retailers – 0.5%
Alimentation Couche-Tard, Inc., 2.95%, 1/25/2030 (n)   $ 62,000 $54,270
Alimentation Couche-Tard, Inc., 3.439%, 5/13/2041 (n)     117,000 85,568
        $139,838
Specialty Stores – 0.3%
Genuine Parts Co., 2.75%, 2/01/2032    $ 115,000 $93,543
Telecommunications - Wireless – 1.2%
Crown Castle, Inc., REIT, 3.65%, 9/01/2027    $ 79,000 $74,038
Rogers Communications, Inc., 3.8%, 3/15/2032      146,000 127,379
T-Mobile USA, Inc., 2.05%, 2/15/2028      69,000 60,999
T-Mobile USA, Inc., 4.5%, 4/15/2050      83,000 67,508
Vodafone Group PLC, 5.625%, 2/10/2053      22,000 20,593
        $350,517
Tobacco – 1.0%
B.A.T. International Finance PLC, 4.448%, 3/16/2028    $ 158,000 $151,133
Philip Morris International, Inc., 5.125%, 11/17/2027      25,000 24,767
Philip Morris International, Inc., 5.625%, 11/17/2029      11,000 11,093
Philip Morris International, Inc., 5.125%, 2/15/2030      52,000 51,117
Philip Morris International, Inc., 5.75%, 11/17/2032      48,000 48,325
        $286,435
Transportation - Services – 0.1%
ERAC USA Finance LLC, 7%, 10/15/2037 (n)   $ 36,000 $39,388
16
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
U.S. Treasury Obligations – 21.0%
U.S. Treasury Bonds, 2.375%, 2/15/2042    $ 1,288,000 $903,059
U.S. Treasury Bonds, 4%, 11/15/2042      437,000 389,357
U.S. Treasury Bonds, 4.375%, 8/15/2043      150,000 140,086
U.S. Treasury Bonds, 4.75%, 11/15/2043      100,000 98,094
U.S. Treasury Bonds, 4.5%, 2/15/2044      50,000 47,469
U.S. Treasury Bonds, 2.25%, 2/15/2052 (f)     800,000 487,843
U.S. Treasury Bonds, 4%, 11/15/2052      383,000 335,604
U.S. Treasury Notes, 4%, 1/15/2027      2,550,000 2,491,330
U.S. Treasury Notes, 4.125%, 2/15/2027      650,000 637,000
U.S. Treasury Notes, 2.5%, 3/31/2027      650,000 608,537
        $6,138,379
Utilities - Electric Power – 1.5%
American Electric Power Co., Inc., 5.95%, 11/01/2032    $ 43,000 $43,448
Duke Energy Carolinas LLC, 4.95%, 1/15/2033      118,000 113,571
Duke Energy Progress LLC, 3.45%, 3/15/2029      118,000 108,724
Pacific Gas & Electric Co., 2.1%, 8/01/2027      82,000 73,035
Pacific Gas & Electric Co., 3%, 6/15/2028      108,000 97,181
        $435,959
Utilities - Gas – 0.5%
East Ohio Gas Co., 2%, 6/15/2030 (n)   $ 176,000 $141,438
Total Bonds (Identified Cost, $30,053,852)   $28,860,226
Investment Companies (h) – 7.1%
Money Market Funds – 7.1%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $2,083,506)     2,083,507 $2,083,506
Other Assets, Less Liabilities – (6.0)%   (1,744,592)
Net Assets – 100.0% $29,199,140
    
