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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
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: April 30*
Date of reporting period: October 31, 2019
| * | This Form N-CSR pertains to the following series of the Registrant: MFS Lifetime Income Fund, MFS Lifetime 2020 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, and MFS Lifetime 2060 Fund. |
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| ITEM 1. | REPORTS TO STOCKHOLDERS. |
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Semiannual Report
October 31, 2019
MFS® Lifetime® Funds
MFS® Lifetime® Income Fund
MFS® Lifetime® 2020 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
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the complete reports will be made available on the fund’s Web site (funds.mfs.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.
If you are already signed up to receive shareholder reports by email, you will not be affected by this change and you need not take any action. You may sign up to receive shareholder reports and other communications from the fund by email by contacting your financial intermediary (such as a broker-dealer or bank) or, if you hold your shares directly with the fund, by calling 1-800-225-2606 or by logging on to MFS Access at mfs.com.
Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. Contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you can call 1-800-225-2606 or send an email request to orderliterature@mfs.com to let the fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the MFS fund complex if you invest directly.
LTF-SEM
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MFS® Lifetime® Funds
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
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LETTER FROM THE EXECUTIVE CHAIR
The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.
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Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
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Portfolio Composition – continued
| (o) | Less than 0.1%. |
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
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Portfolio Composition – continued
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
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Portfolio Composition – continued
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
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Portfolio Composition – continued
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
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Portfolio Composition – continued
| (o) | Less than 0.1%. |
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
From time to time Cash & Cash Equivalents may be negative due to timing of cash receipts.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
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Portfolio Composition – continued
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
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Portfolio Composition – continued
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
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Portfolio Composition – continued
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
10
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Portfolio Composition – continued
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. MFS endeavors to fully invest all MFS funds-of-funds in underlying funds on a daily basis. Any divergence from 0.0% in Cash & Cash Equivalents is typically due to the timing of fund subscriptions/redemptions and the settlement of subsequent investment in/divestment from the underlying funds. While the MFS funds-of-funds’ subscriptions/redemptions are processed at the same day NAV of the underlying funds, a positive/negative cash balance will be reflected on the MFS funds-of-funds’ Statements of Assets and Liabilities until the trades with the underlying funds settle, which is typically two business days. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of October 31, 2019.
The portfolio is actively managed and current holdings may be different.
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Fund expenses borne by the shareholders during the period, May 1, 2019 through October 31, 2019
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 May 1, 2019 through October 31, 2019.
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.
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Expense Tables – continued
MFS LIFETIME INCOME FUND
| Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During Period (p) 5/01/19-10/31/19 |
||||||||||||||
| A | Actual | 0.23% | $1,000.00 | $1,041.33 | $1.18 | |||||||||||||
| Hypothetical (h) | 0.23% | $1,000.00 | $1,023.98 | $1.17 | ||||||||||||||
| B | Actual | 0.98% | $1,000.00 | $1,036.63 | $5.02 | |||||||||||||
| Hypothetical (h) | 0.98% | $1,000.00 | $1,020.21 | $4.98 | ||||||||||||||
| C | Actual | 0.98% | $1,000.00 | $1,037.47 | $5.02 | |||||||||||||
| Hypothetical (h) | 0.98% | $1,000.00 | $1,020.21 | $4.98 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,042.59 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 0.98% | $1,000.00 | $1,037.42 | $5.02 | |||||||||||||
| Hypothetical (h) | 0.98% | $1,000.00 | $1,020.21 | $4.98 | ||||||||||||||
| R2 | Actual | 0.48% | $1,000.00 | $1,040.02 | $2.46 | |||||||||||||
| Hypothetical (h) | 0.48% | $1,000.00 | $1,022.72 | $2.44 | ||||||||||||||
| R3 | Actual | 0.23% | $1,000.00 | $1,040.49 | $1.18 | |||||||||||||
| Hypothetical (h) | 0.23% | $1,000.00 | $1,023.98 | $1.17 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,042.62 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,042.94 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| 529A | Actual | 0.27% | $1,000.00 | $1,041.12 | $1.39 | |||||||||||||
| Hypothetical (h) | 0.27% | $1,000.00 | $1,023.78 | $1.37 | ||||||||||||||
| 529B | Actual | 1.02% | $1,000.00 | $1,037.26 | $5.22 | |||||||||||||
| Hypothetical (h) | 1.02% | $1,000.00 | $1,020.01 | $5.18 | ||||||||||||||
| 529C | Actual | 1.03% | $1,000.00 | $1,036.27 | $5.27 | |||||||||||||
| Hypothetical (h) | 1.03% | $1,000.00 | $1,019.96 | $5.23 | ||||||||||||||
| (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 184/366 (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 Income Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class 529A, Class 529B, and Class 529C shares, this rebate reduced the expense ratios above by 0.02%, 0.02%, and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.
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Expense Tables – continued
MFS LIFETIME 2020 FUND
| Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During Period (p) 5/01/19-10/31/19 |
||||||||||||||
| A | Actual | 0.24% | $1,000.00 | $1,040.83 | $1.23 | |||||||||||||
| Hypothetical (h) | 0.24% | $1,000.00 | $1,023.93 | $1.22 | ||||||||||||||
| B | Actual | 0.99% | $1,000.00 | $1,037.18 | $5.07 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| C | Actual | 0.99% | $1,000.00 | $1,036.98 | $5.07 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,042.85 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 0.99% | $1,000.00 | $1,037.18 | $5.07 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| R2 | Actual | 0.49% | $1,000.00 | $1,039.60 | $2.51 | |||||||||||||
| Hypothetical (h) | 0.49% | $1,000.00 | $1,022.67 | $2.49 | ||||||||||||||
| R3 | Actual | 0.24% | $1,000.00 | $1,040.83 | $1.23 | |||||||||||||
| Hypothetical (h) | 0.24% | $1,000.00 | $1,023.93 | $1.22 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,042.08 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,043.68 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $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 184/366 (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 2020 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A shares, this rebate reduced the expense ratio above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.
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Expense Tables – continued
MFS LIFETIME 2025 FUND
| Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During |
||||||||||||||
| A | Actual | 0.22% | $1,000.00 | $1,041.44 | $1.13 | |||||||||||||
| Hypothetical (h) | 0.22% | $1,000.00 | $1,024.03 | $1.12 | ||||||||||||||
| B | Actual | 0.98% | $1,000.00 | $1,037.90 | $5.02 | |||||||||||||
| Hypothetical (h) | 0.98% | $1,000.00 | $1,020.21 | $4.98 | ||||||||||||||
| C | Actual | 0.99% | $1,000.00 | $1,038.10 | $5.07 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,042.81 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 0.99% | $1,000.00 | $1,037.07 | $5.07 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| R2 | Actual | 0.49% | $1,000.00 | $1,040.12 | $2.51 | |||||||||||||
| Hypothetical (h) | 0.49% | $1,000.00 | $1,022.67 | $2.49 | ||||||||||||||
| R3 | Actual | 0.24% | $1,000.00 | $1,041.48 | $1.23 | |||||||||||||
| Hypothetical (h) | 0.24% | $1,000.00 | $1,023.93 | $1.22 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,042.75 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,042.75 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $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 184/366 (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 2025 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A and Class B shares, this rebate reduced the expense ratios above by 0.02% and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.
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Expense Tables – continued
MFS LIFETIME 2030 FUND
| Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During Period (p) |
||||||||||||||
| A | Actual | 0.24% | $1,000.00 | $1,039.13 | $1.23 | |||||||||||||
| Hypothetical (h) | 0.24% | $1,000.00 | $1,023.93 | $1.22 | ||||||||||||||
| B | Actual | 0.99% | $1,000.00 | $1,035.78 | $5.07 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| C | Actual | 0.99% | $1,000.00 | $1,036.02 | $5.07 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,040.87 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 0.99% | $1,000.00 | $1,035.67 | $5.07 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| R2 | Actual | 0.49% | $1,000.00 | $1,038.24 | $2.51 | |||||||||||||
| Hypothetical (h) | 0.49% | $1,000.00 | $1,022.67 | $2.49 | ||||||||||||||
| R3 | Actual | 0.25% | $1,000.00 | $1,039.25 | $1.28 | |||||||||||||
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.88 | $1.27 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,040.82 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,041.45 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $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 184/366 (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. |
16
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Expense Tables – continued
MFS LIFETIME 2035 FUND
| Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During Period (p) |
||||||||||||||
| A | Actual | 0.24% | $1,000.00 | $1,036.15 | $1.23 | |||||||||||||
| Hypothetical (h) | 0.24% | $1,000.00 | $1,023.93 | $1.22 | ||||||||||||||
| B | Actual | 1.00% | $1,000.00 | $1,032.35 | $5.11 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| C | Actual | 0.99% | $1,000.00 | $1,031.80 | $5.06 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,036.74 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 1.00% | $1,000.00 | $1,032.37 | $5.11 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| R2 | Actual | 0.50% | $1,000.00 | $1,034.25 | $2.56 | |||||||||||||
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.62 | $2.54 | ||||||||||||||
| R3 | Actual | 0.25% | $1,000.00 | $1,036.10 | $1.28 | |||||||||||||
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.88 | $1.27 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,037.28 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,037.95 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $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 184/366 (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 2035 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A and Class C shares, this rebate reduced the expense ratios above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.
17
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Expense Tables – continued
MFS LIFETIME 2040 FUND
|
Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During |
||||||||||||||
| A | Actual | 0.24% | $1,000.00 | $1,034.63 | $1.23 | |||||||||||||
| Hypothetical (h) | 0.24% | $1,000.00 | $1,023.93 | $1.22 | ||||||||||||||
| B | Actual | 0.99% | $1,000.00 | $1,030.60 | $5.05 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| C | Actual | 0.99% | $1,000.00 | $1,030.38 | $5.05 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,035.61 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 1.00% | $1,000.00 | $1,030.12 | $5.10 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| R2 | Actual | 0.50% | $1,000.00 | $1,033.05 | $2.56 | |||||||||||||
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.62 | $2.54 | ||||||||||||||
| R3 | Actual | 0.25% | $1,000.00 | $1,034.63 | $1.28 | |||||||||||||
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.88 | $1.27 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,035.52 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,036.12 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $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 184/366 (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 2040 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class A and Class B shares, this rebate reduced the expense ratios above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.
18
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Expense Tables – continued
MFS LIFETIME 2045 FUND
| Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During 5/01/19-10/31/19 |
||||||||||||||
| A | Actual | 0.25% | $1,000.00 | $1,033.48 | $1.28 | |||||||||||||
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.88 | $1.27 | ||||||||||||||
| B | Actual | 1.00% | $1,000.00 | $1,029.16 | $5.10 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| C | Actual | 0.97% | $1,000.00 | $1,029.32 | $4.95 | |||||||||||||
| Hypothetical (h) | 0.97% | $1,000.00 | $1,020.26 | $4.93 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,033.97 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 1.00% | $1,000.00 | $1,029.20 | $5.10 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| R2 | Actual | 0.50% | $1,000.00 | $1,031.78 | $2.55 | |||||||||||||
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.62 | $2.54 | ||||||||||||||
| R3 | Actual | 0.25% | $1,000.00 | $1,032.86 | $1.28 | |||||||||||||
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.88 | $1.27 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,034.02 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,034.66 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $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 184/366 (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 2045 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class C shares, this rebate reduced the expense ratio above by 0.03%. See Note 3 in the Notes to Financial Statements for additional information.
19
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Expense Tables – continued
MFS LIFETIME 2050 FUND
| Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During 5/01/19-10/31/19 |
||||||||||||||
| A | Actual | 0.25% | $1,000.00 | $1,032.98 | $1.28 | |||||||||||||
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.88 | $1.27 | ||||||||||||||
| B | Actual | 1.00% | $1,000.00 | $1,029.11 | $5.10 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| C | Actual | 1.00% | $1,000.00 | $1,028.73 | $5.10 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,034.08 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 1.00% | $1,000.00 | $1,028.71 | $5.10 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| R2 | Actual | 0.50% | $1,000.00 | $1,031.81 | $2.55 | |||||||||||||
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.62 | $2.54 | ||||||||||||||
| R3 | Actual | 0.25% | $1,000.00 | $1,032.67 | $1.28 | |||||||||||||
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.88 | $1.27 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,034.10 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,035.18 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $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 184/366 (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. |
20
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Expense Tables – continued
MFS LIFETIME 2055 FUND
| Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During |
||||||||||||||
| A | Actual | 0.25% | $1,000.00 | $1,033.27 | $1.28 | |||||||||||||
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.88 | $1.27 | ||||||||||||||
| B | Actual | 1.00% | $1,000.00 | $1,028.99 | $5.10 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| C | Actual | 0.99% | $1,000.00 | $1,029.21 | $5.05 | |||||||||||||
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.16 | $5.03 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,034.50 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 1.00% | $1,000.00 | $1,029.19 | $5.10 | |||||||||||||
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.11 | $5.08 | ||||||||||||||
| R2 | Actual | 0.50% | $1,000.00 | $1,032.20 | $2.55 | |||||||||||||
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.62 | $2.54 | ||||||||||||||
| R3 | Actual | 0.25% | $1,000.00 | $1,033.27 | $1.28 | |||||||||||||
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.88 | $1.27 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,034.35 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,035.60 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $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 184/366 (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 2055 Fund, each class with a Rule 12b-1 service fee is subject to a rebate of a portion of such fee. Such rebates are included in the expense ratios above and are outside of the expense limitation arrangement. For Class C shares, this rebate reduced the expense ratio above by 0.01%. See Note 3 in the Notes to Financial Statements for additional information.
21
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Expense Tables – continued
MFS LIFETIME 2060 FUND
| Share Class |
Annualized Expense Ratio |
Beginning Account Value 5/01/19 |
Ending Account Value |
Expenses Paid During Period (p) |
||||||||||||||
| A | Actual | 0.20% | $1,000.00 | $1,033.44 | $1.02 | |||||||||||||
| Hypothetical (h) | 0.20% | $1,000.00 | $1,024.13 | $1.02 | ||||||||||||||
| B | Actual | 0.95% | $1,000.00 | $1,029.39 | $4.85 | |||||||||||||
| Hypothetical (h) | 0.95% | $1,000.00 | $1,020.36 | $4.82 | ||||||||||||||
| C | Actual | 0.95% | $1,000.00 | $1,029.48 | $4.85 | |||||||||||||
| Hypothetical (h) | 0.95% | $1,000.00 | $1,020.36 | $4.82 | ||||||||||||||
| I | Actual | 0.00% | $1,000.00 | $1,034.90 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R1 | Actual | 0.95% | $1,000.00 | $1,030.13 | $4.85 | |||||||||||||
| Hypothetical (h) | 0.95% | $1,000.00 | $1,020.36 | $4.82 | ||||||||||||||
| R2 | Actual | 0.45% | $1,000.00 | $1,032.65 | $2.30 | |||||||||||||
| Hypothetical (h) | 0.45% | $1,000.00 | $1,022.87 | $2.29 | ||||||||||||||
| R3 | Actual | 0.20% | $1,000.00 | $1,034.20 | $1.02 | |||||||||||||
| Hypothetical (h) | 0.20% | $1,000.00 | $1,024.13 | $1.02 | ||||||||||||||
| R4 | Actual | 0.00% | $1,000.00 | $1,034.93 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| R6 | Actual | 0.00% | $1,000.00 | $1,034.87 | $0.00 | |||||||||||||
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.14 | $0.00 | ||||||||||||||
| (h) | 5% class return per year before expenses. |
| (p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests. If these indirect costs were included, your costs would have been higher. |
22
Table of Contents
10/31/19 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS LIFETIME INCOME FUND
| Investment Companies (h) - 100.0% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 70.7% | ||||||||
| MFS Emerging Markets Debt Fund - Class R6 | 822,081 | $ | 12,092,808 | |||||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 871,325 | 6,055,709 | ||||||
| MFS Global Bond Fund - Class R6 | 3,299,486 | 30,256,286 | ||||||
| MFS Government Securities Fund - Class R6 | 6,020,083 | 60,381,429 | ||||||
| MFS High Income Fund - Class R6 | 5,301,729 | 18,131,914 | ||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 5,756,151 | 60,382,023 | ||||||
| MFS Limited Maturity Fund - Class R6 | 20,091,444 | 120,749,577 | ||||||
| MFS Total Return Bond Fund - Class R6 | 10,933,295 | 120,922,247 | ||||||
| $ | 428,971,993 | |||||||
| International Stock Funds - 5.0% | ||||||||
| MFS Blended Research International Equity Fund - Class R6 | 1,361,407 | $ | 15,166,072 | |||||
| MFS International Growth Fund - Class R6 | 86,222 | 3,074,679 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 67,522 | 3,059,457 | ||||||
| MFS Research International Fund - Class R6 | 484,879 | 9,173,909 | ||||||
| $ | 30,474,117 | |||||||
| Specialty Funds - 4.0% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 2,270,189 | $ | 12,100,108 | |||||
| MFS Global Real Estate Fund - Class R6 | 650,429 | 12,091,484 | ||||||
| $ | 24,191,592 | |||||||
| U.S. Stock Funds - 20.1% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 441,912 | $ | 12,240,962 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 831,140 | 12,226,068 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 1,492,452 | 18,163,141 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 454,332 | 6,106,216 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 911,393 | 12,185,325 | ||||||
| MFS Growth Fund - Class R6 | 100,634 | 12,197,886 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 422,728 | 9,084,425 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 370,976 | 9,103,754 | ||||||
| MFS New Discovery Fund - Class R6 | 95,999 | 3,039,328 | ||||||
| MFS New Discovery Value Fund - Class R6 | 188,592 | 3,047,651 | ||||||
| MFS Research Fund - Class R6 | 271,424 | 12,170,623 | ||||||
| MFS Value Fund - Class R6 | 286,081 | 12,161,308 | ||||||
| $ | 121,726,687 | |||||||
| Money Market Funds - 0.2% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 1,304,961 | $ | 1,305,091 | |||||
| Total Investment Companies (Identified Cost, $533,516,775) | $ | 606,669,480 | ||||||
| Other Assets, Less Liabilities - (0.0)% | (169,647) | |||||||
| Net Assets - 100.0% | $ | 606,499,833 | ||||||
See Portfolio Footnotes and Notes to Financial Statements
23
Table of Contents
Portfolio of Investments (unaudited) – continued
MFS LIFETIME 2020 FUND
| Investment Companies (h) - 100.0% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 68.8% | ||||||||
| MFS Emerging Markets Debt Fund - Class R6 | 511,794 | $ | 7,528,493 | |||||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 588,755 | 4,091,849 | ||||||
| MFS Global Bond Fund - Class R6 | 1,878,180 | 17,222,913 | ||||||
| MFS Government Securities Fund - Class R6 | 3,422,766 | 34,330,336 | ||||||
| MFS High Income Fund - Class R6 | 3,394,015 | 11,607,531 | ||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 3,271,107 | 34,313,910 | ||||||
| MFS Limited Maturity Fund - Class R6 | 10,335,027 | 62,113,513 | ||||||
| MFS Total Return Bond Fund - Class R6 | 5,920,140 | 65,476,750 | ||||||
| $ | 236,685,295 | |||||||
| International Stock Funds - 5.6% | ||||||||
| MFS Blended Research International Equity Fund - Class R6 | 861,899 | $ | 9,601,553 | |||||
| MFS International Growth Fund - Class R6 | 57,911 | 2,065,100 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 45,448 | 2,059,244 | ||||||
| MFS Research International Fund - Class R6 | 292,239 | 5,529,173 | ||||||
| $ | 19,255,070 | |||||||
| Specialty Funds - 4.0% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 1,292,707 | $ | 6,890,131 | |||||
| MFS Global Real Estate Fund - Class R6 | 370,484 | 6,887,295 | ||||||
| $ | 13,777,426 | |||||||
| U.S. Stock Funds - 21.6% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 273,748 | $ | 7,582,814 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 515,529 | 7,583,431 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 902,967 | 10,989,109 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 257,456 | 3,460,207 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 565,238 | 7,557,236 | ||||||
| MFS Growth Fund - Class R6 | 62,526 | 7,578,786 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 255,748 | 5,496,028 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 223,908 | 5,494,713 | ||||||
| MFS New Discovery Fund - Class R6 | 54,516 | 1,725,991 | ||||||
| MFS New Discovery Value Fund - Class R6 | 106,917 | 1,727,772 | ||||||
| MFS Research Fund - Class R6 | 168,600 | 7,560,011 | ||||||
| MFS Value Fund - Class R6 | 177,633 | 7,551,179 | ||||||
| $ | 74,307,277 | |||||||
| Money Market Funds - 0.0% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 125,195 | $ | 125,207 | |||||
| Total Investment Companies (Identified Cost, $295,405,702) | $ | 344,150,275 | ||||||
| Other Assets, Less Liabilities - (0.0)% | (99,263) | |||||||
| Net Assets - 100.0% | $ | 344,051,012 | ||||||
See Portfolio Footnotes and Notes to Financial Statements
24
Table of Contents
Portfolio of Investments (unaudited) – continued
MFS LIFETIME 2025 FUND
| Investment Companies (h) - 100.0% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 55.8% | ||||||||
| MFS Emerging Markets Debt Fund - Class R6 | 650,110 | $ | 9,563,119 | |||||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 920,800 | 6,399,560 | ||||||
| MFS Global Bond Fund - Class R6 | 1,737,538 | 15,933,225 | ||||||
| MFS Government Securities Fund - Class R6 | 3,163,492 | 31,729,819 | ||||||
| MFS High Income Fund - Class R6 | 4,662,237 | 15,944,851 | ||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 2,843,971 | 29,833,260 | ||||||
| MFS Limited Maturity Fund - Class R6 | 4,258,653 | 25,594,504 | ||||||
| MFS Total Return Bond Fund - Class R6 | 3,920,598 | 43,361,818 | ||||||
| $ | 178,360,156 | |||||||
| International Stock Funds - 9.0% | ||||||||
| MFS Blended Research International Equity Fund - Class R6 | 1,264,621 | $ | 14,087,879 | |||||
| MFS International Growth Fund - Class R6 | 98,791 | 3,522,887 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 77,610 | 3,516,511 | ||||||
| MFS International New Discovery Fund - Class R6 | 17,428 | 610,141 | ||||||
| MFS Research International Fund - Class R6 | 372,741 | 7,052,260 | ||||||
| $ | 28,789,678 | |||||||
| Specialty Funds - 4.4% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 1,310,229 | $ | 6,983,521 | |||||
| MFS Global Real Estate Fund - Class R6 | 377,019 | 7,008,782 | ||||||
| $ | 13,992,303 | |||||||
| U.S. Stock Funds - 30.6% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 370,180 | $ | 10,253,988 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 695,255 | 10,227,198 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 1,201,242 | 14,619,118 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 261,762 | 3,518,084 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 767,056 | 10,255,540 | ||||||
| MFS Growth Fund - Class R6 | 84,159 | 10,200,931 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 338,738 | 7,279,474 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 298,747 | 7,331,247 | ||||||
| MFS New Discovery Fund - Class R6 | 55,268 | 1,749,779 | ||||||
| MFS New Discovery Value Fund - Class R6 | 109,108 | 1,763,192 | ||||||
| MFS Research Fund - Class R6 | 227,504 | 10,201,262 | ||||||
| MFS Value Fund - Class R6 | 240,233 | 10,212,302 | ||||||
| $ | 97,612,115 | |||||||
| Money Market Funds - 0.2% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 771,734 | $ | 771,811 | |||||
| Total Investment Companies (Identified Cost, $281,040,911) | $ | 319,526,063 | ||||||
| Other Assets, Less Liabilities - (0.0)% | (83,041) | |||||||
| Net Assets - 100.0% | $ | 319,443,022 | ||||||
See Portfolio Footnotes and Notes to Financial Statements
25
Table of Contents
Portfolio of Investments (unaudited) – continued
MFS LIFETIME 2030 FUND
| Investment Companies (h) - 99.9% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 35.8% | ||||||||
| MFS Emerging Markets Debt Fund - Class R6 | 1,231,580 | $ | 18,116,545 | |||||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 1,756,907 | 12,210,501 | ||||||
| MFS Global Bond Fund - Class R6 | 2,906,074 | 26,648,701 | ||||||
| MFS Government Securities Fund - Class R6 | 4,824,844 | 48,393,188 | ||||||
| MFS High Income Fund - Class R6 | 8,848,079 | 30,260,429 | ||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 3,781,213 | 39,664,928 | ||||||
| MFS Total Return Bond Fund - Class R6 | 3,825,882 | 42,314,256 | ||||||
| $ | 217,608,548 | |||||||
| International Stock Funds - 14.5% | ||||||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 45,786 | $ | 586,978 | |||||
| MFS Blended Research International Equity Fund - Class R6 | 3,564,436 | 39,707,815 | ||||||
| MFS Emerging Markets Equity Fund - Class R6 | 16,766 | 589,484 | ||||||
| MFS International Growth Fund - Class R6 | 291,381 | 10,390,655 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 228,334 | 10,345,830 | ||||||
| MFS International New Discovery Fund - Class R6 | 209,342 | 7,329,068 | ||||||
| MFS Research International Fund - Class R6 | 1,006,204 | 19,037,369 | ||||||
| $ | 87,987,199 | |||||||
| Specialty Funds - 6.4% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 3,634,609 | $ | 19,372,463 | |||||
| MFS Global Real Estate Fund - Class R6 | 1,049,354 | 19,507,491 | ||||||
| $ | 38,879,954 | |||||||
| U.S. Stock Funds - 43.2% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 885,626 | $ | 24,531,855 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,779,851 | 26,181,612 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 3,690,954 | 44,918,910 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 729,026 | 9,798,114 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 1,964,190 | 26,261,216 | ||||||
| MFS Growth Fund - Class R6 | 215,149 | 26,078,200 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 1,040,435 | 22,358,950 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 918,971 | 22,551,539 | ||||||
| MFS New Discovery Fund - Class R6 | 153,399 | 4,856,610 | ||||||
| MFS New Discovery Value Fund - Class R6 | 303,401 | 4,902,967 | ||||||
| MFS Research Fund - Class R6 | 543,344 | 24,363,535 | ||||||
| MFS Value Fund - Class R6 | 614,726 | 26,131,987 | ||||||
| $ | 262,935,495 | |||||||
| Money Market Funds - 0.0% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 74,855 | $ | 74,863 | |||||
| Total Investment Companies (Identified Cost, $474,406,331) | $ | 607,486,059 | ||||||
| Other Assets, Less Liabilities - 0.1% | 584,855 | |||||||
| Net Assets - 100.0% | $ | 608,070,914 | ||||||
See Portfolio Footnotes and Notes to Financial Statements
26
Table of Contents
Portfolio of Investments (unaudited) – continued
MFS LIFETIME 2035 FUND
| Investment Companies (h) - 100.0% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 18.5% | ||||||||
| MFS Emerging Markets Debt Fund - Class R6 | 585,391 | $ | 8,611,094 | |||||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 827,421 | 5,750,577 | ||||||
| MFS Global Bond Fund - Class R6 | 626,932 | 5,748,964 | ||||||
| MFS High Income Fund - Class R6 | 4,187,699 | 14,321,932 | ||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 1,438,175 | 15,086,454 | ||||||
| MFS Total Return Bond Fund - Class R6 | 846,577 | 9,363,144 | ||||||
| $ | 58,882,165 | |||||||
| International Stock Funds - 20.8% | ||||||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 135,383 | $ | 1,735,614 | |||||
| MFS Blended Research International Equity Fund - Class R6 | 2,492,184 | 27,762,932 | ||||||
| MFS Emerging Markets Equity Fund - Class R6 | 49,652 | 1,745,772 | ||||||
| MFS International Growth Fund - Class R6 | 232,902 | 8,305,268 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 182,406 | 8,264,799 | ||||||
| MFS International New Discovery Fund - Class R6 | 200,314 | 7,013,004 | ||||||
| MFS Research International Fund - Class R6 | 599,115 | 11,335,248 | ||||||
| $ | 66,162,637 | |||||||
| Specialty Funds - 8.2% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 2,426,073 | $ | 12,930,967 | |||||
| MFS Global Real Estate Fund - Class R6 | 698,038 | 12,976,528 | ||||||
| $ | 25,907,495 | |||||||
| U.S. Stock Funds - 52.4% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 460,755 | $ | 12,762,918 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,200,547 | 17,660,041 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 2,361,188 | 28,735,663 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 486,574 | 6,539,553 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 1,320,403 | 17,653,793 | ||||||
| MFS Growth Fund - Class R6 | 145,566 | 17,644,096 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 669,271 | 14,382,631 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 587,959 | 14,428,504 | ||||||
| MFS New Discovery Fund - Class R6 | 102,536 | 3,246,293 | ||||||
| MFS New Discovery Value Fund - Class R6 | 202,079 | 3,265,588 | ||||||
| MFS Research Fund - Class R6 | 283,074 | 12,693,051 | ||||||
| MFS Value Fund - Class R6 | 413,928 | 17,596,077 | ||||||
| $ | 166,608,208 | |||||||
| Money Market Funds - 0.1% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 383,653 | $ | 383,692 | |||||
| Total Investment Companies (Identified Cost, $266,408,127) | $ | 317,944,197 | ||||||
| Other Assets, Less Liabilities - (0.0)% | (98,198) | |||||||
| Net Assets - 100.0% | $ | 317,845,999 | ||||||
See Portfolio Footnotes and Notes to Financial Statements
27
Table of Contents
Portfolio of Investments (unaudited) – continued
MFS LIFETIME 2040 FUND
| Investment Companies (h) - 100.1% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 11.0% | ||||||||
| MFS Emerging Markets Debt Fund - Class R6 | 366,043 | $ | 5,384,484 | |||||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 519,376 | 3,609,662 | ||||||
| MFS Global Bond Fund - Class R6 | 391,765 | 3,592,486 | ||||||
| MFS High Income Fund - Class R6 | 2,622,379 | 8,968,536 | ||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 1,480,730 | 15,532,860 | ||||||
| MFS Total Return Bond Fund - Class R6 | 1,083,087 | 11,978,946 | ||||||
| $ | 49,066,974 | |||||||
| International Stock Funds - 24.9% | ||||||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 278,340 | $ | 3,568,318 | |||||
| MFS Blended Research International Equity Fund - Class R6 | 4,027,307 | 44,864,205 | ||||||
| MFS Emerging Markets Equity Fund - Class R6 | 101,996 | 3,586,178 | ||||||
| MFS International Growth Fund - Class R6 | 390,987 | 13,942,599 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 305,804 | 13,855,972 | ||||||
| MFS International New Discovery Fund - Class R6 | 411,013 | 14,389,566 | ||||||
| MFS Research International Fund - Class R6 | 904,347 | 17,110,237 | ||||||
| $ | 111,317,075 | |||||||
| Specialty Funds - 9.2% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 3,823,224 | $ | 20,377,784 | |||||
| MFS Global Real Estate Fund - Class R6 | 1,103,274 | 20,509,869 | ||||||
| $ | 40,887,653 | |||||||
| U.S. Stock Funds - 54.9% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 647,575 | $ | 17,937,818 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,762,054 | 25,919,808 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 3,503,787 | 42,641,084 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 767,490 | 10,315,064 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 1,942,687 | 25,973,726 | ||||||
| MFS Growth Fund - Class R6 | 213,133 | 25,833,843 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 989,231 | 21,258,584 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 873,564 | 21,437,251 | ||||||
| MFS New Discovery Fund - Class R6 | 161,157 | 5,102,237 | ||||||
| MFS New Discovery Value Fund - Class R6 | 319,579 | 5,164,398 | ||||||
| MFS Research Fund - Class R6 | 397,480 | 17,823,013 | ||||||
| MFS Value Fund - Class R6 | 608,486 | 25,866,756 | ||||||
| $ | 245,273,582 | |||||||
| Money Market Funds - 0.1% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 311,266 | $ | 311,298 | |||||
| Total Investment Companies (Identified Cost, $325,121,475) | $ | 446,856,582 | ||||||
| Other Assets, Less Liabilities - (0.1)% | (337,860) | |||||||
| Net Assets - 100.0% | $ | 446,518,722 | ||||||
See Portfolio Footnotes and Notes to Financial Statements
28
Table of Contents
Portfolio of Investments (unaudited) – continued
MFS LIFETIME 2045 FUND
| Investment Companies (h) - 100.0% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 5.0% | ||||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 544,675 | $ | 5,713,642 | |||||
| MFS Total Return Bond Fund - Class R6 | 516,688 | 5,714,569 | ||||||
| $ | 11,428,211 | |||||||
| International Stock Funds - 28.0% | ||||||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 177,680 | $ | 2,277,860 | |||||
| MFS Blended Research International Equity Fund - Class R6 | 2,247,878 | 25,041,355 | ||||||
| MFS Emerging Markets Equity Fund - Class R6 | 64,944 | 2,283,424 | ||||||
| MFS International Growth Fund - Class R6 | 224,589 | 8,008,833 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 176,341 | 7,990,024 | ||||||
| MFS International New Discovery Fund - Class R6 | 261,516 | 9,155,674 | ||||||
| MFS Research International Fund - Class R6 | 483,240 | 9,142,902 | ||||||
| $ | 63,900,072 | |||||||
| Specialty Funds - 10.0% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 2,133,621 | $ | 11,372,200 | |||||
| MFS Global Real Estate Fund - Class R6 | 613,911 | 11,412,601 | ||||||
| $ | 22,784,801 | |||||||
| U.S. Stock Funds - 56.9% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 329,737 | $ | 9,133,725 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 930,269 | 13,684,248 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 1,860,369 | 22,640,687 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 424,880 | 5,710,389 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 1,023,395 | 13,682,789 | ||||||
| MFS Growth Fund - Class R6 | 112,862 | 13,680,011 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 529,253 | 11,373,649 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 464,042 | 11,387,595 | ||||||
| MFS New Discovery Fund - Class R6 | 89,635 | 2,837,856 | ||||||
| MFS New Discovery Value Fund - Class R6 | 176,709 | 2,855,621 | ||||||
| MFS Research Fund - Class R6 | 203,302 | 9,116,066 | ||||||
| MFS Value Fund - Class R6 | 321,485 | 13,666,316 | ||||||
| $ | 129,768,952 | |||||||
| Money Market Funds - 0.1% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 367,268 | $ | 367,305 | |||||
| Total Investment Companies (Identified Cost, $190,355,193) | $ | 228,249,341 | ||||||
| Other Assets, Less Liabilities - (0.0)% | (82,677) | |||||||
| Net Assets - 100.0% | $ | 228,166,664 | ||||||
See Portfolio Footnotes and Notes to Financial Statements
29
Table of Contents
Portfolio of Investments (unaudited) – continued
MFS LIFETIME 2050 FUND
| Investment Companies (h) - 100.0% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 5.0% | ||||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 560,022 | $ | 5,874,634 | |||||
| MFS Total Return Bond Fund - Class R6 | 531,252 | 5,875,650 | ||||||
| $ | 11,750,284 | |||||||
| International Stock Funds - 28.0% | ||||||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 182,130 | $ | 2,334,903 | |||||
| MFS Blended Research International Equity Fund - Class R6 | 2,302,359 | 25,648,279 | ||||||
| MFS Emerging Markets Equity Fund - Class R6 | 66,568 | 2,340,533 | ||||||
| MFS International Growth Fund - Class R6 | 230,827 | 8,231,297 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 181,337 | 8,216,380 | ||||||
| MFS International New Discovery Fund - Class R6 | 268,025 | 9,383,569 | ||||||
| MFS Research International Fund - Class R6 | 495,409 | 9,373,137 | ||||||
| $ | 65,528,098 | |||||||
| Specialty Funds - 10.0% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 2,188,005 | $ | 11,662,066 | |||||
| MFS Global Real Estate Fund - Class R6 | 630,174 | 11,714,937 | ||||||
| $ | 23,377,003 | |||||||
| U.S. Stock Funds - 56.9% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 337,921 | $ | 9,360,420 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 954,442 | 14,039,846 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 1,907,180 | 23,210,386 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 434,844 | 5,844,308 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 1,047,503 | 14,005,114 | ||||||
| MFS Growth Fund - Class R6 | 116,023 | 14,063,119 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 543,439 | 11,678,494 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 475,652 | 11,672,504 | ||||||
| MFS New Discovery Fund - Class R6 | 91,934 | 2,910,619 | ||||||
| MFS New Discovery Value Fund - Class R6 | 180,836 | 2,922,302 | ||||||
| MFS Research Fund - Class R6 | 208,601 | 9,353,660 | ||||||
| MFS Value Fund - Class R6 | 329,771 | 14,018,561 | ||||||
| $ | 133,079,333 | |||||||
| Money Market Funds - 0.1% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 311,691 | $ | 311,722 | |||||
| Total Investment Companies (Identified Cost, $186,305,219) | $ | 234,046,440 | ||||||
| Other Assets, Less Liabilities - (0.0)% | (51,067) | |||||||
| Net Assets - 100.0% | $ | 233,995,373 | ||||||
See Portfolio Footnotes and Notes to Financial Statements
30
Table of Contents
Portfolio of Investments (unaudited) – continued
MFS LIFETIME 2055 FUND
| Investment Companies (h) - 100.0% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 5.0% | ||||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 281,661 | $ | 2,954,620 | |||||
| MFS Total Return Bond Fund - Class R6 | 267,089 | 2,954,008 | ||||||
| $ | 5,908,628 | |||||||
| International Stock Funds - 28.0% | ||||||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 91,422 | $ | 1,172,024 | |||||
| MFS Blended Research International Equity Fund - Class R6 | 1,155,292 | 12,869,950 | ||||||
| MFS Emerging Markets Equity Fund - Class R6 | 33,401 | 1,174,395 | ||||||
| MFS International Growth Fund - Class R6 | 115,845 | 4,131,049 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 90,946 | 4,120,777 | ||||||
| MFS International New Discovery Fund - Class R6 | 134,400 | 4,705,331 | ||||||
| MFS Research International Fund - Class R6 | 248,630 | 4,704,083 | ||||||
| $ | 32,877,609 | |||||||
| Specialty Funds - 10.0% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 1,098,830 | $ | 5,856,767 | |||||
| MFS Global Real Estate Fund - Class R6 | 316,427 | 5,882,371 | ||||||
| $ | 11,739,138 | |||||||
| U.S. Stock Funds - 56.8% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 169,475 | $ | 4,694,464 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 478,651 | 7,040,952 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 956,693 | 11,642,960 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 217,561 | 2,924,018 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 525,342 | 7,023,818 | ||||||
| MFS Growth Fund - Class R6 | 58,195 | 7,053,828 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 272,596 | 5,858,081 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 238,689 | 5,857,442 | ||||||
| MFS New Discovery Fund - Class R6 | 46,105 | 1,459,679 | ||||||
| MFS New Discovery Value Fund - Class R6 | 90,631 | 1,464,601 | ||||||
| MFS Research Fund - Class R6 | 104,646 | 4,692,312 | ||||||
| MFS Value Fund - Class R6 | 165,405 | 7,031,352 | ||||||
| $ | 66,743,507 | |||||||
| Money Market Funds - 0.2% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 199,682 | $ | 199,702 | |||||
| Total Investment Companies (Identified Cost, $101,806,301) | $ | 117,468,584 | ||||||
| Other Assets, Less Liabilities - (0.0)% | (10,947) | |||||||
| Net Assets - 100.0% | $ | 117,457,637 | ||||||
See Portfolio Footnotes and Notes to Financial Statements
31
Table of Contents
Portfolio of Investments (unaudited) – continued
MFS LIFETIME 2060 FUND
| Investment Companies (h) - 99.9% | ||||||||
| Issuer | Shares/Par | Value ($) | ||||||
| Bond Funds - 5.0% | ||||||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 40,310 | $ | 422,852 | |||||
| MFS Total Return Bond Fund - Class R6 | 38,204 | 422,539 | ||||||
| $ | 845,391 | |||||||
| International Stock Funds - 28.0% | ||||||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 13,057 | $ | 167,385 | |||||
| MFS Blended Research International Equity Fund - Class R6 | 165,085 | 1,839,047 | ||||||
| MFS Emerging Markets Equity Fund - Class R6 | 4,767 | 167,624 | ||||||
| MFS International Growth Fund - Class R6 | 16,509 | 588,705 | ||||||
| MFS International Intrinsic Value Fund - Class R6 | 12,975 | 587,876 | ||||||
| MFS International New Discovery Fund - Class R6 | 19,180 | 671,493 | ||||||
| MFS Research International Fund - Class R6 | 35,490 | 671,470 | ||||||
| $ | 4,693,600 | |||||||
| Specialty Funds - 10.0% | ||||||||
| MFS Commodity Strategy Fund - Class R6 | 156,966 | $ | 836,628 | |||||
| MFS Global Real Estate Fund - Class R6 | 45,220 | 840,645 | ||||||
| $ | 1,677,273 | |||||||
| U.S. Stock Funds - 56.8% | ||||||||
| MFS Blended Research Core Equity Fund - Class R6 | 24,180 | $ | 669,795 | |||||
| MFS Blended Research Growth Equity Fund - Class R6 | 68,294 | 1,004,600 | ||||||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 136,994 | 1,667,211 | ||||||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 31,042 | 417,200 | ||||||
| MFS Blended Research Value Equity Fund - Class R6 | 75,032 | 1,003,180 | ||||||
| MFS Growth Fund - Class R6 | 8,287 | 1,004,495 | ||||||
| MFS Mid Cap Growth Fund - Class R6 | 38,924 | 836,480 | ||||||
| MFS Mid Cap Value Fund - Class R6 | 34,088 | 836,511 | ||||||
| MFS New Discovery Fund - Class R6 | 6,593 | 208,742 | ||||||
| MFS New Discovery Value Fund - Class R6 | 12,930 | 208,956 | ||||||
| MFS Research Fund - Class R6 | 14,934 | 669,657 | ||||||
| MFS Value Fund - Class R6 | 23,616 | 1,003,899 | ||||||
| $ | 9,530,726 | |||||||
| Money Market Funds - 0.1% | ||||||||
| MFS Institutional Money Market Portfolio, 1.89% (v) | 14,011 | $ | 14,012 | |||||
| Total Investment Companies (Identified Cost, $15,597,811) | $ | 16,761,002 | ||||||
| Other Assets, Less Liabilities - 0.1% | 23,166 | |||||||
| Net Assets - 100.0% | $ | 16,784,168 | ||||||
Portfolio Footnotes:
| (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 | $ | 606,669,480 | ||
| MFS Lifetime 2020 Fund | 344,150,275 | |||
| MFS Lifetime 2025 Fund | 319,526,063 | |||
| MFS Lifetime 2030 Fund | 607,486,059 | |||
| MFS Lifetime 2035 Fund | 317,944,197 | |||
| MFS Lifetime 2040 Fund | 446,856,582 | |||
| MFS Lifetime 2045 Fund | 228,249,341 | |||
| MFS Lifetime 2050 Fund | 234,046,440 | |||
| MFS Lifetime 2055 Fund | 117,468,584 | |||
| MFS Lifetime 2060 Fund | 16,761,002 | |||
| (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
32
Table of Contents
Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES
At 10/31/19 (unaudited)
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 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Assets | ||||||||||||||||||||
| Investments in affiliated issuers, at value (identified cost, $533,516,775, $295,405,702, $281,040,911, $474,406,331, and $266,408,127, respectively) |
$606,669,480 | $344,150,275 | $319,526,063 | $607,486,059 | $317,944,197 | |||||||||||||||
| Receivables for |
||||||||||||||||||||
| Investments sold |
64,218 | 651,553 | 2,093,850 | 2,703,710 | 159,176 | |||||||||||||||
| Fund shares sold |
2,249,590 | 1,576,126 | 356,537 | 585,234 | 462,515 | |||||||||||||||
| Receivable from investment adviser |
119,689 | 83,662 | 79,575 | 123,307 | 78,982 | |||||||||||||||
| Other assets |
45,881 | 43,529 | 44,404 | 47,718 | 42,087 | |||||||||||||||
| Total assets |
$609,148,858 | $346,505,145 | $322,100,429 | $610,946,028 | $318,686,957 | |||||||||||||||
| Liabilities | ||||||||||||||||||||
| Payables for |
||||||||||||||||||||
| Distributions |
$25,643 | $— | $— | $— | $— | |||||||||||||||
| Investments purchased |
1,000,988 | 211,663 | 247,688 | 306,363 | 375,077 | |||||||||||||||
| Fund shares reacquired |
1,250,937 | 2,018,629 | 2,201,464 | 2,224,973 | 240,099 | |||||||||||||||
| Payable to affiliates |
||||||||||||||||||||
| Administrative services fee |
96 | 96 | 96 | 96 | 96 | |||||||||||||||
| Shareholder servicing costs |
297,244 | 180,898 | 169,998 | 290,679 | 186,438 | |||||||||||||||
| Distribution and service fees |
11,585 | 4,034 | 2,483 | 6,803 | 2,618 | |||||||||||||||
| Program manager fee |
442 | — | — | — | — | |||||||||||||||
| Accrued expenses and other liabilities |
62,090 | 38,813 | 35,678 | 46,200 | 36,630 | |||||||||||||||
| Total liabilities |
$2,649,025 | $2,454,133 | $2,657,407 | $2,875,114 | $840,958 | |||||||||||||||
| Net assets |
$606,499,833 | $344,051,012 | $319,443,022 | $608,070,914 | $317,845,999 | |||||||||||||||
| Net assets consist of | ||||||||||||||||||||
| Paid-in capital |
$542,835,833 | $292,358,599 | $277,267,920 | $465,842,004 | $262,692,296 | |||||||||||||||
| Total distributable earnings (loss) |
63,664,000 | 51,692,413 | 42,175,102 | 142,228,910 | 55,153,703 | |||||||||||||||
| Net assets |
$606,499,833 | $344,051,012 | $319,443,022 | $608,070,914 | $317,845,999 | |||||||||||||||
33
Table of Contents
Statements of Assets and Liabilities (unaudited) – continued
| MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Net assets |
||||||||||||||||||||
| Class A |
$122,109,041 | $43,214,165 | $21,992,797 | $68,592,137 | $18,367,564 | |||||||||||||||
| Class B |
8,217,983 | 3,082,165 | 1,737,300 | 8,153,942 | 1,626,807 | |||||||||||||||
| Class C |
108,436,856 | 11,647,244 | 4,140,595 | 14,861,696 | 2,944,794 | |||||||||||||||
| Class I |
35,712,915 | 2,391,345 | 1,503,730 | 2,355,712 | 902,915 | |||||||||||||||
| Class R1 |
2,817,933 | 4,237,688 | 1,831,172 | 6,971,705 | 1,843,272 | |||||||||||||||
| Class R2 |
16,902,392 | 43,518,166 | 33,288,786 | 75,186,301 | 31,264,275 | |||||||||||||||
| Class R3 |
67,388,599 | 87,932,145 | 89,035,477 | 155,494,724 | 84,857,310 | |||||||||||||||
| Class R4 |
44,322,763 | 82,344,797 | 106,790,387 | 163,244,545 | 119,487,514 | |||||||||||||||
| Class R6 |
38,150,443 | 65,683,297 | 59,122,778 | 113,210,152 | 56,551,548 | |||||||||||||||
| Class 529A |
122,975,956 | — | — | — | — | |||||||||||||||
| Class 529B |
4,818,358 | — | — | — | — | |||||||||||||||
| Class 529C |
34,646,594 | — | — | — | — | |||||||||||||||
| Total net assets |
$606,499,833 | $344,051,012 | $319,443,022 | $608,070,914 | $317,845,999 | |||||||||||||||
| Shares of beneficial interest outstanding |
||||||||||||||||||||
| Class A |
9,552,733 | 3,197,808 | 1,620,260 | 4,233,532 | 1,186,660 | |||||||||||||||
| Class B |
642,886 | 230,181 | 129,456 | 512,321 | 106,221 | |||||||||||||||
| Class C |
8,486,454 | 883,653 | 310,207 | 939,645 | 193,071 | |||||||||||||||
| Class I |
2,793,064 | 175,473 | 110,280 | 144,542 | 58,162 | |||||||||||||||
| Class R1 |
220,213 | 316,506 | 136,339 | 436,524 | 120,427 | |||||||||||||||
| Class R2 |
1,321,788 | 3,249,476 | 2,468,569 | 4,693,976 | 2,029,613 | |||||||||||||||
| Class R3 |
5,271,834 | 6,506,359 | 6,565,893 | 9,625,224 | 5,475,345 | |||||||||||||||
| Class R4 |
3,467,732 | 6,044,723 | 7,819,984 | 10,004,324 | 7,670,163 | |||||||||||||||
| Class R6 |
2,975,922 | 4,823,244 | 4,326,604 | 6,934,444 | 3,626,581 | |||||||||||||||
| Class 529A |
11,749,650 | — | — | — | — | |||||||||||||||
| Class 529B |
460,398 | — | — | — | — | |||||||||||||||
| Class 529C |
3,311,471 | — | — | — | — | |||||||||||||||
| Total shares of beneficial interest outstanding |
50,254,145 | 25,427,423 | 23,487,592 | 37,524,532 | 20,466,243 | |||||||||||||||
| Class A shares |
||||||||||||||||||||
| Net asset value per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$12.78 | $13.51 | $13.57 | $16.20 | $15.48 | |||||||||||||||
| Offering price per share (100 / 95.75 × net asset value per share) |
$13.35 | $— | $— | $— | $— | |||||||||||||||
| Offering price per share (100 / 94.25 × net asset value per share) |
$— | $14.33 | $14.40 | $17.19 | $16.42 | |||||||||||||||
| Class B shares |
||||||||||||||||||||
| Net asset value and offering price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$12.78 | $13.39 | $13.42 | $15.92 | $15.32 | |||||||||||||||
| Class C shares |
||||||||||||||||||||
| Net asset value and offering price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$12.78 | $13.18 | $13.35 | $15.82 | $15.25 | |||||||||||||||
| Class I shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$12.79 | $13.63 | $13.64 | $16.30 | $15.52 | |||||||||||||||
| Class R1 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$12.80 | $13.39 | $13.43 | $15.97 | $15.31 | |||||||||||||||
34
Table of Contents
Statements of Assets and Liabilities (unaudited) – continued
| MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Class R2 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$12.79 | $13.39 | $13.49 | $16.02 | $15.40 | |||||||||||||||
| Class R3 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$12.78 | $13.51 | $13.56 | $16.15 | $15.50 | |||||||||||||||
| Class R4 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$12.78 | $13.62 | $13.66 | $16.32 | $15.58 | |||||||||||||||
| Class R6 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$12.82 | $13.62 | $13.66 | $16.33 | $15.59 | |||||||||||||||
| Class 529A shares |
||||||||||||||||||||
| Net asset value and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$10.47 | $— | $— | $— | $— | |||||||||||||||
| Offering price per share (100 / 95.75 × net asset value per share) |
$10.93 | $— | $— | $— | $— | |||||||||||||||
| Class 529B shares |
||||||||||||||||||||
| Net asset value and offering price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$10.47 | $— | $— | $— | $— | |||||||||||||||
| Class 529C shares |
||||||||||||||||||||
| Net asset value and offering price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$10.46 | $— | $— | $— | $— | |||||||||||||||
On sales of $100,000 or more, the maximum offering price of Class A and Class 529A 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, Class C, Class 529B, and Class 529C shares.
