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, 2021
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
Item 1(a):
Semiannual Report
October 31, 2021
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
MFS® Lifetime
® 2065 Fund
LTF-SEM
Portfolio Composition
MFS Lifetime Income Fund
Portfolio holdings
| MFS Total Return Bond Fund | 20.0% |
| MFS Limited Maturity Fund | 19.9% |
| MFS Government Securities Fund | 10.0% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Blended Research Mid Cap Equity Fund | 3.0% |
| MFS Blended Research International Equity Fund | 2.5% |
| MFS Blended Research Growth Equity Fund | 2.1% |
| MFS Growth Fund | 2.1% |
| MFS Blended Research Core Equity Fund | 2.0% |
| MFS Research Fund | 2.0% |
| MFS Value Fund | 2.0% |
| MFS Blended Research Value Equity Fund | 2.0% |
| MFS Global Real Estate Fund | 2.0% |
| MFS High Income Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS Mid Cap Growth Fund | 1.5% |
| MFS Research International Fund | 1.5% |
| MFS Mid Cap Value Fund | 1.5% |
| MFS Blended Research Small Cap Equity Fund | 1.0% |
| MFS Emerging Markets Debt Fund | 1.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.0% |
| MFS New Discovery Fund | 0.5% |
| MFS International Intrinsic Value Fund | 0.5% |
| MFS International Growth Fund | 0.5% |
| MFS New Discovery Value Fund | 0.5% |
| Cash & Cash Equivalents | 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,
2021.
The portfolio is actively managed and current
holdings may be different.
2
Portfolio Composition -
continued
MFS Lifetime 2020 Fund
Portfolio holdings
| MFS Total Return Bond Fund | 19.9% |
| MFS Limited Maturity Fund | 19.9% |
| MFS Inflation-Adjusted Bond Fund | 10.0% |
| MFS Government Securities Fund | 9.9% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Blended Research Mid Cap Equity Fund | 3.0% |
| MFS Blended Research International Equity Fund | 2.5% |
| MFS Blended Research Growth Equity Fund | 2.1% |
| MFS Growth Fund | 2.1% |
| MFS Blended Research Core Equity Fund | 2.1% |
| MFS Research Fund | 2.0% |
| MFS Value Fund | 2.0% |
| MFS Blended Research Value Equity Fund | 2.0% |
| MFS Global Real Estate Fund | 2.0% |
| MFS High Income Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS Mid Cap Growth Fund | 1.5% |
| MFS Research International Fund | 1.5% |
| MFS Mid Cap Value Fund | 1.5% |
| MFS Blended Research Small Cap Equity Fund | 1.0% |
| MFS Emerging Markets Debt Fund | 1.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.0% |
| MFS New Discovery Fund | 0.5% |
| MFS International Intrinsic Value Fund | 0.5% |
| MFS International Growth Fund | 0.5% |
| MFS New Discovery Value Fund | 0.5% |
| Cash & Cash Equivalents | 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,
2021.
The portfolio is actively managed and current
holdings may be different.
3
Portfolio Composition -
continued
MFS Lifetime 2025 Fund
Portfolio holdings
| MFS Total Return Bond Fund | 15.9% |
| MFS Limited Maturity Fund | 11.9% |
| MFS Inflation-Adjusted Bond Fund | 9.9% |
| MFS Government Securities Fund | 9.9% |
| MFS Global Opportunistic Bond Fund | 6.9% |
| MFS Blended Research Mid Cap Equity Fund | 3.8% |
| MFS Blended Research International Equity Fund | 3.7% |
| MFS High Income Fund | 3.6% |
| MFS Blended Research Growth Equity Fund | 2.9% |
| MFS Growth Fund | 2.9% |
| MFS Research Fund | 2.8% |
| MFS Blended Research Core Equity Fund | 2.8% |
| MFS Value Fund | 2.8% |
| MFS Blended Research Value Equity Fund | 2.8% |
| MFS Global Real Estate Fund | 2.0% |
| MFS Commodity Strategy Fund | 2.0% |
| MFS Mid Cap Growth Fund | 2.0% |
| MFS Research International Fund | 1.9% |
| MFS Mid Cap Value Fund | 1.9% |
| MFS Emerging Markets Debt Fund | 1.8% |
| MFS Emerging Markets Debt Local Currency Fund | 1.8% |
| MFS Blended Research Small Cap Equity Fund | 1.0% |
| MFS International Intrinsic Value Fund | 0.9% |
| MFS International Growth Fund | 0.9% |
| MFS New Discovery Fund | 0.5% |
| MFS New Discovery Value Fund | 0.5% |
| Cash & Cash Equivalents | 0.2% |
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,
2021.
The portfolio is actively managed and current
holdings may be different.