(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 $2,083,506 and $28,860,226, 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 $5,398,139, representing 18.5% 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.      
17
Portfolio of Investments – continued
The following abbreviations are used in this report and are defined:
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.
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
TBA To Be Announced
UMBS Uniform Mortgage-Backed Security
Derivative Contracts at 4/30/24
Futures Contracts
Description Long/
Short 		Currency Contracts Notional
Amount 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Interest Rate Futures    
U.S. Treasury Ultra Note 10 yr Short USD 6 $661,313 June – 2024 $20,365
Liability Derivatives
Interest Rate Futures    
U.S. Treasury Note 2 yr Long USD 2 $405,313 June – 2024 $(3,858)
U.S. Treasury Note 5 yr Long USD 14 1,466,391 June – 2024 (28,039)
U.S. Treasury Ultra Bond 30 yr Long USD 7 836,937 June – 2024 (69,113)
            $(101,010)
At April 30, 2024, the fund had liquid securities with an aggregate value of $58,541 to cover any collateral or margin obligations for certain derivative contracts.
See Notes to Financial Statements
18
Financial Statements
Statement of Assets and Liabilities
At 4/30/24
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
Assets  
Investments in unaffiliated issuers, at value (identified cost, $30,053,852) $28,860,226
Investments in affiliated issuers, at value (identified cost, $2,083,506) 2,083,506
Cash 6,546
Receivables for  
TBA sale commitments 101,042
Fund shares sold 58
Interest and dividends 200,314
Receivable from investment adviser 16,546
Other assets 183
Total assets $31,268,421
Liabilities  
Payables for  
Distributions $35
Net daily variation margin on open futures contracts 8,953
TBA purchase commitments 1,996,612
Fund shares reacquired 1,553
Payable to affiliates  
Administrative services fee 97
Shareholder servicing costs 710
Distribution and service fees 99
Payable for independent Trustees' compensation 13
Accrued expenses and other liabilities 61,209
Total liabilities $2,069,281
Net assets $29,199,140
Net assets consist of  
Paid-in capital $31,061,634
Total distributable earnings (loss) (1,862,494)
Net assets $29,199,140
Shares of beneficial interest outstanding 3,127,811
19
Statement of Assets and Liabilities – continued
  Net assets Shares
outstanding 		Net asset value
per share (a)
Class A $2,642,576 283,204 $9.33
Class C 1,051,393 112,758 9.32
Class I 465,816 49,901 9.33
Class R1 59,791 6,406 9.33
Class R2 50,156 5,372 9.34
Class R3 50,389 5,397 9.34
Class R4 50,624 5,422 9.34
Class R6 24,828,395 2,659,351 9.34
    
(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $9.74 [100 / 95.75 x $9.33]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6.
See Notes to Financial Statements
20
Financial Statements
Statement of Operations
Year ended 4/30/24
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
Net investment income (loss)  
Income  
Interest $1,327,788
Dividends from affiliated issuers 50,477
Other 5,189
Total investment income $1,383,454
Expenses  
Management fee $91,430
Distribution and service fees 13,819
Shareholder servicing costs 4,685
Administrative services fee 17,500
Independent Trustees' compensation 3,025
Custodian fee 15,384
Shareholder communications 6,317
Audit and tax fees 58,042
Legal fees 152
Registration fees 49,110
Miscellaneous 35,873
Total expenses $295,337
Fees paid indirectly (86)
Reduction of expenses by investment adviser (187,454)
Net expenses $107,797
Net investment income (loss) $1,275,657
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)  
Unaffiliated issuers $(278,605)
Affiliated issuers (55)
Futures contracts (30,142)
Net realized gain (loss) $(308,802)
Change in unrealized appreciation or depreciation  
Unaffiliated issuers $(1,030,570)
Affiliated issuers (241)
Futures contracts (120,247)
Net unrealized gain (loss) $(1,151,058)
Net realized and unrealized gain (loss) $(1,459,860)
Change in net assets from operations $(184,203)
See Notes to Financial Statements
21
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
  Year ended Year ended
  4/30/24 4/30/23 (c)
Change in net assets    
From operations    
Net investment income (loss) $1,275,657 $873,237
Net realized gain (loss) (308,802) (231,449)
Net unrealized gain (loss) (1,151,058) (123,213)
Change in net assets from operations $(184,203) $518,575
Total distributions to shareholders $(1,342,532) $(855,456)
Change in net assets from fund share transactions $3,747,306 $27,315,450
Total change in net assets $2,220,571 $26,978,569
Net assets    
At beginning of period 26,978,569 —
At end of period $29,199,140 $26,978,569
    