See Notes to Financial Statements
35
Table of Contents
Statements of Assets and Liabilities (unaudited) – continued
| At 10/31/19 | MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
|||||||||||||||
| Assets | ||||||||||||||||||||
| Investments in affiliated issuers, at value (identified cost, $325,121,475, $190,355,193, $186,305,219, $101,806,301, and $15,597,811, respectively) |
$446,856,582 | $228,249,341 | $234,046,440 | $117,468,584 | $16,761,002 | |||||||||||||||
| Receivables for |
||||||||||||||||||||
| Investments sold |
369,726 | 217,150 | 172,191 | 60,542 | — | |||||||||||||||
| Fund shares sold |
875,741 | 449,388 | 603,099 | 416,385 | 121,101 | |||||||||||||||
| Receivable from investment adviser |
99,942 | 68,204 | 67,508 | 51,717 | 25,212 | |||||||||||||||
| Other assets |
47,051 | 41,181 | 42,325 | 38,793 | 38,514 | |||||||||||||||
| Total assets |
$448,249,042 | $229,025,264 | $234,931,563 | $118,036,021 | $16,945,829 | |||||||||||||||
| Liabilities | ||||||||||||||||||||
| Payables for |
||||||||||||||||||||
| Investments purchased |
$634,605 | $425,394 | $465,310 | $347,625 | $116,966 | |||||||||||||||
| Fund shares reacquired |
810,051 | 246,806 | 281,303 | 94,387 | 7,400 | |||||||||||||||
| Payable to affiliates |
||||||||||||||||||||
| Administrative services fee |
96 | 96 | 96 | 96 | 96 | |||||||||||||||
| Shareholder servicing costs |
239,020 | 148,802 | 148,799 | 99,427 | 10,102 | |||||||||||||||
| Distribution and service fees |
4,540 | 1,820 | 2,254 | 1,317 | 162 | |||||||||||||||
| Accrued expenses and other liabilities |
42,008 | 35,682 | 38,428 | 35,532 | 26,935 | |||||||||||||||
| Total liabilities |
$1,730,320 | $858,600 | $936,190 | $578,384 | $161,661 | |||||||||||||||
| Net assets |
$446,518,722 | $228,166,664 | $233,995,373 | $117,457,637 | $16,784,168 | |||||||||||||||
| Net assets consist of | ||||||||||||||||||||
| Paid-in capital |
$317,127,735 | $187,757,101 | $183,437,436 | $100,978,075 | $15,661,620 | |||||||||||||||
| Total distributable earnings (loss) |
129,390,987 | 40,409,563 | 50,557,937 | 16,479,562 | 1,122,548 | |||||||||||||||
| Net assets |
$446,518,722 | $228,166,664 | $233,995,373 | $117,457,637 | $16,784,168 | |||||||||||||||
36
Table of Contents
Statements of Assets and Liabilities (unaudited) – continued
| MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
||||||||||||||||
| Net assets |
||||||||||||||||||||
| Class A |
$42,370,477 | $10,829,714 | $14,543,361 | $7,052,193 | $1,755,895 | |||||||||||||||
| Class B |
4,325,860 | 828,172 | 1,702,276 | 590,643 | 152,183 | |||||||||||||||
| Class C |
10,299,521 | 2,234,906 | 3,314,233 | 2,146,256 | 402,110 | |||||||||||||||
| Class I |
1,438,271 | 382,613 | 346,994 | 115,654 | 68,832 | |||||||||||||||
| Class R1 |
4,416,416 | 1,104,953 | 1,175,446 | 1,459,294 | 66,122 | |||||||||||||||
| Class R2 |
56,381,827 | 22,380,030 | 29,532,914 | 19,884,886 | 1,088,498 | |||||||||||||||
| Class R3 |
99,410,511 | 64,988,685 | 66,154,108 | 32,601,790 | 5,414,176 | |||||||||||||||
| Class R4 |
151,327,342 | 92,212,492 | 75,445,388 | 34,351,202 | 2,704,937 | |||||||||||||||
| Class R6 |
76,548,497 | 33,205,099 | 41,780,653 | 19,255,719 | 5,131,415 | |||||||||||||||
| Total net assets |
$446,518,722 | $228,166,664 | $233,995,373 | $117,457,637 | $16,784,168 | |||||||||||||||
| Shares of beneficial interest outstanding |
||||||||||||||||||||
| Class A |
2,488,446 | 674,907 | 748,771 | 428,395 | 138,549 | |||||||||||||||
| Class B |
256,929 | 52,160 | 89,180 | 36,168 | 12,070 | |||||||||||||||
| Class C |
619,663 | 141,451 | 174,575 | 132,399 | 31,989 | |||||||||||||||
| Class I |
83,825 | 23,715 | 17,866 | 7,015 | 5,399 | |||||||||||||||
| Class R1 |
263,508 | 69,678 | 61,883 | 89,950 | 5,228 | |||||||||||||||
| Class R2 |
3,341,041 | 1,406,600 | 1,542,875 | 1,216,332 | 86,078 | |||||||||||||||
| Class R3 |
5,838,693 | 4,054,877 | 3,430,840 | 1,980,846 | 426,434 | |||||||||||||||
| Class R4 |
8,798,596 | 5,722,320 | 3,886,185 | 2,074,759 | 212,356 | |||||||||||||||
| Class R6 |
4,448,044 | 2,059,409 | 2,151,441 | 1,161,584 | 402,176 | |||||||||||||||
| Total shares of beneficial interest outstanding |
26,138,745 | 14,205,117 | 12,103,616 | 7,127,448 | 1,320,279 | |||||||||||||||
| Class A shares |
||||||||||||||||||||
| Net asset value per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$17.03 | $16.05 | $19.42 | $16.46 | $12.67 | |||||||||||||||
| Offering price per share (100 / 94.25 × net asset value per share) |
$18.07 | $17.03 | $20.60 | $17.46 | $13.44 | |||||||||||||||
| Class B shares |
||||||||||||||||||||
| Net asset value and offering price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$16.84 | $15.88 | $19.09 | $16.33 | $12.61 | |||||||||||||||
| Class C shares |
||||||||||||||||||||
| Net asset value and offering price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$16.62 | $15.80 | $18.98 | $16.21 | $12.57 | |||||||||||||||
| Class I shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$17.16 | $16.13 | $19.42 | $16.49 | $12.75 | |||||||||||||||
| Class R1 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$16.76 | $15.86 | $18.99 | $16.22 | $12.65 | |||||||||||||||
| Class R2 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$16.88 | $15.91 | $19.14 | $16.35 | $12.65 | |||||||||||||||
| Class R3 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$17.03 | $16.03 | $19.28 | $16.46 | $12.70 | |||||||||||||||
37
Table of Contents
Statements of Assets and Liabilities (unaudited) – continued
| MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
||||||||||||||||
| Class R4 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$17.20 | $16.11 | $19.41 | $16.56 | $12.74 | |||||||||||||||
| Class R6 shares |
||||||||||||||||||||
| Net asset value, offering price, and redemption price per share |
||||||||||||||||||||
| (net assets / shares of beneficial interest outstanding) |
$17.21 | $16.12 | $19.42 | $16.58 | $12.76 | |||||||||||||||
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
38
Table of Contents
Financial Statements
Six months ended 10/31/19 (unaudited)
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 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Net investment income (loss) | ||||||||||||||||||||
| Dividends from affiliated issuers |
$6,272,742 | $3,541,681 | $2,731,826 | $3,694,569 | $1,234,319 | |||||||||||||||
| Other |
101 | 69 | 57 | 102 | 55 | |||||||||||||||
| Excess expense reimbursement from investment adviser |
24,268 | 46,268 | 41,548 | 78,906 | 36,658 | |||||||||||||||
| Total investment income |
$6,297,111 | $3,588,018 | $2,773,431 | $3,773,577 | $1,271,032 | |||||||||||||||
| Expenses |
||||||||||||||||||||
| Distribution and service fees |
$1,228,506 | $371,106 | $258,318 | $619,733 | $230,291 | |||||||||||||||
| Shareholder servicing costs |
405,364 | 257,483 | 231,643 | 407,914 | 238,823 | |||||||||||||||
| Program manager fees |
38,382 | — | — | — | — | |||||||||||||||
| Administrative services fee |
8,797 | 8,797 | 8,797 | 8,797 | 8,797 | |||||||||||||||
| Independent Trustees’ compensation |
8,650 | 5,163 | 5,084 | 8,679 | 5,075 | |||||||||||||||
| Custodian fee |
11,697 | 5,730 | 4,894 | 7,418 | 4,795 | |||||||||||||||
| Shareholder communications |
24,340 | 8,690 | 7,507 | 11,250 | 8,215 | |||||||||||||||
| Audit and tax fees |
19,401 | 18,560 | 18,150 | 18,588 | 18,148 | |||||||||||||||
| Legal fees |
2,480 | 1,634 | 1,254 | 2,633 | 1,170 | |||||||||||||||
| Registration fees |
66,084 | 63,665 | 66,406 | 67,592 | 65,735 | |||||||||||||||
| Miscellaneous |
18,969 | 16,469 | 16,226 | 20,780 | 16,262 | |||||||||||||||
| Total expenses |
$1,832,670 | $757,297 | $618,279 | $1,173,384 | $597,311 | |||||||||||||||
| Reduction of expenses by investment adviser and distributor |
(619,713 | ) | (392,841 | ) | (367,287 | ) | (563,264 | ) | (368,250 | ) | ||||||||||
| Net expenses |
$1,212,957 | $364,456 | $250,992 | $610,120 | $229,061 | |||||||||||||||
| Net investment income (loss) |
$5,084,154 | $3,223,562 | $2,522,439 | $3,163,457 | $1,041,971 | |||||||||||||||
| Realized and unrealized gain (loss) | ||||||||||||||||||||
| Realized gain (loss) (identified cost basis) |
||||||||||||||||||||
| Investments in affiliated issuers |
$354,132 | $2,193,455 | $169,891 | $2,931,521 | $(311,441 | ) | ||||||||||||||
| Capital gain distributions from affiliated issuers |
82,986 | 51,878 | 61,555 | 164,161 | 105,530 | |||||||||||||||
| Net realized gain (loss) |
$437,118 | $2,245,333 | $231,446 | $3,095,682 | $(205,911 | ) | ||||||||||||||
| Change in unrealized appreciation or depreciation |
||||||||||||||||||||
| Affiliated issuers |
$17,765,524 | $8,369,576 | $9,953,133 | $16,820,996 | $10,188,760 | |||||||||||||||
| Net realized and unrealized gain (loss) |
$18,202,642 | $10,614,909 | $10,184,579 | $19,916,678 | $9,982,849 | |||||||||||||||
| Change in net assets from operations |
$23,286,796 | $13,838,471 | $12,707,018 | $23,080,135 | $11,024,820 | |||||||||||||||
See Notes to Financial Statements
39
Table of Contents
Statements of Operations (unaudited) – continued
| Six months ended 10/31/19 | MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
|||||||||||||||
| Net investment income (loss) | ||||||||||||||||||||
| Dividends from affiliated issuers |
$1,119,837 | $318,391 | $328,760 | $164,174 | $19,678 | |||||||||||||||
| Other |
79 | 41 | 47 | 26 | 6 | |||||||||||||||
| Excess expense reimbursement from investment adviser |
53,032 | 22,031 | 27,728 | 12,161 | 3,502 | |||||||||||||||
| Total investment income |
$1,172,948 | $340,463 | $356,535 | $176,361 | $23,186 | |||||||||||||||
| Expenses |
||||||||||||||||||||
| Distribution and service fees |
$408,134 | $160,458 | $194,321 | $113,771 | $11,775 | |||||||||||||||
| Shareholder servicing costs |
324,332 | 197,115 | 200,200 | 135,240 | 15,643 | |||||||||||||||
| Administrative services fee |
8,797 | 8,797 | 8,797 | 8,797 | 8,797 | |||||||||||||||
| Independent Trustees’ compensation |
5,238 | 2,583 | 5,047 | 1,546 | 651 | |||||||||||||||
| Custodian fee |
6,199 | 4,159 | 4,496 | 3,462 | 2,732 | |||||||||||||||
| Shareholder communications |
10,578 | 8,400 | 10,443 | 9,818 | 2,457 | |||||||||||||||
| Audit and tax fees |
18,569 | 18,139 | 18,242 | 18,128 | 17,808 | |||||||||||||||
| Legal fees |
1,949 | 833 | 1,012 | 443 | 37 | |||||||||||||||
| Registration fees |
66,573 | 63,941 | 63,690 | 62,132 | 59,974 | |||||||||||||||
| Miscellaneous |
17,260 | 15,543 | 15,804 | 14,927 | 14,294 | |||||||||||||||
| Total expenses |
$867,629 | $479,968 | $522,052 | $368,264 | $134,168 | |||||||||||||||
| Reduction of expenses by investment adviser and distributor |
(465,032 | ) | (319,657 | ) | (327,693 | ) | (254,684 | ) | (124,245 | ) | ||||||||||
| Net expenses |
$402,597 | $160,311 | $194,359 | $113,580 | $9,923 | |||||||||||||||
| Net investment income (loss) |
$770,351 | $180,152 | $162,176 | $62,781 | $13,263 | |||||||||||||||
| Realized and unrealized gain (loss) | ||||||||||||||||||||
| Realized gain (loss) (identified cost basis) |
||||||||||||||||||||
| Investments in affiliated issuers |
$1,828,674 | $(210,817 | ) | $32,952 | $(270,977 | ) | $(16,202 | ) | ||||||||||||
| Capital gain distributions from affiliated issuers |
161,827 | 82,925 | 86,342 | 42,888 | 4,893 | |||||||||||||||
| Net realized gain (loss) |
$1,990,501 | $(127,892 | ) | $119,294 | $(228,089 | ) | $(11,309 | ) | ||||||||||||
| Change in unrealized appreciation or depreciation |
||||||||||||||||||||
| Affiliated issuers |
$11,837,635 | $7,394,195 | $7,181,927 | $3,913,107 | $540,112 | |||||||||||||||
| Net realized and unrealized gain (loss) |
$13,828,136 | $7,266,303 | $7,301,221 | $3,685,018 | $528,803 | |||||||||||||||
| Change in net assets from operations |
$14,598,487 | $7,446,455 | $7,463,397 | $3,747,799 | $542,066 | |||||||||||||||
See Notes to Financial Statements
40
Table of Contents
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.
| Six months ended 10/31/19 (unaudited) | MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
|||||||||||||||
| Change in net assets | ||||||||||||||||||||
| From operations | ||||||||||||||||||||
| Net investment income (loss) |
$5,084,154 | $3,223,562 | $2,522,439 | $3,163,457 | $1,041,971 | |||||||||||||||
| Net realized gain (loss) |
437,118 | 2,245,333 | 231,446 | 3,095,682 | (205,911 | ) | ||||||||||||||
| Net unrealized gain (loss) |
17,765,524 | 8,369,576 | 9,953,133 | 16,820,996 | 10,188,760 | |||||||||||||||
| Change in net assets from operations |
$23,286,796 | $13,838,471 | $12,707,018 | $23,080,135 | $11,024,820 | |||||||||||||||
| Total distributions to shareholders |
$(5,111,781 | ) | $— | $— | $— | $— | ||||||||||||||
| Change in net assets from fund share transactions |
$13,668,859 | $(12,040,191 | ) | $14,263,731 | $(4,364,743 | ) | $18,287,394 | |||||||||||||
| Total change in net assets |
$31,843,874 | $1,798,280 | $26,970,749 | $18,715,392 | $29,312,214 | |||||||||||||||
| Net assets | ||||||||||||||||||||
| At beginning of period |
574,655,959 | 342,252,732 | 292,472,273 | 589,355,522 | 288,533,785 | |||||||||||||||
| At end of period |
$606,499,833 | $344,051,012 | $319,443,022 | $608,070,914 | $317,845,999 | |||||||||||||||
| Six months ended 10/31/19 (unaudited) | MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
|||||||||||||||
| Change in net assets | ||||||||||||||||||||
| From operations | ||||||||||||||||||||
| Net investment income (loss) |
$770,351 | $180,152 | $162,176 | $62,781 | $13,263 | |||||||||||||||
| Net realized gain (loss) |
1,990,501 | (127,892 | ) | 119,294 | (228,089 | ) | (11,309 | ) | ||||||||||||
| Net unrealized gain (loss) |
11,837,635 | 7,394,195 | 7,181,927 | 3,913,107 | 540,112 | |||||||||||||||
| Change in net assets from operations |
$14,598,487 | $7,446,455 | $7,463,397 | $3,747,799 | $542,066 | |||||||||||||||
| Change in net assets from fund share transactions |
$5,029,682 | $21,657,506 | $15,086,563 | $10,312,690 | $6,183,389 | |||||||||||||||
| Total change in net assets |
$19,628,169 | $29,103,961 | $22,549,960 | $14,060,489 | $6,725,455 | |||||||||||||||
| Net assets | ||||||||||||||||||||
| At beginning of period |
426,890,553 | 199,062,703 | 211,445,413 | 103,397,148 | 10,058,713 | |||||||||||||||
| At end of period |
$446,518,722 | $228,166,664 | $233,995,373 | $117,457,637 | $16,784,168 | |||||||||||||||
See Notes to Financial Statements
41
Table of Contents
Statements of Changes in Net Assets – continued
| Year ended 4/30/19 | MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
|||||||||||||||
| Change in net assets | ||||||||||||||||||||
| From operations | ||||||||||||||||||||
| Net investment income (loss) |
$13,429,149 | $9,297,392 | $6,945,816 | $14,351,828 | $6,013,736 | |||||||||||||||
| Net realized gain (loss) |
6,686,650 | 9,051,425 | 3,838,198 | 19,994,387 | 5,449,400 | |||||||||||||||
| Net unrealized gain (loss) |
7,671,552 | 384,845 | 5,123,265 | 2,292,247 | 6,135,730 | |||||||||||||||
| Change in net assets from operations |
$27,787,351 | $18,733,662 | $15,907,279 | $36,638,462 | $17,598,866 | |||||||||||||||
| Total distributions to shareholders |
$(20,987,416 | ) | $(18,339,611 | ) | $(10,143,196 | ) | $(28,803,946 | ) | $(9,435,149 | ) | ||||||||||
| Change in net assets from fund share transactions |
$(587,657 | ) | $(17,882,528 | ) | $49,680,033 | $15,493,522 | $53,588,567 | |||||||||||||
| Total change in net assets |
$6,212,278 | $(17,488,477 | ) | $55,444,116 | $23,328,038 | $61,752,284 | ||||||||||||||
| Net assets | ||||||||||||||||||||
| At beginning of period |
568,443,681 | 359,741,209 | 237,028,157 | 566,027,484 | 226,781,501 | |||||||||||||||
| At end of period |
$574,655,959 | $342,252,732 | $292,472,273 | $589,355,522 | $288,533,785 | |||||||||||||||
| Year ended 4/30/19 | MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
|||||||||||||||
| Change in net assets | ||||||||||||||||||||
| From operations | ||||||||||||||||||||
| Net investment income (loss) |
$9,679,003 | $3,832,443 | $4,746,038 | $1,926,078 | $147,647 | |||||||||||||||
| Net realized gain (loss) |
18,195,926 | 4,617,171 | 6,578,663 | 1,952,341 | (16,724 | ) | ||||||||||||||
| Net unrealized gain (loss) |
748,500 | 4,085,562 | 3,595,525 | 2,678,794 | 446,750 | |||||||||||||||
| Change in net assets from operations |
$28,623,429 | $12,535,176 | $14,920,226 | $6,557,213 | $577,673 | |||||||||||||||
| Total distributions to shareholders |
$(22,289,256 | ) | $(6,197,223 | ) | $(7,384,189 | ) | $(2,720,076 | ) | $(174,213 | ) | ||||||||||
| Change in net assets from fund share transactions |
$(7,743,746 | ) | $31,292,577 | $(3,056,119 | ) | $20,085,679 | $6,068,672 | |||||||||||||
| Total change in net assets |
$(1,409,573 | ) | $37,630,530 | $4,479,918 | $23,922,816 | $6,472,132 | ||||||||||||||
| Net assets | ||||||||||||||||||||
| At beginning of period |
428,300,126 | 161,432,173 | 206,965,495 | 79,474,332 | 3,586,581 | |||||||||||||||
| At end of period |
$426,890,553 | $199,062,703 | $211,445,413 | $103,397,148 | $10,058,713 | |||||||||||||||
See Notes to Financial Statements
42
Table of Contents
Financial Statements
MFS LIFETIME INCOME FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.39 | $12.25 | $12.20 | $12.08 | $12.29 | $12.15 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.12 | $0.31 | $0.27 | $0.21 | $0.18 | $0.21 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.39 | 0.30 | 0.20 | 0.39 | (0.11 | ) | 0.22 | |||||||||||||||||
| Total from investment operations |
$0.51 | $0.61 | $0.47 | $0.60 | $0.07 | $0.43 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.12 | ) | $(0.32 | ) | $(0.27 | ) | $(0.24 | ) | $(0.19 | ) | $(0.22 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||
| Total distributions declared to shareholders |
$(0.12 | ) | $(0.47 | ) | $(0.42 | ) | $(0.48 | ) | $(0.28 | ) | $(0.29 | ) | ||||||||||||
| Net asset value, end of period (x) |
$12.78 | $12.39 | $12.25 | $12.20 | $12.08 | $12.29 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.13 | (n) | 5.18 | 3.84 | 5.09 | 0.58 | 3.66 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.45 | (a) | 0.45 | 0.45 | 0.46 | 0.38 | 0.39 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.23 | (a) | 0.23 | 0.24 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
1.89 | (a) | 2.57 | 2.19 | 1.74 | 1.54 | 1.68 | |||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$122,109 | $111,591 | $108,482 | $115,872 | $120,810 | $126,212 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.40 | $12.25 | $12.20 | $12.08 | $12.29 | $12.15 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.07 | $0.22 | $0.17 | $0.12 | $0.09 | $0.11 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.38 | 0.31 | 0.21 | 0.39 | (0.11 | ) | 0.23 | |||||||||||||||||
| Total from investment operations |
$0.45 | $0.53 | $0.38 | $0.51 | $(0.02 | ) | $0.34 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.07 | ) | $(0.23 | ) | $(0.18 | ) | $(0.15 | ) | $(0.10 | ) | $(0.13 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||
| Total distributions declared to shareholders |
$(0.07 | ) | $(0.38 | ) | $(0.33 | ) | $(0.39 | ) | $(0.19 | ) | $(0.20 | ) | ||||||||||||
| Net asset value, end of period (x) |
$12.78 | $12.40 | $12.25 | $12.20 | $12.08 | $12.29 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.66 | (n) | 4.48 | 3.07 | 4.31 | (0.16 | ) | 2.89 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.20 | (a) | 1.20 | 1.20 | 1.21 | 1.13 | 1.14 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.98 | (a) | 0.99 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.14 | (a) | 1.81 | 1.40 | 0.98 | 0.79 | 0.93 | |||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$8,218 | $9,111 | $11,818 | $15,801 | $18,088 | $20,720 | ||||||||||||||||||
See Notes to Financial Statements
43
Table of Contents
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.39 | $12.25 | $12.19 | $12.08 | $12.29 | $12.15 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.07 | $0.22 | $0.18 | $0.12 | $0.09 | $0.11 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.39 | 0.30 | 0.21 | 0.38 | (0.11 | ) | 0.23 | |||||||||||||||||
| Total from investment operations |
$0.46 | $0.52 | $0.39 | $0.50 | $(0.02 | ) | $0.34 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.07 | ) | $(0.23 | ) | $(0.18 | ) | $(0.15 | ) | $(0.10 | ) | $(0.13 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||
| Total distributions declared to shareholders |
$(0.07 | ) | $(0.38 | ) | $(0.33 | ) | $(0.39 | ) | $(0.19 | ) | $(0.20 | ) | ||||||||||||
| Net asset value, end of period (x) |
$12.78 | $12.39 | $12.25 | $12.19 | $12.08 | $12.29 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.75 | (n) | 4.40 | 3.15 | 4.22 | (0.16 | ) | 2.89 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.20 | (a) | 1.20 | 1.20 | 1.21 | 1.13 | 1.14 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.98 | (a) | 0.99 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.14 | (a) | 1.80 | 1.43 | 0.98 | 0.79 | 0.93 | |||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$108,437 | $112,773 | $128,791 | $147,518 | $153,472 | $162,868 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class I | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.40 | $12.25 | $12.20 | $12.08 | $12.30 | $12.15 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.14 | $0.34 | $0.31 | $0.24 | $0.21 | $0.23 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.39 | 0.31 | 0.19 | 0.39 | (0.12 | ) | 0.25 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.65 | $0.50 | $0.63 | $0.09 | $0.48 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.14 | ) | $(0.35 | ) | $(0.30 | ) | $(0.27 | ) | $(0.22 | ) | $(0.26 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||
| Total distributions declared to shareholders |
$(0.14 | ) | $(0.50 | ) | $(0.45 | ) | $(0.51 | ) | $(0.31 | ) | $(0.33 | ) | ||||||||||||
| Net asset value, end of period (x) |
$12.79 | $12.40 | $12.25 | $12.20 | $12.08 | $12.30 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.26 | (n) | 5.53 | 4.10 | 5.35 | 0.75 | 4.00 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.20 | (a) | 0.20 | 0.20 | 0.21 | 0.13 | 0.14 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
2.14 | (a) | 2.82 | 2.46 | 1.98 | 1.76 | 1.92 | |||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$35,713 | $34,654 | $32,496 | $32,683 | $26,134 | $29,661 | ||||||||||||||||||
See Notes to Financial Statements
44
Table of Contents
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.41 | $12.26 | $12.21 | $12.09 | $12.30 | $12.16 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.07 | $0.21 | $0.18 | $0.12 | $0.10 | $0.12 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.39 | 0.32 | 0.20 | 0.39 | (0.12 | ) | 0.22 | |||||||||||||||||
| Total from investment operations |
$0.46 | $0.53 | $0.38 | $0.51 | $(0.02 | ) | $0.34 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.07 | ) | $(0.23 | ) | $(0.18 | ) | $(0.15 | ) | $(0.10 | ) | $(0.13 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||
| Total distributions declared to shareholders |
$(0.07 | ) | $(0.38 | ) | $(0.33 | ) | $(0.39 | ) | $(0.19 | ) | $(0.20 | ) | ||||||||||||
| Net asset value, end of period (x) |
$12.80 | $12.41 | $12.26 | $12.21 | $12.09 | $12.30 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.74 | (n) | 4.48 | 3.06 | 4.31 | (0.16 | ) | 2.88 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.20 | (a) | 1.20 | 1.20 | 1.21 | 1.13 | 1.14 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.98 | (a) | 0.98 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.14 | (a) | 1.72 | 1.42 | 0.96 | 0.79 | 0.95 | |||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$2,818 | $3,977 | $4,344 | $4,453 | $5,332 | $5,606 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.40 | $12.26 | $12.20 | $12.08 | $12.30 | $12.16 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.10 | $0.28 | $0.24 | $0.18 | $0.16 | $0.18 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.39 | 0.30 | 0.21 | 0.39 | (0.13 | ) | 0.22 | |||||||||||||||||
| Total from investment operations |
$0.49 | $0.58 | $0.45 | $0.57 | $0.03 | $0.40 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.10 | ) | $(0.29 | ) | $(0.24 | ) | $(0.21 | ) | $(0.16 | ) | $(0.19 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||
| Total distributions declared to shareholders |
$(0.10 | ) | $(0.44 | ) | $(0.39 | ) | $(0.45 | ) | $(0.25 | ) | $(0.26 | ) | ||||||||||||
| Net asset value, end of period (x) |
$12.79 | $12.40 | $12.26 | $12.20 | $12.08 | $12.30 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.00 | (n) | 4.92 | 3.67 | 4.83 | 0.25 | 3.40 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.70 | (a) | 0.70 | 0.70 | 0.71 | 0.63 | 0.64 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.48 | (a) | 0.49 | 0.49 | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Net investment income (loss) (l) |
1.64 | (a) | 2.30 | 1.91 | 1.49 | 1.32 | 1.46 | |||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$16,902 | $19,458 | $27,110 | $31,542 | $24,621 | $28,528 | ||||||||||||||||||
See Notes to Financial Statements
45
Table of Contents
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.40 | $12.25 | $12.20 | $12.08 | $12.30 | $12.15 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.12 | $0.31 | $0.27 | $0.21 | $0.17 | $0.21 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.38 | 0.31 | 0.20 | 0.39 | (0.11 | ) | 0.23 | |||||||||||||||||
| Total from investment operations |
$0.50 | $0.62 | $0.47 | $0.60 | $0.06 | $0.44 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.12 | ) | $(0.32 | ) | $(0.27 | ) | $(0.24 | ) | $(0.19 | ) | $(0.22 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||
| Total distributions declared to shareholders |
$(0.12 | ) | $(0.47 | ) | $(0.42 | ) | $(0.48 | ) | $(0.28 | ) | $(0.29 | ) | ||||||||||||
| Net asset value, end of period (x) |
$12.78 | $12.40 | $12.25 | $12.20 | $12.08 | $12.30 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.05 | (n) | 5.26 | 3.84 | 5.09 | 0.50 | 3.74 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.45 | (a) | 0.45 | 0.45 | 0.47 | 0.38 | 0.39 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.23 | (a) | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
1.89 | (a) | 2.57 | 2.21 | 1.74 | 1.46 | 1.68 | |||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$67,389 | $54,540 | $54,156 | $49,628 | $33,728 | $25,641 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.39 | $12.25 | $12.20 | $12.08 | $12.30 | $12.16 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.14 | $0.34 | $0.31 | $0.24 | $0.21 | $0.24 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.39 | 0.30 | 0.19 | 0.39 | (0.12 | ) | 0.23 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.64 | $0.50 | $0.63 | $0.09 | $0.47 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.14 | ) | $(0.35 | ) | $(0.30 | ) | $(0.27 | ) | $(0.22 | ) | $(0.26 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||
| Total distributions declared to shareholders |
$(0.14 | ) | $(0.50 | ) | $(0.45 | ) | $(0.51 | ) | $(0.31 | ) | $(0.33 | ) | ||||||||||||
| Net asset value, end of period (x) |
$12.78 | $12.39 | $12.25 | $12.20 | $12.08 | $12.30 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.26 | (n) | 5.44 | 4.10 | 5.35 | 0.75 | 3.92 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.20 | (a) | 0.20 | 0.21 | 0.21 | 0.13 | 0.14 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
2.14 | (a) | 2.82 | 2.51 | 2.01 | 1.78 | 1.93 | |||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$44,323 | $47,906 | $52,790 | $112,472 | $83,522 | $75,336 | ||||||||||||||||||
See Notes to Financial Statements
46
Table of Contents
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (i) | ||||||||||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.43 | $12.29 | $12.23 | $12.37 | ||||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.14 | $0.35 | $0.35 | $0.11 | ||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.39 | 0.30 | 0.17 | 0.21 | ||||||||||||||||||||
| Total from investment operations |
$0.53 | $0.65 | $0.52 | $0.32 | ||||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.14 | ) | $(0.36 | ) | $(0.31 | ) | $(0.22 | ) | ||||||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | |||||||||||||||||
| Total distributions declared to shareholders |
$(0.14 | ) | $(0.51 | ) | $(0.46 | ) | $(0.46 | ) | ||||||||||||||||
| Net asset value, end of period (x) |
$12.82 | $12.43 | $12.29 | $12.23 | ||||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.29 | (n) | 5.52 | 4.28 | 2.70 | (n) | ||||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.11 | (a) | 0.12 | 0.10 | 0.21 | (a) | ||||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||||||||||
| Net investment income (loss) (l) |
2.22 | (a) | 2.84 | 2.83 | 1.34 | (a) | ||||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | |||||||||||||||||||
| Net assets at end of period (000 omitted) |
$38,150 | $33,595 | $26,728 | $6,775 | ||||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 (i) | ||||||||||||||||||||
| Class 529A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$10.15 | $10.06 | $10.04 | $9.98 | $10.17 | $10.00 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.10 | $0.25 | $0.22 | $0.17 | $0.15 | $0.02 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.32 | 0.25 | 0.17 | 0.32 | (0.10 | ) | 0.19 | |||||||||||||||||
| Total from investment operations |
$0.42 | $0.50 | $0.39 | $0.49 | $0.05 | $0.21 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.10 | ) | $(0.26 | ) | $(0.22 | ) | $(0.19 | ) | $(0.15 | ) | $(0.04 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$(0.10 | ) | $(0.41 | ) | $(0.37 | ) | $(0.43 | ) | $(0.24 | ) | $(0.04 | ) | ||||||||||||
| Net asset value, end of period (x) |
$10.47 | $10.15 | $10.06 | $10.04 | $9.98 | $10.17 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.11 | (n) | 5.16 | 3.84 | 5.08 | 0.53 | 2.07 | (n) | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.50 | (a) | 0.50 | 0.53 | 0.56 | 0.48 | 0.53 | (a) | ||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.27 | (a) | 0.27 | 0.28 | 0.29 | 0.29 | 0.30 | (a) | ||||||||||||||||
| Net investment income (loss) (l) |
1.85 | (a) | 2.55 | 2.16 | 1.70 | 1.48 | 0.70 | (a) | ||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$122,976 | $108,398 | $83,713 | $73,448 | $52,434 | $47,993 | ||||||||||||||||||
See Notes to Financial Statements
47
Table of Contents
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 (i) | ||||||||||||||||||||
| Class 529B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$10.15 | $10.06 | $10.04 | $9.98 | $10.17 | $10.00 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.06 | $0.18 | $0.14 | $0.10 | $0.07 | $(0.00 | )(w) | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.32 | 0.24 | 0.17 | 0.32 | (0.10 | ) | 0.18 | |||||||||||||||||
| Total from investment operations |
$0.38 | $0.42 | $0.31 | $0.42 | $(0.03 | ) | $0.18 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.06 | ) | $(0.18 | ) | $(0.14 | ) | $(0.12 | ) | $(0.07 | ) | $(0.01 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$(0.06 | ) | $(0.33 | ) | $(0.29 | ) | $(0.36 | ) | $(0.16 | ) | $(0.01 | ) | ||||||||||||
| Net asset value, end of period (x) |
$10.47 | $10.15 | $10.06 | $10.04 | $9.98 | $10.17 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.73 | (n) | 4.38 | 3.07 | 4.30 | (0.22 | ) | 1.83 | (n) | |||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.25 | (a) | 1.25 | 1.28 | 1.31 | 1.23 | 1.28 | (a) | ||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.02 | (a) | 1.02 | 1.04 | 1.05 | 1.04 | 1.04 | (a) | ||||||||||||||||
| Net investment income (loss) (l) |
1.10 | (a) | 1.78 | 1.36 | 0.96 | 0.73 | (0.05 | )(a) | ||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$4,818 | $4,492 | $3,975 | $4,722 | $3,456 | $3,428 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 (i) | ||||||||||||||||||||
| Class 529C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$10.15 | $10.05 | $10.04 | $9.98 | $10.17 | $10.00 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.06 | $0.18 | $0.14 | $0.09 | $0.07 | $(0.00 | )(w) | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.31 | 0.25 | 0.16 | 0.33 | (0.10 | ) | 0.18 | |||||||||||||||||
| Total from investment operations |
$0.37 | $0.43 | $0.30 | $0.42 | $(0.03 | ) | $0.18 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$(0.06 | ) | $(0.18 | ) | $(0.14 | ) | $(0.12 | ) | $(0.07 | ) | $(0.01 | ) | ||||||||||||
| From net realized gain |
— | (0.15 | ) | (0.15 | ) | (0.24 | ) | (0.09 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$(0.06 | ) | $(0.33 | ) | $(0.29 | ) | $(0.36 | ) | $(0.16 | ) | $(0.01 | ) | ||||||||||||
| Net asset value, end of period (x) |
$10.46 | $10.15 | $10.05 | $10.04 | $9.98 | $10.17 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.63 | (n) | 4.48 | 2.97 | 4.30 | (0.22 | ) | 1.83 | (n) | |||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.25 | (a) | 1.25 | 1.28 | 1.31 | 1.23 | 1.28 | (a) | ||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.03 | (a) | 1.03 | 1.04 | 1.05 | 1.04 | 1.05 | (a) | ||||||||||||||||
| Net investment income (loss) (l) |
1.09 | (a) | 1.79 | 1.40 | 0.94 | 0.74 | (0.05 | )(a) | ||||||||||||||||
| Portfolio turnover |
5 | (n) | 10 | 11 | 25 | 10 | 14 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$34,647 | $34,160 | $34,039 | $32,166 | $26,047 | $23,987 | ||||||||||||||||||
See Notes to Financial Statements
48
Table of Contents
Financial Highlights – continued
MFS LIFETIME INCOME FUND – continued
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (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. |
| (i) | For Class 529A, Class 529B, Class 529C, and Class R6, the period is from the class inception, January 8, 2015 (Classes 529A, 529B, and 529C) and August 29, 2016 (Class R6), respectively, through the stated period end. |
| (l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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. |
| (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
49
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2020 FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.98 | $13.01 | $12.94 | $13.08 | $13.52 | $13.16 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.12 | $0.33 | $0.29 | $0.23 | $0.20 | $0.22 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.30 | 0.35 | 0.60 | (0.18 | ) | 0.40 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.63 | $0.64 | $0.83 | $0.02 | $0.62 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.32 | ) | $(0.35 | ) | $(0.21 | ) | $(0.23 | ) | $(0.26 | ) | |||||||||||||
| From net realized gain |
— | (0.34 | ) | (0.22 | ) | (0.76 | ) | (0.23 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.66 | ) | $(0.57 | ) | $(0.97 | ) | $(0.46 | ) | $(0.26 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.51 | $12.98 | $13.01 | $12.94 | $13.08 | $13.52 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.08 | (n) | 5.30 | 4.94 | 6.60 | 0.20 | 4.76 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.50 | (a) | 0.48 | 0.48 | 0.48 | 0.40 | 0.42 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.24 | (a) | 0.23 | 0.24 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
1.82 | (a) | 2.56 | 2.22 | 1.73 | 1.52 | 1.62 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 17 | 19 | 35 | 11 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$43,214 | $44,271 | $46,580 | $50,239 | $46,171 | $45,846 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.91 | $12.92 | $12.84 | $12.98 | $13.41 | $13.06 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.07 | $0.23 | $0.19 | $0.13 | $0.10 | $0.12 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.31 | 0.35 | 0.59 | (0.17 | ) | 0.39 | |||||||||||||||||
| Total from investment operations |
$0.48 | $0.54 | $0.54 | $0.72 | $(0.07 | ) | $0.51 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.21 | ) | $(0.24 | ) | $(0.10 | ) | $(0.13 | ) | $(0.16 | ) | |||||||||||||
| From net realized gain |
— | (0.34 | ) | (0.22 | ) | (0.76 | ) | (0.23 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.55 | ) | $(0.46 | ) | $(0.86 | ) | $(0.36 | ) | $(0.16 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.39 | $12.91 | $12.92 | $12.84 | $12.98 | $13.41 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.72 | (n) | 4.49 | 4.21 | 5.75 | (0.49 | ) | 3.96 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.25 | (a) | 1.23 | 1.23 | 1.22 | 1.15 | 1.17 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.98 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.07 | (a) | 1.81 | 1.46 | 0.99 | 0.77 | 0.93 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 17 | 19 | 35 | 11 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$3,082 | $3,148 | $4,420 | $5,425 | $6,376 | $6,605 | ||||||||||||||||||
See Notes to Financial Statements
50
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2020 FUND – continued
| Six months ended 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.71 | $12.74 | $12.67 | $12.83 | $13.26 | $12.92 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.07 | $0.23 | $0.19 | $0.13 | $0.10 | $0.12 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.40 | 0.30 | 0.34 | 0.58 | (0.18 | ) | 0.39 | |||||||||||||||||
| Total from investment operations |
$0.47 | $0.53 | $0.53 | $0.71 | $(0.08 | ) | $0.51 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.22 | ) | $(0.24 | ) | $(0.11 | ) | $(0.12 | ) | $(0.17 | ) | |||||||||||||
| From net realized gain |
— | (0.34 | ) | (0.22 | ) | (0.76 | ) | (0.23 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.56 | ) | $(0.46 | ) | $(0.87 | ) | $(0.35 | ) | $(0.17 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.18 | $12.71 | $12.74 | $12.67 | $12.83 | $13.26 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.70 | (n) | 4.50 | 4.20 | 5.76 | (0.53 | ) | 3.97 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.25 | (a) | 1.23 | 1.23 | 1.23 | 1.15 | 1.17 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.98 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.07 | (a) | 1.82 | 1.47 | 0.98 | 0.76 | 0.92 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 17 | 19 | 35 | 11 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$11,647 | $11,881 | $13,178 | $16,629 | $17,196 | $18,428 | ||||||||||||||||||
| Six months ended 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class I | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$13.07 | $13.10 | $13.03 | $13.16 | $13.60 | $13.24 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.14 | $0.36 | $0.33 | $0.30 | $0.23 | $0.26 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.42 | 0.31 | 0.35 | 0.57 | (0.18 | ) | 0.40 | |||||||||||||||||
| Total from investment operations |
$0.56 | $0.67 | $0.68 | $0.87 | $0.05 | $0.66 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.36 | ) | $(0.39 | ) | $(0.24 | ) | $(0.26 | ) | $(0.30 | ) | |||||||||||||
| From net realized gain |
— | (0.34 | ) | (0.22 | ) | (0.76 | ) | (0.23 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.70 | ) | $(0.61 | ) | $(1.00 | ) | $(0.49 | ) | $(0.30 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.63 | $13.07 | $13.10 | $13.03 | $13.16 | $13.60 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.28 | (n) | 5.54 | 5.19 | 6.91 | 0.45 | 5.03 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.25 | (a) | 0.23 | 0.23 | 0.21 | 0.15 | 0.17 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
2.07 | (a) | 2.76 | 2.50 | 2.25 | 1.78 | 1.93 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 17 | 19 | 35 | 11 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$2,391 | $2,134 | $1,742 | $1,631 | $4,466 | $7,312 | ||||||||||||||||||
See Notes to Financial Statements
51
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2020 FUND – continued
| Six months ended 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.91 | $12.94 | $12.88 | $13.00 | $13.42 | $13.06 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.07 | $0.23 | $0.20 | $0.12 | $0.10 | $0.12 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.31 | 0.34 | 0.60 | (0.18 | ) | 0.40 | |||||||||||||||||
| Total from investment operations |
$0.48 | $0.54 | $0.54 | $0.72 | $(0.08 | ) | $0.52 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.23 | ) | $(0.26 | ) | $(0.08 | ) | $(0.11 | ) | $(0.16 | ) | |||||||||||||
| From net realized gain |
— | (0.34 | ) | (0.22 | ) | (0.76 | ) | (0.23 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.57 | ) | $(0.48 | ) | $(0.84 | ) | $(0.34 | ) | $(0.16 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.39 | $12.91 | $12.94 | $12.88 | $13.00 | $13.42 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.72 | (n) | 4.51 | 4.19 | 5.73 | (0.54 | ) | 3.99 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.25 | (a) | 1.23 | 1.23 | 1.22 | 1.15 | 1.17 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.98 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.07 | (a) | 1.82 | 1.49 | 0.95 | 0.78 | 0.93 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 17 | 19 | 35 | 11 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$4,238 | $4,510 | $4,587 | $4,355 | $4,794 | $6,357 | ||||||||||||||||||
| Six months ended 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.88 | $12.91 | $12.84 | $13.00 | $13.43 | $13.08 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.10 | $0.30 | $0.26 | $0.19 | $0.17 | $0.19 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.30 | 0.35 | 0.59 | (0.18 | ) | 0.39 | |||||||||||||||||
| Total from investment operations |
$0.51 | $0.60 | $0.61 | $0.78 | $(0.01 | ) | $0.58 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.29 | ) | $(0.32 | ) | $(0.18 | ) | $(0.19 | ) | $(0.23 | ) | |||||||||||||
| From net realized gain |
— | (0.34 | ) | (0.22 | ) | (0.76 | ) | (0.23 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.63 | ) | $(0.54 | ) | $(0.94 | ) | $(0.42 | ) | $(0.23 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.39 | $12.88 | $12.91 | $12.84 | $13.00 | $13.43 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.96 | (n) | 5.04 | 4.73 | 6.26 | 0.01 | 4.48 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.75 | (a) | 0.73 | 0.73 | 0.73 | 0.65 | 0.67 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.49 | (a) | 0.48 | 0.49 | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Net investment income (loss) (l) |
1.57 | (a) | 2.32 | 1.97 | 1.49 | 1.28 | 1.42 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 17 | 19 | 35 | 11 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$43,518 | $47,259 | $72,233 | $76,217 | $63,116 | $68,263 | ||||||||||||||||||
See Notes to Financial Statements
52
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2020 FUND – continued
| Six months ended 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.98 | $13.01 | $12.95 | $13.09 | $13.53 | $13.18 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.12 | $0.34 | $0.30 | $0.22 | $0.19 | $0.22 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.30 | 0.34 | 0.61 | (0.17 | ) | 0.40 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.64 | $0.64 | $0.83 | $0.02 | $0.62 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.33 | ) | $(0.36 | ) | $(0.21 | ) | $(0.23 | ) | $(0.27 | ) | |||||||||||||
| From net realized gain |
— | (0.34 | ) | (0.22 | ) | (0.76 | ) | (0.23 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.67 | ) | $(0.58 | ) | $(0.97 | ) | $(0.46 | ) | $(0.27 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.51 | $12.98 | $13.01 | $12.95 | $13.09 | $13.53 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.08 | (n) | 5.33 | 4.90 | 6.59 | 0.20 | 4.72 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.50 | (a) | 0.48 | 0.48 | 0.48 | 0.40 | 0.42 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.24 | (a) | 0.23 | 0.24 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
1.82 | (a) | 2.61 | 2.24 | 1.71 | 1.45 | 1.67 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 17 | 19 | 35 | 11 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$87,932 | $79,478 | $84,245 | $74,655 | $63,904 | $51,380 | ||||||||||||||||||
| Six months ended 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$13.07 | $13.10 | $13.01 | $13.15 | $13.58 | $13.23 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.14 | $0.37 | $0.34 | $0.27 | $0.23 | $0.26 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.30 | 0.34 | 0.59 | (0.17 | ) | 0.39 | |||||||||||||||||
| Total from investment operations |
$0.55 | $0.67 | $0.68 | $0.86 | $0.06 | $0.65 | ||||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.36 | ) | $(0.37 | ) | $(0.24 | ) | $(0.26 | ) | $(0.30 | ) | |||||||||||||
| From net realized gain |
— | (0.34 | ) | (0.22 | ) | (0.76 | ) | (0.23 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.70 | ) | $(0.59 | ) | $(1.00 | ) | $(0.49 | ) | $(0.30 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.62 | $13.07 | $13.10 | $13.01 | $13.15 | $13.58 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.21 | (n) | 5.55 | 5.24 | 6.83 | 0.53 | 4.96 | |||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.25 | (a) | 0.23 | 0.24 | 0.23 | 0.15 | 0.17 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
2.07 | (a) | 2.82 | 2.56 | 2.02 | 1.76 | 1.94 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 17 | 19 | 35 | 11 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$82,345 | $85,763 | $87,475 | $146,535 | $165,273 | $159,446 | ||||||||||||||||||
See Notes to Financial Statements
53
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2020 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (i) | ||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$13.05 | $13.09 | $13.02 | $13.60 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.15 | $0.38 | $0.38 | $0.11 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.42 | 0.30 | 0.31 | 0.32 | ||||||||||||
| Total from investment operations |
$0.57 | $0.68 | $0.69 | $0.43 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.38 | ) | $(0.40 | ) | $(0.25 | ) | |||||||||
| From net realized gain |
— | (0.34 | ) | (0.22 | ) | (0.76 | ) | |||||||||
| Total distributions declared to shareholders |
$— | $(0.72 | ) | $(0.62 | ) | $(1.01 | ) | |||||||||
| Net asset value, end of period (x) |
$13.62 | $13.05 | $13.09 | $13.02 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.37 | (n) | 5.62 | 5.33 | 3.43 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||
| Expenses before expense reductions (f)(h) |
0.12 | (a) | 0.11 | 0.10 | 0.16 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
2.20 | (a) | 2.95 | 2.82 | 1.28 | (a) | ||||||||||
| Portfolio turnover |
6 | (n) | 17 | 19 | 35 | |||||||||||
| Net assets at end of period (000 omitted) |
$65,683 | $63,809 | $45,280 | $21,091 | ||||||||||||
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (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. |
| (i) | For Class R6, the period is from the class inception, August 29, 2016, through the stated period end. |
| (l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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
54
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2025 FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months ended 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$13.03 | $12.83 | $12.35 | $11.76 | $12.19 | $11.81 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.10 | $0.33 | $0.29 | $0.20 | $0.16 | $0.19 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.44 | 0.35 | 0.62 | 0.84 | (0.24 | ) | 0.47 | |||||||||||||||||
| Total from investment operations |
$0.54 | $0.68 | $0.91 | $1.04 | $(0.08 | ) | $0.66 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.31 | ) | $(0.35 | ) | $(0.17 | ) | $(0.18 | ) | $(0.20 | ) | |||||||||||||
| From net realized gain |
— | (0.17 | ) | (0.08 | ) | (0.28 | ) | (0.17 | ) | (0.08 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.48 | ) | $(0.43 | ) | $(0.45 | ) | $(0.35 | ) | $(0.28 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.57 | $13.03 | $12.83 | $12.35 | $11.76 | $12.19 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.14 | (n) | 5.70 | 7.34 | 9.03 | (0.60 | ) | 5.64 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.51 | (a) | 0.52 | 0.54 | 0.55 | 0.53 | 0.48 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.22 | (a) | 0.22 | 0.23 | 0.24 | 0.23 | 0.23 | |||||||||||||||||
| Net investment income (loss) (l) |
1.54 | (a) | 2.62 | 2.28 | 1.62 | 1.34 | 1.58 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 14 | 37 | 33 | 10 | 13 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$21,993 | $19,689 | $16,710 | $14,518 | $12,598 | $8,807 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.93 | $12.72 | $12.26 | $11.68 | $12.11 | $11.75 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.05 | $0.23 | $0.19 | $0.10 | $0.07 | $0.10 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.44 | 0.36 | 0.60 | 0.85 | (0.24 | ) | 0.47 | |||||||||||||||||
| Total from investment operations |
$0.49 | $0.59 | $0.79 | $0.95 | $(0.17 | ) | $0.57 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.21 | ) | $(0.25 | ) | $(0.09 | ) | $(0.09 | ) | $(0.13 | ) | |||||||||||||
| From net realized gain |
— | (0.17 | ) | (0.08 | ) | (0.28 | ) | (0.17 | ) | (0.08 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.38 | ) | $(0.33 | ) | $(0.37 | ) | $(0.26 | ) | $(0.21 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.42 | $12.93 | $12.72 | $12.26 | $11.68 | $12.11 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.79 | (n) | 4.96 | 6.40 | 8.23 | (1.37 | ) | 4.83 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.26 | (a) | 1.27 | 1.29 | 1.29 | 1.28 | 1.23 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.98 | (a) | 0.97 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.78 | (a) | 1.82 | 1.47 | 0.86 | 0.59 | 0.83 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 14 | 37 | 33 | 10 | 13 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,737 | $1,501 | $1,472 | $1,340 | $1,190 | $1,035 | ||||||||||||||||||
See Notes to Financial Statements
55
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2025 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.86 | $12.66 | $12.21 | $11.63 | $12.07 | $11.71 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.05 | $0.22 | $0.19 | $0.10 | $0.07 | $0.10 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.44 | 0.37 | 0.60 | 0.84 | (0.24 | ) | 0.47 | |||||||||||||||||
| Total from investment operations |
$0.49 | $0.59 | $0.79 | $0.94 | $(0.17 | ) | $0.57 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.22 | ) | $(0.26 | ) | $(0.08 | ) | $(0.10 | ) | $(0.13 | ) | |||||||||||||
| From net realized gain |
— | (0.17 | ) | (0.08 | ) | (0.28 | ) | (0.17 | ) | (0.08 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.39 | ) | $(0.34 | ) | $(0.36 | ) | $(0.27 | ) | $(0.21 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.35 | $12.86 | $12.66 | $12.21 | $11.63 | $12.07 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.81 | (n) | 4.94 | 6.42 | 8.24 | (1.37 | ) | 4.86 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.26 | (a) | 1.27 | 1.29 | 1.29 | 1.28 | 1.23 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.99 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.77 | (a) | 1.78 | 1.50 | 0.83 | 0.59 | 0.80 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 14 | 37 | 33 | 10 | 13 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$4,141 | $4,186 | $3,571 | $3,311 | $2,846 | $2,213 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class I | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$13.08 | $12.87 | $12.40 | $11.79 | $12.22 | $11.83 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.12 | $0.41 | $0.25 | $0.27 | $0.19 | $0.23 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.44 | 0.32 | 0.68 | 0.82 | (0.25 | ) | 0.46 | |||||||||||||||||
| Total from investment operations |
$0.56 | $0.73 | $0.93 | $1.09 | $(0.06 | ) | $0.69 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.35 | ) | $(0.38 | ) | $(0.20 | ) | $(0.20 | ) | $(0.22 | ) | |||||||||||||
| From net realized gain |
— | (0.17 | ) | (0.08 | ) | (0.28 | ) | (0.17 | ) | (0.08 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.52 | ) | $(0.46 | ) | $(0.48 | ) | $(0.37 | ) | $(0.30 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.64 | $13.08 | $12.87 | $12.40 | $11.79 | $12.22 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.28 | (n) | 6.05 | 7.44 | 9.42 | (0.39 | ) | 5.89 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.26 | (a) | 0.27 | 0.32 | 0.28 | 0.29 | 0.23 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.77 | (a) | 3.23 | 1.96 | 2.25 | 1.59 | 1.87 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 14 | 37 | 33 | 10 | 13 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,504 | $1,228 | $538 | $127 | $4,563 | $1,889 | ||||||||||||||||||
See Notes to Financial Statements
56
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2025 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.95 | $12.76 | $12.33 | $11.79 | $12.17 | $11.78 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.05 | $0.22 | $0.20 | $0.09 | $0.06 | $0.09 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.43 | 0.37 | 0.60 | 0.86 | (0.24 | ) | 0.48 | |||||||||||||||||
| Total from investment operations |
$0.48 | $0.59 | $0.80 | $0.95 | $(0.18 | ) | $0.57 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.23 | ) | $(0.29 | ) | $(0.13 | ) | $(0.03 | ) | $(0.10 | ) | |||||||||||||
| From net realized gain |
— | (0.17 | ) | (0.08 | ) | (0.28 | ) | (0.17 | ) | (0.08 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.40 | ) | $(0.37 | ) | $(0.41 | ) | $(0.20 | ) | $(0.18 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.43 | $12.95 | $12.76 | $12.33 | $11.79 | $12.17 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.71 | (n) | 4.97 | 6.46 | 8.24 | (1.40 | ) | 4.88 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.26 | (a) | 1.27 | 1.30 | 1.31 | 1.26 | 1.23 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.99 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.77 | (a) | 1.76 | 1.58 | 0.77 | 0.51 | 0.73 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 14 | 37 | 33 | 10 | 13 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,831 | $1,578 | $1,234 | $432 | $87 | $163 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$12.96 | $12.74 | $12.29 | $11.73 | $12.17 | $11.78 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.08 | $0.28 | $0.26 | $0.17 | $0.12 | $0.15 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.45 | 0.37 | 0.60 | 0.84 | (0.24 | ) | 0.49 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.65 | $0.86 | $1.01 | $(0.12 | ) | $0.64 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.26 | ) | $(0.33 | ) | $(0.17 | ) | $(0.15 | ) | $(0.17 | ) | |||||||||||||
| From net realized gain |
— | (0.17 | ) | (0.08 | ) | (0.28 | ) | (0.17 | ) | (0.08 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.43 | ) | $(0.41 | ) | $(0.45 | ) | $(0.32 | ) | $(0.25 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.49 | $12.96 | $12.74 | $12.29 | $11.73 | $12.17 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.01 | (n) | 5.48 | 6.95 | 8.75 | (0.89 | ) | 5.42 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.76 | (a) | 0.77 | 0.79 | 0.81 | 0.79 | 0.73 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.49 | (a) | 0.49 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Net investment income (loss) (l) |
1.27 | (a) | 2.21 | 2.06 | 1.40 | 1.02 | 1.27 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 14 | 37 | 33 | 10 | 13 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$33,289 | $36,121 | $35,799 | $23,253 | $7,489 | $4,200 | ||||||||||||||||||
See Notes to Financial Statements
57
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2025 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$13.02 | $12.81 | $12.35 | $11.76 | $12.19 | $11.80 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.10 | $0.33 | $0.29 | $0.20 | $0.15 | $0.17 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.44 | 0.36 | 0.60 | 0.85 | (0.23 | ) | 0.49 | |||||||||||||||||
| Total from investment operations |
$0.54 | $0.69 | $0.89 | $1.05 | $(0.08 | ) | $0.66 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.31 | ) | $(0.35 | ) | $(0.18 | ) | $(0.18 | ) | $(0.19 | ) | |||||||||||||
| From net realized gain |
— | (0.17 | ) | (0.08 | ) | (0.28 | ) | (0.17 | ) | (0.08 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.48 | ) | $(0.43 | ) | $(0.46 | ) | $(0.35 | ) | $(0.27 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.56 | $13.02 | $12.81 | $12.35 | $11.76 | $12.19 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.15 | (n) | 5.75 | 7.19 | 9.08 | (0.60 | ) | 5.65 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.51 | (a) | 0.52 | 0.54 | 0.55 | 0.54 | 0.48 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.24 | (a) | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
1.52 | (a) | 2.56 | 2.24 | 1.61 | 1.27 | 1.45 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 14 | 37 | 33 | 10 | 13 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$89,035 | $76,112 | $63,426 | $39,042 | $22,370 | $12,732 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$13.10 | $12.88 | $12.40 | $11.79 | $12.22 | $11.83 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.12 | $0.36 | $0.35 | $0.22 | $0.19 | $0.22 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.44 | 0.37 | 0.58 | 0.87 | (0.25 | ) | 0.47 | |||||||||||||||||
| Total from investment operations |
$0.56 | $0.73 | $0.93 | $1.09 | $(0.06 | ) | $0.69 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.34 | ) | $(0.37 | ) | $(0.20 | ) | $(0.20 | ) | $(0.22 | ) | |||||||||||||
| From net realized gain |
— | (0.17 | ) | (0.08 | ) | (0.28 | ) | (0.17 | ) | (0.08 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.51 | ) | $(0.45 | ) | $(0.48 | ) | $(0.37 | ) | $(0.30 | ) | |||||||||||||
| Net asset value, end of period (x) |
$13.66 | $13.10 | $12.88 | $12.40 | $11.79 | $12.22 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.27 | (n) | 6.06 | 7.43 | 9.42 | (0.40 | ) | 5.88 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.26 | (a) | 0.27 | 0.28 | 0.30 | 0.28 | 0.23 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.77 | (a) | 2.82 | 2.68 | 1.84 | 1.59 | 1.82 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 14 | 37 | 33 | 10 | 13 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$106,790 | $105,032 | $81,894 | $135,040 | $105,570 | $98,370 | ||||||||||||||||||
See Notes to Financial Statements
58
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2025 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (i) | ||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$13.10 | $12.88 | $12.41 | $12.30 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.13 | $0.38 | $0.40 | $0.11 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.43 | 0.37 | 0.55 | 0.48 | ||||||||||||
| Total from investment operations |
$0.56 | $0.75 | $0.95 | $0.59 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.36 | ) | $(0.40 | ) | $(0.20 | ) | |||||||||
| From net realized gain |
— | (0.17 | ) | (0.08 | ) | (0.28 | ) | |||||||||
| Total distributions declared to shareholders |
$— | $(0.53 | ) | $(0.48 | ) | $(0.48 | ) | |||||||||
| Net asset value, end of period (x) |
$13.66 | $13.10 | $12.88 | $12.41 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.27 | (n) | 6.21 | 7.57 | 5.02 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||
| Expenses before expense reductions (f)(h) |
0.12 | (a) | 0.14 | 0.15 | 0.20 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
1.91 | (a) | 2.93 | 3.08 | 1.31 | (a) | ||||||||||
| Portfolio turnover |
6 | (n) | 14 | 37 | 33 | |||||||||||
| Net assets at end of period (000 omitted) |
$59,123 | $47,026 | $32,384 | $10,834 | ||||||||||||
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (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. |
| (i) | For Class R6, the period is from the class inception, August 29, 2016, through the stated period end. |
| (l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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
59
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2030 FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.59 | $15.48 | $14.57 | $13.91 | $14.55 | $13.90 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.08 | $0.37 | $0.34 | $0.19 | $0.16 | $0.18 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.49 | 1.13 | 1.42 | (0.38 | ) | 0.70 | |||||||||||||||||
| Total from investment operations |
$0.61 | $0.86 | $1.47 | $1.61 | $(0.22 | ) | $0.88 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.36 | ) | $(0.36 | ) | $(0.19 | ) | $(0.20 | ) | $(0.23 | ) | |||||||||||||
| From net realized gain |
— | (0.39 | ) | (0.20 | ) | (0.76 | ) | (0.22 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.75 | ) | $(0.56 | ) | $(0.95 | ) | $(0.42 | ) | $(0.23 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.20 | $15.59 | $15.48 | $14.57 | $13.91 | $14.55 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.91 | (n) | 6.24 | 10.09 | 12.01 | (1.51 | ) | 6.37 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.46 | (a) | 0.46 | 0.46 | 0.47 | 0.42 | 0.44 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.24 | (a) | 0.23 | 0.23 | 0.25 | 0.24 | 0.24 | |||||||||||||||||
| Net investment income (loss) (l) |
1.00 | (a) | 2.40 | 2.18 | 1.36 | 1.13 | 1.29 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 18 | 19 | 50 | 6 | 11 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$68,592 | $63,579 | $61,458 | $57,961 | $44,995 | $42,887 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.37 | $15.26 | $14.37 | $13.73 | $14.37 | $13.73 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.25 | $0.21 | $0.08 | $0.05 | $0.07 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.50 | 1.13 | 1.40 | (0.38 | ) | 0.69 | |||||||||||||||||
| Total from investment operations |
$0.55 | $0.75 | $1.34 | $1.48 | $(0.33 | ) | $0.76 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.25 | ) | $(0.25 | ) | $(0.08 | ) | $(0.09 | ) | $(0.12 | ) | |||||||||||||
| From net realized gain |
— | (0.39 | ) | (0.20 | ) | (0.76 | ) | (0.22 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.64 | ) | $(0.45 | ) | $(0.84 | ) | $(0.31 | ) | $(0.12 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.92 | $15.37 | $15.26 | $14.37 | $13.73 | $14.37 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.58 | (n) | 5.44 | 9.28 | 11.15 | (2.27 | ) | 5.59 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.21 | (a) | 1.21 | 1.21 | 1.22 | 1.17 | 1.19 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.99 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.25 | (a) | 1.67 | 1.42 | 0.60 | 0.37 | 0.53 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 18 | 19 | 50 | 6 | 11 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$8,154 | $8,727 | $8,834 | $8,753 | $8,498 | $8,414 | ||||||||||||||||||
See Notes to Financial Statements
60
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2030 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.27 | $15.16 | $14.29 | $13.66 | $14.29 | $13.67 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.25 | $0.21 | $0.09 | $0.05 | $0.08 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.49 | 1.11 | 1.38 | (0.37 | ) | 0.67 | |||||||||||||||||
| Total from investment operations |
$0.55 | $0.74 | $1.32 | $1.47 | $(0.32 | ) | $0.75 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.24 | ) | $(0.25 | ) | $(0.08 | ) | $(0.09 | ) | $(0.13 | ) | |||||||||||||
| From net realized gain |
— | (0.39 | ) | (0.20 | ) | (0.76 | ) | (0.22 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.63 | ) | $(0.45 | ) | $(0.84 | ) | $(0.31 | ) | $(0.13 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.82 | $15.27 | $15.16 | $14.29 | $13.66 | $14.29 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.60 | (n) | 5.46 | 9.21 | 11.17 | (2.20 | ) | 5.51 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.21 | (a) | 1.21 | 1.21 | 1.22 | 1.17 | 1.19 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.99 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.25 | (a) | 1.63 | 1.42 | 0.61 | 0.38 | 0.55 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 18 | 19 | 50 | 6 | 11 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$14,862 | $15,790 | $15,885 | $15,827 | $15,554 | $15,521 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class I | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.66 | $15.55 | $14.63 | $14.00 | $14.63 | $13.98 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.10 | $0.42 | $0.38 | $0.28 | $0.19 | $0.23 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.54 | 0.48 | 1.14 | 1.33 | (0.37 | ) | 0.68 | |||||||||||||||||
| Total from investment operations |
$0.64 | $0.90 | $1.52 | $1.61 | $(0.18 | ) | $0.91 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.40 | ) | $(0.40 | ) | $(0.22 | ) | $(0.23 | ) | $(0.26 | ) | |||||||||||||
| From net realized gain |
— | (0.39 | ) | (0.20 | ) | (0.76 | ) | (0.22 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.79 | ) | $(0.60 | ) | $(0.98 | ) | $(0.45 | ) | $(0.26 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.30 | $15.66 | $15.55 | $14.63 | $14.00 | $14.63 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.09 | (n) | 6.50 | 10.38 | 11.95 | (1.19 | ) | 6.57 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.21 | (a) | 0.21 | 0.21 | 0.20 | 0.17 | 0.20 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.25 | (a) | 2.70 | 2.48 | 1.96 | 1.36 | 1.61 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 18 | 19 | 50 | 6 | 11 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$2,356 | $2,282 | $2,171 | $1,743 | $12,156 | $11,665 | ||||||||||||||||||
See Notes to Financial Statements
61
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2030 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.42 | $15.32 | $14.44 | $13.78 | $14.39 | $13.75 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.26 | $0.21 | $0.08 | $0.04 | $0.09 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.48 | 1.13 | 1.40 | (0.36 | ) | 0.67 | |||||||||||||||||
| Total from investment operations |
$0.55 | $0.74 | $1.34 | $1.48 | $(0.32 | ) | $0.76 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.25 | ) | $(0.26 | ) | $(0.06 | ) | $(0.07 | ) | $(0.12 | ) | |||||||||||||
| From net realized gain |
— | (0.39 | ) | (0.20 | ) | (0.76 | ) | (0.22 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.64 | ) | $(0.46 | ) | $(0.82 | ) | $(0.29 | ) | $(0.12 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.97 | $15.42 | $15.32 | $14.44 | $13.78 | $14.39 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.57 | (n) | 5.42 | 9.26 | 11.13 | (2.25 | ) | 5.56 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.21 | (a) | 1.21 | 1.21 | 1.22 | 1.17 | 1.19 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.99 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.25 | (a) | 1.69 | 1.38 | 0.57 | 0.31 | 0.61 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 18 | 19 | 50 | 6 | 11 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$6,972 | $7,423 | $6,825 | $5,740 | $6,427 | $8,165 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.43 | $15.32 | $14.43 | $13.79 | $14.43 | $13.79 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.06 | $0.33 | $0.30 | $0.16 | $0.12 | $0.14 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.49 | 1.12 | 1.40 | (0.38 | ) | 0.69 | |||||||||||||||||
| Total from investment operations |
$0.59 | $0.82 | $1.42 | $1.56 | $(0.26 | ) | $0.83 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.32 | ) | $(0.33 | ) | $(0.16 | ) | $(0.16 | ) | $(0.19 | ) | |||||||||||||
| From net realized gain |
— | (0.39 | ) | (0.20 | ) | (0.76 | ) | (0.22 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.71 | ) | $(0.53 | ) | $(0.92 | ) | $(0.38 | ) | $(0.19 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.02 | $15.43 | $15.32 | $14.43 | $13.79 | $14.43 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.82 | (n) | 6.00 | 9.80 | 11.73 | (1.78 | ) | 6.07 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.71 | (a) | 0.71 | 0.71 | 0.72 | 0.67 | 0.69 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.49 | (a) | 0.49 | 0.49 | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Net investment income (loss) (l) |
0.75 | (a) | 2.17 | 1.95 | 1.13 | 0.88 | 1.01 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 18 | 19 | 50 | 6 | 11 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$75,186 | $78,171 | $112,223 | $105,808 | $83,102 | $79,912 | ||||||||||||||||||
See Notes to Financial Statements
62
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2030 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.54 | $15.44 | $14.54 | $13.88 | $14.52 | $13.87 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.08 | $0.37 | $0.34 | $0.19 | $0.15 | $0.18 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.49 | 1.12 | 1.42 | (0.37 | ) | 0.70 | |||||||||||||||||
| Total from investment operations |
$0.61 | $0.86 | $1.46 | $1.61 | $(0.22 | ) | $0.88 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.37 | ) | $(0.36 | ) | $(0.19 | ) | $(0.20 | ) | $(0.23 | ) | |||||||||||||
| From net realized gain |
— | (0.39 | ) | (0.20 | ) | (0.76 | ) | (0.22 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.76 | ) | $(0.56 | ) | $(0.95 | ) | $(0.42 | ) | $(0.23 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.15 | $15.54 | $15.44 | $14.54 | $13.88 | $14.52 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.93 | (n) | 6.21 | 10.07 | 12.03 | (1.52 | ) | 6.37 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.46 | (a) | 0.46 | 0.46 | 0.47 | 0.42 | 0.44 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.25 | (a) | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
1.00 | (a) | 2.44 | 2.20 | 1.34 | 1.06 | 1.27 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 18 | 19 | 50 | 6 | 11 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$155,495 | $146,737 | $136,815 | $109,088 | $90,624 | $71,753 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.68 | $15.56 | $14.64 | $13.97 | $14.61 | $13.96 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.10 | $0.40 | $0.40 | $0.24 | $0.19 | $0.22 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.54 | 0.51 | 1.11 | 1.41 | (0.38 | ) | 0.69 | |||||||||||||||||
| Total from investment operations |
$0.64 | $0.91 | $1.51 | $1.65 | $(0.19 | ) | $0.91 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.40 | ) | $(0.39 | ) | $(0.22 | ) | $(0.23 | ) | $(0.26 | ) | |||||||||||||
| From net realized gain |
— | (0.39 | ) | (0.20 | ) | (0.76 | ) | (0.22 | ) | — | ||||||||||||||
| Total distributions declared to shareholders |
$— | $(0.79 | ) | $(0.59 | ) | $(0.98 | ) | $(0.45 | ) | $(0.26 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.32 | $15.68 | $15.56 | $14.64 | $13.97 | $14.61 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.08 | (n) | 6.56 | 10.30 | 12.28 | (1.26 | ) | 6.58 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.21 | (a) | 0.21 | 0.21 | 0.22 | 0.17 | 0.20 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
1.24 | (a) | 2.61 | 2.57 | 1.66 | 1.37 | 1.56 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 18 | 19 | 50 | 6 | 11 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$163,245 | $158,288 | $148,064 | $188,413 | $184,249 | $169,285 | ||||||||||||||||||
See Notes to Financial Statements
63
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2030 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (i) | ||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$15.68 | $15.56 | $14.65 | $14.67 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.11 | $0.44 | $0.45 | $0.07 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.54 | 0.49 | 1.08 | 0.90 | ||||||||||||
| Total from investment operations |
$0.65 | $0.93 | $1.53 | $0.97 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.42 | ) | $(0.42 | ) | $(0.23 | ) | |||||||||
| From net realized gain |
— | (0.39 | ) | (0.20 | ) | (0.76 | ) | |||||||||
| Total distributions declared to shareholders |
$— | $(0.81 | ) | $(0.62 | ) | $(0.99 | ) | |||||||||
| Net asset value, end of period (x) |
$16.33 | $15.68 | $15.56 | $14.65 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
4.15 | (n) | 6.71 | 10.43 | 7.05 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||
| Expenses before expense reductions (f)(h) |
0.08 | (a) | 0.08 | 0.08 | 0.13 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
1.38 | (a) | 2.86 | 2.91 | 0.75 | (a) | ||||||||||
| Portfolio turnover |
7 | (n) | 18 | 19 | 50 | |||||||||||
| Net assets at end of period (000 omitted) |
$113,210 | $108,358 | $73,753 | $33,584 | ||||||||||||
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (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. |
| (i) | For Class R6, the period is from the class inception, August 29, 2016, through the stated period end. |
| (l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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
64
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2035 FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months ended |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$14.94 | $14.61 | $13.49 | $12.35 | $12.96 | $12.41 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.04 | $0.34 | $0.31 | $0.16 | $0.12 | $0.15 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | 0.52 | 1.28 | 1.44 | (0.35 | ) | 0.67 | |||||||||||||||||
| Total from investment operations |
$0.54 | $0.86 | $1.59 | $1.60 | $(0.23 | ) | $0.82 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.32 | ) | $(0.37 | ) | $(0.15 | ) | $(0.16 | ) | $(0.18 | ) | |||||||||||||
| From net realized gain |
— | (0.21 | ) | (0.10 | ) | (0.31 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.53 | ) | $(0.47 | ) | $(0.46 | ) | $(0.38 | ) | $(0.27 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.48 | $14.94 | $14.61 | $13.49 | $12.35 | $12.96 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.61 | (n) | 6.50 | 11.78 | 13.18 | (1.71 | ) | 6.72 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.52 | (a) | 0.54 | 0.56 | 0.59 | 0.59 | 0.54 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.24 | (a) | 0.24 | 0.25 | 0.25 | 0.24 | 0.24 | |||||||||||||||||
| Net investment income (loss) (l) |
0.57 | (a) | 2.36 | 2.13 | 1.23 | 0.98 | 1.19 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 12 | 33 | 43 | 7 | 8 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$18,368 | $16,563 | $15,369 | $10,591 | $7,454 | $6,353 | ||||||||||||||||||
| Six months ended |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$14.84 | $14.49 | $13.39 | $12.26 | $12.88 | $12.36 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.01 | ) | $0.22 | $0.19 | $0.06 | $0.02 | $0.04 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.49 | 0.54 | 1.28 | 1.43 | (0.34 | ) | 0.68 | |||||||||||||||||
| Total from investment operations |
$0.48 | $0.76 | $1.47 | $1.49 | $(0.32 | ) | $0.72 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.20 | ) | $(0.27 | ) | $(0.05 | ) | $(0.08 | ) | $(0.11 | ) | |||||||||||||
| From net realized gain |
— | (0.21 | ) | (0.10 | ) | (0.31 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.41 | ) | $(0.37 | ) | $(0.36 | ) | $(0.30 | ) | $(0.20 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.32 | $14.84 | $14.49 | $13.39 | $12.26 | $12.88 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.23 | (n) | 5.71 | 10.96 | 12.34 | (2.45 | ) | 5.88 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.27 | (a) | 1.29 | 1.31 | 1.34 | 1.34 | 1.29 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.18 | )(a) | 1.55 | 1.31 | 0.45 | 0.20 | 0.33 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 12 | 33 | 43 | 7 | 8 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,627 | $1,650 | $1,730 | $1,314 | $1,261 | $950 | ||||||||||||||||||
See Notes to Financial Statements
65
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2035 FUND – continued
| Six months ended |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$14.78 | $14.45 | $13.35 | $12.22 | $12.83 | $12.32 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.01 | ) | $0.22 | $0.19 | $0.05 | $0.03 | $0.05 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.48 | 0.53 | 1.28 | 1.43 | (0.35 | ) | 0.67 | |||||||||||||||||
| Total from investment operations |
$0.47 | $0.75 | $1.47 | $1.48 | $(0.32 | ) | $0.72 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.21 | ) | $(0.27 | ) | $(0.04 | ) | $(0.07 | ) | $(0.12 | ) | |||||||||||||
| From net realized gain |
— | (0.21 | ) | (0.10 | ) | (0.31 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.42 | ) | $(0.37 | ) | $(0.35 | ) | $(0.29 | ) | $(0.21 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.25 | $14.78 | $14.45 | $13.35 | $12.22 | $12.83 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.18 | (n) | 5.69 | 11.00 | 12.28 | (2.40 | ) | 5.89 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.27 | (a) | 1.29 | 1.31 | 1.34 | 1.33 | 1.29 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.99 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.17 | )(a) | 1.54 | 1.35 | 0.40 | 0.27 | 0.39 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 12 | 33 | 43 | 7 | 8 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$2,945 | $2,730 | $2,510 | $1,893 | $1,950 | $1,965 | ||||||||||||||||||
| Six months ended |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class I | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$14.97 | $14.64 | $13.51 | $12.40 | $13.00 | $12.44 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.06 | $0.37 | $0.38 | $0.26 | $0.15 | $0.17 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.49 | 0.53 | 1.25 | 1.34 | (0.34 | ) | 0.69 | |||||||||||||||||