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
See Notes to Financial Statements
22
Financial Statements
Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
Class A  Year ended
  4/30/24 4/30/23(c)
Net asset value, beginning of period $9.86 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.41 $0.32
Net realized and unrealized gain (loss) (0.51) (0.15)
 Total from investment operations  $(0.10)  $0.17
Less distributions declared to shareholders
From net investment income $(0.43) $(0.31)
 Net asset value, end of period (x)  $9.33  $9.86
 Total return (%) (r)(s)(t)(x) (1.00) 1.75(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.27 1.59(a)
Expenses after expense reductions (f) 0.61 0.60(a)
Net investment income (loss) 4.31 3.85(a)
Portfolio turnover 100 129(n)
Net assets at end of period (000 omitted)  $2,643  $947
Supplemental Ratios (%):
Portfolio turnover (excluding TBA transactions) 53 N/A
See Notes to Financial Statements
23
Financial Highlights – continued
Class C  Year ended
  4/30/24 4/30/23(c)
Net asset value, beginning of period $9.85 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.34 $0.26
Net realized and unrealized gain (loss) (0.51) (0.16)
 Total from investment operations  $(0.17)  $0.10
Less distributions declared to shareholders
From net investment income $(0.36) $(0.25)
 Net asset value, end of period (x)  $9.32  $9.85
 Total return (%) (r)(s)(t)(x) (1.71) 1.06(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 2.02 3.12(a)
Expenses after expense reductions (f) 1.37 1.35(a)
Net investment income (loss) 3.56 3.12(a)
Portfolio turnover 100 129(n)
Net assets at end of period (000 omitted)  $1,051  $391
Supplemental Ratios (%):
Portfolio turnover (excluding TBA transactions) 53 N/A
See Notes to Financial Statements
24
Financial Highlights – continued
Class I  Year ended
  4/30/24 4/30/23(c)
Net asset value, beginning of period $9.86 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.44 $0.35
Net realized and unrealized gain (loss) (0.51) (0.16)
 Total from investment operations  $(0.07)  $0.19
Less distributions declared to shareholders
From net investment income $(0.46) $(0.33)
 Net asset value, end of period (x)  $9.33  $9.86
 Total return (%) (r)(s)(t)(x) (0.76) 1.95(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.03 1.36(a)
Expenses after expense reductions (f) 0.36 0.35(a)
Net investment income (loss) 4.56 4.19(a)
Portfolio turnover 100 129(n)
Net assets at end of period (000 omitted)  $466  $445
Supplemental Ratios (%):
Portfolio turnover (excluding TBA transactions) 53 N/A
See Notes to Financial Statements
25
Financial Highlights – continued
Class R1  Year ended
  4/30/24 4/30/23(c)
Net asset value, beginning of period $9.86 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.34 $0.25
Net realized and unrealized gain (loss) (0.51) (0.15)
 Total from investment operations  $(0.17)  $0.10
Less distributions declared to shareholders
From net investment income $(0.36) $(0.24)
 Net asset value, end of period (x)  $9.33  $9.86
 Total return (%) (r)(s)(t)(x) (1.74) 1.09(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 2.03 2.20(a)
Expenses after expense reductions (f) 1.36 1.35(a)
Net investment income (loss) 3.56 2.97(a)
Portfolio turnover 100 129(n)
Net assets at end of period (000 omitted)  $60  $51
Supplemental Ratios (%):
Portfolio turnover (excluding TBA transactions) 53 N/A
See Notes to Financial Statements
26
Financial Highlights – continued
Class R2  Year ended
  4/30/24 4/30/23(c)
Net asset value, beginning of period $9.86 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.39 $0.29
Net realized and unrealized gain (loss) (0.50) (0.14)
 Total from investment operations  $(0.11)  $0.15
Less distributions declared to shareholders
From net investment income $(0.41) $(0.29)
 Net asset value, end of period (x)  $9.34  $9.86
 Total return (%) (r)(s)(t)(x) (1.15) 1.52(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.53 1.70(a)
Expenses after expense reductions (f) 0.86 0.85(a)
Net investment income (loss) 4.06 3.47(a)
Portfolio turnover 100 129(n)
Net assets at end of period (000 omitted)  $50  $51
Supplemental Ratios (%):
Portfolio turnover (excluding TBA transactions) 53 N/A
See Notes to Financial Statements
27
Financial Highlights – continued
Class R3  Year ended
  4/30/24 4/30/23(c)
Net asset value, beginning of period $9.86 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.41 $0.31
Net realized and unrealized gain (loss) (0.50) (0.14)
 Total from investment operations  $(0.09)  $0.17
Less distributions declared to shareholders
From net investment income $(0.43) $(0.31)
 Net asset value, end of period (x)  $9.34  $9.86
 Total return (%) (r)(s)(t)(x) (0.90) 1.74(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.28 1.45(a)
Expenses after expense reductions (f) 0.61 0.60(a)
Net investment income (loss) 4.31 3.71(a)
Portfolio turnover 100 129(n)
Net assets at end of period (000 omitted)  $50  $51
Supplemental Ratios (%):
Portfolio turnover (excluding TBA transactions) 53 N/A
See Notes to Financial Statements
28
Financial Highlights – continued
Class R4  Year ended
  4/30/24 4/30/23(c)
Net asset value, beginning of period $9.86 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.44 $0.33
Net realized and unrealized gain (loss) (0.50) (0.14)
 Total from investment operations  $(0.06)  $0.19
Less distributions declared to shareholders
From net investment income $(0.46) $(0.33)
 Net asset value, end of period (x)  $9.34  $9.86
 Total return (%) (r)(s)(t)(x) (0.65) 1.95(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.03 1.20(a)
Expenses after expense reductions (f) 0.36 0.35(a)
Net investment income (loss) 4.56 3.96(a)
Portfolio turnover 100 129(n)
Net assets at end of period (000 omitted)  $51  $51
Supplemental Ratios (%):
Portfolio turnover (excluding TBA transactions) 53 N/A
See Notes to Financial Statements
29
Financial Highlights – continued
Class R6  Year ended
  4/30/24 4/30/23(c)
Net asset value, beginning of period $9.86 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.44 $0.34
Net realized and unrealized gain (loss) (0.50) (0.15)
 Total from investment operations  $(0.06)  $0.19
Less distributions declared to shareholders
From net investment income $(0.46) $(0.33)
 Net asset value, end of period (x)  $9.34  $9.86
 Total return (%) (r)(s)(t)(x) (0.62) 1.97(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.00 1.18(a)
Expenses after expense reductions (f) 0.33 0.33(a)
Net investment income (loss) 4.59 3.99(a)
Portfolio turnover 100 129(n)
Net assets at end of period (000 omitted)  $24,828  $24,992
Supplemental Ratios (%):
Portfolio turnover (excluding TBA transactions) 53 N/A
    