| Total from investment operations |
$0.55 | $0.90 | $1.63 | $1.60 | $(0.19 | ) | $0.86 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.36 | ) | $(0.40 | ) | $(0.18 | ) | $(0.19 | ) | $(0.21 | ) | |||||||||||||
| From net realized gain |
— | (0.21 | ) | (0.10 | ) | (0.31 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.57 | ) | $(0.50 | ) | $(0.49 | ) | $(0.41 | ) | $(0.30 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.52 | $14.97 | $14.64 | $13.51 | $12.40 | $13.00 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.67 | (n) | 6.76 | 12.10 | 13.12 | (1.40 | ) | 6.98 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.27 | (a) | 0.29 | 0.32 | 0.32 | 0.33 | 0.29 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.82 | (a) | 2.55 | 2.59 | 2.01 | 1.19 | 1.36 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 12 | 33 | 43 | 7 | 8 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$903 | $843 | $636 | $311 | $3,921 | $3,507 | ||||||||||||||||||
See Notes to Financial Statements
66
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2035 FUND – continued
| Six months ended |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$14.83 | $14.50 | $13.44 | $12.39 | $12.93 | $12.39 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.01 | ) | $0.22 | $0.23 | $0.07 | $0.00 | (w) | $0.04 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.49 | 0.54 | 1.25 | 1.42 | (0.32 | ) | 0.68 | |||||||||||||||||
| Total from investment operations |
$0.48 | $0.76 | $1.48 | $1.49 | $(0.32 | ) | $0.72 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.22 | ) | $(0.32 | ) | $(0.13 | ) | $(0.00 | )(w) | $(0.09 | ) | |||||||||||||
| From net realized gain |
— | (0.21 | ) | (0.10 | ) | (0.31 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.43 | ) | $(0.42 | ) | $(0.44 | ) | $(0.22 | ) | $(0.18 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.31 | $14.83 | $14.50 | $13.44 | $12.39 | $12.93 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.24 | (n) | 5.72 | 11.00 | 12.22 | (2.39 | ) | 5.90 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.27 | (a) | 1.29 | 1.31 | 1.36 | 1.31 | 1.29 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.18 | )(a) | 1.55 | 1.61 | 0.57 | 0.01 | 0.35 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 12 | 33 | 43 | 7 | 8 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,843 | $2,535 | $1,974 | $664 | $118 | $180 | ||||||||||||||||||
| Six months ended |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$14.89 | $14.54 | $13.43 | $12.33 | $12.93 | $12.39 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.27 | $0.27 | $0.13 | $0.08 | $0.11 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.49 | 0.56 | 1.28 | 1.42 | (0.33 | ) | 0.67 | |||||||||||||||||
| Total from investment operations |
$0.51 | $0.83 | $1.55 | $1.55 | $(0.25 | ) | $0.78 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.27 | ) | $(0.34 | ) | $(0.14 | ) | $(0.13 | ) | $(0.15 | ) | |||||||||||||
| From net realized gain |
— | (0.21 | ) | (0.10 | ) | (0.31 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.48 | ) | $(0.44 | ) | $(0.45 | ) | $(0.35 | ) | $(0.24 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.40 | $14.89 | $14.54 | $13.43 | $12.33 | $12.93 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.43 | (n) | 6.23 | 11.57 | 12.80 | (1.87 | ) | 6.38 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.77 | (a) | 0.79 | 0.81 | 0.86 | 0.84 | 0.79 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.50 | (a) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Net investment income (loss) (l) |
0.31 | (a) | 1.84 | 1.86 | 1.00 | 0.66 | 0.86 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 12 | 33 | 43 | 7 | 8 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$31,264 | $32,592 | $32,185 | $20,918 | $5,805 | $3,758 | ||||||||||||||||||
See Notes to Financial Statements
67
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2035 FUND – continued
| Six months ended |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$14.96 | $14.63 | $13.50 | $12.37 | $12.97 | $12.43 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.04 | $0.34 | $0.30 | $0.16 | $0.12 | $0.14 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | 0.52 | 1.30 | 1.43 | (0.34 | ) | 0.67 | |||||||||||||||||
| Total from investment operations |
$0.54 | $0.86 | $1.60 | $1.59 | $(0.22 | ) | $0.81 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.32 | ) | $(0.37 | ) | $(0.15 | ) | $(0.16 | ) | $(0.18 | ) | |||||||||||||
| From net realized gain |
— | (0.21 | ) | (0.10 | ) | (0.31 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.53 | ) | $(0.47 | ) | $(0.46 | ) | $(0.38 | ) | $(0.27 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.50 | $14.96 | $14.63 | $13.50 | $12.37 | $12.97 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.61 | (n) | 6.46 | 11.85 | 13.11 | (1.63 | ) | 6.61 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.52 | (a) | 0.54 | 0.56 | 0.60 | 0.59 | 0.54 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.25 | (a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
0.57 | (a) | 2.31 | 2.10 | 1.23 | 0.95 | 1.08 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 12 | 33 | 43 | 7 | 8 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$84,857 | $71,027 | $58,283 | $35,284 | $20,110 | $12,389 | ||||||||||||||||||
| Six months ended |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.02 | $14.69 | $13.54 | $12.39 | $13.00 | $12.44 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.06 | $0.38 | $0.38 | $0.19 | $0.15 | $0.19 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | 0.52 | 1.26 | 1.45 | (0.35 | ) | 0.67 | |||||||||||||||||
| Total from investment operations |
$0.56 | $0.90 | $1.64 | $1.64 | $(0.20 | ) | $0.86 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.36 | ) | $(0.39 | ) | $(0.18 | ) | $(0.19 | ) | $(0.21 | ) | |||||||||||||
| From net realized gain |
— | (0.21 | ) | (0.10 | ) | (0.31 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.57 | ) | $(0.49 | ) | $(0.49 | ) | $(0.41 | ) | $(0.30 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.58 | $15.02 | $14.69 | $13.54 | $12.39 | $13.00 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.73 | (n) | 6.73 | 12.11 | 13.46 | (1.48 | ) | 6.98 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.27 | (a) | 0.29 | 0.30 | 0.34 | 0.34 | 0.29 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.82 | (a) | 2.58 | 2.61 | 1.44 | 1.22 | 1.49 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 12 | 33 | 43 | 7 | 8 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$119,488 | $115,939 | $87,528 | $119,254 | $86,982 | $77,094 | ||||||||||||||||||
See Notes to Financial Statements
68
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2035 FUND – continued
| Six months ended 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (i) | ||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$15.02 | $14.69 | $13.55 | $13.04 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.07 | $0.39 | $0.44 | $0.06 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | 0.53 | 1.22 | 0.94 | ||||||||||||
| Total from investment operations |
$0.57 | $0.92 | $1.66 | $1.00 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.38 | ) | $(0.42 | ) | $(0.18 | ) | |||||||||
| From net realized gain |
— | (0.21 | ) | (0.10 | ) | (0.31 | ) | |||||||||
| Total distributions declared to shareholders |
$— | $(0.59 | ) | $(0.52 | ) | $(0.49 | ) | |||||||||
| Net asset value, end of period (x) |
$15.59 | $15.02 | $14.69 | $13.55 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.79 | (n) | 6.90 | 12.23 | 7.93 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.13 | (a) | 0.15 | 0.16 | 0.27 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
0.96 | (a) | 2.67 | 3.03 | 0.63 | (a) | ||||||||||
| Portfolio turnover |
6 | (n) | 12 | 33 | 43 | |||||||||||
| Net assets at end of period (000 omitted) |
$56,552 | $44,655 | $26,567 | $9,531 | ||||||||||||
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (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. |
| (i) | For Class R6, the period is from the class inception, August 29, 2016, through the stated period end. |
| (l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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. |
| (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
69
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2040 FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$16.46 | $16.38 | $15.00 | $14.07 | $14.83 | $14.09 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.35 | $0.31 | $0.15 | $0.12 | $0.14 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.55 | 0.57 | 1.61 | 1.72 | (0.41 | ) | 0.84 | |||||||||||||||||
| Total from investment operations |
$0.57 | $0.92 | $1.92 | $1.87 | $(0.29 | ) | $0.98 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.36 | ) | $(0.36 | ) | $(0.15 | ) | $(0.17 | ) | $(0.21 | ) | |||||||||||||
| From net realized gain |
— | (0.48 | ) | (0.18 | ) | (0.79 | ) | (0.30 | ) | (0.03 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.84 | ) | $(0.54 | ) | $(0.94 | ) | $(0.47 | ) | $(0.24 | ) | |||||||||||||
| Net asset value, end of period (x) |
$17.03 | $16.46 | $16.38 | $15.00 | $14.07 | $14.83 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.46 | (n) | 6.45 | 12.86 | 13.76 | (1.94 | ) | 6.97 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.49 | (a) | 0.48 | 0.48 | 0.50 | 0.45 | 0.48 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.24 | (a) | 0.24 | 0.24 | 0.25 | 0.24 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) | 0.28 | (a) | 2.15 | 1.90 | 1.04 | 0.83 | 0.99 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 17 | 18 | 54 | 6 | 10 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$42,370 | $36,747 | $36,354 | $35,093 | $28,324 | $26,564 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$16.34 | $16.23 | $14.87 | $13.95 | $14.71 | $13.98 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.04 | ) | $0.22 | $0.19 | $0.04 | $0.01 | $0.03 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.54 | 0.59 | 1.59 | 1.71 | (0.41 | ) | 0.83 | |||||||||||||||||
| Total from investment operations |
$0.50 | $0.81 | $1.78 | $1.75 | $(0.40 | ) | $0.86 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.22 | ) | $(0.24 | ) | $(0.04 | ) | $(0.06 | ) | $(0.10 | ) | |||||||||||||
| From net realized gain |
— | (0.48 | ) | (0.18 | ) | (0.79 | ) | (0.30 | ) | (0.03 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.70 | ) | $(0.42 | ) | $(0.83 | ) | $(0.36 | ) | $(0.13 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.84 | $16.34 | $16.23 | $14.87 | $13.95 | $14.71 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.06 | (n) | 5.66 | 12.00 | 12.94 | (2.69 | ) | 6.16 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.24 | (a) | 1.23 | 1.23 | 1.25 | 1.20 | 1.23 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.99 | 0.99 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) | (0.47 | )(a) | 1.39 | 1.20 | 0.27 | 0.06 | 0.23 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 17 | 18 | 54 | 6 | 10 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$4,326 | $4,588 | $4,965 | $4,924 | $4,527 | $4,432 | ||||||||||||||||||
See Notes to Financial Statements
70
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2040 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$16.13 | $16.03 | $14.70 | $13.80 | $14.55 | $13.83 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.04 | ) | $0.21 | $0.19 | $0.04 | $(0.00 | )(w) | $0.04 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.58 | 1.57 | 1.70 | (0.40 | ) | 0.82 | |||||||||||||||||
| Total from investment operations |
$0.49 | $0.79 | $1.76 | $1.74 | $(0.40 | ) | $0.86 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.21 | ) | $(0.25 | ) | $(0.05 | ) | $(0.05 | ) | $(0.11 | ) | |||||||||||||
| From net realized gain |
— | (0.48 | ) | (0.18 | ) | (0.79 | ) | (0.30 | ) | (0.03 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.69 | ) | $(0.43 | ) | $(0.84 | ) | $(0.35 | ) | $(0.14 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.62 | $16.13 | $16.03 | $14.70 | $13.80 | $14.55 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.04 | (n) | 5.65 | 11.99 | 12.96 | (2.71 | ) | 6.21 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.24 | (a) | 1.23 | 1.23 | 1.25 | 1.20 | 1.23 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 0.99 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) | (0.47 | )(a) | 1.35 | 1.19 | 0.30 | (0.01 | ) | 0.26 | ||||||||||||||||
| Portfolio turnover |
7 | (n) | 17 | 18 | 54 | 6 | 10 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$10,300 | $10,994 | $11,735 | $11,035 | $10,226 | $11,840 | ||||||||||||||||||
| Six months ended 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class I | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$16.57 | $16.47 | $15.08 | $14.17 | $14.93 | $14.18 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.04 | $0.42 | $0.37 | $0.26 | $0.15 | $0.19 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.55 | 0.55 | 1.60 | 1.63 | (0.41 | ) | 0.83 | |||||||||||||||||
| Total from investment operations |
$0.59 | $0.97 | $1.97 | $1.89 | $(0.26 | ) | $1.02 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.39 | ) | $(0.40 | ) | $(0.19 | ) | $(0.20 | ) | $(0.24 | ) | |||||||||||||
| From net realized gain |
— | (0.48 | ) | (0.18 | ) | (0.79 | ) | (0.30 | ) | (0.03 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.87 | ) | $(0.58 | ) | $(0.98 | ) | $(0.50 | ) | $(0.27 | ) | |||||||||||||
| Net asset value, end of period (x) |
$17.16 | $16.57 | $16.47 | $15.08 | $14.17 | $14.93 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.56 | (n) | 6.75 | 13.11 | 13.77 | (1.68 | ) | 7.24 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.24 | (a) | 0.23 | 0.23 | 0.24 | 0.20 | 0.23 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) | 0.53 | (a) | 2.55 | 2.30 | 1.78 | 1.09 | 1.30 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 17 | 18 | 54 | 6 | 10 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,438 | $1,432 | $1,622 | $1,670 | $9,766 | $8,679 | ||||||||||||||||||
See Notes to Financial Statements
71
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2040 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$16.27 | $16.16 | $14.82 | $13.87 | $14.62 | $13.88 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.04 | ) | $0.21 | $0.18 | $0.02 | $0.00 | (w) | $0.04 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.60 | 1.58 | 1.73 | (0.40 | ) | 0.82 | |||||||||||||||||
| Total from investment operations |
$0.49 | $0.81 | $1.76 | $1.75 | $(0.40 | ) | $0.86 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.22 | ) | $(0.24 | ) | $(0.01 | ) | $(0.05 | ) | $(0.09 | ) | |||||||||||||
| From net realized gain |
— | (0.48 | ) | (0.18 | ) | (0.79 | ) | (0.30 | ) | (0.03 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.70 | ) | $(0.42 | ) | $(0.80 | ) | $(0.35 | ) | $(0.12 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.76 | $16.27 | $16.16 | $14.82 | $13.87 | $14.62 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.01 | (n) | 5.71 | 11.91 | 12.96 | (2.70 | ) | 6.18 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.24 | (a) | 1.23 | 1.23 | 1.25 | 1.20 | 1.22 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 0.99 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) | (0.47 | )(a) | 1.32 | 1.16 | 0.17 | 0.02 | 0.28 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 17 | 18 | 54 | 6 | 10 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$4,416 | $4,958 | $4,606 | $4,130 | $5,279 | $5,528 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$16.34 | $16.24 | $14.88 | $13.97 | $14.73 | $14.00 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.00 | (w) | $0.31 | $0.27 | $0.11 | $0.08 | $0.11 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.54 | 0.57 | 1.59 | 1.71 | (0.41 | ) | 0.82 | |||||||||||||||||
| Total from investment operations |
$0.54 | $0.88 | $1.86 | $1.82 | $(0.33 | ) | $0.93 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.30 | ) | $(0.32 | ) | $(0.12 | ) | $(0.13 | ) | $(0.17 | ) | |||||||||||||
| From net realized gain |
— | (0.48 | ) | (0.18 | ) | (0.79 | ) | (0.30 | ) | (0.03 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.78 | ) | $(0.50 | ) | $(0.91 | ) | $(0.43 | ) | $(0.20 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.88 | $16.34 | $16.24 | $14.88 | $13.97 | $14.73 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.30 | (n) | 6.23 | 12.55 | 13.46 | (2.18 | ) | 6.68 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.74 | (a) | 0.73 | 0.73 | 0.75 | 0.70 | 0.73 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.50 | (a) | 0.49 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Net investment income (loss) (l) | 0.02 | (a) | 1.92 | 1.69 | 0.79 | 0.58 | 0.76 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 17 | 18 | 54 | 6 | 10 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$56,382 | $59,429 | $86,042 | $82,965 | $66,272 | $61,127 | ||||||||||||||||||
See Notes to Financial Statements
72
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2040 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$16.46 | $16.37 | $15.00 | $14.07 | $14.83 | $14.09 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.36 | $0.31 | $0.15 | $0.10 | $0.14 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.55 | 0.56 | 1.61 | 1.72 | (0.39 | ) | 0.84 | |||||||||||||||||
| Total from investment operations |
$0.57 | $0.92 | $1.92 | $1.87 | $(0.29 | ) | $0.98 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.35 | ) | $(0.37 | ) | $(0.15 | ) | $(0.17 | ) | $(0.21 | ) | |||||||||||||
| From net realized gain |
— | (0.48 | ) | (0.18 | ) | (0.79 | ) | (0.30 | ) | (0.03 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.83 | ) | $(0.55 | ) | $(0.94 | ) | $(0.47 | ) | $(0.24 | ) | |||||||||||||
| Net asset value, end of period (x) |
$17.03 | $16.46 | $16.37 | $15.00 | $14.07 | $14.83 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.46 | (n) | 6.45 | 12.81 | 13.76 | (1.93 | ) | 6.97 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.49 | (a) | 0.48 | 0.48 | 0.50 | 0.46 | 0.48 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.25 | (a) | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) | 0.28 | (a) | 2.20 | 1.94 | 1.03 | 0.74 | 0.98 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 17 | 18 | 54 | 6 | 10 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$99,411 | $89,830 | $88,577 | $63,409 | $49,816 | $38,524 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$16.61 | $16.51 | $15.11 | $14.16 | $14.92 | $14.17 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.04 | $0.39 | $0.39 | $0.19 | $0.15 | $0.19 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.55 | 0.58 | 1.58 | 1.74 | (0.41 | ) | 0.83 | |||||||||||||||||
| Total from investment operations |
$0.59 | $0.97 | $1.97 | $1.93 | $(0.26 | ) | $1.02 | |||||||||||||||||
| Less distributions declared to shareholders |
|
|||||||||||||||||||||||
| From net investment income |
$— | $(0.39 | ) | $(0.39 | ) | $(0.19 | ) | $(0.20 | ) | $(0.24 | ) | |||||||||||||
| From net realized gain |
— | (0.48 | ) | (0.18 | ) | (0.79 | ) | (0.30 | ) | (0.03 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.87 | ) | $(0.57 | ) | $(0.98 | ) | $(0.50 | ) | $(0.27 | ) | |||||||||||||
| Net asset value, end of period (x) |
$17.20 | $16.61 | $16.51 | $15.11 | $14.16 | $14.92 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.55 | (n) | 6.73 | 13.09 | 14.08 | (1.68 | ) | 7.25 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.24 | (a) | 0.23 | 0.23 | 0.25 | 0.20 | 0.24 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) | 0.52 | (a) | 2.36 | 2.44 | 1.33 | 1.07 | 1.30 | |||||||||||||||||
| Portfolio turnover |
7 | (n) | 17 | 18 | 54 | 6 | 10 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$151,327 | $143,534 | $145,328 | $174,887 | $166,141 | $153,594 | ||||||||||||||||||
See Notes to Financial Statements
73
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2040 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (i) | ||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$16.61 | $16.51 | $15.12 | $14.91 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.06 | $0.43 | $0.43 | $0.04 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.54 | 0.56 | 1.56 | 1.15 | ||||||||||||
| Total from investment operations |
$0.60 | $0.99 | $1.99 | $1.19 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.41 | ) | $(0.42 | ) | $(0.19 | ) | |||||||||
| From net realized gain |
— | (0.48 | ) | (0.18 | ) | (0.79 | ) | |||||||||
| Total distributions declared to shareholders |
$— | $(0.89 | ) | $(0.60 | ) | $(0.98 | ) | |||||||||
| Net asset value, end of period (x) |
$17.21 | $16.61 | $16.51 | $15.12 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.61 | (n) | 6.89 | 13.21 | 8.46 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.10 | (a) | 0.10 | 0.10 | 0.16 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
0.66 | (a) | 2.62 | 2.63 | 0.43 | (a) | ||||||||||
| Portfolio turnover |
7 | (n) | 17 | 18 | 54 | |||||||||||
| Net assets at end of period (000 omitted) |
$76,548 | $75,378 | $49,071 | $25,793 | ||||||||||||
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (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. |
| (i) | For Class R6, the period is from the class inception, August 29, 2016, through the stated period end. |
| (l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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. |
| (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
74
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2045 FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.53 | $15.15 | $13.79 | $12.52 | $13.14 | $12.55 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.00 | (w) | $0.32 | $0.30 | $0.14 | $0.11 | $0.13 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.52 | 0.57 | 1.52 | 1.57 | (0.36 | ) | 0.73 | |||||||||||||||||
| Total from investment operations |
$0.52 | $0.89 | $1.82 | $1.71 | $(0.25 | ) | $0.86 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.31 | ) | $(0.35 | ) | $(0.14 | ) | $(0.15 | ) | $(0.18 | ) | |||||||||||||
| From net realized gain |
— | (0.20 | ) | (0.11 | ) | (0.30 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.51 | ) | $(0.46 | ) | $(0.44 | ) | $(0.37 | ) | $(0.27 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.05 | $15.53 | $15.15 | $13.79 | $12.52 | $13.14 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.35 | (n) | 6.45 | 13.18 | 13.89 | (1.93 | ) | 6.95 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.57 | (a) | 0.60 | 0.62 | 0.69 | 0.70 | 0.72 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.25 | (a) | 0.25 | 0.25 | 0.25 | 0.24 | 0.24 | |||||||||||||||||
| Net investment income (loss) (l) | 0.05 | (a) | 2.13 | 1.99 | 1.04 | 0.85 | 1.02 | |||||||||||||||||
| Portfolio turnover |
4 | (n) | 12 | 30 | 45 | 6 | 7 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$10,830 | $8,749 | $7,789 | $6,135 | $4,576 | $2,811 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.43 | $15.03 | $13.70 | $12.44 | $13.06 | $12.47 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.05 | ) | $0.20 | $0.17 | $0.03 | $0.00 | (w) | $0.03 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | 0.59 | 1.51 | 1.57 | (0.35 | ) | 0.73 | |||||||||||||||||
| Total from investment operations |
$0.45 | $0.79 | $1.68 | $1.60 | $(0.35 | ) | $0.76 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.19 | ) | $(0.24 | ) | $(0.04 | ) | $(0.05 | ) | $(0.08 | ) | |||||||||||||
| From net realized gain |
— | (0.20 | ) | (0.11 | ) | (0.30 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.39 | ) | $(0.35 | ) | $(0.34 | ) | $(0.27 | ) | $(0.17 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.88 | $15.43 | $15.03 | $13.70 | $12.44 | $13.06 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.92 | (n) | 5.71 | 12.28 | 13.09 | (2.67 | ) | 6.19 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.32 | (a) | 1.35 | 1.37 | 1.43 | 1.45 | 1.48 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) | (0.70 | )(a) | 1.31 | 1.15 | 0.24 | 0.02 | 0.22 | |||||||||||||||||
| Portfolio turnover |
4 | (n) | 12 | 30 | 45 | 6 | 7 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$828 | $919 | $948 | $746 | $593 | $408 | ||||||||||||||||||
See Notes to Financial Statements
75
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2045 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.35 | $14.97 | $13.66 | $12.42 | $13.04 | $12.48 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.05 | ) | $0.20 | $0.19 | $0.03 | $0.01 | $0.04 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | 0.58 | 1.48 | 1.56 | (0.35 | ) | 0.72 | |||||||||||||||||
| Total from investment operations |
$0.45 | $0.78 | $1.67 | $1.59 | $(0.34 | ) | $0.76 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.20 | ) | $(0.25 | ) | $(0.05 | ) | $(0.06 | ) | $(0.11 | ) | |||||||||||||
| From net realized gain |
— | (0.20 | ) | (0.11 | ) | (0.30 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.40 | ) | $(0.36 | ) | $(0.35 | ) | $(0.28 | ) | $(0.20 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.80 | $15.35 | $14.97 | $13.66 | $12.42 | $13.04 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.93 | (n) | 5.70 | 12.24 | 13.03 | (2.64 | ) | 6.17 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.32 | (a) | 1.35 | 1.37 | 1.44 | 1.45 | 1.47 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.97 | (a) | 0.99 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.66 | )(a) | 1.37 | 1.28 | 0.26 | 0.04 | 0.33 | |||||||||||||||||
| Portfolio turnover |
4 | (n) | 12 | 30 | 45 | 6 | 7 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$2,235 | $2,301 | $1,966 | $1,640 | $1,104 | $909 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class I | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.60 | $15.22 | $13.85 | $12.55 | $13.16 | $12.56 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.36 | $0.33 | $0.25 | $0.14 | $0.20 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.51 | 0.57 | 1.53 | 1.51 | (0.36 | ) | 0.69 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.93 | $1.86 | $1.76 | $(0.22 | ) | $0.89 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.35 | ) | $(0.38 | ) | $(0.16 | ) | $(0.17 | ) | $(0.20 | ) | |||||||||||||
| From net realized gain |
— | (0.20 | ) | (0.11 | ) | (0.30 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.55 | ) | $(0.49 | ) | $(0.46 | ) | $(0.39 | ) | $(0.29 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.13 | $15.60 | $15.22 | $13.85 | $12.55 | $13.16 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.40 | (n) | 6.75 | 13.42 | 14.34 | (1.66 | ) | 7.21 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.32 | (a) | 0.35 | 0.37 | 0.41 | 0.45 | 0.46 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.30 | (a) | 2.40 | 2.24 | 1.89 | 1.10 | 1.53 | |||||||||||||||||
| Portfolio turnover |
4 | (n) | 12 | 30 | 45 | 6 | 7 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$383 | $296 | $161 | $138 | $1,718 | $1,108 | ||||||||||||||||||
See Notes to Financial Statements
76
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2045 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.41 | $15.06 | $13.75 | $12.51 | $13.10 | $12.51 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.05 | ) | $0.23 | $0.17 | $0.03 | $(0.01 | ) | $0.02 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | 0.55 | 1.52 | 1.58 | (0.34 | ) | 0.74 | |||||||||||||||||
| Total from investment operations |
$0.45 | $0.78 | $1.69 | $1.61 | $(0.35 | ) | $0.76 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.23 | ) | $(0.27 | ) | $(0.07 | ) | $(0.02 | ) | $(0.08 | ) | |||||||||||||
| From net realized gain |
— | (0.20 | ) | (0.11 | ) | (0.30 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.43 | ) | $(0.38 | ) | $(0.37 | ) | $(0.24 | ) | $(0.17 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.86 | $15.41 | $15.06 | $13.75 | $12.51 | $13.10 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.92 | (n) | 5.70 | 12.27 | 13.05 | (2.66 | ) | 6.13 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.32 | (a) | 1.35 | 1.37 | 1.45 | 1.43 | 1.48 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.70 | )(a) | 1.54 | 1.14 | 0.22 | (0.09 | ) | 0.19 | ||||||||||||||||
| Portfolio turnover |
4 | (n) | 12 | 30 | 45 | 6 | 7 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,105 | $1,093 | $872 | $463 | $152 | $172 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.42 | $15.04 | $13.71 | $12.47 | $13.10 | $12.51 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.02 | ) | $0.25 | $0.25 | $0.12 | $0.07 | $0.09 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.51 | 0.59 | 1.51 | 1.55 | (0.36 | ) | 0.74 | |||||||||||||||||
| Total from investment operations |
$0.49 | $0.84 | $1.76 | $1.67 | $(0.29 | ) | $0.83 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.26 | ) | $(0.32 | ) | $(0.13 | ) | $(0.12 | ) | $(0.15 | ) | |||||||||||||
| From net realized gain |
— | (0.20 | ) | (0.11 | ) | (0.30 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.46 | ) | $(0.43 | ) | $(0.43 | ) | $(0.34 | ) | $(0.24 | ) | |||||||||||||
| Net asset value, end of period (x) |
$15.91 | $15.42 | $15.04 | $13.71 | $12.47 | $13.10 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.18 | (n) | 6.15 | 12.87 | 13.65 | (2.20 | ) | 6.74 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.82 | (a) | 0.85 | 0.87 | 0.95 | 0.96 | 0.97 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.50 | (a) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.20 | )(a) | 1.65 | 1.70 | 0.89 | 0.55 | 0.71 | |||||||||||||||||
| Portfolio turnover |
4 | (n) | 12 | 30 | 45 | 6 | 7 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$22,380 | $21,895 | $20,428 | $10,716 | $3,583 | $1,769 | ||||||||||||||||||
See Notes to Financial Statements
77
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2045 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.52 | $15.14 | $13.78 | $12.52 | $13.13 | $12.54 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.00 | (w) | $0.32 | $0.28 | $0.14 | $0.10 | $0.11 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.51 | 0.57 | 1.54 | 1.56 | (0.34 | ) | 0.75 | |||||||||||||||||
| Total from investment operations |
$0.51 | $0.89 | $1.82 | $1.70 | $(0.24 | ) | $0.86 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.31 | ) | $(0.35 | ) | $(0.14 | ) | $(0.15 | ) | $(0.18 | ) | |||||||||||||
| From net realized gain |
— | (0.20 | ) | (0.11 | ) | (0.30 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.51 | ) | $(0.46 | ) | $(0.44 | ) | $(0.37 | ) | $(0.27 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.03 | $15.52 | $15.14 | $13.78 | $12.52 | $13.13 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.29 | (n) | 6.49 | 13.20 | 13.83 | (1.87 | ) | 6.92 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.57 | (a) | 0.60 | 0.62 | 0.69 | 0.70 | 0.72 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.25 | (a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
0.05 | (a) | 2.10 | 1.87 | 1.06 | 0.78 | 0.86 | |||||||||||||||||
| Portfolio turnover |
4 | (n) | 12 | 30 | 45 | 6 | 7 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$64,989 | $53,767 | $42,729 | $23,479 | $12,721 | $7,566 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.58 | $15.20 | $13.82 | $12.54 | $13.15 | $12.56 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.35 | $0.36 | $0.17 | $0.13 | $0.17 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.51 | 0.57 | 1.50 | 1.57 | (0.35 | ) | 0.71 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.92 | $1.86 | $1.74 | $(0.22 | ) | $0.88 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.34 | ) | $(0.37 | ) | $(0.16 | ) | $(0.17 | ) | $(0.20 | ) | |||||||||||||
| From net realized gain |
— | (0.20 | ) | (0.11 | ) | (0.30 | ) | (0.22 | ) | (0.09 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.54 | ) | $(0.48 | ) | $(0.46 | ) | $(0.39 | ) | $(0.29 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.11 | $15.58 | $15.20 | $13.82 | $12.54 | $13.15 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.40 | (n) | 6.73 | 13.47 | 14.18 | (1.67 | ) | 7.13 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.32 | (a) | 0.35 | 0.36 | 0.44 | 0.45 | 0.47 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.30 | (a) | 2.33 | 2.43 | 1.27 | 1.04 | 1.34 | |||||||||||||||||
| Portfolio turnover |
4 | (n) | 12 | 30 | 45 | 6 | 7 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$92,212 | $83,824 | $70,628 | $84,597 | $58,947 | $47,311 | ||||||||||||||||||
See Notes to Financial Statements
78
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2045 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (i) | ||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$15.58 | $15.20 | $13.83 | $13.21 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.04 | $0.36 | $0.47 | $0.03 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.50 | 0.59 | 1.41 | 1.06 | ||||||||||||
| Total from investment operations |
$0.54 | $0.95 | $1.88 | $1.09 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.37 | ) | $(0.40 | ) | $(0.17 | ) | |||||||||
| From net realized gain |
— | (0.20 | ) | (0.11 | ) | (0.30 | ) | |||||||||
| Total distributions declared to shareholders |
$— | $(0.57 | ) | $(0.51 | ) | $(0.47 | ) | |||||||||
| Net asset value, end of period (x) |
$16.12 | $15.58 | $15.20 | $13.83 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.47 | (n) | 6.91 | 13.57 | 8.52 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.18 | (a) | 0.21 | 0.23 | 0.36 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
0.45 | (a) | 2.42 | 3.11 | 0.39 | (a) | ||||||||||
| Portfolio turnover |
4 | (n) | 12 | 30 | 45 | |||||||||||
| Net assets at end of period (000 omitted) |
$33,205 | $26,219 | $15,910 | $4,351 | ||||||||||||
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (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. |
| (i) | For Class R6, the period is from the class inception, August 29, 2016, through the stated period end. |
| (l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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. |
| (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
79
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2050 FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$18.80 | $18.30 | $16.63 | $15.14 | $15.88 | $15.17 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.00 | (w) | $0.38 | $0.33 | $0.17 | $0.13 | $0.15 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.62 | 0.71 | 1.86 | 1.89 | (0.43 | ) | 0.89 | |||||||||||||||||
| Total from investment operations |
$0.62 | $1.09 | $2.19 | $2.06 | $(0.30 | ) | $1.04 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.37 | ) | $(0.37 | ) | $(0.16 | ) | $(0.18 | ) | $(0.22 | ) | |||||||||||||
| From net realized gain |
— | (0.22 | ) | (0.15 | ) | (0.41 | ) | (0.26 | ) | (0.11 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.59 | ) | $(0.52 | ) | $(0.57 | ) | $(0.44 | ) | $(0.33 | ) | |||||||||||||
| Net asset value, end of period (x) |
$19.42 | $18.80 | $18.30 | $16.63 | $15.14 | $15.88 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.30 | (n) | 6.47 | 13.16 | 13.89 | (1.89 | ) | 6.92 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.57 | (a) | 0.57 | 0.58 | 0.65 | 0.60 | 0.69 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.25 | (a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) | 0.05 | (a) | 2.11 | 1.83 | 1.06 | 0.88 | 0.99 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 24 | 20 | 52 | 7 | 9 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$14,543 | $12,791 | $12,353 | $11,383 | $7,624 | $5,730 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$18.55 | $18.07 | $16.44 | $14.98 | $15.72 | $15.01 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.07 | ) | $0.25 | $0.20 | $0.04 | $0.00 | (w) | $0.04 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.61 | 0.70 | 1.83 | 1.88 | (0.42 | ) | 0.89 | |||||||||||||||||
| Total from investment operations |
$0.54 | $0.95 | $2.03 | $1.92 | $(0.42 | ) | $0.93 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.25 | ) | $(0.25 | ) | $(0.05 | ) | $(0.06 | ) | $(0.11 | ) | |||||||||||||
| From net realized gain |
— | (0.22 | ) | (0.15 | ) | (0.41 | ) | (0.26 | ) | (0.11 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.47 | ) | $(0.40 | ) | $(0.46 | ) | $(0.32 | ) | $(0.22 | ) | |||||||||||||
| Net asset value, end of period (x) |
$19.09 | $18.55 | $18.07 | $16.44 | $14.98 | $15.72 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.91 | (n) | 5.67 | 12.36 | 12.99 | (2.66 | ) | 6.21 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.32 | (a) | 1.32 | 1.33 | 1.39 | 1.35 | 1.44 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) | (0.70 | )(a) | 1.39 | 1.15 | 0.24 | 0.02 | 0.23 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 24 | 20 | 52 | 7 | 9 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,702 | $1,630 | $1,270 | $1,048 | $853 | $828 | ||||||||||||||||||
See Notes to Financial Statements
80
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2050 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$18.45 | $17.96 | $16.35 | $14.91 | $15.63 | $14.96 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.06 | ) | $0.23 | $0.20 | $0.04 | $(0.00 | )(w) | $0.04 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.59 | 0.72 | 1.81 | 1.87 | (0.41 | ) | 0.87 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.95 | $2.01 | $1.91 | $(0.41 | ) | $0.91 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.24 | ) | $(0.25 | ) | $(0.06 | ) | $(0.05 | ) | $(0.13 | ) | |||||||||||||
| From net realized gain |
— | (0.22 | ) | (0.15 | ) | (0.41 | ) | (0.26 | ) | (0.11 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.46 | ) | $(0.40 | ) | $(0.47 | ) | $(0.31 | ) | $(0.24 | ) | |||||||||||||
| Net asset value, end of period (x) |
$18.98 | $18.45 | $17.96 | $16.35 | $14.91 | $15.63 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.87 | (n) | 5.67 | 12.30 | 13.04 | (2.59 | ) | 6.13 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.32 | (a) | 1.32 | 1.33 | 1.39 | 1.35 | 1.44 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) | (0.70 | )(a) | 1.31 | 1.16 | 0.28 | (0.00 | )(w) | 0.28 | ||||||||||||||||
| Portfolio turnover |
6 | (n) | 24 | 20 | 52 | 7 | 9 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$3,314 | $3,344 | $2,775 | $2,535 | $1,775 | $1,835 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class I | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$18.78 | $18.29 | $16.62 | $15.12 | $15.85 | $15.14 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.03 | $0.50 | $0.41 | $0.30 | $0.15 | $0.20 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.61 | 0.62 | 1.83 | 1.81 | (0.41 | ) | 0.87 | |||||||||||||||||
| Total from investment operations |
$0.64 | $1.12 | $2.24 | $2.11 | $(0.26 | ) | $1.07 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.41 | ) | $(0.42 | ) | $(0.20 | ) | $(0.21 | ) | $(0.25 | ) | |||||||||||||
| From net realized gain |
— | (0.22 | ) | (0.15 | ) | (0.41 | ) | (0.26 | ) | (0.11 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.63 | ) | $(0.57 | ) | $(0.61 | ) | $(0.47 | ) | $(0.36 | ) | |||||||||||||
| Net asset value, end of period (x) |
$19.42 | $18.78 | $18.29 | $16.62 | $15.12 | $15.85 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.41 | (n) | 6.70 | 13.47 | 14.21 | (1.61 | ) | 7.16 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.32 | (a) | 0.32 | 0.33 | 0.38 | 0.35 | 0.44 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) | 0.29 | (a) | 2.73 | 2.26 | 1.92 | 0.97 | 1.31 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 24 | 20 | 52 | 7 | 9 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$347 | $213 | $566 | $423 | $1,560 | $1,132 | ||||||||||||||||||
See Notes to Financial Statements
81
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2050 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$18.46 | $17.97 | $16.38 | $14.94 | $15.64 | $14.98 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.07 | ) | $0.25 | $0.21 | $0.04 | $(0.01 | ) | $0.12 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.60 | 0.69 | 1.82 | 1.88 | (0.40 | ) | 0.79 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.94 | $2.03 | $1.92 | $(0.41 | ) | $0.91 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.23 | ) | $(0.29 | ) | $(0.07 | ) | $(0.03 | ) | $(0.14 | ) | |||||||||||||
| From net realized gain |
— | (0.22 | ) | (0.15 | ) | (0.41 | ) | (0.26 | ) | (0.11 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.45 | ) | $(0.44 | ) | $(0.48 | ) | $(0.29 | ) | $(0.25 | ) | |||||||||||||
| Net asset value, end of period (x) |
$18.99 | $18.46 | $17.97 | $16.38 | $14.94 | $15.64 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.87 | (n) | 5.65 | 12.35 | 13.06 | (2.64 | ) | 6.14 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.32 | (a) | 1.32 | 1.33 | 1.40 | 1.34 | 1.42 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) | (0.70 | )(a) | 1.42 | 1.18 | 0.26 | (0.05 | ) | 0.77 | ||||||||||||||||
| Portfolio turnover |
6 | (n) | 24 | 20 | 52 | 7 | 9 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,175 | $1,322 | $1,052 | $606 | $316 | $377 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$18.55 | $18.07 | $16.44 | $14.98 | $15.73 | $15.04 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.02 | ) | $0.34 | $0.30 | $0.13 | $0.09 | $0.12 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.61 | 0.69 | 1.82 | 1.88 | (0.43 | ) | 0.87 | |||||||||||||||||
| Total from investment operations |
$0.59 | $1.03 | $2.12 | $2.01 | $(0.34 | ) | $0.99 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.33 | ) | $(0.34 | ) | $(0.14 | ) | $(0.15 | ) | $(0.19 | ) | |||||||||||||
| From net realized gain |
— | (0.22 | ) | (0.15 | ) | (0.41 | ) | (0.26 | ) | (0.11 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.55 | ) | $(0.49 | ) | $(0.55 | ) | $(0.41 | ) | $(0.30 | ) | |||||||||||||
| Net asset value, end of period (x) |
$19.14 | $18.55 | $18.07 | $16.44 | $14.98 | $15.73 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.18 | (n) | 6.18 | 12.89 | 13.64 | (2.16 | ) | 6.67 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.82 | (a) | 0.82 | 0.83 | 0.90 | 0.85 | 0.94 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.50 | (a) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Net investment income (loss) (l) | (0.20 | )(a) | 1.92 | 1.67 | 0.82 | 0.60 | 0.81 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 24 | 20 | 52 | 7 | 9 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$29,533 | $28,575 | $46,468 | $33,805 | $19,041 | $13,030 | ||||||||||||||||||
See Notes to Financial Statements
82
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2050 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$18.67 | $18.18 | $16.53 | $15.05 | $15.80 | $15.09 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.00 | (w) | $0.38 | $0.34 | $0.16 | $0.11 | $0.14 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.61 | 0.70 | 1.84 | 1.89 | (0.42 | ) | 0.90 | |||||||||||||||||
| Total from investment operations |
$0.61 | $1.08 | $2.18 | $2.05 | $(0.31 | ) | $1.04 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.37 | ) | $(0.38 | ) | $(0.16 | ) | $(0.18 | ) | $(0.22 | ) | |||||||||||||
| From net realized gain |
— | (0.22 | ) | (0.15 | ) | (0.41 | ) | (0.26 | ) | (0.11 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.59 | ) | $(0.53 | ) | $(0.57 | ) | $(0.44 | ) | $(0.33 | ) | |||||||||||||
| Net asset value, end of period (x) |
$19.28 | $18.67 | $18.18 | $16.53 | $15.05 | $15.80 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.27 | (n) | 6.48 | 13.19 | 13.91 | (1.96 | ) | 6.95 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.57 | (a) | 0.57 | 0.58 | 0.65 | 0.60 | 0.69 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.25 | (a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) | 0.05 | (a) | 2.10 | 1.90 | 1.03 | 0.76 | 0.90 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 24 | 20 | 52 | 7 | 9 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$66,154 | $54,561 | $48,180 | $27,276 | $15,980 | $9,089 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$18.77 | $18.28 | $16.60 | $15.11 | $15.85 | $15.13 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.03 | $0.42 | $0.42 | $0.21 | $0.16 | $0.20 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.61 | 0.70 | 1.82 | 1.89 | (0.43 | ) | 0.88 | |||||||||||||||||
| Total from investment operations |
$0.64 | $1.12 | $2.24 | $2.10 | $(0.27 | ) | $1.08 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.41 | ) | $(0.41 | ) | $(0.20 | ) | $(0.21 | ) | $(0.25 | ) | |||||||||||||
| From net realized gain |
— | (0.22 | ) | (0.15 | ) | (0.41 | ) | (0.26 | ) | (0.11 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.63 | ) | $(0.56 | ) | $(0.61 | ) | $(0.47 | ) | $(0.36 | ) | |||||||||||||
| Net asset value, end of period (x) |
$19.41 | $18.77 | $18.28 | $16.60 | $15.11 | $15.85 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.41 | (n) | 6.71 | 13.49 | 14.15 | (1.68 | ) | 7.23 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.32 | (a) | 0.32 | 0.33 | 0.39 | 0.35 | 0.44 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) | 0.30 | (a) | 2.30 | 2.35 | 1.30 | 1.06 | 1.28 | |||||||||||||||||
| Portfolio turnover |
6 | (n) | 24 | 20 | 52 | 7 | 9 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$75,445 | $69,834 | $70,936 | $75,323 | $66,990 | $58,759 | ||||||||||||||||||
See Notes to Financial Statements
83
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2050 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (i) | ||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$18.76 | $18.27 | $16.60 | $15.91 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.04 | $0.44 | $0.51 | $0.04 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.62 | 0.71 | 1.75 | 1.26 | ||||||||||||
| Total from investment operations |
$0.66 | $1.15 | $2.26 | $1.30 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.44 | ) | $(0.44 | ) | $(0.20 | ) | |||||||||
| From net realized gain |
— | (0.22 | ) | (0.15 | ) | (0.41 | ) | |||||||||
| Total distributions declared to shareholders |
$— | $(0.66 | ) | $(0.59 | ) | $(0.61 | ) | |||||||||
| Net asset value, end of period (x) |
$19.42 | $18.76 | $18.27 | $16.60 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.52 | (n) | 6.89 | 13.60 | 8.46 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: |
|
|||||||||||||||
| Expenses before expense reductions (f)(h) |
0.18 | (a) | 0.18 | 0.19 | 0.32 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) | 0.44 | (a) | 2.44 | 2.82 | 0.41 | (a) | ||||||||||
| Portfolio turnover |
6 | (n) | 24 | 20 | 52 | |||||||||||
| Net assets at end of period (000 omitted) |
$41,781 | $39,175 | $23,365 | $8,776 | ||||||||||||
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (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. |
| (i) | For Class R6, the period is from the class inception, August 29, 2016, through the stated period end. |
| (l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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. |
| (w) | Per share amount was less than $0.01 and total return or ratio was less than 0.01%, as applicable. |
| (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
84
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2055 FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months ended 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class A | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.93 | $15.45 | $14.00 | $12.61 | $13.16 | $12.54 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.00 | (w) | $0.32 | $0.29 | $0.13 | $0.13 | $0.14 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.60 | 1.55 | 1.59 | (0.38 | ) | 0.72 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.92 | $1.84 | $1.72 | $(0.25 | ) | $0.86 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.31 | ) | $(0.31 | ) | $(0.13 | ) | $(0.14 | ) | $(0.18 | ) | |||||||||||||
| From net realized gain |
— | (0.13 | ) | (0.08 | ) | (0.20 | ) | (0.16 | ) | (0.06 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.44 | ) | $(0.39 | ) | $(0.33 | ) | $(0.30 | ) | $(0.24 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.46 | $15.93 | $15.45 | $14.00 | $12.61 | $13.16 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.33 | (n) | 6.46 | 13.10 | 13.80 | (1.81 | ) | 6.90 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.74 | (a) | 0.81 | 0.92 | 1.34 | 1.73 | 2.84 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.25 | (a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
0.05 | (a) | 2.08 | 1.91 | 1.01 | 1.00 | 1.10 | |||||||||||||||||
| Portfolio turnover |
8 | (n) | 20 | 18 | 45 | 14 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$7,052 | $5,866 | $4,833 | $3,516 | $2,014 | $1,036 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class B | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.87 | $15.39 | $13.95 | $12.58 | $13.12 | $12.51 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.06 | ) | $0.21 | $0.18 | $0.04 | $(0.01 | ) | $0.03 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.52 | 0.60 | 1.55 | 1.57 | (0.33 | ) | 0.73 | |||||||||||||||||
| Total from investment operations |
$0.46 | $0.81 | $1.73 | $1.61 | $(0.34 | ) | $0.76 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.20 | ) | $(0.21 | ) | $(0.04 | ) | $(0.04 | ) | $(0.09 | ) | |||||||||||||
| From net realized gain |
— | (0.13 | ) | (0.08 | ) | (0.20 | ) | (0.16 | ) | (0.06 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.33 | ) | $(0.29 | ) | $(0.24 | ) | $(0.20 | ) | $(0.15 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.33 | $15.87 | $15.39 | $13.95 | $12.58 | $13.12 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.90 | (n) | 5.65 | 12.36 | 12.94 | (2.58 | ) | 6.13 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.49 | (a) | 1.56 | 1.67 | 2.09 | 2.50 | 3.67 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.70 | )(a) | 1.34 | 1.22 | 0.28 | (0.06 | ) | 0.26 | ||||||||||||||||
| Portfolio turnover |
8 | (n) | 20 | 18 | 45 | 14 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$591 | $605 | $470 | $407 | $270 | $244 | ||||||||||||||||||
See Notes to Financial Statements
85
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2055 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class C | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.75 | $15.28 | $13.86 | $12.49 | $13.04 | $12.45 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.05 | ) | $0.20 | $0.18 | $0.03 | $(0.00 | )(w) | $0.05 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.51 | 0.60 | 1.53 | 1.58 | (0.34 | ) | 0.71 | |||||||||||||||||
| Total from investment operations |
$0.46 | $0.80 | $1.71 | $1.61 | $(0.34 | ) | $0.76 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.20 | ) | $(0.21 | ) | $(0.04 | ) | $(0.05 | ) | $(0.11 | ) | |||||||||||||
| From net realized gain |
— | (0.13 | ) | (0.08 | ) | (0.20 | ) | (0.16 | ) | (0.06 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.33 | ) | $(0.29 | ) | $(0.24 | ) | $(0.21 | ) | $(0.17 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.21 | $15.75 | $15.28 | $13.86 | $12.49 | $13.04 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.92 | (n) | 5.63 | 12.29 | 12.98 | (2.59 | ) | 6.17 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.49 | (a) | 1.56 | 1.67 | 2.08 | 2.50 | 3.61 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.99 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.69 | )(a) | 1.32 | 1.19 | 0.26 | (0.00 | ) | 0.37 | ||||||||||||||||
| Portfolio turnover |
8 | (n) | 20 | 18 | 45 | 14 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$2,146 | $2,179 | $1,789 | $1,284 | $1,100 | $1,031 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class I | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.94 | $15.46 | $14.00 | $12.65 | $13.20 | $12.57 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.35 | $0.30 | $0.26 | $0.12 | $0.12 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.61 | 1.58 | 1.45 | (0.34 | ) | 0.77 | |||||||||||||||||
| Total from investment operations |
$0.55 | $0.96 | $1.88 | $1.71 | $(0.22 | ) | $0.89 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.35 | ) | $(0.34 | ) | $(0.16 | ) | $(0.17 | ) | $(0.20 | ) | |||||||||||||
| From net realized gain |
— | (0.13 | ) | (0.08 | ) | (0.20 | ) | (0.16 | ) | (0.06 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.48 | ) | $(0.42 | ) | $(0.36 | ) | $(0.33 | ) | $(0.26 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.49 | $15.94 | $15.46 | $14.00 | $12.65 | $13.20 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.45 | (n) | 6.74 | 13.40 | 13.66 | (1.61 | ) | 7.14 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.49 | (a) | 0.56 | 0.67 | 1.09 | 1.50 | 2.80 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.29 | (a) | 2.29 | 1.98 | 2.01 | 0.94 | 0.95 | |||||||||||||||||
| Portfolio turnover |
8 | (n) | 20 | 18 | 45 | 14 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$116 | $156 | $114 | $79 | $608 | $391 | ||||||||||||||||||
See Notes to Financial Statements
86
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2055 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.76 | $15.32 | $13.92 | $12.63 | $13.14 | $12.51 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.06 | ) | $0.20 | $0.17 | $0.15 | $(0.04 | ) | $0.03 | ||||||||||||||||
| Net realized and unrealized gain (loss) |
0.52 | 0.60 | 1.55 | 1.46 | (0.31 | ) | 0.73 | |||||||||||||||||
| Total from investment operations |
$0.46 | $0.80 | $1.72 | $1.61 | $(0.35 | ) | $0.76 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.23 | ) | $(0.24 | ) | $(0.12 | ) | $— | $(0.07 | ) | ||||||||||||||
| From net realized gain |
— | (0.13 | ) | (0.08 | ) | (0.20 | ) | (0.16 | ) | (0.06 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.36 | ) | $(0.32 | ) | $(0.32 | ) | $(0.16 | ) | $(0.13 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.22 | $15.76 | $15.32 | $13.92 | $12.63 | $13.14 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.92 | (n) | 5.65 | 12.31 | 12.93 | (2.62 | ) | 6.14 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.49 | (a) | 1.56 | 1.66 | 2.08 | 2.53 | 3.71 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
1.00 | (a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.70 | )(a) | 1.32 | 1.13 | 1.10 | (0.31 | ) | 0.21 | ||||||||||||||||
| Portfolio turnover |
8 | (n) | 20 | 18 | 45 | 14 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$1,459 | $1,523 | $854 | $318 | $62 | $141 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.84 | $15.36 | $13.94 | $12.57 | $13.14 | $12.53 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.02 | ) | $0.26 | $0.26 | $0.11 | $0.07 | $0.09 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.62 | 1.53 | 1.58 | (0.36 | ) | 0.73 | |||||||||||||||||
| Total from investment operations |
$0.51 | $0.88 | $1.79 | $1.69 | $(0.29 | ) | $0.82 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.27 | ) | $(0.29 | ) | $(0.12 | ) | $(0.12 | ) | $(0.15 | ) | |||||||||||||
| From net realized gain |
— | (0.13 | ) | (0.08 | ) | (0.20 | ) | (0.16 | ) | (0.06 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.40 | ) | $(0.37 | ) | $(0.32 | ) | $(0.28 | ) | $(0.21 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.35 | $15.84 | $15.36 | $13.94 | $12.57 | $13.14 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.22 | (n) | 6.19 | 12.82 | 13.59 | (2.12 | ) | 6.63 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.99 | (a) | 1.06 | 1.16 | 1.60 | 1.98 | 3.11 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.50 | (a) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Net investment income (loss) (l) |
(0.20 | )(a) | 1.73 | 1.73 | 0.85 | 0.57 | 0.73 | |||||||||||||||||
| Portfolio turnover |
8 | (n) | 20 | 18 | 45 | 14 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$19,885 | $18,695 | $15,534 | $6,657 | $1,855 | $773 | ||||||||||||||||||
See Notes to Financial Statements
87
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2055 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$15.93 | $15.45 | $14.00 | $12.61 | $13.17 | $12.54 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.00 | (w) | $0.32 | $0.29 | $0.14 | $0.10 | $0.11 | |||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.60 | 1.55 | 1.58 | (0.36 | ) | 0.75 | |||||||||||||||||
| Total from investment operations |
$0.53 | $0.92 | $1.84 | $1.72 | $(0.26 | ) | $0.86 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.31 | ) | $(0.31 | ) | $(0.13 | ) | $(0.14 | ) | $(0.17 | ) | |||||||||||||
| From net realized gain |
— | (0.13 | ) | (0.08 | ) | (0.20 | ) | (0.16 | ) | (0.06 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.44 | ) | $(0.39 | ) | $(0.33 | ) | $(0.30 | ) | $(0.23 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.46 | $15.93 | $15.45 | $14.00 | $12.61 | $13.17 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.33 | (n) | 6.46 | 13.14 | 13.83 | (1.89 | ) | 6.95 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.74 | (a) | 0.81 | 0.92 | 1.34 | 1.74 | 2.81 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.25 | (a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Net investment income (loss) (l) |
0.05 | (a) | 2.07 | 1.89 | 1.07 | 0.76 | 0.84 | |||||||||||||||||
| Portfolio turnover |
8 | (n) | 20 | 18 | 45 | 14 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$32,602 | $27,658 | $21,438 | $10,285 | $3,915 | $2,353 | ||||||||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16 | 4/30/15 | ||||||||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||||||||||
| Net asset value, beginning of period |
$16.01 | $15.53 | $14.06 | $12.65 | $13.20 | $12.56 | ||||||||||||||||||
| Income (loss) from investment operations | ||||||||||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.36 | $0.37 | $0.17 | $0.13 | $0.18 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.60 | 1.52 | 1.60 | (0.35 | ) | 0.72 | |||||||||||||||||
| Total from investment operations |
$0.55 | $0.96 | $1.89 | $1.77 | $(0.22 | ) | $0.90 | |||||||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||||||||||
| From net investment income |
$— | $(0.35 | ) | $(0.34 | ) | $(0.16 | ) | $(0.17 | ) | $(0.20 | ) | |||||||||||||
| From net realized gain |
— | (0.13 | ) | (0.08 | ) | (0.20 | ) | (0.16 | ) | (0.06 | ) | |||||||||||||
| Total distributions declared to shareholders |
$— | $(0.48 | ) | $(0.42 | ) | $(0.36 | ) | $(0.33 | ) | $(0.26 | ) | |||||||||||||
| Net asset value, end of period (x) |
$16.56 | $16.01 | $15.53 | $14.06 | $12.65 | $13.20 | ||||||||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.44 | (n) | 6.71 | 13.42 | 14.14 | (1.61 | ) | 7.23 | ||||||||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.49 | (a) | 0.56 | 0.67 | 1.09 | 1.48 | 2.51 | |||||||||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
| Net investment income (loss) (l) |
0.30 | (a) | 2.31 | 2.43 | 1.31 | 1.07 | 1.42 | |||||||||||||||||
| Portfolio turnover |
8 | (n) | 20 | 18 | 45 | 14 | 18 | |||||||||||||||||
| Net assets at end of period (000 omitted) |
$34,351 | $30,137 | $26,747 | $21,882 | $10,776 | $5,056 | ||||||||||||||||||
See Notes to Financial Statements
88
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2055 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (i) | ||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$16.01 | $15.53 | $14.06 | $13.32 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.04 | $0.37 | $0.49 | $0.04 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.53 | 0.61 | 1.42 | 1.06 | ||||||||||||
| Total from investment operations |
$0.57 | $0.98 | $1.91 | $1.10 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.37 | ) | $(0.36 | ) | $(0.16 | ) | |||||||||
| From net realized gain |
— | (0.13 | ) | (0.08 | ) | (0.20 | ) | |||||||||
| Total distributions declared to shareholders |
$— | $(0.50 | ) | $(0.44 | ) | $(0.36 | ) | |||||||||
| Net asset value, end of period (x) |
$16.58 | $16.01 | $15.53 | $14.06 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.56 | (n) | 6.88 | 13.56 | 8.44 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
0.35 | (a) | 0.42 | 0.52 | 0.95 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
0.44 | (a) | 2.40 | 3.15 | 0.44 | (a) | ||||||||||
| Portfolio turnover |
8 | (n) | 20 | 18 | 45 | |||||||||||
| Net assets at end of period (000 omitted) |
$19,256 | $16,579 | $7,695 | $1,726 | ||||||||||||
| (a) | Annualized. |
| (d) | Per share data is based on average shares outstanding. |
| (f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
| (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. |
| (i) | For Class R6, the period is from the class inception, August 29, 2016, through the stated period end. |
| (l) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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. |
| (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
89
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2060 FUND
The financial highlights table is intended to help you understand the fund’s financial performance for the semiannual period and the past 5 fiscal years (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.
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (c) | ||||||||||||||
| Class A | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$12.26 | $11.85 | $10.73 | $10.00 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.01 | $0.41 | $0.25 | $0.10 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.40 | 0.30 | 1.16 | 0.74 | ||||||||||||
| Total from investment operations |
$0.41 | $0.71 | $1.41 | $0.84 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.25 | ) | $(0.23 | ) | $(0.11 | ) | |||||||||
| From net realized gain |
— | (0.05 | ) | (0.06 | ) | — | ||||||||||
| Total distributions declared to shareholders |
$— | $(0.30 | ) | $(0.29 | ) | $(0.11 | ) | |||||||||
| Net asset value, end of period (x) |
$12.67 | $12.26 | $11.85 | $10.73 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.34 | (n) | 6.47 | 13.19 | 8.45 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
2.16 | (a) | 4.01 | 9.75 | 15.07 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.20 | (a) | 0.20 | 0.16 | 0.12 | (a) | ||||||||||
| Net investment income (loss) (l) |
0.10 | (a) | 3.49 | 2.17 | 2.42 | (a) | ||||||||||
| Portfolio turnover |
3 | (n) | 34 | 37 | 2 | (n) | ||||||||||
| Net assets at end of period (000 omitted) |
$1,756 | $1,362 | $306 | $59 | ||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (c) | ||||||||||||||
| Class B | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$12.25 | $11.82 | $10.70 | $10.00 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.04 | ) | $0.17 | $0.14 | $0.07 | |||||||||||
| Net realized and unrealized gain (loss) |
0.40 | 0.48 | 1.19 | 0.73 | ||||||||||||
| Total from investment operations |
$0.36 | $0.65 | $1.33 | $0.80 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.17 | ) | $(0.15 | ) | $(0.10 | ) | |||||||||
| From net realized gain |
— | (0.05 | ) | (0.06 | ) | — | ||||||||||
| Total distributions declared to shareholders |
$— | $(0.22 | ) | $(0.21 | ) | $(0.10 | ) | |||||||||
| Net asset value, end of period (x) |
$12.61 | $12.25 | $11.82 | $10.70 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.94 | (n) | 5.78 | 12.39 | 8.08 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
2.93 | (a) | 4.98 | 11.79 | 15.87 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.95 | (a) | 0.95 | 0.90 | 0.87 | (a) | ||||||||||
| Net investment income (loss) (l) |
(0.64 | )(a) | 1.44 | 1.26 | 1.76 | (a) | ||||||||||
| Portfolio turnover |
3 | (n) | 34 | 37 | 2 | (n) | ||||||||||
| Net assets at end of period (000 omitted) |
$152 | $149 | $73 | $55 | ||||||||||||
See Notes to Financial Statements
90
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2060 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (c) | ||||||||||||||
| Class C | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$12.21 | $11.81 | $10.70 | $10.00 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.04 | ) | $0.20 | $0.14 | $0.07 | |||||||||||
| Net realized and unrealized gain (loss) |
0.40 | 0.44 | 1.19 | 0.73 | ||||||||||||
| Total from investment operations |
$0.36 | $0.64 | $1.33 | $0.80 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.19 | ) | $(0.16 | ) | $(0.10 | ) | |||||||||
| From net realized gain |
— | (0.05 | ) | (0.06 | ) | — | ||||||||||
| Total distributions declared to shareholders |
$— | $(0.24 | ) | $(0.22 | ) | $(0.10 | ) | |||||||||
| Net asset value, end of period (x) |
$12.57 | $12.21 | $11.81 | $10.70 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
2.95 | (n) | 5.75 | 12.38 | 8.08 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
2.90 | (a) | 4.88 | 11.46 | 15.81 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.95 | (a) | 0.95 | 0.90 | 0.87 | (a) | ||||||||||
| Net investment income (loss) (l) |
(0.65 | )(a) | 1.68 | 1.24 | 1.68 | (a) | ||||||||||
| Portfolio turnover |
3 | (n) | 34 | 37 | 2 | (n) | ||||||||||
| Net assets at end of period (000 omitted) |
$402 | $283 | $107 | $60 | ||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (c) | ||||||||||||||
| Class I | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$12.32 | $11.88 | $10.74 | $10.00 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.28 | $0.26 | $0.11 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.47 | 1.19 | 0.74 | ||||||||||||
| Total from investment operations |
$0.43 | $0.75 | $1.45 | $0.85 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.26 | ) | $(0.25 | ) | $(0.11 | ) | |||||||||
| From net realized gain |
— | (0.05 | ) | (0.06 | ) | — | ||||||||||
| Total distributions declared to shareholders |
$— | $(0.31 | ) | $(0.31 | ) | $(0.11 | ) | |||||||||
| Net asset value, end of period (x) |
$12.75 | $12.32 | $11.88 | $10.74 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.49 | (n) | 6.76 | 13.50 | 8.57 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.93 | (a) | 4.04 | 11.01 | 14.88 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
0.36 | (a) | 2.37 | 2.23 | 2.76 | (a) | ||||||||||
| Portfolio turnover |
3 | (n) | 34 | 37 | 2 | (n) | ||||||||||
| Net assets at end of period (000 omitted) |
$69 | $66 | $62 | $54 | ||||||||||||
See Notes to Financial Statements
91
Table of Contents
Financial Highlights – continued
MFS LIFETIME 2060 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (c) | ||||||||||||||
| Class R1 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$12.28 | $11.83 | $10.70 | $10.00 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.04 | ) | $0.16 | $0.14 | $0.07 | |||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.48 | 1.19 | 0.73 | ||||||||||||
| Total from investment operations |
$0.37 | $0.64 | $1.33 | $0.80 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.14 | ) | $(0.14 | ) | $(0.10 | ) | |||||||||
| From net realized gain |
— | (0.05 | ) | (0.06 | ) | — | ||||||||||
| Total distributions declared to shareholders |
$— | $(0.19 | ) | $(0.20 | ) | $(0.10 | ) | |||||||||
| Net asset value, end of period (x) |
$12.65 | $12.28 | $11.83 | $10.70 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.01 | (n) | 5.69 | 12.41 | 8.08 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
2.93 | (a) | 5.04 | 12.02 | 15.88 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.95 | (a) | 0.95 | 0.90 | 0.87 | (a) | ||||||||||
| Net investment income (loss) (l) |
(0.65 | )(a) | 1.36 | 1.23 | 1.76 | (a) | ||||||||||
| Portfolio turnover |
3 | (n) | 34 | 37 | 2 | (n) | ||||||||||
| Net assets at end of period (000 omitted) |
$66 | $64 | $61 | $54 | ||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (c) | ||||||||||||||
| Class R2 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$12.25 | $11.84 | $10.72 | $10.00 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$(0.01 | ) | $0.27 | $0.18 | $0.09 | |||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.42 | 1.21 | 0.73 | ||||||||||||
| Total from investment operations |
$0.40 | $0.69 | $1.39 | $0.82 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.23 | ) | $(0.21 | ) | $(0.10 | ) | |||||||||
| From net realized gain |
— | (0.05 | ) | (0.06 | ) | — | ||||||||||
| Total distributions declared to shareholders |
$— | $(0.28 | ) | $(0.27 | ) | $(0.10 | ) | |||||||||
| Net asset value, end of period (x) |
$12.65 | $12.25 | $11.84 | $10.72 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.27 | (n) | 6.29 | 12.92 | 8.32 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
2.40 | (a) | 4.31 | 10.36 | 15.38 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.45 | (a) | 0.45 | 0.41 | 0.37 | (a) | ||||||||||
| Net investment income (loss) (l) |
(0.15 | )(a) | 2.34 | 1.56 | 2.26 | (a) | ||||||||||
| Portfolio turnover |
3 | (n) | 34 | 37 | 2 | (n) | ||||||||||
| Net assets at end of period (000 omitted) |
$1,088 | $797 | $151 | $54 | ||||||||||||
See Notes to Financial Statements
92
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Financial Highlights – continued
MFS LIFETIME 2060 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (c) | ||||||||||||||
| Class R3 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$12.28 | $11.85 | $10.73 | $10.00 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.01 | $0.24 | $0.25 | $0.10 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.48 | 1.17 | 0.74 | ||||||||||||
| Total from investment operations |
$0.42 | $0.72 | $1.42 | $0.84 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.24 | ) | $(0.24 | ) | $(0.11 | ) | |||||||||
| From net realized gain |
— | (0.05 | ) | (0.06 | ) | — | ||||||||||
| Total distributions declared to shareholders |
$— | $(0.29 | ) | $(0.30 | ) | $(0.11 | ) | |||||||||
| Net asset value, end of period (x) |
$12.70 | $12.28 | $11.85 | $10.73 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.42 | (n) | 6.48 | 13.21 | 8.45 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
2.11 | (a) | 4.15 | 9.15 | 14.31 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.20 | (a) | 0.20 | 0.16 | 0.12 | (a) | ||||||||||
| Net investment income (loss) (l) |
0.10 | (a) | 2.04 | 2.11 | 2.41 | (a) | ||||||||||
| Portfolio turnover |
3 | (n) | 34 | 37 | 2 | (n) | ||||||||||
| Net assets at end of period (000 omitted) |
$5,414 | $2,505 | $1,203 | $88 | ||||||||||||
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (c) | ||||||||||||||
| Class R4 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$12.31 | $11.88 | $10.74 | $10.00 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.02 | $0.31 | $0.30 | $0.11 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.41 | 0.43 | 1.15 | 0.74 | ||||||||||||
| Total from investment operations |
$0.43 | $0.74 | $1.45 | $0.85 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.26 | ) | $(0.25 | ) | $(0.11 | ) | |||||||||
| From net realized gain |
— | (0.05 | ) | (0.06 | ) | — | ||||||||||
| Total distributions declared to shareholders |
$— | $(0.31 | ) | $(0.31 | ) | $(0.11 | ) | |||||||||
| Net asset value, end of period (x) |
$12.74 | $12.31 | $11.88 | $10.74 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.49 | (n) | 6.72 | 13.51 | 8.57 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.89 | (a) | 3.79 | 8.82 | 14.88 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
0.35 | (a) | 2.63 | 2.54 | 2.75 | (a) | ||||||||||
| Portfolio turnover |
3 | (n) | 34 | 37 | 2 | (n) | ||||||||||
| Net assets at end of period (000 omitted) |
$2,705 | $1,524 | $356 | $55 | ||||||||||||
See Notes to Financial Statements
93
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Financial Highlights – continued
MFS LIFETIME 2060 FUND – continued
| Six months 10/31/19 |
Year ended | |||||||||||||||
| 4/30/19 | 4/30/18 | 4/30/17 (c) | ||||||||||||||
| Class R6 | (unaudited) | |||||||||||||||
| Net asset value, beginning of period |
$12.33 | $11.88 | $10.74 | $10.00 | ||||||||||||
| Income (loss) from investment operations | ||||||||||||||||
| Net investment income (loss) (d)(l) |
$0.03 | $0.29 | $0.25 | $0.11 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.40 | 0.48 | 1.20 | 0.74 | ||||||||||||
| Total from investment operations |
$0.43 | $0.77 | $1.45 | $0.85 | ||||||||||||
| Less distributions declared to shareholders | ||||||||||||||||
| From net investment income |
$— | $(0.27 | ) | $(0.25 | ) | $(0.11 | ) | |||||||||
| From net realized gain |
— | (0.05 | ) | (0.06 | ) | — | ||||||||||
| Total distributions declared to shareholders |
$— | $(0.32 | ) | $(0.31 | ) | $(0.11 | ) | |||||||||
| Net asset value, end of period (x) |
$12.76 | $12.33 | $11.88 | $10.74 | ||||||||||||
| Total return (%) (r)(s)(t)(x) |
3.49 | (n) | 6.95 | 13.51 | 8.57 | (n) | ||||||||||
| Ratios (%) (to average net assets) and Supplemental data: | ||||||||||||||||
| Expenses before expense reductions (f)(h) |
1.81 | (a) | 3.80 | 10.10 | 14.87 | (a) | ||||||||||
| Expenses after expense reductions (f)(h) |
0.00 | (a) | 0.00 | 0.00 | 0.00 | (a) | ||||||||||
| Net investment income (loss) (l) |
0.44 | (a) | 2.43 | 2.18 | 2.76 | (a) | ||||||||||
| Portfolio turnover |
3 | (n) | 34 | 37 | 2 | (n) | ||||||||||
| Net assets at end of period (000 omitted) |
$5,131 | $3,309 | $1,268 | $543 | ||||||||||||
| (a) | Annualized. |
| (c) | For the period from the commencement of the fund’s investment operations, December 6, 2016, 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. |
| (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) | Recognition of net investment income by the fund may be affected by the timing of the declaration of dividends by the underlying affiliated funds in which the fund invests and for interim net investment income ratios, the actual annual net investment income ratio may differ. 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
94
Table of Contents
(unaudited)
| (1) | Business and Organization |
MFS Lifetime Income Fund, MFS Lifetime 2020 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, and MFS Lifetime 2060 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, 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, and accounting systems, 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.
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 for 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. 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 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. 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
95
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Notes to Financial Statements (unaudited) – continued
period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at 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. Securities and other assets, including commodity-linked structured notes, generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by 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. 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 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 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 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 October 31, 2019 in valuing each fund’s assets or liabilities:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| MFS Lifetime Income Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $606,669,480 | $— | $— | $606,669,480 | ||||||||||||
| MFS Lifetime 2020 Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $344,150,275 | $— | $— | $344,150,275 | ||||||||||||
| MFS Lifetime 2025 Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $319,526,063 | $— | $— | $319,526,063 | ||||||||||||
| MFS Lifetime 2030 Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $607,486,059 | $— | $— | $607,486,059 | ||||||||||||
| MFS Lifetime 2035 Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $317,944,197 | $— | $— | $317,944,197 | ||||||||||||
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| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| MFS Lifetime 2040 Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $446,856,582 | $— | $— | $446,856,582 | ||||||||||||
| MFS Lifetime 2045 Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $228,249,341 | $— | $— | $228,249,341 | ||||||||||||
| MFS Lifetime 2050 Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $234,046,440 | $— | $— | $234,046,440 | ||||||||||||
| MFS Lifetime 2055 Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $117,468,584 | $— | $— | $117,468,584 | ||||||||||||
| MFS Lifetime 2060 Fund |
||||||||||||||||
| Financial Instruments | ||||||||||||||||
| Mutual Funds | $16,761,002 | $— | $— | $16,761,002 | ||||||||||||
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 or 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 – Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Distributions of income and capital gains from the underlying funds are recorded on the ex-dividend date. Recognition of net investment income by each fund is affected by the timing of the declaration of distributions by the underlying funds in which each fund invests. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
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.
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.
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.
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Notes to Financial Statements (unaudited) – continued
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.