(a) Annualized.
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(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.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
30
Notes to Financial Statements
(1) Business and Organization
MFS Core Bond Fund (the fund) is a diversified series of MFS Series Trust XII (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service.
31
Notes to Financial Statements  - continued
Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of April 30, 2024 in valuing the fund's assets and liabilities:
32
Notes to Financial Statements  - continued
Financial Instruments Level 1 Level 2 Level 3 Total
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents $— $6,138,379 $— $6,138,379
Municipal Bonds — 92,855 — 92,855
U.S. Corporate Bonds — 6,726,212 — 6,726,212
Residential Mortgage-Backed Securities — 8,900,809 — 8,900,809
Commercial Mortgage-Backed Securities — 1,445,473 — 1,445,473
Asset-Backed Securities (including CDOs) — 3,219,246 — 3,219,246
Foreign Bonds — 2,337,252 — 2,337,252
Mutual Funds 2,083,506 — — 2,083,506
Total $2,083,506 $28,860,226 $— $30,943,732
Other Financial Instruments        
Futures Contracts – Assets $20,365 $— $— $20,365
Futures Contracts – Liabilities (101,010) — — (101,010)
For further information regarding security characteristics, see the Portfolio of Investments.
Derivatives — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.
The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at April 30, 2024 as reported in the Statement of Assets and Liabilities:
    Fair Value (a)
Risk Derivative Contracts Asset Derivatives Liability Derivatives
Interest Rate Futures Contracts $20,365 $(101,010)
(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities.
33
Notes to Financial Statements  - continued
The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended April 30, 2024 as reported in the Statement of Operations:
Risk Futures
Contracts
Interest Rate $(30,142)
The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the year ended April 30, 2024 as reported in the Statement of Operations:
Risk Futures
Contracts
Interest Rate $(120,247)
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
Collateral and margin requirements differ by type of derivative. For cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options) and collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Miscellaneous” expense in the Statement of Operations.
34
Notes to Financial Statements  - continued
Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.
The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.
Mortgage-Backed/Asset-Backed Securities — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities.  For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral.  Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income —  Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
35
Notes to Financial Statements  - continued
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis. 
To mitigate the counterparty credit risk on TBA transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement (“MSFTA”) on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.
Fees Paid Indirectly — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended April 30, 2024, is shown as a reduction of total expenses in the Statement of Operations.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
36
Notes to Financial Statements  - continued
Book/tax differences primarily relate to derivative transactions.
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
  Year ended
4/30/24 		Year ended
4/30/23 (c)
Ordinary income (including any short-term capital gains) $1,342,532 $855,456
    
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 4/30/24  
Cost of investments $32,051,623
Gross appreciation 93,188
Gross depreciation (1,281,724)
Net unrealized appreciation (depreciation) $(1,188,536)
Undistributed ordinary income 122,861
Capital loss carryforwards (686,807)
Other temporary differences (110,012)
Total distributable earnings (loss) $(1,862,494)
As of April 30, 2024, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
Short-Term $(322,022)
Long-Term (364,785)
Total $(686,807)
Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class C shares will convert to Class A
37
Notes to Financial Statements  - continued
shares approximately eight years after purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  Year
ended
4/30/24 		  Year
ended
4/30/23(c)
Class A $91,006   $19,815
Class C 32,793   3,261
Class I 21,782   9,785
Class R1 2,239   1,231
Class R2 2,140   1,445
Class R3 2,273   1,552
Class R4 2,408   1,660
Class R6 1,187,891   816,707
Total $1,342,532   $855,456
    