The tax character of distributions declared to shareholders for the last fiscal year is as follows:
| Year ended 4/30/19 | MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
|||||||||||||||
| Ordinary income (including any short-term capital gains) | $14,151,442 | $9,359,915 | $7,672,089 | $14,927,515 | $7,625,114 | |||||||||||||||
| Long-term capital gains | 6,835,974 | 8,979,696 | 2,471,107 | 13,876,431 | 1,810,035 | |||||||||||||||
| Total distributions | $20,987,416 | $18,339,611 | $10,143,196 | $28,803,946 | $9,435,149 | |||||||||||||||
| Year ended 4/30/19 | MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
|||||||||||||||
| Ordinary income (including any short-term capital gains) | $10,699,061 | $4,711,122 | $5,205,028 | $1,995,019 | $146,710 | |||||||||||||||
| Long-term capital gains | 11,590,195 | 1,486,101 | 2,179,161 | 725,057 | 27,503 | |||||||||||||||
| Total distributions | $22,289,256 | $6,197,223 | $7,384,189 | $2,720,076 | $174,213 | |||||||||||||||
The federal tax cost and the tax basis components of distributable earnings were as follows:
| As of 10/31/19 | MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
|||||||||||||||
| Cost of investments | $549,586,745 | $305,902,475 | $285,704,064 | $490,202,933 | $270,332,736 | |||||||||||||||
| Gross appreciation | 73,681,822 | 38,627,959 | 34,171,464 | 118,454,788 | 48,131,606 | |||||||||||||||
| Gross depreciation | (16,599,087 | ) | (380,159 | ) | (349,465 | ) | (1,171,662 | ) | (520,145 | ) | ||||||||||
| Net unrealized appreciation (depreciation) | $57,082,735 | $38,247,800 | $33,821,999 | $117,283,126 | $47,611,461 | |||||||||||||||
| As of 4/30/19 | ||||||||||||||||||||
| Undistributed ordinary income | 1,503,026 | 2,964,847 | 1,493,120 | 3,668,104 | 649,145 | |||||||||||||||
| Undistributed long-term capital gain | 5,348,729 | 4,895,096 | 3,973,085 | 14,741,251 | 6,057,037 | |||||||||||||||
| Other temporary differences | (830,804 | ) | — | — | — | — | ||||||||||||||
| Net unrealized appreciation (depreciation) | 39,468,034 | 29,993,999 | 24,001,879 | 100,739,420 | 37,422,701 | |||||||||||||||
| As of 10/31/19 | MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
|||||||||||||||
| Cost of investments | $335,500,799 | $192,821,062 | $189,461,476 | $101,806,301 | $15,836,588 | |||||||||||||||
| Gross appreciation | 112,460,118 | 35,896,735 | 45,077,364 | 15,846,136 | 931,721 | |||||||||||||||
| Gross depreciation | (1,104,335 | ) | (468,456 | ) | (492,400 | ) | (183,853 | ) | (7,307 | ) | ||||||||||
| Net unrealized appreciation (depreciation) | $111,355,783 | $35,428,279 | $44,584,964 | $15,662,283 | $924,414 | |||||||||||||||
| As of 4/30/19 | ||||||||||||||||||||
| Undistributed ordinary income | 2,383,912 | 100,292 | 186,226 | 9,448 | 21,523 | |||||||||||||||
| Undistributed long-term capital gain | 12,832,271 | 4,828,732 | 5,505,277 | 2,357,193 | 174,657 | |||||||||||||||
| Post-October capital loss deferral | — | — | — | (24,834 | ) | — | ||||||||||||||
| Net unrealized appreciation (depreciation) | 99,576,317 | 28,034,084 | 37,403,037 | 10,389,956 | 384,302 | |||||||||||||||
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
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 529B shares will convert to Class A and Class 529A shares, respectively, approximately eight years after
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purchase. Class C and Class 529C shares will convert to Class A and Class 529A shares, respectively, approximately ten years after purchase. 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 |
MFS Lifetime |
MFS Lifetime | ||||||||||
| Six Months |
Year Ended |
Six Months |
Year Ended |
Six Months |
Year Ended | |||||||
| Class A | $1,109,154 | $4,119,462 | $— | $2,164,813 | $— | $742,739 | ||||||
| Class B | 51,025 | 319,662 | — | 160,772 | — | 43,756 | ||||||
| Class C | 644,062 | 3,583,308 | — | 542,638 | — | 120,220 | ||||||
| Class I | 373,217 | 1,584,261 | — | 98,413 | — | 45,720 | ||||||
| Class R1 | 19,369 | 100,188 | — | 200,352 | — | 48,184 | ||||||
| Class R2 | 152,165 | 938,570 | — | 3,201,431 | — | 1,105,831 | ||||||
| Class R3 | 611,634 | 2,085,492 | — | 4,367,266 | — | 2,574,072 | ||||||
| Class R4 | 487,181 | 2,075,650 | — | 4,531,157 | — | 3,866,720 | ||||||
| Class R6 | 390,118 | 1,153,368 | — | 3,072,769 | — | 1,595,954 | ||||||
| Class 529A | 1,058,540 | 3,762,990 | — | — | — | — | ||||||
| Class 529B | 25,518 | 131,588 | — | — | — | — | ||||||
| Class 529C | 189,798 | 1,132,877 | — | — | — | — | ||||||
| Total | $5,111,781 | $20,987,416 | $— | $18,339,611 | $— | $10,143,196 | ||||||
| MFS Lifetime |
MFS Lifetime |
MFS Lifetime | ||||||||||
| Six Months |
Year Ended |
Six Months |
Year Ended |
Six Months |
Year Ended | |||||||
| Class A | $— | $2,840,320 | $— | $558,773 | $— | $1,761,796 | ||||||
| Class B | — | 358,338 | — | 46,179 | — | 199,896 | ||||||
| Class C | — | 640,713 | — | 73,228 | — | 465,888 | ||||||
| Class I | — | 107,770 | — | 28,057 | — | 89,105 | ||||||
| Class R1 | — | 303,203 | — | 64,467 | — | 191,741 | ||||||
| Class R2 | — | 5,100,796 | — | 947,816 | — | 3,999,614 | ||||||
| Class R3 | — | 7,001,597 | — | 2,174,866 | — | 4,451,733 | ||||||
| Class R4 | — | 7,653,993 | — | 4,064,305 | — | 7,718,795 | ||||||
| Class R6 | — | 4,797,216 | — | 1,477,458 | — | 3,410,688 | ||||||
| Total | $— | $28,803,946 | $— | $9,435,149 | $— | $22,289,256 | ||||||
| MFS Lifetime |
MFS Lifetime |
MFS Lifetime | ||||||||||
| Six Months |
Year Ended |
Six Months |
Year Ended |
Six Months |
Year Ended | |||||||
| Class A | $— | $251,098 | $— | $380,452 | $— | $138,623 | ||||||
| Class B | — | 23,070 | — | 38,038 | — | 11,467 | ||||||
| Class C | — | 58,229 | — | 74,846 | — | 42,379 | ||||||
| Class I | — | 7,829 | — | 18,352 | — | 3,956 | ||||||
| Class R1 | — | 40,382 | — | 27,871 | — | 28,658 | ||||||
| Class R2 | — | 590,192 | — | 1,509,468 | — | 426,919 | ||||||
| Class R3 | — | 1,547,592 | — | 1,642,710 | — | 665,051 | ||||||
| Class R4 | — | 2,865,312 | — | 2,570,013 | — | 956,612 | ||||||
| Class R6 | — | 813,519 | — | 1,122,439 | — | 446,411 | ||||||
| Total | $— | $6,197,223 | $— | $7,384,189 | $— | $2,720,076 | ||||||
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| MFS Lifetime |
||||||||||||
| Six Months |
Year Ended |
|||||||||||
| Class A | $— | $28,791 | ||||||||||
| Class B | — | 2,126 | ||||||||||
| Class C | — | 4,093 | ||||||||||
| Class I | — | 1,606 | ||||||||||
| Class R1 | — | 979 | ||||||||||
| Class R2 | — | 15,091 | ||||||||||
| Class R3 | — | 37,604 | ||||||||||
| Class R4 | — | 23,309 | ||||||||||
| Class R6 | — | 60,614 | ||||||||||
| Total | $— | $174,213 | ||||||||||
| (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.
The investment adviser has agreed in writing to pay all of each fund’s operating expenses, excluding distribution and service fees, program manager 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 six months ended October 31, 2019, 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 2020 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 | |||||||||
| $606,691 | $391,470 | $364,907 | $561,538 | $367,633 | $463,395 | $319,125 | $327,173 | $254,579 | $124,242 | |||||||||
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 (0.10)% 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, 2020. 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 “Excess expense reimbursement from investment adviser” 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 six months ended October 31, 2019, as its portion of the initial sales charge on sales of Class A and Class 529A shares of each fund:
| Class A | Class 529A | |||||||
| MFS Lifetime Income Fund | $5,676 | $3,667 | ||||||
| MFS Lifetime 2020 Fund | 4,948 | — | ||||||
| MFS Lifetime 2025 Fund | 4,711 | — | ||||||
| MFS Lifetime 2030 Fund | 11,714 | — | ||||||
| MFS Lifetime 2035 Fund | 9,000 | — | ||||||
| MFS Lifetime 2040 Fund | 10,418 | — | ||||||
| MFS Lifetime 2045 Fund | 3,970 | — | ||||||
| MFS Lifetime 2050 Fund | 8,682 | — | ||||||
| MFS Lifetime 2055 Fund | 4,233 | — | ||||||
| MFS Lifetime 2060 Fund | 2,947 | — | ||||||
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.
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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.
Distribution Plan Fee Table:
| Class A | ||||||||||||||||||||
| Distribution Fee Rate (d) |
Service Fee Rate (d) |
Total Plan (d) |
Annual Rate (e) |
Distribution and Service Fee |
||||||||||||||||
| MFS Lifetime Income Fund | — | 0.25% | 0.25% | 0.25% | $146,186 | |||||||||||||||
| MFS Lifetime 2020 Fund | — | 0.25% | 0.25% | 0.24% | 55,351 | |||||||||||||||
| MFS Lifetime 2025 Fund | — | 0.25% | 0.25% | 0.23% | 26,168 | |||||||||||||||
| MFS Lifetime 2030 Fund | — | 0.25% | 0.25% | 0.25% | 81,651 | |||||||||||||||
| MFS Lifetime 2035 Fund | — | 0.25% | 0.25% | 0.24% | 21,065 | |||||||||||||||
| MFS Lifetime 2040 Fund | — | 0.25% | 0.25% | 0.24% | 48,597 | |||||||||||||||
| MFS Lifetime 2045 Fund | — | 0.25% | 0.25% | 0.25% | 11,689 | |||||||||||||||
| MFS Lifetime 2050 Fund | — | 0.25% | 0.25% | 0.25% | 16,947 | |||||||||||||||
| MFS Lifetime 2055 Fund | — | 0.25% | 0.25% | 0.25% | 7,828 | |||||||||||||||
| MFS Lifetime 2060 Fund | — | 0.25% | 0.25% | 0.25% | 1,889 | |||||||||||||||
| 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% | $44,124 | |||||||||||||||
| MFS Lifetime 2020 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 15,662 | |||||||||||||||
| MFS Lifetime 2025 Fund | 0.75% | 0.25% | 1.00% | 0.99% | 8,284 | |||||||||||||||
| MFS Lifetime 2030 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 42,096 | |||||||||||||||
| MFS Lifetime 2035 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 8,291 | |||||||||||||||
| MFS Lifetime 2040 Fund | 0.75% | 0.25% | 1.00% | 0.99% | 22,041 | |||||||||||||||
| MFS Lifetime 2045 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 4,392 | |||||||||||||||
| MFS Lifetime 2050 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 8,329 | |||||||||||||||
| MFS Lifetime 2055 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 3,009 | |||||||||||||||
| MFS Lifetime 2060 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 744 | |||||||||||||||
| 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% | $556,936 | |||||||||||||||
| MFS Lifetime 2020 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 59,149 | |||||||||||||||
| MFS Lifetime 2025 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 20,571 | |||||||||||||||
| MFS Lifetime 2030 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 78,827 | |||||||||||||||
| MFS Lifetime 2035 Fund | 0.75% | 0.25% | 1.00% | 0.99% | 13,826 | |||||||||||||||
| MFS Lifetime 2040 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 52,429 | |||||||||||||||
| MFS Lifetime 2045 Fund | 0.75% | 0.25% | 1.00% | 0.97% | 11,097 | |||||||||||||||
| MFS Lifetime 2050 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 16,531 | |||||||||||||||
| MFS Lifetime 2055 Fund | 0.75% | 0.25% | 1.00% | 0.99% | 10,756 | |||||||||||||||
| MFS Lifetime 2060 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,691 | |||||||||||||||
| 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% | $16,706 | |||||||||||||||
| MFS Lifetime 2020 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 21,557 | |||||||||||||||
| MFS Lifetime 2025 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 8,965 | |||||||||||||||
| MFS Lifetime 2030 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 35,676 | |||||||||||||||
| MFS Lifetime 2035 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 11,244 | |||||||||||||||
| MFS Lifetime 2040 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 23,703 | |||||||||||||||
| MFS Lifetime 2045 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 5,397 | |||||||||||||||
| MFS Lifetime 2050 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 6,441 | |||||||||||||||
| MFS Lifetime 2055 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 7,511 | |||||||||||||||
| MFS Lifetime 2060 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 323 | |||||||||||||||
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| 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% | $46,064 | |||||||||||||||
| MFS Lifetime 2020 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 113,206 | |||||||||||||||
| MFS Lifetime 2025 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 89,128 | |||||||||||||||
| MFS Lifetime 2030 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 190,961 | |||||||||||||||
| MFS Lifetime 2035 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 78,346 | |||||||||||||||
| MFS Lifetime 2040 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 143,242 | |||||||||||||||
| MFS Lifetime 2045 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 53,750 | |||||||||||||||
| MFS Lifetime 2050 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 71,236 | |||||||||||||||
| MFS Lifetime 2055 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 47,124 | |||||||||||||||
| MFS Lifetime 2060 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 2,316 | |||||||||||||||
| 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% | $80,607 | |||||||||||||||
| MFS Lifetime 2020 Fund | — | 0.25% | 0.25% | 0.25% | 106,181 | |||||||||||||||
| MFS Lifetime 2025 Fund | — | 0.25% | 0.25% | 0.25% | 105,202 | |||||||||||||||
| MFS Lifetime 2030 Fund | — | 0.25% | 0.25% | 0.25% | 190,522 | |||||||||||||||
| MFS Lifetime 2035 Fund | — | 0.25% | 0.25% | 0.25% | 97,519 | |||||||||||||||
| MFS Lifetime 2040 Fund | — | 0.25% | 0.25% | 0.25% | 118,122 | |||||||||||||||
| MFS Lifetime 2045 Fund | — | 0.25% | 0.25% | 0.25% | 74,133 | |||||||||||||||
| MFS Lifetime 2050 Fund | — | 0.25% | 0.25% | 0.25% | 74,837 | |||||||||||||||
| MFS Lifetime 2055 Fund | — | 0.25% | 0.25% | 0.25% | 37,543 | |||||||||||||||
| MFS Lifetime 2060 Fund | — | 0.25% | 0.25% | 0.25% | 4,812 | |||||||||||||||
| Class 529A | ||||||||||||||||||||
| 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% | 0.23% | $143,248 | |||||||||||||||
| Class 529B | ||||||||||||||||||||
| 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% | 0.98% | $23,088 | |||||||||||||||
| Class 529C | ||||||||||||||||||||
| 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% | 0.99% | $171,547 | |||||||||||||||
| MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Total Distribution and Service Fees | $1,228,506 | $371,106 | $258,318 | $619,733 | $230,291 | |||||||||||||||
| MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
||||||||||||||||
| Total Distribution and Service Fees | $408,134 | $160,458 | $194,321 | $113,771 | $11,775 | |||||||||||||||
| (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. |
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| (e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended October 31, 2019 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 MFD retains the 0.25% service fee except for accounts attributable to MFS or its affiliates’ seed money. For the six months ended October 31, 2019, 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 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Class A | $1,736 | $1,129 | $2,301 | $1,115 | $431 | |||||||||||||||
| Class B | 21 | 28 | 75 | 190 | 3 | |||||||||||||||
| Class C | 52 | 7 | 3 | 160 | 97 | |||||||||||||||
| Class R2 | 76 | 202 | — | 257 | 60 | |||||||||||||||
| Class R3 | 3 | 5 | 1 | 4 | 26 | |||||||||||||||
| Class 529A | 9,825 | N/A | N/A | N/A | N/A | |||||||||||||||
| Class 529B | 347 | N/A | N/A | N/A | N/A | |||||||||||||||
| Class 529C | 962 | N/A | N/A | N/A | N/A | |||||||||||||||
| MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
||||||||||||||||
| Class A | $1,262 | $124 | $201 | $47 | $3 | |||||||||||||||
| Class B | 116 | 4 | 14 | — | — | |||||||||||||||
| Class C | 96 | 383 | 14 | 54 | — | |||||||||||||||
| Class R2 | 32 | 21 | 164 | — | — | |||||||||||||||
| Class R3 | 131 | — | 127 | 4 | — | |||||||||||||||
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 and Class 529B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C and Class 529C 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 six months ended October 31, 2019, were as follows:
| CDSC Imposed | MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
|||||||||||||||
| Class A | $401 | $63 | $20 | $268 | $100 | |||||||||||||||
| Class B | 1,038 | 545 | 463 | 2,055 | 1,617 | |||||||||||||||
| Class C | 3,667 | 158 | 553 | 345 | 248 | |||||||||||||||
| Class 529B | 620 | N/A | N/A | N/A | N/A | |||||||||||||||
| Class 529C | 132 | N/A | N/A | N/A | N/A | |||||||||||||||
| CDSC Imposed | MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
|||||||||||||||
| Class A | $157 | $185 | $188 | $94 | $31 | |||||||||||||||
| Class B | 3,434 | 1,415 | 141 | 484 | — | |||||||||||||||
| Class C | 382 | 174 | 321 | 167 | 4 | |||||||||||||||
The MFS Lifetime Income fund has entered into and may from time to time enter into contracts with program managers and other parties which administer the tuition programs through which an investment in the fund’s 529 share classes is made. The MFS Lifetime Income Fund has entered into an agreement with MFD pursuant to which MFD receives an annual fee of up to 0.05% of the average daily net assets attributable to each 529 share class. The services provided by MFD, or a third party with which MFD contracts, include recordkeeping and tax reporting and account services, as well as services designed to maintain the program’s compliance with the Internal Revenue Code and other regulatory requirements. Program manager fees for the MFS Lifetime Income Fund for the six months ended October 31, 2019, were as follows:
| Fee | ||||
| Class 529A | $28,650 | |||
| Class 529B | 1,155 | |||
| Class 529C | 8,577 | |||
| Total Program Manager Fees | $38,382 | |||
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 six months ended October 31, 2019, 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 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Expenses paid | $84,072 | $11,112 | $9,826 | $18,513 | $11,910 | |||||||||||||||
| Percentage of average daily net assets | 0.0284% | 0.0065% | 0.0063% | 0.0062% | 0.0079% | |||||||||||||||
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Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
||||||||||||||||
| Expenses paid | $18,068 | $12,447 | $14,716 | $15,263 | $3,217 | |||||||||||||||
| Percentage of average daily net assets | 0.0084% | 0.0117% | 0.0134% | 0.0280% | 0.0489% | |||||||||||||||
MFSC also receives payment 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 six months ended October 31, 2019, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:
| MFS Lifetime Income Fund |
MFS Lifetime 2020 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 | |||||||||
| $321,292 | $246,371 | $221,817 | $389,401 | $226,913 | $306,264 | $184,668 | $185,484 | $119,977 | $12,426 | |||||||||
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 incurred for the six months ended October 31, 2019 was equivalent to the following annual effective rates of each fund’s average daily net assets:
| MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Percentage of average daily net assets | 0.0030% | 0.0051% | 0.0057% | 0.0030% | 0.0058% | |||||||||||||||
| MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
||||||||||||||||
| Percentage of average daily net assets | 0.0041% | 0.0083% | 0.0080% | 0.0161% | 0.1338% | |||||||||||||||
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. Each fund does 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 – These funds and certain other funds managed by MFS (the funds) had entered into a service agreement (the ISO Agreement) which provided for payment of fees solely by the funds to Tarantino LLC in return for the provision of services of an Independent Senior Officer (ISO) for the funds. Frank L. Tarantino served as the ISO and was an officer of the funds and the sole member of Tarantino LLC. Effective June 30, 2019, Mr. Tarantino retired from his position as ISO for the funds, and the ISO Agreement was terminated. For the six months ended October 31, 2019, the fee paid by each fund under this agreement amounted to the following and is included in “Miscellaneous” expense in the Statements of Operations:
| MFS Lifetime Income Fund |
MFS Lifetime 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund | ||||
| $337 | $226 | $188 | $376 | $186 | ||||
| MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund | ||||
| $266 | $123 | $130 | $68 | $7 | ||||
MFS had agreed to bear all expenses associated with office space, other administrative support, and supplies provided to the ISO.
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.
On December 14, 2018, MFS redeemed the following fund shares:
| Fund | Class | Shares | Amount | |||||||||
| MFS Lifetime 2025 Fund | Class R1 | 4,630 | $57,137 | |||||||||
| MFS Lifetime 2035 Fund | Class R1 | 3,712 | 50,748 | |||||||||
| MFS Lifetime 2045 Fund | Class R1 | 3,607 | 50,829 | |||||||||
| MFS Lifetime 2050 Fund | Class R1 | 3,026 | 50,839 | |||||||||
| MFS Lifetime 2060 Fund | Class R3 | 5,178 | 57,686 | |||||||||
| MFS Lifetime 2060 Fund | Class R6 | 51,866 | 580,381 | |||||||||
At October 31, 2019, MFS held approximately 52% of the outstanding shares of Class I of the MFS Lifetime 2055 Fund. At October 31, 2019, MFS held approximately 99% and 100% of the outstanding shares of Class I and Class R1, respectively, of the MFS Lifetime 2060 Fund.
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Notes to Financial Statements (unaudited) – continued
| (4) | Portfolio Securities |
For the six months ended October 31, 2019, 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 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Purchases | $37,292,352 | $19,650,921 | $31,135,102 | $39,284,380 | $36,742,584 | |||||||||||||||
| Sales | $29,990,999 | $32,144,410 | $17,187,341 | $44,361,751 | $18,737,804 | |||||||||||||||
| MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
||||||||||||||||
| Purchases | $33,587,641 | $29,761,446 | $27,026,847 | $18,895,086 | $6,477,088 | |||||||||||||||
| Sales | $29,052,782 | $8,325,244 | $12,208,820 | $8,753,750 | $347,164 | |||||||||||||||
| (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 2020 Fund | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares sold | ||||||||||||||||||||||||||||||||
| Class A |
1,441,609 | $18,173,498 | 1,847,214 | $22,585,377 | 229,745 | $3,028,163 | 564,103 | $7,238,411 | ||||||||||||||||||||||||
| Class B |
9,654 | 121,672 | 72,255 | 871,139 | 5,341 | 70,610 | 28,088 | 360,967 | ||||||||||||||||||||||||
| Class C |
292,248 | 3,678,136 | 744,303 | 9,078,830 | 32,102 | 414,654 | 113,595 | 1,421,637 | ||||||||||||||||||||||||
| Class I |
262,992 | 3,323,722 | 1,822,886 | 22,106,905 | 17,883 | 237,169 | 186,312 | 2,438,993 | ||||||||||||||||||||||||
| Class R1 |
30,665 | 386,387 | 200,891 | 2,432,039 | 32,007 | 421,303 | 86,084 | 1,103,481 | ||||||||||||||||||||||||
| Class R2 |
228,726 | 2,878,680 | 664,264 | 8,109,192 | 461,629 | 6,073,809 | 1,540,597 | 19,699,792 | ||||||||||||||||||||||||
| Class R3 |
1,615,387 | 20,228,962 | 1,101,831 | 13,410,501 | 1,254,344 | 16,615,933 | 2,670,176 | 34,461,787 | ||||||||||||||||||||||||
| Class R4 |
210,069 | 2,641,349 | 708,696 | 8,669,602 | 525,024 | 7,008,920 | 1,848,609 | 24,102,640 | ||||||||||||||||||||||||
| Class R6 |
721,268 | 9,107,401 | 1,212,170 | 14,591,892 | 769,173 | 10,262,392 | 2,196,708 | 28,396,542 | ||||||||||||||||||||||||
| Class 529A |
3,539,079 | 36,609,494 | 6,574,351 | 65,564,555 | — | — | — | — | ||||||||||||||||||||||||
| Class 529B |
156,115 | 1,615,174 | 299,079 | 2,980,144 | — | — | — | — | ||||||||||||||||||||||||
| Class 529C |
952,062 | 9,839,301 | 1,979,803 | 19,725,207 | — | — | — | — | ||||||||||||||||||||||||
| 9,459,874 | $108,603,776 | 17,227,743 | $190,125,383 | 3,327,248 | $44,132,953 | 9,234,272 | $119,224,250 | |||||||||||||||||||||||||
| Shares issued to shareholders in reinvestment of distributions |
|
|||||||||||||||||||||||||||||||
| Class A |
86,517 | $1,091,727 | 341,016 | $4,062,769 | — | $— | 165,902 | $1,987,511 | ||||||||||||||||||||||||
| Class B |
3,956 | 49,896 | 26,118 | 309,489 | — | — | 13,142 | 157,051 | ||||||||||||||||||||||||
| Class C |
50,140 | 632,066 | 295,866 | 3,505,070 | — | — | 40,235 | 473,163 | ||||||||||||||||||||||||
| Class I |
24,224 | 305,661 | 106,067 | 1,264,014 | — | — | 7,525 | 90,755 | ||||||||||||||||||||||||
| Class R1 |
1,523 | 19,203 | 8,342 | 99,287 | — | — | 16,766 | 200,352 | ||||||||||||||||||||||||
| Class R2 |
10,959 | 138,244 | 72,937 | 867,906 | — | — | 245,658 | 2,923,334 | ||||||||||||||||||||||||
| Class R3 |
48,451 | 611,573 | 174,810 | 2,082,264 | — | — | 364,546 | 4,367,264 | ||||||||||||||||||||||||
| Class R4 |
38,610 | 486,759 | 173,791 | 2,073,601 | — | — | 376,030 | 4,531,157 | ||||||||||||||||||||||||
| Class R6 |
27,261 | 344,953 | 84,145 | 1,007,101 | — | — | 230,076 | 2,770,111 | ||||||||||||||||||||||||
| Class 529A |
101,280 | 1,046,458 | 384,144 | 3,740,994 | — | — | — | — | ||||||||||||||||||||||||
| Class 529B |
2,439 | 25,193 | 13,521 | 131,004 | — | — | — | — | ||||||||||||||||||||||||
| Class 529C |
18,112 | 186,892 | 116,314 | 1,126,589 | — | — | — | — | ||||||||||||||||||||||||
| 413,472 | $4,938,625 | 1,797,071 | $20,270,088 | — | $— | 1,459,880 | $17,500,698 | |||||||||||||||||||||||||
105
Table of Contents
Notes to Financial Statements (unaudited) – continued
| MFS Lifetime Income Fund – continued | MFS Lifetime 2020 Fund – continued | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares reacquired | ||||||||||||||||||||||||||||||||
| Class A |
(978,649 | ) | $(12,337,309 | ) | (2,040,158 | ) | $(24,838,227 | ) | (443,478 | ) | $(5,869,734 | ) | (898,874 | ) | $(11,630,896 | ) | ||||||||||||||||
| Class B |
(105,709 | ) | (1,333,257 | ) | (327,953 | ) | (3,994,084 | ) | (19,066 | ) | (250,859 | ) | (139,556 | ) | (1,771,432 | ) | ||||||||||||||||
| Class C |
(957,493 | ) | (12,057,640 | ) | (2,454,438 | ) | (29,919,300 | ) | (83,533 | ) | (1,078,882 | ) | (253,368 | ) | (3,179,163 | ) | ||||||||||||||||
| Class I |
(289,264 | ) | (3,636,311 | ) | (1,785,685 | ) | (21,503,321 | ) | (5,672 | ) | (75,329 | ) | (163,579 | ) | (2,156,647 | ) | ||||||||||||||||
| Class R1 |
(132,431 | ) | (1,670,601 | ) | (243,007 | ) | (2,935,981 | ) | (64,900 | ) | (853,792 | ) | (107,998 | ) | (1,379,784 | ) | ||||||||||||||||
| Class R2 |
(487,159 | ) | (6,130,505 | ) | (1,380,033 | ) | (16,883,006 | ) | (882,179 | ) | (11,568,851 | ) | (3,711,863 | ) | (47,418,906 | ) | ||||||||||||||||
| Class R3 |
(792,182 | ) | (9,984,420 | ) | (1,296,899 | ) | (15,776,205 | ) | (871,888 | ) | (11,540,348 | ) | (3,383,935 | ) | (43,644,096 | ) | ||||||||||||||||
| Class R4 |
(646,514 | ) | (8,124,964 | ) | (1,326,467 | ) | (16,095,604 | ) | (1,044,300 | ) | (13,948,992 | ) | (2,339,803 | ) | (30,513,779 | ) | ||||||||||||||||
| Class R6 |
(475,190 | ) | (5,937,521 | ) | (769,099 | ) | (9,366,737 | ) | (834,634 | ) | (10,986,357 | ) | (998,215 | ) | (12,912,773 | ) | ||||||||||||||||
| Class 529A |
(2,572,467 | ) | (26,601,286 | ) | (4,600,709 | ) | (45,965,876 | ) | — | — | — | — | ||||||||||||||||||||
| Class 529B |
(140,856 | ) | (1,455,625 | ) | (265,130 | ) | (2,646,621 | ) | — | — | — | — | ||||||||||||||||||||
| Class 529C |
(1,025,818 | ) | (10,604,103 | ) | (2,114,359 | ) | (21,058,166 | ) | — | — | — | — | ||||||||||||||||||||
| (8,603,732 | ) | $(99,873,542 | ) | (18,603,937 | ) | $(210,983,128 | ) | (4,249,650 | ) | $(56,173,144 | ) | (11,997,191 | ) | $(154,607,476 | ) | |||||||||||||||||
| Net change | ||||||||||||||||||||||||||||||||
| Class A |
549,477 | $6,927,916 | 148,072 | $1,809,919 | (213,733 | ) | $(2,841,571 | ) | (168,869 | ) | $(2,404,974 | ) | ||||||||||||||||||||
| Class B |
(92,099 | ) | (1,161,689 | ) | (229,580 | ) | (2,813,456 | ) | (13,725 | ) | (180,249 | ) | (98,326 | ) | (1,253,414 | ) | ||||||||||||||||
| Class C |
(615,105 | ) | (7,747,438 | ) | (1,414,269 | ) | (17,335,400 | ) | (51,431 | ) | (664,228 | ) | (99,538 | ) | (1,284,363 | ) | ||||||||||||||||
| Class I |
(2,048 | ) | (6,928 | ) | 143,268 | 1,867,598 | 12,211 | 161,840 | 30,258 | 373,101 | ||||||||||||||||||||||
| Class R1 |
(100,243 | ) | (1,265,011 | ) | (33,774 | ) | (404,655 | ) | (32,893 | ) | (432,489 | ) | (5,148 | ) | (75,951 | ) | ||||||||||||||||
| Class R2 |
(247,474 | ) | (3,113,581 | ) | (642,832 | ) | (7,905,908 | ) | (420,550 | ) | (5,495,042 | ) | (1,925,608 | ) | (24,795,780 | ) | ||||||||||||||||
| Class R3 |
871,656 | 10,856,115 | (20,258 | ) | (283,440 | ) | 382,456 | 5,075,585 | (349,213 | ) | (4,815,045 | ) | ||||||||||||||||||||
| Class R4 |
(397,835 | ) | (4,996,856 | ) | (443,980 | ) | (5,352,401 | ) | (519,276 | ) | (6,940,072 | ) | (115,164 | ) | (1,879,982 | ) | ||||||||||||||||
| Class R6 |
273,339 | 3,514,833 | 527,216 | 6,232,256 | (65,461 | ) | (723,965 | ) | 1,428,569 | 18,253,880 | ||||||||||||||||||||||
| Class 529A |
1,067,892 | 11,054,666 | 2,357,786 | 23,339,673 | — | — | — | — | ||||||||||||||||||||||||
| Class 529B |
17,698 | 184,742 | 47,470 | 464,527 | — | — | — | — | ||||||||||||||||||||||||
| Class 529C |
(55,644 | ) | (577,910 | ) | (18,242 | ) | (206,370 | ) | — | — | — | — | ||||||||||||||||||||
| 1,269,614 | $13,668,859 | 420,877 | $(587,657 | ) | (922,402 | ) | $(12,040,191 | ) | (1,303,039 | ) | $(17,882,528 | ) | ||||||||||||||||||||
| MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares sold | ||||||||||||||||||||||||||||||||
| Class A |
197,181 | $2,619,377 | 567,330 | $7,189,298 | 463,288 | $7,324,196 | 871,533 | $13,343,800 | ||||||||||||||||||||||||
| Class B |
22,311 | 292,843 | 14,316 | 183,102 | 8,545 | 128,475 | 79,920 | 1,204,490 | ||||||||||||||||||||||||
| Class C |
24,128 | 314,871 | 74,764 | 942,228 | 71,585 | 1,103,546 | 156,614 | 2,332,793 | ||||||||||||||||||||||||
| Class I |
22,701 | 295,216 | 55,035 | 695,114 | 11,389 | 181,939 | 50,313 | 770,645 | ||||||||||||||||||||||||
| Class R1 |
46,189 | 606,347 | 84,642 | 1,072,437 | 40,553 | 629,665 | 145,709 | 2,215,727 | ||||||||||||||||||||||||
| Class R2 |
421,533 | 5,546,949 | 1,130,263 | 14,397,361 | 594,791 | 9,279,900 | 2,150,624 | 32,736,983 | ||||||||||||||||||||||||
| Class R3 |
1,413,933 | 18,687,290 | 2,509,467 | 32,054,842 | 1,466,816 | 23,034,611 | 3,436,146 | 52,676,545 | ||||||||||||||||||||||||
| Class R4 |
752,429 | 10,030,498 | 2,766,476 | 35,583,331 | 1,034,159 | 16,407,774 | 2,834,408 | 43,601,309 | ||||||||||||||||||||||||
| Class R6 |
1,124,622 | 14,935,886 | 1,513,889 | 19,289,218 | 1,313,358 | 20,799,743 | 2,615,019 | 40,297,219 | ||||||||||||||||||||||||
| 4,025,027 | $53,329,277 | 8,716,182 | $111,406,931 | 5,004,484 | $78,889,849 | 12,340,286 | $189,179,511 | |||||||||||||||||||||||||
106
Table of Contents
Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2025 Fund – continued | MFS Lifetime 2030 Fund – continued | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares issued to shareholders in reinvestment of distributions |
|
|||||||||||||||||||||||||||||||
| Class A |
— | $— | 59,399 | $700,316 | — | $— | 193,530 | $2,655,232 | ||||||||||||||||||||||||
| Class B |
— | — | 3,730 | 43,756 | — | — | 25,680 | 348,203 | ||||||||||||||||||||||||
| Class C |
— | — | 9,928 | 115,863 | — | — | 41,322 | 557,018 | ||||||||||||||||||||||||
| Class I |
— | — | 3,868 | 45,720 | — | — | 7,082 | 97,527 | ||||||||||||||||||||||||
| Class R1 |
— | — | 4,104 | 48,184 | — | — | 22,277 | 303,202 | ||||||||||||||||||||||||
| Class R2 |
— | — | 83,510 | 980,403 | — | — | 348,214 | 4,732,212 | ||||||||||||||||||||||||
| Class R3 |
— | — | 218,512 | 2,574,072 | — | — | 511,813 | 7,001,597 | ||||||||||||||||||||||||
| Class R4 |
— | — | 326,581 | 3,866,720 | — | — | 554,849 | 7,651,363 | ||||||||||||||||||||||||
| Class R6 |
— | — | 109,152 | 1,291,267 | — | — | 281,709 | 3,881,976 | ||||||||||||||||||||||||
| — | $— | 818,784 | $9,666,301 | — | $— | 1,986,476 | $27,228,330 | |||||||||||||||||||||||||
| Shares reacquired | ||||||||||||||||||||||||||||||||
| Class A |
(87,786 | ) | $(1,164,183 | ) | (418,765 | ) | $(5,272,674 | ) | (308,908 | ) | $(4,858,061 | ) | (957,301 | ) | $(14,772,195 | ) | ||||||||||||||||
| Class B |
(8,934 | ) | (115,913 | ) | (17,685 | ) | (224,395 | ) | (64,071 | ) | (993,630 | ) | (116,768 | ) | (1,762,903 | ) | ||||||||||||||||
| Class C |
(39,278 | ) | (510,800 | ) | (41,360 | ) | (523,597 | ) | (165,825 | ) | (2,570,785 | ) | (211,637 | ) | (3,170,193 | ) | ||||||||||||||||
| Class I |
(6,313 | ) | (84,294 | ) | (6,764 | ) | (88,665 | ) | (12,605 | ) | (202,042 | ) | (51,257 | ) | (781,569 | ) | ||||||||||||||||
| Class R1 |
(31,729 | ) | (419,620 | ) | (63,589 | ) | (807,690 | ) | (85,335 | ) | (1,330,890 | ) | (132,217 | ) | (1,985,985 | ) | ||||||||||||||||
| Class R2 |
(739,048 | ) | (9,767,577 | ) | (1,236,726 | ) | (15,707,675 | ) | (967,490 | ) | (15,106,747 | ) | (4,757,324 | ) | (71,938,609 | ) | ||||||||||||||||
| Class R3 |
(693,633 | ) | (9,185,701 | ) | (1,833,067 | ) | (23,448,568 | ) | (1,283,562 | ) | (20,179,423 | ) | (3,368,822 | ) | (51,830,605 | ) | ||||||||||||||||
| Class R4 |
(952,637 | ) | (12,672,647 | ) | (1,429,789 | ) | (18,341,244 | ) | (1,126,208 | ) | (17,877,326 | ) | (2,805,747 | ) | (43,696,853 | ) | ||||||||||||||||
| Class R6 |
(388,846 | ) | (5,144,811 | ) | (545,617 | ) | (6,978,691 | ) | (1,291,415 | ) | (20,135,688 | ) | (722,887 | ) | (10,975,407 | ) | ||||||||||||||||
| (2,948,204 | ) | $(39,065,546 | ) | (5,593,362 | ) | $(71,393,199 | ) | (5,305,419 | ) | $(83,254,592 | ) | (13,123,960 | ) | $(200,914,319 | ) | |||||||||||||||||
| Net change | ||||||||||||||||||||||||||||||||
| Class A |
109,395 | $1,455,194 | 207,964 | $2,616,940 | 154,380 | $2,466,135 | 107,762 | $1,226,837 | ||||||||||||||||||||||||
| Class B |
13,377 | 176,930 | 361 | 2,463 | (55,526 | ) | (865,155 | ) | (11,168 | ) | (210,210 | ) | ||||||||||||||||||||
| Class C |
(15,150 | ) | (195,929 | ) | 43,332 | 534,494 | (94,240 | ) | (1,467,239 | ) | (13,701 | ) | (280,382 | ) | ||||||||||||||||||
| Class I |
16,388 | 210,922 | 52,139 | 652,169 | (1,216 | ) | (20,103 | ) | 6,138 | 86,603 | ||||||||||||||||||||||
| Class R1 |
14,460 | 186,727 | 25,157 | 312,931 | (44,782 | ) | (701,225 | ) | 35,769 | 532,944 | ||||||||||||||||||||||
| Class R2 |
(317,515 | ) | (4,220,628 | ) | (22,953 | ) | (329,911 | ) | (372,699 | ) | (5,826,847 | ) | (2,258,486 | ) | (34,469,414 | ) | ||||||||||||||||
| Class R3 |
720,300 | 9,501,589 | 894,912 | 11,180,346 | 183,254 | 2,855,188 | 579,137 | 7,847,537 | ||||||||||||||||||||||||
| Class R4 |
(200,208 | ) | (2,642,149 | ) | 1,663,268 | 21,108,807 | (92,049 | ) | (1,469,552 | ) | 583,510 | 7,555,819 | ||||||||||||||||||||
| Class R6 |
735,776 | 9,791,075 | 1,077,424 | 13,601,794 | 21,943 | 664,055 | 2,173,841 | 33,203,788 | ||||||||||||||||||||||||
| 1,076,823 | $14,263,731 | 3,941,604 | $49,680,033 | (300,935 | ) | $(4,364,743 | ) | 1,202,802 | $15,493,522 | |||||||||||||||||||||||
| MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares sold | ||||||||||||||||||||||||||||||||
| Class A |
204,162 | $3,078,548 | 317,699 | $4,554,781 | 382,285 | $6,330,608 | 476,877 | $7,636,531 | ||||||||||||||||||||||||
| Class B |
1,407 | 20,508 | 12,665 | 182,929 | 4,393 | 70,478 | 23,510 | 375,858 | ||||||||||||||||||||||||
| Class C |
28,545 | 422,546 | 57,595 | 820,223 | 33,431 | 541,649 | 109,199 | 1,720,732 | ||||||||||||||||||||||||
| Class I |
3,618 | 54,394 | 22,602 | 325,765 | 5,520 | 91,360 | 36,372 | 600,270 | ||||||||||||||||||||||||
| Class R1 |
27,143 | 403,876 | 84,674 | 1,216,315 | 45,893 | 745,221 | 115,349 | 1,849,793 | ||||||||||||||||||||||||
| Class R2 |
418,612 | 6,276,118 | 1,033,700 | 14,968,075 | 580,439 | 9,521,625 | 1,728,999 | 27,600,406 | ||||||||||||||||||||||||