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
(3) Transactions with Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:
Up to $1 billion 0.325%
In excess of $1 billion and up to $2.5 billion 0.31%
In excess of $2.5 billion 0.30%
MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until August 31, 2025. For the year ended April 30, 2024, this management fee reduction amounted to $3,604, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended April 30, 2024 was equivalent to an annual effective rate of 0.31% of the fund's average daily net assets.
The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class’s average daily net assets:
      Classes      
A C I R1 R2 R3 R4 R6
0.64% 1.39% 0.39% 1.39% 0.89% 0.64% 0.39% 0.33%
38
Notes to Financial Statements  - continued
This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until August 31, 2024. For the year ended April 30, 2024, this reduction amounted to $183,850, which is included in the reduction of total expenses in the Statement of Operations.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $758 for the year ended April 30, 2024, as its portion of the initial sales charge on sales of Class A shares of the fund.
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.
Distribution Plan Fee Table:
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
Class A — 0.25% 0.25% 0.25% $ 4,793
Class C 0.75% 0.25% 1.00% 1.00% 8,065
Class R1 0.75% 0.25% 1.00% 1.00% 584
Class R2 0.25% 0.25% 0.50% 0.50% 251
Class R3 — 0.25% 0.25% 0.25% 126
Total Distribution and Service Fees         $13,819
(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.
(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended April 30, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. There were no service fee rebates for the year ended April 30, 2024.
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. There were no contingent deferred sales charges imposed during the year ended April 30, 2024.
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the year ended April 30, 2024, the fee was $1,144, which equated to 0.0041% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund
39
Notes to Financial Statements  - continued
for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended April 30, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $3,541.
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund.  Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services.  The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended April 30, 2024 was equivalent to an annual effective rate of 0.0622% of the fund's average daily net assets.
Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.
Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
On June 21, 2022, MFS purchased 20,000 shares of Class A, 5,000 shares each of Class C, Class I, Class R1, Class R2, Class R3, and Class R4, and 2,450,000 shares of Class R6, for an aggregate amount of $25,000,000 as an initial investment in the fund.
On June 23, 2023, MFS purchased 1,044 shares of Class R1 for an aggregate amount of $10,154.
At April 30, 2024, MFS held approximately 100% of the outstanding shares of Class R6, and 100% of Class R1, Class R2, Class R3, and Class R4.
(4) Portfolio Securities
For the year ended April 30, 2024, purchases and sales of investments, other short-term obligations, were as follows:
  Purchases Sales
U.S. Government securities $28,308,874 $25,636,756
Non-U.S. Government securities 2,937,484 2,256,224
40
Notes to Financial Statements  - continued
(5) Shares of Beneficial Interest
The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  Year ended
4/30/24 		  Year ended
4/30/23 (c)
  Shares Amount   Shares Amount
Shares sold          
Class A 209,006 $1,999,742   97,146 $964,385
Class C 73,439 700,325   39,583 388,631
Class I 2,730 25,554   44,581 432,292
Class R1 1,044 10,154   5,000 50,000
Class R2 — —   5,000 50,000
Class R3 — —   5,000 50,000
Class R4 — —   5,000 50,000
Class R6 187 1,795   2,451,061 24,510,500
  286,406 $2,737,570   2,652,371 $26,495,808
Shares issued to shareholders
in reinvestment of distributions 		         
Class A 9,558 $91,006   2,034 $19,815
Class C 3,424 32,682   333 3,261
Class I 2,282 21,782   1,007 9,785
Class R1 235 2,239   127 1,231
Class R2 224 2,140   148 1,445
Class R3 238 2,273   159 1,552
Class R4 252 2,408   170 1,660
Class R6 124,415 1,187,891   83,688 816,707
  140,628 $1,342,421   87,666 $855,456
Shares reacquired          
Class A (31,432) $(293,498)   (3,108) $(29,990)
Class C (3,822) (36,404)   (199) (1,954)
Class I (292) (2,783)   (407) (3,870)
  (35,546) $(332,685)   (3,714) $(35,814)
41
Notes to Financial Statements  - continued
  Year ended
4/30/24 		  Year ended
4/30/23 (c)
  Shares Amount   Shares Amount
Net change          
Class A 187,132 $1,797,250   96,072 $954,210
Class C 73,041 696,603   39,717 389,938
Class I 4,720 44,553   45,181 438,207
Class R1 1,279 12,393   5,127 51,231
Class R2 224 2,140   5,148 51,445
Class R3 238 2,273   5,159 51,552
Class R4 252 2,408   5,170 51,660
Class R6 124,602 1,189,686   2,534,749 25,327,207
  391,488 $3,747,306   2,736,323 $27,315,450
    
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
Effective September 29, 2023, purchases of Class R1 and Class R2 shares were closed to new eligible investors.
(6) Line of Credit
The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended April 30, 2024, the fund’s commitment fee and interest expense were $136 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.
42
Notes to Financial Statements  - continued
(7) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Institutional Money Market Portfolio  $1,202,650  $8,302,466  $7,421,314  $(55)  $(241)  $2,083,506
    
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio  $50,477  $—
43
Report of Independent Registered Public Accounting Firm
To the Shareholders of MFS Core Bond Fund and the Board of Trustees of
MFS Series Trust XII
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of MFS Core Bond Fund (the “Fund”) (one of the funds constituting MFS Series Trust XII (the “Trust”)), including the portfolio of investments, as of April 30, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended April 30, 2024 and the period from June 22, 2022 (commencement of operations) through April 30, 2023 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Series Trust XII) at April 30, 2024, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year ended April 30, 2024 and the period from June 22, 2022 (commencement of operations) through April 30, 2023, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
44
Report of Independent Registered Public Accounting Firm – continued
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the auditor of one or more MFS investment companies since 1993.
Boston, Massachusetts
June 20, 2024
45
Trustees and Officers — Identification and Background
The Trustees and Officers of the Trust, as of June 1, 2024, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.)  The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
INTERESTED TRUSTEE                    
Michael W. Roberge (k)
(age 57) 		  Trustee   January 2021   135   Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022)   N/A
INDEPENDENT TRUSTEES                    
John P. Kavanaugh
(age 69) 		  Trustee and Chair of Trustees   January 2009   135   Private investor   N/A
Steven E. Buller
(age 72) 		  Trustee   February 2014   135   Private investor   N/A
John A. Caroselli
(age 69) 		  Trustee   March 2017   135   Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)   N/A
Maureen R. Goldfarb
(age 69) 		  Trustee   January 2009   135   Private investor   N/A
Peter D. Jones
(age 68) 		  Trustee   January 2019   135   Private investor   N/A
James W. Kilman, Jr.
(age 63) 		  Trustee   January 2019   135   Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)   Alpha-En Corporation, Director (2016-2019)
46
Trustees and Officers - continued
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
Clarence Otis, Jr.
(age 68) 		  Trustee   March 2017   135   Private investor   VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke
(age 68) 		  Trustee   May 2014   135   Private investor   N/A
Laurie J. Thomsen
(age 66) 		  Trustee   March 2005   135   Private investor   The Travelers Companies, Director; Dycom Industries, Inc., Director
    
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
OFFICERS                
William T. Allen (k)
(age 57) 		  Deputy Assistant Treasurer   April 2024   135   Massachusetts Financial Services Company, Vice President
Brian Balasco (k)
(age 46) 		  Assistant Treasurer   April 2024   135   Massachusetts Financial Services Company, Vice President
Christopher R. Bohane (k)
(age 50) 		  Assistant Secretary and Assistant Clerk   July 2005   135   Massachusetts Financial Services Company, Senior Vice President and Deputy General Counsel
James L. Byrne (k)
(age 48) 		  Assistant Treasurer   April 2024   135   Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k)
(age 57) 		  Deputy Treasurer   April 2017   135   Massachusetts Financial Services Company, Vice President
David L. DiLorenzo (k)
(age 55) 		  President   July 2005   135   Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k)
(age 56) 		  Secretary and Clerk   April 2017   135   Massachusetts Financial Services Company, Executive Vice President and General Counsel
Brian E. Langenfeld (k)
(age 51) 		  Assistant Secretary and Assistant Clerk   June 2006   135   Massachusetts Financial Services Company, Vice President and Managing Counsel
47
Trustees and Officers - continued
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
Rosa E. Licea-Mailloux (k)
(age 47) 		  Chief Compliance Officer   March 2022   135   Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022)
Amanda S. Mooradian (k)
(age 45) 		  Assistant Secretary and Assistant Clerk   September 2018   135   Massachusetts Financial Services Company, Vice President and Senior Counsel
Susan A. Pereira (k)
(age 53) 		  Assistant Secretary and Assistant Clerk   July 2005   135   Massachusetts Financial Services Company, Vice President and Managing Counsel
Kasey L. Phillips (k)
(age 53) 		  Treasurer   September 2012   135   Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k)
(age 49) 		  Assistant Secretary and Assistant Clerk   October 2014   135   Massachusetts Financial Services Company, Vice President and Senior Managing Counsel
William B. Wilson (k)
(age 41) 		  Assistant Secretary and Assistant Clerk   October 2022   135   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise.  From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer and of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds.
(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS.  The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal.  Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019.  The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms.  Under the terms of the Board's retirement policy, an Independent Trustee
48
Trustees and Officers - continued
shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Caroselli, Jones and Otis are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
The Statement of Additional Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
Investment Adviser Custodian
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618 		JPMorgan Chase Bank, NA
4 Metrotech Center
New York, NY 11245
    