| Class R3 |
1,464,138 | 21,989,892 | 1,924,656 | 28,015,898 | 1,197,998 | 19,747,058 | 1,901,160 | 30,517,741 | ||||||||||||||||||||||||
| Class R4 |
655,082 | 9,898,799 | 2,611,266 | 38,102,038 | 718,557 | 11,955,061 | 2,368,577 | 38,701,506 | ||||||||||||||||||||||||
| Class R6 |
970,871 | 14,672,872 | 1,380,361 | 19,775,494 | 890,840 | 14,828,078 | 1,873,600 | 30,218,453 | ||||||||||||||||||||||||
| 3,773,578 | $56,817,553 | 7,445,218 | $107,961,518 | 3,859,356 | $63,831,138 | 8,633,643 | $139,221,290 | |||||||||||||||||||||||||
107
Table of Contents
Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2035 Fund – continued | MFS Lifetime 2040 Fund – continued | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares issued to shareholders in reinvestment of distributions |
|
|||||||||||||||||||||||||||||||
| Class A |
— | $— | 39,574 | $510,104 | — | $— | 113,626 | $1,603,256 | ||||||||||||||||||||||||
| Class B |
— | — | 3,597 | 46,179 | — | — | 14,088 | 197,794 | ||||||||||||||||||||||||
| Class C |
— | — | 5,571 | 72,752 | — | — | 29,290 | 405,962 | ||||||||||||||||||||||||
| Class I |
— | — | 1,991 | 25,699 | — | — | 4,494 | 63,765 | ||||||||||||||||||||||||
| Class R1 |
— | — | 5,025 | 64,467 | — | — | 13,715 | 191,741 | ||||||||||||||||||||||||
| Class R2 |
— | — | 64,591 | 830,637 | — | — | 262,197 | 3,673,383 | ||||||||||||||||||||||||
| Class R3 |
— | — | 168,464 | 2,174,866 | — | — | 315,502 | 4,451,727 | ||||||||||||||||||||||||
| Class R4 |
— | — | 313,846 | 4,064,305 | — | — | 542,812 | 7,718,793 | ||||||||||||||||||||||||
| Class R6 |
— | — | 80,291 | 1,039,767 | — | — | 179,906 | 2,558,269 | ||||||||||||||||||||||||
| — | $— | 682,950 | $8,828,776 | — | $— | 1,475,630 | $20,864,690 | |||||||||||||||||||||||||
| Shares reacquired | ||||||||||||||||||||||||||||||||
| Class A |
(126,126 | ) | $(1,877,358 | ) | (300,417 | ) | $(4,344,723 | ) | (125,855 | ) | $(2,078,037 | ) | (578,011 | ) | $(9,421,937 | ) | ||||||||||||||||
| Class B |
(6,375 | ) | (94,966 | ) | (24,450 | ) | (348,840 | ) | (28,214 | ) | (462,175 | ) | (62,787 | ) | (998,114 | ) | ||||||||||||||||
| Class C |
(20,232 | ) | (300,155 | ) | (52,115 | ) | (748,013 | ) | (95,264 | ) | (1,539,290 | ) | (189,258 | ) | (3,031,158 | ) | ||||||||||||||||
| Class I |
(1,770 | ) | (26,424 | ) | (11,702 | ) | (169,059 | ) | (8,124 | ) | (133,936 | ) | (52,911 | ) | (836,947 | ) | ||||||||||||||||
| Class R1 |
(77,675 | ) | (1,138,817 | ) | (54,848 | ) | (784,704 | ) | (87,163 | ) | (1,412,715 | ) | (109,275 | ) | (1,753,085 | ) | ||||||||||||||||
| Class R2 |
(578,323 | ) | (8,684,848 | ) | (1,122,676 | ) | (16,213,841 | ) | (876,777 | ) | (14,373,282 | ) | (3,651,175 | ) | (58,240,251 | ) | ||||||||||||||||
| Class R3 |
(736,739 | ) | (10,993,943 | ) | (1,330,185 | ) | (19,148,602 | ) | (815,586 | ) | (13,462,262 | ) | (2,171,183 | ) | (35,224,499 | ) | ||||||||||||||||
| Class R4 |
(705,068 | ) | (10,629,097 | ) | (1,165,343 | ) | (17,092,326 | ) | (561,456 | ) | (9,357,424 | ) | (3,072,543 | ) | (50,447,233 | ) | ||||||||||||||||
| Class R6 |
(316,888 | ) | (4,784,551 | ) | (296,367 | ) | (4,351,619 | ) | (981,249 | ) | (15,982,335 | ) | (487,056 | ) | (7,876,502 | ) | ||||||||||||||||
| (2,569,196 | ) | $(38,530,159 | ) | (4,358,103 | ) | $(63,201,727 | ) | (3,579,688 | ) | $(58,801,456 | ) | (10,374,199 | ) | $(167,829,726 | ) | |||||||||||||||||
| Net change | ||||||||||||||||||||||||||||||||
| Class A |
78,036 | $1,201,190 | 56,856 | $720,162 | 256,430 | $4,252,571 | 12,492 | $(182,150 | ) | |||||||||||||||||||||||
| Class B |
(4,968 | ) | (74,458 | ) | (8,188 | ) | (119,732 | ) | (23,821 | ) | (391,697 | ) | (25,189 | ) | (424,462 | ) | ||||||||||||||||
| Class C |
8,313 | 122,391 | 11,051 | 144,962 | (61,833 | ) | (997,641 | ) | (50,769 | ) | (904,464 | ) | ||||||||||||||||||||
| Class I |
1,848 | 27,970 | 12,891 | 182,405 | (2,604 | ) | (42,576 | ) | (12,045 | ) | (172,912 | ) | ||||||||||||||||||||
| Class R1 |
(50,532 | ) | (734,941 | ) | 34,851 | 496,078 | (41,270 | ) | (667,494 | ) | 19,789 | 288,449 | ||||||||||||||||||||
| Class R2 |
(159,711 | ) | (2,408,730 | ) | (24,385 | ) | (415,129 | ) | (296,338 | ) | (4,851,657 | ) | (1,659,979 | ) | (26,966,462 | ) | ||||||||||||||||
| Class R3 |
727,399 | 10,995,949 | 762,935 | 11,042,162 | 382,412 | 6,284,796 | 45,479 | (255,031 | ) | |||||||||||||||||||||||
| Class R4 |
(49,986 | ) | (730,298 | ) | 1,759,769 | 25,074,017 | 157,101 | 2,597,637 | (161,154 | ) | (4,026,934 | ) | ||||||||||||||||||||
| Class R6 |
653,983 | 9,888,321 | 1,164,285 | 16,463,642 | (90,409 | ) | (1,154,257 | ) | 1,566,450 | 24,900,220 | ||||||||||||||||||||||
| 1,204,382 | $18,287,394 | 3,770,065 | $53,588,567 | 279,668 | $5,029,682 | (264,926 | ) | $(7,743,746 | ) | |||||||||||||||||||||||
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares sold | ||||||||||||||||||||||||||||||||
| Class A |
143,164 | $2,236,164 | 205,891 | $3,073,934 | 116,443 | $2,193,202 | 212,106 | $3,874,731 | ||||||||||||||||||||||||
| Class B |
184 | 2,793 | 3,765 | 56,892 | 4,675 | 83,717 | 21,129 | 381,150 | ||||||||||||||||||||||||
| Class C |
11,146 | 170,450 | 32,933 | 489,680 | 13,178 | 242,357 | 40,380 | 719,263 | ||||||||||||||||||||||||
| Class I |
5,012 | 77,708 | 9,647 | 142,402 | 8,310 | 158,121 | 5,701 | 103,885 | ||||||||||||||||||||||||
| Class R1 |
18,326 | 282,357 | 62,118 | 944,961 | 19,565 | 360,009 | 48,506 | 865,633 | ||||||||||||||||||||||||
| Class R2 |
280,092 | 4,326,334 | 720,610 | 10,753,797 | 290,013 | 5,389,429 | 1,325,864 | 23,688,118 | ||||||||||||||||||||||||
| Class R3 |
1,089,854 | 16,890,344 | 1,378,306 | 20,744,811 | 867,740 | 16,214,853 | 1,121,091 | 20,203,947 | ||||||||||||||||||||||||
| Class R4 |
705,675 | 11,024,726 | 1,667,525 | 25,084,521 | 524,915 | 9,869,140 | 1,379,193 | 25,037,200 | ||||||||||||||||||||||||
| Class R6 |
518,749 | 8,049,064 | 836,684 | 12,396,334 | 409,678 | 7,679,496 | 1,008,037 | 17,954,337 | ||||||||||||||||||||||||
| 2,772,202 | $43,059,940 | 4,917,479 | $73,687,332 | 2,254,517 | $42,190,324 | 5,162,007 | $92,828,264 | |||||||||||||||||||||||||
108
Table of Contents
Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2045 Fund – continued | MFS Lifetime 2050 Fund – continued | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares issued to shareholders in reinvestment of distributions |
|
|||||||||||||||||||||||||||||||
| Class A |
— | $— | 17,511 | $232,026 | — | $— | 23,172 | $371,686 | ||||||||||||||||||||||||
| Class B |
— | — | 1,748 | 23,070 | — | — | 2,397 | 38,038 | ||||||||||||||||||||||||
| Class C |
— | — | 3,408 | 44,746 | — | — | 4,260 | 67,224 | ||||||||||||||||||||||||
| Class I |
— | — | 589 | 7,829 | — | — | 1,146 | 18,352 | ||||||||||||||||||||||||
| Class R1 |
— | — | 3,064 | 40,382 | — | — | 1,765 | 27,871 | ||||||||||||||||||||||||
| Class R2 |
— | — | 40,282 | 530,514 | — | — | 90,222 | 1,429,114 | ||||||||||||||||||||||||
| Class R3 |
— | — | 116,888 | 1,547,592 | — | — | 103,121 | 1,642,710 | ||||||||||||||||||||||||
| Class R4 |
— | — | 215,761 | 2,865,312 | — | — | 160,618 | 2,569,892 | ||||||||||||||||||||||||
| Class R6 |
— | — | 48,661 | 646,219 | — | — | 58,498 | 935,388 | ||||||||||||||||||||||||
| — | $— | 447,912 | $5,937,690 | — | $— | 445,199 | $7,100,275 | |||||||||||||||||||||||||
| Shares reacquired | ||||||||||||||||||||||||||||||||
| Class A |
(31,451 | ) | $(488,497 | ) | (174,295 | ) | $(2,610,623 | ) | (47,955 | ) | $(908,809 | ) | (229,935 | ) | $(4,219,239 | ) | ||||||||||||||||
| Class B |
(7,558 | ) | (116,143 | ) | (9,067 | ) | (137,439 | ) | (3,350 | ) | (60,153 | ) | (5,945 | ) | (104,142 | ) | ||||||||||||||||
| Class C |
(19,596 | ) | (299,742 | ) | (17,737 | ) | (265,356 | ) | (19,886 | ) | (370,560 | ) | (17,910 | ) | (320,913 | ) | ||||||||||||||||
| Class I |
(242 | ) | (3,818 | ) | (1,894 | ) | (26,294 | ) | (1,797 | ) | (33,800 | ) | (26,443 | ) | (457,483 | ) | ||||||||||||||||
| Class R1 |
(19,563 | ) | (301,631 | ) | (52,124 | ) | (778,340 | ) | (29,277 | ) | (539,494 | ) | (37,257 | ) | (652,110 | ) | ||||||||||||||||
| Class R2 |
(293,123 | ) | (4,536,745 | ) | (699,937 | ) | (10,458,430 | ) | (287,250 | ) | (5,339,786 | ) | (2,448,179 | ) | (44,022,350 | ) | ||||||||||||||||
| Class R3 |
(500,121 | ) | (7,772,877 | ) | (852,525 | ) | (12,823,226 | ) | (359,904 | ) | (6,718,483 | ) | (951,483 | ) | (17,269,437 | ) | ||||||||||||||||
| Class R4 |
(363,090 | ) | (5,662,792 | ) | (1,149,915 | ) | (17,507,428 | ) | (359,198 | ) | (6,747,115 | ) | (1,700,206 | ) | (31,322,071 | ) | ||||||||||||||||
| Class R6 |
(142,347 | ) | (2,220,189 | ) | (249,014 | ) | (3,725,309 | ) | (346,190 | ) | (6,385,561 | ) | (257,215 | ) | (4,616,913 | ) | ||||||||||||||||
| (1,377,091 | ) | $(21,402,434 | ) | (3,206,508 | ) | $(48,332,445 | ) | (1,454,807 | ) | $(27,103,761 | ) | (5,674,573 | ) | $(102,984,658 | ) | |||||||||||||||||
| Net change | ||||||||||||||||||||||||||||||||
| Class A |
111,713 | $1,747,667 | 49,107 | $695,337 | 68,488 | $1,284,393 | 5,343 | $27,178 | ||||||||||||||||||||||||
| Class B |
(7,374 | ) | (113,350 | ) | (3,554 | ) | (57,477 | ) | 1,325 | 23,564 | 17,581 | 315,046 | ||||||||||||||||||||
| Class C |
(8,450 | ) | (129,292 | ) | 18,604 | 269,070 | (6,708 | ) | (128,203 | ) | 26,730 | 465,574 | ||||||||||||||||||||
| Class I |
4,770 | 73,890 | 8,342 | 123,937 | 6,513 | 124,321 | (19,596 | ) | (335,246 | ) | ||||||||||||||||||||||
| Class R1 |
(1,237 | ) | (19,274 | ) | 13,058 | 207,003 | (9,712 | ) | (179,485 | ) | 13,014 | 241,394 | ||||||||||||||||||||
| Class R2 |
(13,031 | ) | (210,411 | ) | 60,955 | 825,881 | 2,763 | 49,643 | (1,032,093 | ) | (18,905,118 | ) | ||||||||||||||||||||
| Class R3 |
589,733 | 9,117,467 | 642,669 | 9,469,177 | 507,836 | 9,496,370 | 272,729 | 4,577,220 | ||||||||||||||||||||||||
| Class R4 |
342,585 | 5,361,934 | 733,371 | 10,442,405 | 165,717 | 3,122,025 | (160,395 | ) | (3,714,979 | ) | ||||||||||||||||||||||
| Class R6 |
376,402 | 5,828,875 | 636,331 | 9,317,244 | 63,488 | 1,293,935 | 809,320 | 14,272,812 | ||||||||||||||||||||||||
| 1,395,111 | $21,657,506 | 2,158,883 | $31,292,577 | 799,710 | $15,086,563 | (67,367 | ) | $(3,056,119 | ) | |||||||||||||||||||||||
| MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares sold | ||||||||||||||||||||||||||||||||
| Class A |
85,318 | $1,362,703 | 129,673 | $1,995,896 | 38,574 | $475,383 | 132,642 | $1,540,130 | ||||||||||||||||||||||||
| Class B |
217 | 3,375 | 7,695 | 119,724 | 187 | 2,236 | 5,784 | 67,883 | ||||||||||||||||||||||||
| Class C |
13,697 | 215,824 | 33,623 | 507,577 | 8,940 | 109,192 | 15,414 | 180,074 | ||||||||||||||||||||||||
| Class I |
1,130 | 18,194 | 2,851 | 43,856 | 60 | 750 | — | — | ||||||||||||||||||||||||
| Class R1 |
31,492 | 496,738 | 59,257 | 894,529 | — | — | — | — | ||||||||||||||||||||||||
| Class R2 |
282,061 | 4,477,027 | 704,148 | 10,748,621 | 28,445 | 348,977 | 69,621 | 821,311 | ||||||||||||||||||||||||
| Class R3 |
653,590 | 10,395,597 | 976,652 | 15,060,511 | 247,603 | 3,047,705 | 183,340 | 2,148,135 | ||||||||||||||||||||||||
| Class R4 |
403,781 | 6,472,036 | 1,184,157 | 18,272,183 | 106,994 | 1,321,016 | 119,553 | 1,415,534 | ||||||||||||||||||||||||
| Class R6 |
291,331 | 4,671,434 | 694,479 | 10,488,257 | 173,765 | 2,141,631 | 242,210 | 2,840,940 | ||||||||||||||||||||||||
| 1,762,617 | $28,112,928 | 3,792,535 | $58,131,154 | 604,568 | $7,446,890 | 768,564 | $9,014,007 | |||||||||||||||||||||||||
109
Table of Contents
Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2055 Fund – continued | MFS Lifetime 2060 Fund – continued | |||||||||||||||||||||||||||||||
| Six Months Ended 10/31/19 |
Year ended 4/30/19 |
Six Months Ended 10/31/19 |
Year ended 4/30/19 |
|||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
| Shares issued to shareholders in reinvestment of distributions |
|
|||||||||||||||||||||||||||||||
| Class A |
— | $— | 9,624 | $130,882 | — | $— | 2,753 | $28,791 | ||||||||||||||||||||||||
| Class B |
— | — | 845 | 11,467 | — | — | 203 | 2,126 | ||||||||||||||||||||||||
| Class C |
— | — | 2,372 | 31,952 | — | — | 392 | 4,093 | ||||||||||||||||||||||||
| Class I |
— | — | 291 | 3,956 | — | — | 153 | 1,606 | ||||||||||||||||||||||||
| Class R1 |
— | — | 2,126 | 28,658 | — | — | 93 | 979 | ||||||||||||||||||||||||
| Class R2 |
— | — | 27,555 | 372,822 | — | — | 1,443 | 15,091 | ||||||||||||||||||||||||
| Class R3 |
— | — | 48,937 | 665,051 | — | — | 3,588 | 37,604 | ||||||||||||||||||||||||
| Class R4 |
— | — | 70,082 | 956,612 | — | — | 2,222 | 23,309 | ||||||||||||||||||||||||
| Class R6 |
— | — | 25,400 | 346,708 | — | — | 4,209 | 44,196 | ||||||||||||||||||||||||
| — | $— | 187,232 | $2,548,108 | — | $— | 15,056 | $157,795 | |||||||||||||||||||||||||
| Shares reacquired | ||||||||||||||||||||||||||||||||
| Class A |
(25,049 | ) | $(402,481 | ) | (83,896 | ) | $(1,306,200 | ) | (11,100 | ) | $(136,034 | ) | (50,134 | ) | $(569,011 | ) | ||||||||||||||||
| Class B |
(2,198 | ) | (34,956 | ) | (966 | ) | (14,757 | ) | (281 | ) | (3,371 | ) | (35 | ) | (405 | ) | ||||||||||||||||
| Class C |
(19,644 | ) | (311,966 | ) | (14,762 | ) | (223,196 | ) | (141 | ) | (1,702 | ) | (1,687 | ) | (19,772 | ) | ||||||||||||||||
| Class I |
(3,891 | ) | (60,687 | ) | (744 | ) | (11,977 | ) | — | — | — | — | ||||||||||||||||||||
| Class R1 |
(38,179 | ) | (601,853 | ) | (20,468 | ) | (311,203 | ) | — | — | — | — | ||||||||||||||||||||
| Class R2 |
(245,613 | ) | (3,908,161 | ) | (562,874 | ) | (8,528,243 | ) | (7,394 | ) | (90,153 | ) | (18,794 | ) | (215,839 | ) | ||||||||||||||||
| Class R3 |
(408,788 | ) | (6,476,108 | ) | (676,831 | ) | (10,359,570 | ) | (25,095 | ) | (309,156 | ) | (84,467 | ) | (1,003,900 | ) | ||||||||||||||||
| Class R4 |
(211,774 | ) | (3,404,749 | ) | (1,094,209 | ) | (17,126,342 | ) | (18,423 | ) | (227,060 | ) | (27,944 | ) | (328,316 | ) | ||||||||||||||||
| Class R6 |
(164,951 | ) | (2,599,277 | ) | (180,037 | ) | (2,712,095 | ) | (40,074 | ) | (496,025 | ) | (84,675 | ) | (965,887 | ) | ||||||||||||||||
| (1,120,087 | ) | $(17,800,238 | ) | (2,634,787 | ) | $(40,593,583 | ) | (102,508 | ) | $(1,263,501 | ) | (267,736 | ) | $(3,103,130 | ) | |||||||||||||||||
| Net change | ||||||||||||||||||||||||||||||||
| Class A |
60,269 | $960,222 | 55,401 | $820,578 | 27,474 | $339,349 | 85,261 | $999,910 | ||||||||||||||||||||||||
| Class B |
(1,981 | ) | (31,581 | ) | 7,574 | 116,434 | (94 | ) | (1,135 | ) | 5,952 | 69,604 | ||||||||||||||||||||
| Class C |
(5,947 | ) | (96,142 | ) | 21,233 | 316,333 | 8,799 | 107,490 | 14,119 | 164,395 | ||||||||||||||||||||||
| Class I |
(2,761 | ) | (42,493 | ) | 2,398 | 35,835 | 60 | 750 | 153 | 1,606 | ||||||||||||||||||||||
| Class R1 |
(6,687 | ) | (105,115 | ) | 40,915 | 611,984 | — | — | 93 | 979 | ||||||||||||||||||||||
| Class R2 |
36,448 | 568,866 | 168,829 | 2,593,200 | 21,051 | 258,824 | 52,270 | 620,563 | ||||||||||||||||||||||||
| Class R3 |
244,802 | 3,919,489 | 348,758 | 5,365,992 | 222,508 | 2,738,549 | 102,461 | 1,181,839 | ||||||||||||||||||||||||
| Class R4 |
192,007 | 3,067,287 | 160,030 | 2,102,453 | 88,571 | 1,093,956 | 93,831 | 1,110,527 | ||||||||||||||||||||||||
| Class R6 |
126,380 | 2,072,157 | 539,842 | 8,122,870 | 133,691 | 1,645,606 | 161,744 | 1,919,249 | ||||||||||||||||||||||||
| 642,530 | $10,312,690 | 1,344,980 | $20,085,679 | 502,060 | $6,183,389 | 515,884 | $6,068,672 | |||||||||||||||||||||||||
Class T shares were not publicly available for sale during the period. Please see each fund’s prospectus for details.
Effective June 1, 2019, purchases of each fund’s Class B and Class 529B (if applicable) shares are closed to new and existing investors subject to certain exceptions. Please see each fund’s prospectus for details.
| (6) | Line of Credit |
Each fund and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit, subject to a $1 billion sublimit, 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 one month LIBOR, the Federal Funds Effective Rate and the Overnight Bank Funding Rate, 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. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary
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Notes to Financial Statements (unaudited) – continued
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 six months ended October 31, 2019, 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 2020 Fund |
MFS Lifetime 2025 Fund |
MFS Lifetime 2030 Fund |
MFS Lifetime 2035 Fund |
||||||||||||||||
| Commitment Fee |
$1,659 | $1,009 | $826 | $1,736 | $778 | |||||||||||||||
| Interest Expense |
— | — | — | — | — | |||||||||||||||
| MFS Lifetime 2040 Fund |
MFS Lifetime 2045 Fund |
MFS Lifetime 2050 Fund |
MFS Lifetime 2055 Fund |
MFS Lifetime 2060 Fund |
||||||||||||||||
| Commitment Fee |
$1,285 | $541 | $641 | $291 | $27 | |||||||||||||||
| 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 |
$11,448,429 | $1,219,564 | $885,890 | $21,459 | $437,400 | $12,240,962 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
11,440,815 | 1,123,423 | 727,600 | 23,205 | 366,225 | 12,226,068 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
14,329,986 | 1,624,250 | 1,275,527 | 18,488 | 468,875 | 15,166,072 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
17,237,209 | 1,769,706 | 1,437,636 | 64,164 | 529,698 | 18,163,141 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
5,711,851 | 1,130,201 | 583,276 | 7,958 | (160,518) | 6,106,216 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
11,471,311 | 1,308,906 | 931,442 | 24,488 | 312,062 | 12,185,325 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
11,430,155 | 1,798,869 | 957,644 | (95,219) | (76,053) | 12,100,108 | ||||||||||||||||||
| MFS Emerging Markets Debt Fund |
11,485,934 | 774,292 | 495,970 | (1,815) | 330,367 | 12,092,808 | ||||||||||||||||||
| MFS Emerging Markets Debt Local Currency Fund |
5,750,151 | 437,660 | 476,511 | (55,968) | 400,377 | 6,055,709 | ||||||||||||||||||
| MFS Global Bond Fund |
28,690,105 | 1,588,097 | 1,395,202 | (74,841) | 1,448,127 | 30,256,286 | ||||||||||||||||||
| MFS Global Real Estate Fund |
11,486,614 | 569,678 | 1,147,946 | 77,917 | 1,105,221 | 12,091,484 | ||||||||||||||||||
| MFS Government Securities Fund |
57,342,926 | 3,535,851 | 2,576,785 | (73,620) | 2,153,057 | 60,381,429 | ||||||||||||||||||
| MFS Growth Fund |
11,455,389 | 991,266 | 782,072 | 149,782 | 383,521 | 12,197,886 | ||||||||||||||||||
| MFS High Income Fund |
17,250,148 | 1,077,033 | 405,670 | (9,541) | 219,944 | 18,131,914 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
57,319,971 | 4,110,789 | 2,867,746 | (32,125) | 1,851,134 | 60,382,023 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
597,869 | 23,270,508 | 22,563,375 | (11) | 100 | 1,305,091 | ||||||||||||||||||
| MFS International Growth Fund |
2,869,019 | 271,981 | 176,048 | 2,757 | 106,970 | 3,074,679 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
2,873,250 | 231,172 | 146,574 | 1,741 | 99,868 | 3,059,457 | ||||||||||||||||||
| MFS Limited Maturity Fund |
114,759,694 | 7,489,705 | 2,671,478 | (30,569) | 1,202,225 | 120,749,577 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
8,613,320 | 750,169 | 649,211 | 207,663 | 162,484 | 9,084,425 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
8,608,502 | 971,979 | 774,585 | 23,353 | 274,505 | 9,103,754 | ||||||||||||||||||
| MFS New Discovery Fund |
2,859,618 | 431,949 | 324,318 | 24,174 | 47,905 | 3,039,328 | ||||||||||||||||||
| MFS New Discovery Value Fund |
2,861,559 | 431,658 | 343,686 | 11,545 | 86,575 | 3,047,651 | ||||||||||||||||||
| MFS Research Fund |
11,467,931 | 1,018,822 | 819,661 | 53,583 | 449,948 | 12,170,623 | ||||||||||||||||||
| MFS Research International Fund |
8,607,451 | 743,278 | 631,246 | 14,449 | 439,977 | 9,173,909 | ||||||||||||||||||
| MFS Total Return Bond Fund |
114,726,834 | 7,032,613 | 5,605,106 | (21,464) | 4,789,370 | 120,922,247 | ||||||||||||||||||
| MFS Value Fund |
11,504,330 | 1,202,135 | 903,896 | 22,579 | 336,160 | 12,161,308 | ||||||||||||||||||
| $574,200,371 | $66,905,554 | $52,556,101 | $354,132 | $17,765,524 | $606,669,480 | |||||||||||||||||||
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Notes to Financial Statements (unaudited) – continued
| MFS Lifetime Income Fund – continued | ||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||
| MFS Commodity Strategy Fund |
— | — | ||||||
| MFS Emerging Markets Debt Fund |
281,693 | — | ||||||
| MFS Emerging Markets Debt Local Currency Fund |
147,899 | — | ||||||
| MFS Global Bond Fund |
309,125 | — | ||||||
| MFS Global Real Estate Fund |
— | — | ||||||
| MFS Government Securities Fund |
725,464 | — | ||||||
| MFS Growth Fund |
— | 48,358 | ||||||
| MFS High Income Fund |
444,689 | — | ||||||
| MFS Inflation-Adjusted Bond Fund |
616,154 | — | ||||||
| MFS Institutional Money Market Portfolio |
14,762 | — | ||||||
| MFS International Growth Fund |
— | — | ||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||
| MFS Limited Maturity Fund |
1,672,710 | — | ||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||
| MFS Mid Cap Value Fund |
— | — | ||||||
| MFS New Discovery Fund |
— | — | ||||||
| MFS New Discovery Value Fund |
6,578 | 34,628 | ||||||
| MFS Research Fund |
— | — | ||||||
| MFS Research International Fund |
— | — | ||||||
| MFS Total Return Bond Fund |
1,897,355 | — | ||||||
| MFS Value Fund |
156,313 | — | ||||||
| $6,272,742 | $82,986 | |||||||
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Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2020 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 |
$7,791,771 | $521,595 | $1,014,132 | $75,175 | $208,405 | $7,582,814 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
7,782,021 | 497,160 | 942,068 | 126,078 | 120,240 | 7,583,431 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
10,008,274 | 748,919 | 1,456,471 | 69,556 | 231,275 | 9,601,553 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
11,276,687 | 647,122 | 1,295,732 | 117,088 | 243,944 | 10,989,109 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
3,397,237 | 456,162 | 297,962 | 4,301 | (99,531) | 3,460,207 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
7,820,715 | 557,162 | 1,020,770 | 82,960 | 117,169 | 7,557,236 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
6,807,512 | 770,636 | 578,027 | (56,256) | (53,734) | 6,890,131 | ||||||||||||||||||
| MFS Emerging Markets Debt Fund |
7,838,347 | 254,617 | 781,478 | (969) | 217,976 | 7,528,493 | ||||||||||||||||||
| MFS Emerging Markets Debt Local Currency Fund |
4,416,218 | 161,758 | 734,082 | (28,343) | 276,298 | 4,091,849 | ||||||||||||||||||
| MFS Global Bond Fund |
17,130,530 | 1,008,380 | 1,717,707 | (46,988) | 848,698 | 17,222,913 | ||||||||||||||||||
| MFS Global Real Estate Fund |
6,862,743 | 234,060 | 895,966 | 99,436 | 587,022 | 6,887,295 | ||||||||||||||||||
| MFS Government Securities Fund |
34,226,209 | 2,085,412 | 3,198,709 | (43,503) | 1,260,927 | 34,330,336 | ||||||||||||||||||
| MFS Growth Fund |
7,800,147 | 364,010 | 930,569 | 393,545 | (48,347) | 7,578,786 | ||||||||||||||||||
| MFS High Income Fund |
12,268,387 | 449,177 | 1,245,277 | (24,032) | 159,276 | 11,607,531 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
34,184,768 | 2,381,770 | 3,320,199 | 392 | 1,067,179 | 34,313,910 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
51,135 | 3,477,178 | 3,403,087 | (16) | (3) | 125,207 | ||||||||||||||||||
| MFS International Growth Fund |
2,200,598 | 85,932 | 294,128 | 118,006 | (45,308) | 2,065,100 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
2,205,476 | 54,230 | 267,628 | 129,833 | (62,667) | 2,059,244 | ||||||||||||||||||
| MFS Limited Maturity Fund |
58,766,441 | 5,507,459 | 2,757,842 | (20,710) | 618,165 | 62,113,513 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
5,632,894 | 242,070 | 610,645 | 312,095 | (80,386) | 5,496,028 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
5,628,593 | 363,625 | 674,136 | 158,622 | 18,009 | 5,494,713 | ||||||||||||||||||
| MFS New Discovery Fund |
1,702,573 | 163,022 | 181,047 | 27,373 | 14,070 | 1,725,991 | ||||||||||||||||||
| MFS New Discovery Value Fund |
1,704,964 | 168,612 | 200,427 | 9,859 | 44,764 | 1,727,772 | ||||||||||||||||||
| MFS Research Fund |
7,816,027 | 348,293 | 925,186 | 302,943 | 17,934 | 7,560,011 | ||||||||||||||||||
| MFS Research International Fund |
5,626,939 | 311,303 | 683,347 | 91,997 | 182,281 | 5,529,173 | ||||||||||||||||||
| MFS Total Return Bond Fund |
63,610,600 | 4,418,191 | 5,151,585 | 34,259 | 2,565,285 | 65,476,750 | ||||||||||||||||||
| MFS Value Fund |
7,856,502 | 445,628 | 972,340 | 260,754 | (39,365) | 7,551,179 | ||||||||||||||||||
| $342,414,308 | $26,723,483 | $35,550,547 | $2,193,455 | $8,369,576 | $344,150,275 | |||||||||||||||||||
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Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2020 Fund – continued | ||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||
| MFS Commodity Strategy Fund |
— | — | ||||||
| MFS Emerging Markets Debt Fund |
183,099 | — | ||||||
| MFS Emerging Markets Debt Local Currency Fund |
106,557 | — | ||||||
| MFS Global Bond Fund |
179,162 | — | ||||||
| MFS Global Real Estate Fund |
— | — | ||||||
| MFS Government Securities Fund |
420,304 | — | ||||||
| MFS Growth Fund |
— | 31,671 | ||||||
| MFS High Income Fund |
299,473 | — | ||||||
| MFS Inflation-Adjusted Bond Fund |
356,345 | — | ||||||
| MFS Institutional Money Market Portfolio |
1,228 | — | ||||||
| MFS International Growth Fund |
— | — | ||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||
| MFS Limited Maturity Fund |
856,073 | — | ||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||
| MFS Mid Cap Value Fund |
— | — | ||||||
| MFS New Discovery Fund |
— | — | ||||||
| MFS New Discovery Value Fund |
3,838 | 20,207 | ||||||
| MFS Research Fund |
— | — | ||||||
| MFS Research International Fund |
— | — | ||||||
| MFS Total Return Bond Fund |
1,034,000 | — | ||||||
| MFS Value Fund |
101,602 | — | ||||||
| $3,541,681 | $51,878 | |||||||
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Notes to Financial Statements (unaudited) – 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 |
$9,554,219 | $862,343 | $550,689 | $6,674 | $381,441 | $10,253,988 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
9,541,525 | 844,315 | 487,682 | 10,456 | 318,584 | 10,227,198 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
13,325,449 | 1,384,916 | 1,069,103 | (41,808) | 488,425 | 14,087,879 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
14,185,666 | 870,806 | 912,847 | 30,538 | 444,955 | 14,619,118 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
3,317,030 | 538,666 | 242,386 | (792) | (94,434) | 3,518,084 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
9,588,601 | 972,487 | 587,694 | 12,681 | 269,465 | 10,255,540 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
6,649,640 | 788,856 | 345,382 | (41,740) | (67,853) | 6,983,521 | ||||||||||||||||||
| MFS Emerging Markets Debt Fund |
8,766,979 | 893,309 | 350,233 | (7,446) | 260,510 | 9,563,119 | ||||||||||||||||||
| MFS Emerging Markets Debt Local Currency Fund |
5,849,515 | 516,623 | 320,465 | (15,849) | 369,736 | 6,399,560 | ||||||||||||||||||
| MFS Global Bond Fund |
14,603,367 | 1,662,453 | 1,043,432 | 4,808 | 706,029 | 15,933,225 | ||||||||||||||||||
| MFS Global Real Estate Fund |
6,677,188 | 328,020 | 682,724 | 54,139 | 632,159 | 7,008,782 | ||||||||||||||||||
| MFS Government Securities Fund |
29,194,356 | 3,500,634 | 2,041,871 | (16,769) | 1,093,469 | 31,729,819 | ||||||||||||||||||
| MFS Growth Fund |
9,564,368 | 667,768 | 479,038 | 10,218 | 437,615 | 10,200,931 | ||||||||||||||||||
| MFS High Income Fund |
14,623,656 | 1,668,690 | 530,871 | (12,789) | 196,165 | 15,944,851 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
26,684,218 | 3,990,280 | 1,709,398 | 7,409 | 860,751 | 29,833,260 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
772,854 | 3,052,652 | 3,053,771 | (2) | 78 | 771,811 | ||||||||||||||||||
| MFS International Growth Fund |
3,335,595 | 263,121 | 201,910 | 3,503 | 122,578 | 3,522,887 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
3,338,919 | 231,014 | 170,032 | 2,434 | 114,176 | 3,516,511 | ||||||||||||||||||
| MFS International New Discovery Fund |
830,561 | 789 | 237,124 | 57,138 | (41,223) | 610,141 | ||||||||||||||||||
| MFS Limited Maturity Fund |
20,902,459 | 5,035,262 | 571,376 | 167 | 227,992 | 25,594,504 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
7,089,647 | 316,921 | 428,852 | 45,466 | 256,292 | 7,279,474 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
7,087,574 | 532,935 | 525,254 | 17,223 | 218,769 | 7,331,247 | ||||||||||||||||||
| MFS New Discovery Fund |
1,668,128 | 170,516 | 129,194 | 6,558 | 33,771 | 1,749,779 | ||||||||||||||||||
| MFS New Discovery Value Fund |
1,664,968 | 198,405 | 156,229 | 4,401 | 51,647 | 1,763,192 | ||||||||||||||||||
| MFS Research Fund |
9,584,086 | 608,195 | 411,682 | 8,611 | 412,052 | 10,201,262 | ||||||||||||||||||
| MFS Research International Fund |
6,671,462 | 496,636 | 466,911 | 2,983 | 348,090 | 7,052,260 | ||||||||||||||||||
| MFS Total Return Bond Fund |
37,992,765 | 5,873,704 | 2,140,946 | 13,973 | 1,622,322 | 43,361,818 | ||||||||||||||||||
| MFS Value Fund |
9,606,923 | 702,276 | 394,175 | 7,706 | 289,572 | 10,212,302 | ||||||||||||||||||
| $292,671,718 | $36,972,592 | $20,241,271 | $169,891 | $9,953,133 | $319,526,063 | |||||||||||||||||||
115
Table of Contents
Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2025 Fund – continued | ||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||
| MFS Commodity Strategy Fund |
— | — | ||||||
| MFS Emerging Markets Debt Fund |
220,278 | — | ||||||
| MFS Emerging Markets Debt Local Currency Fund |
154,589 | — | ||||||
| MFS Global Bond Fund |
160,731 | — | ||||||
| MFS Global Real Estate Fund |
— | — | ||||||
| MFS Government Securities Fund |
377,129 | — | ||||||
| MFS Growth Fund |
— | 40,752 | ||||||
| MFS High Income Fund |
386,418 | — | ||||||
| MFS Inflation-Adjusted Bond Fund |
298,041 | — | ||||||
| MFS Institutional Money Market Portfolio |
8,702 | — | ||||||
| MFS International Growth Fund |
— | — | ||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||
| MFS International New Discovery Fund |
— | — | ||||||
| MFS Limited Maturity Fund |
332,333 | — | ||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||
| MFS Mid Cap Value Fund |
— | — | ||||||
| MFS New Discovery Fund |
— | — | ||||||
| MFS New Discovery Value Fund |
3,951 | 20,803 | ||||||
| MFS Research Fund |
— | — | ||||||
| MFS Research International Fund |
— | — | ||||||
| MFS Total Return Bond Fund |
657,063 | — | ||||||
| MFS Value Fund |
132,591 | — | ||||||
| $2,731,826 | $61,555 | |||||||
116
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Notes to Financial Statements (unaudited) – 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 |
$23,505,404 | $1,296,568 | $1,156,070 | $19,476 | $866,477 | $24,531,855 | ||||||||||||||||||
| MFS Blended Research Emerging Markets Equity Fund |
839,242 | 22,123 | 245,216 | 20,682 | (49,853) | 586,978 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
26,024,795 | 1,045,588 | 1,707,806 | 173,258 | 645,777 | 26,181,612 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
39,552,966 | 2,749,852 | 3,792,918 | 60,702 | 1,137,213 | 39,707,815 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
44,745,605 | 1,713,548 | 2,940,564 | 232,069 | 1,168,252 | 44,918,910 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
9,667,611 | 1,151,358 | 740,466 | 921 | (281,310) | 9,798,114 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
26,090,094 | 1,134,390 | 1,621,280 | 59,283 | 598,729 | 26,261,216 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
19,179,380 | 1,575,467 | 1,051,228 | (149,167) | (181,989) | 19,372,463 | ||||||||||||||||||
| MFS Emerging Markets Debt Fund |
17,685,702 | 1,321,824 | 1,384,210 | (27,758) | 520,987 | 18,116,545 | ||||||||||||||||||
| MFS Emerging Markets Debt Local Currency Fund |
11,807,746 | 838,180 | 1,119,098 | (102,463) | 786,136 | 12,210,501 | ||||||||||||||||||
| MFS Emerging Markets Equity Fund |
837,518 | 20,268 | 248,259 | 96,727 | (116,770) | 589,484 | ||||||||||||||||||
| MFS Global Bond Fund |
24,396,655 | 3,079,543 | 1,994,723 | (10,543) | 1,177,769 | 26,648,701 | ||||||||||||||||||
| MFS Global Real Estate Fund |
19,349,673 | 512,837 | 2,266,435 | 242,189 | 1,669,227 | 19,507,491 | ||||||||||||||||||
| MFS Government Securities Fund |
41,922,835 | 7,688,731 | 2,765,718 | (46,925) | 1,594,265 | 48,393,188 | ||||||||||||||||||
| MFS Growth Fund |
26,079,975 | 826,750 | 1,970,432 | 768,793 | 373,114 | 26,078,200 | ||||||||||||||||||
| MFS High Income Fund |
29,482,982 | 2,286,753 | 1,848,914 | (64,051) | 403,659 | 30,260,429 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
37,699,428 | 4,306,005 | 3,531,270 | (568) | 1,191,333 | 39,664,928 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
894,351 | 5,993,413 | 6,812,841 | (5) | (55) | 74,863 | ||||||||||||||||||
| MFS International Growth Fund |
10,535,493 | 415,547 | 920,043 | 148,987 | 210,671 | 10,390,655 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
10,541,475 | 282,908 | 809,831 | 219,571 | 111,707 | 10,345,830 | ||||||||||||||||||
| MFS International New Discovery Fund |
7,565,259 | 253,959 | 696,331 | 95,222 | 110,959 | 7,329,068 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
22,375,454 | 706,468 | 1,624,587 | 682,891 | 218,724 | 22,358,950 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
22,338,090 | 1,132,320 | 1,605,018 | 78,000 | 608,147 | 22,551,539 | ||||||||||||||||||
| MFS New Discovery Fund |
4,850,361 | 324,140 | 427,158 | 54,146 | 55,121 | 4,856,610 | ||||||||||||||||||
| MFS New Discovery Value Fund |
4,846,225 | 385,165 | 472,194 | 11,928 | 131,843 | 4,902,967 | ||||||||||||||||||
| MFS Research Fund |
23,587,089 | 882,374 | 1,083,536 | 69,447 | 908,161 | 24,363,535 | ||||||||||||||||||
| MFS Research International Fund |
18,543,558 | 1,022,441 | 1,451,188 | 30,147 | 892,411 | 19,037,369 | ||||||||||||||||||
| MFS Total Return Bond Fund |
38,610,762 | 5,088,001 | 2,995,086 | 11,447 | 1,599,132 | 42,314,256 | ||||||||||||||||||
| MFS Value Fund |
26,225,117 | 1,073,284 | 1,894,688 | 257,115 | 471,159 | 26,131,987 | ||||||||||||||||||
| $589,780,845 | $49,129,805 | $51,177,108 | $2,931,521 | $16,820,996 | $607,486,059 | |||||||||||||||||||
117
Table of Contents
Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2030 Fund – continued | ||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||
| MFS Blended Research Emerging Markets Equity Fund |
— | — | ||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||
| MFS Commodity Strategy Fund |
— | — | ||||||
| MFS Emerging Markets Debt Fund |
423,903 | — | ||||||
| MFS Emerging Markets Debt Local Currency Fund |
297,386 | — | ||||||
| MFS Emerging Markets Equity Fund |
— | — | ||||||
| MFS Global Bond Fund |
265,330 | — | ||||||
| MFS Global Real Estate Fund |
— | — | ||||||
| MFS Government Securities Fund |
553,019 | — | ||||||
| MFS Growth Fund |
— | 106,451 | ||||||
| MFS High Income Fund |
744,033 | — | ||||||
| MFS Inflation-Adjusted Bond Fund |
402,060 | — | ||||||
| MFS Institutional Money Market Portfolio |
9,233 | — | ||||||
| MFS International Growth Fund |
— | — | ||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||
| MFS International New Discovery Fund |
— | — | ||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||
| MFS Mid Cap Value Fund |
— | — | ||||||
| MFS New Discovery Fund |
— | — | ||||||
| MFS New Discovery Value Fund |
10,962 | 57,710 | ||||||
| MFS Research Fund |
— | — | ||||||
| MFS Research International Fund |
— | — | ||||||
| MFS Total Return Bond Fund |
645,926 | — | ||||||
| MFS Value Fund |
342,717 | — | ||||||
| $3,694,569 | $164,161 | |||||||
118