Portfolio Manager(s) Independent Registered Public Accounting Firm
Alexander Mackey
Joshua Marston 		Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
49
Statement Regarding Liquidity Risk Management Program
The fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of the fund. Liquidity risk is the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors' interests.
MFS provided a written report to the Board for consideration at its March 2024 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period since the fund's inception on June 22, 2022 to December 31, 2023 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage the fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted the fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in the fund may be subject, can be found in the prospectus.
50
Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Shareholder Reports” tab.
Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing the fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Federal Tax Information (unaudited)
The fund will notify shareholders of amounts for use in preparing 2024 income tax forms in January 2025. The following information is provided pursuant to provisions of the Internal Revenue Code.
The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
51
rev. 3/16
FACTS WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION?
    
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
    
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
• Social Security number and account balances
• Account transactions and transaction history
• Checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice.
    
How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing.
    
Reasons we can share your
personal information 		Does MFS share? Can you limit
this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus 		Yes No
For our marketing purposes –
to offer our products and services to you 		No We don't share
For joint marketing with other
financial companies 		No We don't share
For our affiliates' everyday business purposes –
information about your transactions and experiences 		No We don't share
For our affiliates' everyday business purposes –
information about your creditworthiness 		No We don't share
For nonaffiliates to market to you No We don't share
    
Questions? Call 800-225-2606 or go to mfs.com.
52
Page 2
Who we are
Who is providing this notice? MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.
    
What we do
How does MFS
protect my personal
information? 		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS
collect my personal
information? 		We collect your personal information, for example, when you
• open an account or provide account information
• direct us to buy securities or direct us to sell your securities
• make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing? Federal law gives you the right to limit only
• sharing for affiliates' everyday business purposes – information about your creditworthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
    
Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
• MFS does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
• MFS doesn't jointly market.
    
Other important information
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.
53
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CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Item 1(b):

Not applicable.

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code’s definition enumerated in paragraph

(b)of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit

waiver, from any provision of the Code. David L. DiLorenzo (Principal Executive Officer) and James O. Yost (Principal Financial Officer) were the two persons covered by the Code prior to April 1, 2024. Beginning April 1, 2024, David L. DiLorenzo (Principal Executive Officer) and Kasey L. Phillips (Principal Financial Officer) are the two persons covered by the Code.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

The Board of Trustees has appointed Ernst & Young LLP (“E&Y”) to serve as independent accountant to a series of the Registrant (each a "Fund" and collectively the "Funds"). The tables below set forth the audit fees billed to each Fund as well as fees for non-audit services provided to each Fund and/or to the Fund's investment adviser, Massachusetts Financial Services Company (“MFS”) and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund (“MFS Related Entities”).

For the fiscal years ended April 30, 2024 and 2023, audit fees billed to each Fund by E&Y were as follows:

Fees billed by E&Y:

 

Audit Fees

 

2024

 

2023

MFS Core Bond Fund

47,300

 

31,800

MFS Lifetime Income Fund

37,244

 

35,942

MFS Lifetime 2020 Fund+

N/A

 

0

MFS Lifetime 2025 Fund

36,091

 

34,832

MFS Lifetime 2030 Fund

36,915

 

35,626

MFS Lifetime 2035 Fund

36,091

 

34,832

MFS Lifetime 2040 Fund

36,915

 

35,626

MFS Lifetime 2045 Fund

36,091

 

34,832

MFS Lifetime 2050 Fund

36,223

 

34,958

MFS Lifetime 2055 Fund

36,091

 

34,832

MFS Lifetime 2060 Fund

35,299

 

34,068

MFS Lifetime 2065 Fund

29,800

 

22,550

Total

404,060

 

369,898

For the fiscal years ended April 30, 2024 and 2023, fees billed by E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

Fees billed by E&Y:

 

Audit-Related Fees1

Tax Fees2

All Other Fees3

 

 

 

2024

 

2023

 

2024

 

2023

2024

2023

To MFS Core Bond Fund**

 

0

 

0

 

267

 

259

0

0

To MFS Lifetime Income Fund

 

0

 

0

 

0

 

0

0

0

To MFS Lifetime

2020 Fund+

 

N/A

0

 

N/A

0

N/A

0

To MFS Lifetime

2025 Fund

 

0

 

0

 

0

 

0

0

0

To MFS Lifetime

2030 Fund

 

0

 

0

 

0

 

0

0

0

To MFS Lifetime

2035 Fund

 

0

 

0

 

0

 

0

0

0

To MFS Lifetime

2040 Fund

 

0

 

0

 

0

 

0

0

0

To MFS Lifetime

2045 Fund

 

0

 

0

 

0

 

0

0

0

To MFS Lifetime

2050 Fund

 

0

 

0

 

0

 

0

0

0

To MFS Lifetime

2055 Fund

 

0

 

0

 

0

 

0

0

0

To MFS Lifetime 2060 Fund

 

0

 

0

 

0

 

0

0

0

To MFS Lifetime 2065 Fund

 

0

 

0

 

0

 

0

0

0

Total fees billed by E&Y

 

0

 

0

 

267

 

259

0

0

To above Funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees billed by E&Y:

 

Audit-Related Fees1

 

Tax Fees2

All Other Fees3

 

 

2024

 

2023

 

2024

 

2023

2024

20234

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

Entities of MFS Core Bond

0

 

 

0

 

0

 

0

3,600

6,765

Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

 

0

 

0

 

0

3,600

6,765

Income Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

 

N/A

 

0

 

N/A

 

0

N/A

6,765

2020 Fund*+

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

0

 

0

0

 

3,600

 

6,765

 

2025 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

0

 

0

0

 

3,600

 

6,765

 

2030 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

0

 

0

0

 

3,600

 

6,765

 

2035 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

0

 

0

0

 

3,600

 

6,765

 

2040 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

0

 

0

0

 

3,600

 

6,765

 

2045 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

0

 

0

0

 

3,600

 

6,765

 

2050 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

0

 

0

0

 

3,600

 

6,765

 

2055 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

0

 

0

0

 

3,600

 

6,765

 

2060 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

0

 

0

0

 

3,600

 

6,765

 

2065 Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees billed by E&Y:

 

 

 

Aggregate Fees for Non-audit Services

 

 

 

 

 

 

2024

 

 

20234

 

 

To MFS Core Bond Fund, MFS and MFS

 

 

229,807

 

 

231,774

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime Income Fund,

 

 

 

229,540

 

 

231,515

 

 

MFS and MFS Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2020 Fund, MFS and MFS

 

 

 

N/A

 

 

231,515

 

 

Related Entities# +

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2025 Fund, MFS and MFS

 

 

229,540

 

 

231,515

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2030 Fund, MFS and MFS

 

 

229,540

 

 

231,515

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2035 Fund, MFS and MFS

 

 

229,540

 

 

231,515

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2040 Fund, MFS and MFS

 

 

229,540

 

 

231,515

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2045 Fund, MFS and MFS

 

 

229,540

 

 

231,515

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2050 Fund, MFS and MFS

 

 

229,540

 

 

231,515

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2055 Fund, MFS and MFS

 

 

229,540

 

 

231,515

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2060 Fund, MFS and MFS

 

 

229,540

 

 

231,515

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2065 Fund, MFS and MFS

 

 

229,540

 

 

231,515

 

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

+MFS Lifetime 2020 Fund was reorganized into the MFS Lifetime Income Fund, as of August 2022, both series of MFS Series Trust XII.

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

#This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Funds and for non-audit services rendered to MFS and the MFS Related Entities.

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

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

3 The fees included under “All Other Fees” are fees for products and services provided by Deloitte other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees”.

4 Certain fees reported in 2023 have been restated in this filing from those reported in the Registrant’s filing for the reporting period ended April 30, 2023.

Item 4(e)(1):

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

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

Item 4(e)(2):

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

Item 4(f):

Not applicable.

Item 4(h):

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

Item 4(i):

Not applicable.

Item 4(j):

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series 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 to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

Not applicable to the Registrant.

ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not Applicable.

ITEM 14. EXHIBITS.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.

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

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

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

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

Notice

A copy of the 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 SERIES TRUST XII

This Notice pertains only to the following series of the Registrant: MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund, and MFS Lifetime 2065 Fund. Each remaining series of the Registrant will be certifying on a different date.

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: June 14, 2024

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 14, 2024

By (Signature and Title)*

/S/ KASEY L. PHILLIPS

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: June 14, 2024

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

Notice

A copy of the 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 SERIES TRUST XII

This Notice pertains only to the following series of the Registrant: MFS Core Bond Fund. Each remaining series of the Registrant will be certifying on a different date.

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: June 20, 2024

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 20, 2024

By (Signature and Title)*

/S/ KASEY L. PHILLIPS

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: June 20, 2024

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