Table of Contents
Notes to Financial Statements (unaudited) – 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 |
$11,502,752 | $1,224,854 | $429,452 | $(12,623) | $477,387 | $12,762,918 | ||||||||||||||||||
| MFS Blended Research Emerging Markets Equity Fund |
1,643,181 | 275,048 | 133,280 | (5,679) | (43,656) | 1,735,614 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
16,018,364 | 1,786,030 | 691,049 | 2,931 | 543,765 | 17,660,041 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
25,506,217 | 3,216,706 | 1,795,944 | (138,823) | 974,776 | 27,762,932 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
26,439,830 | 2,469,916 | 1,063,934 | (7,884) | 897,735 | 28,735,663 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
5,963,798 | 1,081,679 | 336,181 | (4,520) | (165,223) | 6,539,553 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
16,050,495 | 1,742,616 | 598,891 | (2,440) | 462,013 | 17,653,793 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
11,892,292 | 2,232,074 | 1,002,533 | (134,715) | (56,151) | 12,930,967 | ||||||||||||||||||
| MFS Emerging Markets Debt Fund |
7,418,121 | 1,521,877 | 543,165 | (10,318) | 224,579 | 8,611,094 | ||||||||||||||||||
| MFS Emerging Markets Debt Local Currency Fund |
4,953,455 | 905,067 | 410,685 | (22,127) | 324,867 | 5,750,577 | ||||||||||||||||||
| MFS Emerging Markets Equity Fund |
1,640,722 | 274,766 | 143,752 | (3,107) | (22,857) | 1,745,772 | ||||||||||||||||||
| MFS Global Bond Fund |
4,941,811 | 1,133,118 | 569,453 | 3,658 | 239,830 | 5,748,964 | ||||||||||||||||||
| MFS Global Real Estate Fund |
11,940,538 | 1,189,472 | 1,373,050 | 8,923 | 1,210,645 | 12,976,528 | ||||||||||||||||||
| MFS Growth Fund |
16,040,708 | 1,876,990 | 1,014,465 | 17,039 | 723,824 | 17,644,096 | ||||||||||||||||||
| MFS High Income Fund |
12,371,866 | 2,670,983 | 877,511 | (18,241) | 174,835 | 14,321,932 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
13,358,392 | 2,938,923 | 1,643,871 | 12,071 | 420,939 | 15,086,454 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
406,980 | 2,878,061 | 2,901,326 | (36) | 13 | 383,692 | ||||||||||||||||||
| MFS International Growth Fund |
7,623,388 | 865,240 | 469,011 | (3,410) | 289,061 | 8,305,268 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
7,631,959 | 739,637 | 368,869 | (4,763) | 266,835 | 8,264,799 | ||||||||||||||||||
| MFS International New Discovery Fund |
6,576,061 | 639,757 | 403,263 | (18,373) | 218,822 | 7,013,004 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
13,226,000 | 1,472,982 | 864,167 | 37,980 | 509,836 | 14,382,631 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
13,184,915 | 1,460,320 | 661,540 | (3,109) | 447,918 | 14,428,504 | ||||||||||||||||||
| MFS New Discovery Fund |
2,996,722 | 377,721 | 198,611 | 5,808 | 64,653 | 3,246,293 | ||||||||||||||||||
| MFS New Discovery Value Fund |
2,990,582 | 401,799 | 225,903 | (985) | 100,095 | 3,265,588 | ||||||||||||||||||
| MFS Research Fund |
11,528,907 | 1,131,674 | 468,690 | 2,762 | 498,398 | 12,693,051 | ||||||||||||||||||
| MFS Research International Fund |
10,299,695 | 1,142,930 | 650,783 | (24,655) | 568,061 | 11,335,248 | ||||||||||||||||||
| MFS Total Return Bond Fund |
8,432,768 | 1,585,478 | 1,011,861 | 10,557 | 346,202 | 9,363,144 | ||||||||||||||||||
| MFS Value Fund |
16,169,409 | 1,720,362 | 787,890 | 2,638 | 491,558 | 17,596,077 | ||||||||||||||||||
| $288,749,928 | $40,956,080 | $21,639,130 | $(311,441) | $10,188,760 | $317,944,197 | |||||||||||||||||||
119
Table of Contents
Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2035 Fund – continued | ||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||
| MFS Blended Research Emerging Markets Equity Fund |
— | — | ||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||
| MFS Commodity Strategy Fund |
— | — | ||||||
| MFS Emerging Markets Debt Fund |
189,882 | — | ||||||
| MFS Emerging Markets Debt Local Currency Fund |
133,116 | — | ||||||
| MFS Emerging Markets Equity Fund |
— | — | ||||||
| MFS Global Bond Fund |
55,508 | — | ||||||
| MFS Global Real Estate Fund |
— | — | ||||||
| MFS Growth Fund |
— | 67,920 | ||||||
| MFS High Income Fund |
332,917 | — | ||||||
| MFS Inflation-Adjusted Bond Fund |
147,811 | — | ||||||
| MFS Institutional Money Market Portfolio |
4,414 | — | ||||||
| MFS International Growth Fund |
— | — | ||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||
| MFS International New Discovery Fund |
— | — | ||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||
| MFS Mid Cap Value Fund |
— | — | ||||||
| MFS New Discovery Fund |
— | — | ||||||
| MFS New Discovery Value Fund |
7,144 | 37,610 | ||||||
| MFS Research Fund |
— | — | ||||||
| MFS Research International Fund |
— | — | ||||||
| MFS Total Return Bond Fund |
141,787 | — | ||||||
| MFS Value Fund |
221,740 | — | ||||||
| $1,234,319 | $105,530 | |||||||
120
Table of Contents
Notes to Financial Statements (unaudited) – 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 |
$17,036,487 | $926,645 | $659,234 | $(883) | $634,803 | $17,937,818 | ||||||||||||||||||
| MFS Blended Research Emerging Markets Equity Fund |
3,498,010 | 495,255 | 319,105 | (2,982) | (102,860) | 3,568,318 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
24,776,210 | 1,398,060 | 1,041,062 | 72,464 | 714,136 | 25,919,808 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
43,132,166 | 4,131,105 | 3,726,219 | (3,002) | 1,330,155 | 44,864,205 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
41,338,013 | 2,163,172 | 2,154,833 | 136,111 | 1,158,621 | 42,641,084 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
9,870,109 | 1,366,437 | 637,755 | (2,196) | (281,531) | 10,315,064 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
24,859,271 | 1,659,095 | 1,190,440 | (1,529) | 647,329 | 25,973,726 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
19,662,278 | 2,210,099 | 1,158,445 | (158,936) | (177,212) | 20,377,784 | ||||||||||||||||||
| MFS Emerging Markets Debt Fund |
4,576,572 | 1,011,663 | 333,782 | (8,956) | 138,987 | 5,384,484 | ||||||||||||||||||
| MFS Emerging Markets Debt Local Currency Fund |
3,056,769 | 590,647 | 223,470 | (12,100) | 197,816 | 3,609,662 | ||||||||||||||||||
| MFS Emerging Markets Equity Fund |
3,491,785 | 474,316 | 321,277 | (2,628) | (56,018) | 3,586,178 | ||||||||||||||||||
| MFS Global Bond Fund |
3,047,829 | 694,111 | 297,903 | 136 | 148,313 | 3,592,486 | ||||||||||||||||||
| MFS Global Real Estate Fund |
19,887,823 | 1,224,733 | 2,564,403 | 166,440 | 1,795,276 | 20,509,869 | ||||||||||||||||||
| MFS Growth Fund |
24,823,694 | 1,294,127 | 1,368,947 | 511,030 | 573,939 | 25,833,843 | ||||||||||||||||||
| MFS High Income Fund |
7,629,526 | 1,730,789 | 487,295 | (10,191) | 105,707 | 8,968,536 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
14,429,974 | 2,401,991 | 1,755,603 | 3,545 | 452,953 | 15,532,860 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
176 | 3,245,213 | 2,934,127 | 33 | 3 | 311,298 | ||||||||||||||||||
| MFS International Growth Fund |
13,440,489 | 912,863 | 880,440 | 62,989 | 406,698 | 13,942,599 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
13,465,844 | 709,269 | 750,198 | 127,477 | 303,580 | 13,855,972 | ||||||||||||||||||
| MFS International New Discovery Fund |
14,009,311 | 911,477 | 932,966 | 26,509 | 375,235 | 14,389,566 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
20,656,625 | 1,168,886 | 1,386,906 | 521,505 | 298,474 | 21,258,584 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
20,624,332 | 1,364,262 | 1,189,490 | 51,770 | 586,377 | 21,437,251 | ||||||||||||||||||
| MFS New Discovery Fund |
4,948,434 | 390,844 | 347,777 | 45,148 | 65,588 | 5,102,237 | ||||||||||||||||||
| MFS New Discovery Value Fund |
4,949,787 | 473,506 | 409,410 | 3,981 | 146,534 | 5,164,398 | ||||||||||||||||||
| MFS Research Fund |
17,084,663 | 845,821 | 804,646 | 64,039 | 633,136 | 17,823,013 | ||||||||||||||||||
| MFS Research International Fund |
16,342,701 | 1,163,570 | 1,205,947 | 20,992 | 788,921 | 17,110,237 | ||||||||||||||||||
| MFS Total Return Bond Fund |
11,412,249 | 1,569,414 | 1,469,329 | 8,764 | 457,848 | 11,978,946 | ||||||||||||||||||
| MFS Value Fund |
25,012,652 | 1,586,933 | 1,436,800 | 209,144 | 494,827 | 25,866,756 | ||||||||||||||||||
| $427,063,779 | $38,114,303 | $31,987,809 | $1,828,674 | $11,837,635 | $446,856,582 | |||||||||||||||||||
121
Table of Contents
Notes to Financial Statements (unaudited) – continued
| MFS Lifetime 2040 Fund – continued | ||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||
| MFS Blended Research Emerging Markets Equity Fund |
— | — | ||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||
| MFS Commodity Strategy Fund |
— | — | ||||||
| MFS Emerging Markets Debt Fund |
116,838 | — | ||||||
| MFS Emerging Markets Debt Local Currency Fund |
81,946 | — | ||||||
| MFS Emerging Markets Equity Fund |
— | — | ||||||
| MFS Global Bond Fund |
34,170 | — | ||||||
| MFS Global Real Estate Fund |
— | — | ||||||
| MFS Growth Fund |
— | 101,872 | ||||||
| MFS High Income Fund |
204,907 | — | ||||||
| MFS Inflation-Adjusted Bond Fund |
154,191 | — | ||||||
| MFS Institutional Money Market Portfolio |
1,118 | — | ||||||
| MFS International Growth Fund |
— | — | ||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||
| MFS International New Discovery Fund |
— | — | ||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||
| MFS Mid Cap Value Fund |
— | — | ||||||
| MFS New Discovery Fund |
— | — | ||||||
| MFS New Discovery Value Fund |
11,388 | 59,955 | ||||||
| MFS Research Fund |
— | — | ||||||
| MFS Research International Fund |
— | — | ||||||
| MFS Total Return Bond Fund |
184,893 | — | ||||||
| MFS Value Fund |
330,386 | — | ||||||
| $1,119,837 | $161,827 | |||||||
122
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Notes to Financial Statements (unaudited) – 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 |
$7,935,167 | $1,079,309 | $219,218 | $(6,749) | $345,216 | $9,133,725 | ||||||||||||||||||
| MFS Blended Research Emerging Markets Equity Fund |
1,980,026 | 468,247 | 115,613 | (8,335) | (46,465) | 2,277,860 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
11,907,662 | 1,733,243 | 386,616 | 3,577 | 426,382 | 13,684,248 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
21,836,130 | 3,552,605 | 1,123,710 | (120,711) | 897,041 | 25,041,355 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
19,930,464 | 2,625,770 | 621,326 | 548 | 705,231 | 22,640,687 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
4,960,674 | 1,090,273 | 207,843 | (2,496) | (130,219) | 5,710,389 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
11,930,703 | 1,691,869 | 311,289 | (824) | 372,330 | 13,682,789 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
9,853,480 | 2,171,222 | 509,784 | (58,931) | (83,787) | 11,372,200 | ||||||||||||||||||
| MFS Emerging Markets Equity Fund |
1,975,514 | 455,632 | 122,490 | (3,763) | (21,469) | 2,283,424 | ||||||||||||||||||
| MFS Global Real Estate Fund |
9,969,190 | 1,169,407 | 781,631 | 6,090 | 1,049,545 | 11,412,601 | ||||||||||||||||||
| MFS Growth Fund |
11,947,887 | 1,654,054 | 489,075 | 5,150 | 561,995 | 13,680,011 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
4,964,730 | 985,232 | 395,434 | 1,095 | 158,019 | 5,713,642 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
361,342 | 1,437,873 | 1,431,933 | 2 | 21 | 367,305 | ||||||||||||||||||
| MFS International Growth Fund |
6,972,459 | 1,085,151 | 328,708 | (67) | 279,998 | 8,008,833 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
6,976,036 | 973,178 | 216,340 | (2,004) | 259,154 | 7,990,024 | ||||||||||||||||||
| MFS International New Discovery Fund |
7,947,702 | 1,226,378 | 292,589 | (16,702) | 290,885 | 9,155,674 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
9,969,711 | 1,325,450 | 344,084 | 800 | 421,772 | 11,373,649 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
9,950,033 | 1,384,963 | 304,832 | (466) | 357,897 | 11,387,595 | ||||||||||||||||||
| MFS New Discovery Fund |
2,491,740 | 403,023 | 117,692 | 4,072 | 56,713 | 2,837,856 | ||||||||||||||||||
| MFS New Discovery Value Fund |
2,486,326 | 418,544 | 139,333 | 419 | 89,665 | 2,855,621 | ||||||||||||||||||
| MFS Research Fund |
7,972,543 | 1,011,000 | 223,090 | 1,663 | 353,950 | 9,116,066 | ||||||||||||||||||
| MFS Research International Fund |
7,960,778 | 1,106,370 | 365,773 | (14,948) | 456,475 | 9,142,902 | ||||||||||||||||||
| MFS Total Return Bond Fund |
4,968,214 | 930,146 | 394,413 | 1,355 | 209,267 | 5,714,569 | ||||||||||||||||||
| MFS Value Fund |
11,978,090 | 1,617,622 | 314,383 | 408 | 384,579 | 13,666,316 | ||||||||||||||||||
| $199,226,601 | $31,596,561 | $9,757,199 | $(210,817) | $7,394,195 | $228,249,341 | |||||||||||||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||
| MFS Blended Research Emerging Markets Equity Fund |
— | — | ||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||
| MFS Commodity Strategy Fund |
— | — | ||||||
| MFS Emerging Markets Equity Fund |
— | — | ||||||
| MFS Global Real Estate Fund |
— | — | ||||||
| MFS Growth Fund |
— | 50,958 | ||||||
| MFS Inflation-Adjusted Bond Fund |
55,359 | — | ||||||
| MFS Institutional Money Market Portfolio |
4,095 | — | ||||||
| MFS International Growth Fund |
— | — | ||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||
| MFS International New Discovery Fund |
— | — | ||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||
| MFS Mid Cap Value Fund |
— | — | ||||||
| MFS New Discovery Fund |
— | — | ||||||
| MFS New Discovery Value Fund |
6,072 | 31,967 | ||||||
| MFS Research Fund |
— | — | ||||||
| MFS Research International Fund |
— | — | ||||||
| MFS Total Return Bond Fund |
84,818 | — | ||||||
| MFS Value Fund |
168,047 | — | ||||||
| $318,391 | $82,925 | |||||||
123
Table of Contents
Notes to Financial Statements (unaudited) – 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 |
$8,428,129 | $871,980 | $278,973 | $(1,717) | $341,001 | $9,360,420 | ||||||||||||||||||
| MFS Blended Research Emerging Markets Equity Fund |
2,105,194 | 449,088 | 158,364 | (3,515) | (57,500) | 2,334,903 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
12,635,554 | 1,475,920 | 505,683 | 2,187 | 431,868 | 14,039,846 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
23,202,105 | 3,326,564 | 1,649,031 | (31,718) | 800,359 | 25,648,279 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
21,205,452 | 2,282,836 | 987,114 | 10,514 | 698,698 | 23,210,386 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
5,258,300 | 1,051,309 | 320,388 | (2,652) | (142,261) | 5,844,308 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
12,669,646 | 1,444,540 | 473,680 | (4,384) | 368,992 | 14,005,114 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
10,472,324 | 1,861,908 | 507,479 | (62,945) | (101,742) | 11,662,066 | ||||||||||||||||||
| MFS Emerging Markets Equity Fund |
2,100,648 | 427,123 | 156,480 | (2,962) | (27,796) | 2,340,533 | ||||||||||||||||||
| MFS Global Real Estate Fund |
10,601,864 | 1,222,362 | 1,197,636 | 42,795 | 1,045,552 | 11,714,937 | ||||||||||||||||||
| MFS Growth Fund |
12,670,625 | 1,421,845 | 611,083 | 25,906 | 555,826 | 14,063,119 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
5,268,916 | 1,106,323 | 667,982 | 2,127 | 165,250 | 5,874,634 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
224,333 | 1,926,817 | 1,839,473 | 24 | 21 | 311,722 | ||||||||||||||||||
| MFS International Growth Fund |
7,408,131 | 974,726 | 431,865 | (2,215) | 282,520 | 8,231,297 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
7,422,120 | 899,697 | 364,027 | 669 | 257,921 | 8,216,380 | ||||||||||||||||||
| MFS International New Discovery Fund |
8,439,715 | 1,082,916 | 410,261 | (5,570) | 276,769 | 9,383,569 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
10,599,522 | 1,222,387 | 575,445 | 46,363 | 385,667 | 11,678,494 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
10,575,728 | 1,270,986 | 531,040 | 1,266 | 355,564 | 11,672,504 | ||||||||||||||||||
| MFS New Discovery Fund |
2,638,052 | 383,487 | 172,863 | 9,583 | 52,360 | 2,910,619 | ||||||||||||||||||
| MFS New Discovery Value Fund |
2,636,486 | 399,026 | 203,061 | 764 | 89,087 | 2,922,302 | ||||||||||||||||||
| MFS Research Fund |
8,463,023 | 842,396 | 314,024 | 2,273 | 359,992 | 9,353,660 | ||||||||||||||||||
| MFS Research International Fund |
8,461,840 | 951,023 | 484,408 | (4,273) | 448,955 | 9,373,137 | ||||||||||||||||||
| MFS Total Return Bond Fund |
5,272,758 | 1,033,369 | 650,352 | 3,989 | 215,886 | 5,875,650 | ||||||||||||||||||
| MFS Value Fund |
12,754,438 | 1,436,684 | 557,942 | 6,443 | 378,938 | 14,018,561 | ||||||||||||||||||
| $211,514,903 | $29,365,312 | $14,048,654 | $32,952 | $7,181,927 | $234,046,440 | |||||||||||||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||
| MFS Blended Research Emerging Markets Equity Fund |
— | — | ||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||
| MFS Commodity Strategy Fund |
— | — | ||||||
| MFS Emerging Markets Equity Fund |
— | — | ||||||
| MFS Global Real Estate Fund |
— | — | ||||||
| MFS Growth Fund |
— | 53,209 | ||||||
| MFS Inflation-Adjusted Bond Fund |
57,102 | — | ||||||
| MFS Institutional Money Market Portfolio |
3,814 | — | ||||||
| MFS International Growth Fund |
— | — | ||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||
| MFS International New Discovery Fund |
— | — | ||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||
| MFS Mid Cap Value Fund |
— | — | ||||||
| MFS New Discovery Fund |
— | — | ||||||
| MFS New Discovery Value Fund |
6,293 | 33,133 | ||||||
| MFS Research Fund |
— | — | ||||||
| MFS Research International Fund |
— | — | ||||||
| MFS Total Return Bond Fund |
87,686 | — | ||||||
| MFS Value Fund |
173,865 | — | ||||||
| $328,760 | $86,342 | |||||||
124
Table of Contents
Notes to Financial Statements (unaudited) – 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 |
$4,124,388 | $661,626 | $264,249 | $(11,602) | $184,301 | $4,694,464 | ||||||||||||||||||
| MFS Blended Research Emerging Markets Equity Fund |
1,031,519 | 269,900 | 100,272 | (11,669) | (17,454) | 1,172,024 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
6,185,424 | 1,055,843 | 420,511 | (394) | 220,590 | 7,040,952 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
11,352,084 | 2,199,189 | 1,071,927 | (125,976) | 516,580 | 12,869,950 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
10,346,483 | 1,662,123 | 726,473 | (6,125) | 366,952 | 11,642,960 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
2,578,585 | 615,027 | 201,234 | (3,412) | (64,948) | 2,924,018 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
6,193,006 | 1,043,582 | 401,030 | (6,246) | 194,506 | 7,023,818 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
5,149,791 | 1,297,274 | 511,369 | (66,951) | (11,978) | 5,856,767 | ||||||||||||||||||
| MFS Emerging Markets Equity Fund |
1,030,751 | 259,008 | 101,381 | (4,319) | (9,664) | 1,174,395 | ||||||||||||||||||
| MFS Global Real Estate Fund |
5,159,348 | 862,472 | 674,331 | 4,661 | 530,221 | 5,882,371 | ||||||||||||||||||
| MFS Growth Fund |
6,193,259 | 1,033,224 | 463,411 | 4,659 | 286,097 | 7,053,828 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
2,577,148 | 731,491 | 436,632 | 3,493 | 79,120 | 2,954,620 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
235,351 | 1,300,200 | 1,335,842 | (25) | 18 | 199,702 | ||||||||||||||||||
| MFS International Growth Fund |
3,615,250 | 705,570 | 331,342 | (3,730) | 145,301 | 4,131,049 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
3,620,372 | 647,024 | 276,904 | (3,463) | 133,748 | 4,120,777 | ||||||||||||||||||
| MFS International New Discovery Fund |
4,126,603 | 777,135 | 335,962 | (23,794) | 161,349 | 4,705,331 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
5,176,138 | 857,210 | 388,742 | 4,382 | 209,093 | 5,858,081 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
5,163,223 | 876,827 | 364,125 | (5,001) | 186,518 | 5,857,442 | ||||||||||||||||||
| MFS New Discovery Fund |
1,293,788 | 237,945 | 103,723 | 1,824 | 29,845 | 1,459,679 | ||||||||||||||||||
| MFS New Discovery Value Fund |
1,290,855 | 249,739 | 121,822 | (1,336) | 47,165 | 1,464,601 | ||||||||||||||||||
| MFS Research Fund |
4,130,266 | 647,426 | 267,182 | (289) | 182,091 | 4,692,312 | ||||||||||||||||||
| MFS Research International Fund |
4,132,056 | 708,296 | 360,014 | (18,852) | 242,597 | 4,704,083 | ||||||||||||||||||
| MFS Total Return Bond Fund |
2,578,408 | 683,668 | 416,893 | 4,459 | 104,366 | 2,954,008 | ||||||||||||||||||
| MFS Value Fund |
6,232,286 | 1,017,866 | 414,222 | (1,271) | 196,693 | 7,031,352 | ||||||||||||||||||
| $103,516,382 | $20,399,665 | $10,089,593 | $(270,977) | $3,913,107 | $117,468,584 | |||||||||||||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||||||||||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||||||||||||||
| MFS Blended Research Emerging Markets Equity Fund |
— | — | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||||||||||||||
| MFS Commodity Strategy Fund |
— | — | ||||||||||||||||||
| MFS Emerging Markets Equity Fund |
— | — | ||||||||||||||||||
| MFS Global Real Estate Fund |
— | — | ||||||||||||||||||
| MFS Growth Fund |
— | 26,307 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
28,410 | — | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
2,680 | — | ||||||||||||||||||
| MFS International Growth Fund |
— | — | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||||||||||||||
| MFS International New Discovery Fund |
— | — | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||||||||||||||
| MFS Mid Cap Value Fund |
— | — | ||||||||||||||||||
| MFS New Discovery Fund |
— | — | ||||||||||||||||||
| MFS New Discovery Value Fund |
3,150 | 16,581 | ||||||||||||||||||
| MFS Research Fund |
— | — | ||||||||||||||||||
| MFS Research International Fund |
— | — | ||||||||||||||||||
| MFS Total Return Bond Fund |
43,556 | — | ||||||||||||||||||
| MFS Value Fund |
86,378 | — | ||||||||||||||||||
| $164,174 | $42,888 | |||||||||||||||||||
125
Table of Contents
Notes to Financial Statements (unaudited) – 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 |
$402,749 | $249,627 | $8,783 | $(604) | $26,806 | $669,795 | ||||||||||||||||||
| MFS Blended Research Emerging Markets Equity Fund |
100,687 | 72,148 | 3,581 | (466) | (1,403) | 167,385 | ||||||||||||||||||
| MFS Blended Research Growth Equity Fund |
604,124 | 384,139 | 15,505 | (516) | 32,358 | 1,004,600 | ||||||||||||||||||
| MFS Blended Research International Equity Fund |
1,107,560 | 709,807 | 38,742 | (4,536) | 64,958 | 1,839,047 | ||||||||||||||||||
| MFS Blended Research Mid Cap Equity Fund |
1,006,873 | 636,562 | 25,593 | (561) | 49,930 | 1,667,211 | ||||||||||||||||||
| MFS Blended Research Small Cap Equity Fund |
251,718 | 181,011 | 11,257 | (469) | (3,803) | 417,200 | ||||||||||||||||||
| MFS Blended Research Value Equity Fund |
604,124 | 384,773 | 17,427 | (220) | 31,930 | 1,003,180 | ||||||||||||||||||
| MFS Commodity Strategy Fund |
503,437 | 378,553 | 42,581 | (5,106) | 2,325 | 836,628 | ||||||||||||||||||
| MFS Emerging Markets Equity Fund |
100,687 | 71,122 | 4,274 | (222) | 311 | 167,624 | ||||||||||||||||||
| MFS Global Real Estate Fund |
503,436 | 296,781 | 25,908 | (196) | 66,532 | 840,645 | ||||||||||||||||||
| MFS Growth Fund |
604,124 | 381,698 | 18,009 | (423) | 37,105 | 1,004,495 | ||||||||||||||||||
| MFS Inflation-Adjusted Bond Fund |
251,719 | 184,983 | 22,358 | 26 | 8,482 | 422,852 | ||||||||||||||||||
| MFS Institutional Money Market Portfolio |
12,869 | 333,471 | 332,326 | (2) | — | 14,012 | ||||||||||||||||||
| MFS International Growth Fund |
352,406 | 221,471 | 6,162 | (173) | 21,163 | 588,705 | ||||||||||||||||||
| MFS International Intrinsic Value Fund |
352,406 | 220,875 | 4,837 | (106) | 19,538 | 587,876 | ||||||||||||||||||
| MFS International New Discovery Fund |
402,749 | 257,249 | 10,849 | (919) | 23,263 | 671,493 | ||||||||||||||||||
| MFS Mid Cap Growth Fund |
503,437 | 323,427 | 14,435 | (282) | 24,333 | 836,480 | ||||||||||||||||||
| MFS Mid Cap Value Fund |
503,437 | 321,155 | 16,016 | (193) | 28,128 | 836,511 | ||||||||||||||||||
| MFS New Discovery Fund |
125,859 | 84,012 | 4,799 | (201) | 3,871 | 208,742 | ||||||||||||||||||
| MFS New Discovery Value Fund |
125,859 | 81,874 | 6,644 | (74) | 7,941 | 208,956 | ||||||||||||||||||
| MFS Research Fund |
402,749 | 250,725 | 7,266 | (244) | 23,693 | 669,657 | ||||||||||||||||||
| MFS Research International Fund |
402,749 | 245,331 | 8,635 | (557) | 32,582 | 671,470 | ||||||||||||||||||
| MFS Total Return Bond Fund |
251,718 | 179,247 | 20,547 | 76 | 12,045 | 422,539 | ||||||||||||||||||
| MFS Value Fund |
604,124 | 384,942 | 12,957 | (234) | 28,024 | 1,003,899 | ||||||||||||||||||
| $10,081,600 | $6,834,983 | $679,491 | $(16,202) | $540,112 | $16,761,002 | |||||||||||||||||||
| Affiliated Issuers |
Dividend Income |
Capital Gain Distributions |
||||||
| MFS Blended Research Core Equity Fund |
$— | $— | ||||||
| MFS Blended Research Emerging Markets Equity Fund |
— | — | ||||||
| MFS Blended Research Growth Equity Fund |
— | — | ||||||
| MFS Blended Research International Equity Fund |
— | — | ||||||
| MFS Blended Research Mid Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Small Cap Equity Fund |
— | — | ||||||
| MFS Blended Research Value Equity Fund |
— | — | ||||||
| MFS Commodity Strategy Fund |
— | — | ||||||
| MFS Emerging Markets Equity Fund |
— | — | ||||||
| MFS Global Real Estate Fund |
— | — | ||||||
| MFS Growth Fund |
— | 2,952 | ||||||
| MFS Inflation-Adjusted Bond Fund |
3,488 | — | ||||||
| MFS Institutional Money Market Portfolio |
148 | — | ||||||
| MFS International Growth Fund |
— | — | ||||||
| MFS International Intrinsic Value Fund |
— | — | ||||||
| MFS International New Discovery Fund |
— | — | ||||||
| MFS Mid Cap Growth Fund |
— | — | ||||||
| MFS Mid Cap Value Fund |
— | — | ||||||
| MFS New Discovery Fund |
— | — | ||||||
| MFS New Discovery Value Fund |
369 | 1,941 | ||||||
| MFS Research Fund |
— | — | ||||||
| MFS Research International Fund |
— | — | ||||||
| MFS Total Return Bond Fund |
5,231 | — | ||||||
| MFS Value Fund |
10,442 | — | ||||||
| $19,678 | $4,893 | |||||||
126
Table of Contents
BOARD REVIEW OF INVESTMENT ADVISORY AGREEMENT
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Funds’ investment advisory agreements with MFS. The Trustees consider matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2019 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreements for the Funds and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Funds’ investment advisory agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by the MFS Funds’ Independent Senior Officer, a senior officer appointed by and reporting to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment advisory agreements, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreements for the Funds were considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreements and other arrangements with the Funds.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Funds for various time periods ended December 31, 2018 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Funds’ fees and expenses and the fees and expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information as to whether and to what extent applicable expense waivers and reimbursements are observed for the Funds, (iv) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Funds and the MFS Funds as a whole, and compared to MFS’ institutional business, (v) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Funds and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment advisory agreements was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Funds and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
MFS Lifetime Income Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 1st quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.
MFS Lifetime 2020 Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 1st quintile for the one-year period and the 4th quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.
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MFS Lifetime 2025 Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.
MFS Lifetime 2030 Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.
MFS Lifetime 2035 Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for one-year period and in the 2nd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.
MFS Lifetime 2040 Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.
MFS Lifetime 2045 Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.
MFS Lifetime 2050 Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 2nd quintile for each of the one- and three-year periods ended December 31, 2018 relative to the Broadridge performance universe.
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MFS Lifetime 2055 Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class A shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund’s Class A shares was in the 2nd quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund’s Class A shares was in the 3rd quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2018 relative to the Broadridge performance universe.
MFS Lifetime 2060 Fund
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over the one-year period ended December 31, 2018. The total return performance of the Fund’s Class A shares was in the 3rd quintile relative to the other funds in the universe for this one-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The Fund commenced operations on December 6, 2016, and has a limited operating history and performance record; therefore no performance data for the three- or five-year periods was available.
General
Because of the passage of time, the performance results stated above may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Funds’ performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreements, that they were satisfied with MFS’ responses and efforts relating to investment performance.
The Trustees considered that MFS does not charge any advisory fees for providing investment advisory services to the Funds, but that the Funds pay their pro rata share of the advisory fees paid by the underlying funds in which they invest (the “Underlying Funds”). The Trustees also considered that MFS currently observes an expense limitation for each Fund, which may not be changed without the Trustees’ approval.
In assessing the reasonableness of the Funds’ expenses, the Trustees considered, among other information, the total expense ratios of the Funds’ Class A shares as a percentage of average daily net assets and the total expense ratios of the Broadridge expense groups based on information provided by Broadridge. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any expense limitations that were in effect during the Funds’ last fiscal year): (i) the total expense ratio for each of MFS Lifetime Income Fund, MFS Lifetime 2020 Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2055 Fund, and MFS Lifetime 2060 was lower than the Broadridge expense group median, and (ii) the total expense ratio for MFS Lifetime 2050 Fund was approximately at the Broadridge expense group median. Because the Funds do not pay advisory fees, the Trustees did not consider the extent to which economies of scale would be realized due to the Funds’ growth of assets, whether fee levels reflect economies of scale for the Funds’ shareholders, or the fees paid by similar funds to other investment advisers or by similar clients of MFS.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Funds, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Funds and other accounts and products for purposes of estimating profitability.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Funds. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Funds of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Funds by MFS and its affiliates under agreements and plans other than the investment advisory agreements, including any 12b-1 fees the Funds pay to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Funds’ or the Underlying Funds’ behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Funds were satisfactory.
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The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that, effective January 3, 2018, MFS had discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds and would thereafter directly pay for or voluntarily reimburse a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Funds’ investment advisory agreements with MFS should be continued for an additional one-year period, commencing August 1, 2019.
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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 on Form N-Q or as an exhibit to its reports on Form N-PORT (for first and third fiscal quarters ending March 31, 2019 or after). Each fund’s Form N-Q or Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of each fund’s fiscal year at mfs.com/openendfunds by choosing the fund’s name and then selecting the “Resources” tab and clicking on “Prospectus and Reports”.
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/en-us/what-we-do/announcements.html or at mfs.com/openendfunds by choosing the fund’s name.
INFORMATION ABOUT FUND CONTRACTS AND LEGAL CLAIMS
Each fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, 529 program manager (if applicable), 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.
PROVISION OF FINANCIAL REPORTS AND SUMMARY PROSPECTUSES
Each fund produces financial reports every six months and updates its summary prospectus and prospectus annually. To avoid
sending duplicate copies of materials to households, only one copy of each fund’s annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund’s records. However, any shareholder may contact MFSC (please see back cover for address and telephone number) to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
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| ITEM 2. | CODE OF ETHICS. |
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to any element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable for semi-annual reports.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable for semi-annual reports.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to the Registrant.
| ITEM 6. | INVESTMENTS |
A schedule of investments of each series of the Registrant is included as part of the report to shareholders of such series under Item 1 of this Form N-CSR.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable 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.
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| 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. | EXHIBITS. |
| (a) | (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable. | |
| (2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT. | ||
| (3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. | ||
| (4) Change in the registrant’s independent public accountant. Not applicable. | ||
| (b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT. | |
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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.
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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
| By (Signature and Title)* | DAVID L. DILORENZO | |
| David L. DiLorenzo, President |
Date: December 16, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | DAVID L. DILORENZO | |
| David L. DiLorenzo, President (Principal Executive Officer) |
Date: December 16, 2019
| By (Signature and Title)* | JAMES O. YOST | |
| James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: December 16, 2019
| * | Print name and title of each signing officer under his or her signature. |