4
Portfolio Composition -
continued
MFS Lifetime 2030 Fund
Portfolio holdings
| MFS Total Return Bond Fund | 10.1% |
| MFS Government Securities Fund | 9.8% |
| MFS Inflation-Adjusted Bond Fund | 7.5% |
| MFS Blended Research Mid Cap Equity Fund | 6.5% |
| MFS Blended Research International Equity Fund | 5.6% |
| MFS Global Opportunistic Bond Fund | 5.3% |
| MFS Blended Research Growth Equity Fund | 4.0% |
| MFS Growth Fund | 3.9% |
| MFS High Income Fund | 3.9% |
| MFS Research Fund | 3.9% |
| MFS Blended Research Core Equity Fund | 3.9% |
| MFS Value Fund | 3.8% |
| MFS Blended Research Value Equity Fund | 3.8% |
| MFS Mid Cap Growth Fund | 3.3% |
| MFS Mid Cap Value Fund | 3.2% |
| MFS Global Real Estate Fund | 2.9% |
| MFS Research International Fund | 2.8% |
| MFS Emerging Markets Debt Fund | 2.7% |
| MFS Commodity Strategy Fund | 2.7% |
| MFS Limited Maturity Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS International Growth Fund | 1.4% |
| MFS International Intrinsic Value Fund | 1.4% |
| MFS Blended Research Small Cap Equity Fund | 1.4% |
| MFS International New Discovery Fund | 0.8% |
| MFS New Discovery Fund | 0.7% |
| MFS New Discovery Value Fund | 0.7% |
| Cash & Cash Equivalents | 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,
2021.
The portfolio is actively managed and current
holdings may be different.
5
Portfolio Composition -
continued
MFS Lifetime 2035 Fund
Portfolio holdings
| MFS Blended Research Mid Cap Equity Fund | 8.6% |
| MFS Blended Research International Equity Fund | 7.9% |
| MFS Inflation-Adjusted Bond Fund | 5.3% |
| MFS Blended Research Growth Equity Fund | 4.9% |
| MFS Growth Fund | 4.9% |
| MFS Blended Research Core Equity Fund | 4.9% |
| MFS Research Fund | 4.8% |
| MFS Value Fund | 4.8% |
| MFS Blended Research Value Equity Fund | 4.8% |
| MFS Mid Cap Growth Fund | 4.4% |
| MFS Mid Cap Value Fund | 4.3% |
| MFS Total Return Bond Fund | 4.2% |
| MFS High Income Fund | 3.9% |
| MFS Commodity Strategy Fund | 3.9% |
| MFS Global Real Estate Fund | 3.8% |
| MFS Research International Fund | 3.4% |
| MFS Global Opportunistic Bond Fund | 3.3% |
| MFS Emerging Markets Debt Fund | 2.9% |
| MFS International Intrinsic Value Fund | 2.3% |
| MFS International Growth Fund | 2.3% |
| MFS Government Securities Fund | 2.0% |
| MFS Emerging Markets Debt Local Currency Fund | 1.9% |
| MFS Blended Research Small Cap Equity Fund | 1.9% |
| MFS International New Discovery Fund | 1.7% |
| MFS New Discovery Value Fund | 1.0% |
| MFS New Discovery Fund | 1.0% |
| MFS Emerging Markets Equity Fund | 0.4% |
| MFS Blended Research Emerging Markets Equity Fund | 0.4% |
| Cash & Cash Equivalents | 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,
2021.
The portfolio is actively managed and current
holdings may be different.
6
Portfolio Composition -
continued
MFS Lifetime 2040 Fund
Portfolio holdings
| MFS Blended Research Mid Cap Equity Fund | 9.4% |
| MFS Blended Research International Equity Fund | 9.4% |
| MFS Blended Research Growth Equity Fund | 5.3% |
| MFS Growth Fund | 5.3% |
| MFS Value Fund | 5.2% |
| MFS Blended Research Value Equity Fund | 5.2% |
| MFS Blended Research Core Equity Fund | 5.1% |
| MFS Research Fund | 5.1% |
| MFS Mid Cap Growth Fund | 4.8% |
| MFS Mid Cap Value Fund | 4.7% |
| MFS Global Real Estate Fund | 4.4% |
| MFS Commodity Strategy Fund | 4.3% |
| MFS Inflation-Adjusted Bond Fund | 3.9% |
| MFS Research International Fund | 3.6% |
| MFS International Intrinsic Value Fund | 2.9% |
| MFS International Growth Fund | 2.9% |
| MFS Total Return Bond Fund | 2.7% |
| MFS International New Discovery Fund | 2.7% |
| MFS High Income Fund | 2.4% |
| MFS Blended Research Small Cap Equity Fund | 2.2% |
| MFS Emerging Markets Debt Fund | 1.8% |
| MFS Global Opportunistic Bond Fund | 1.8% |
| MFS Emerging Markets Debt Local Currency Fund | 1.2% |
| MFS New Discovery Value Fund | 1.1% |
| MFS New Discovery Fund | 1.1% |
| MFS Emerging Markets Equity Fund | 0.7% |
| MFS Blended Research Emerging Markets Equity Fund | 0.7% |
| Cash & Cash Equivalents | 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,
2021.
The portfolio is actively managed and current
holdings may be different.
7
Portfolio Composition -
continued
MFS Lifetime 2045 Fund
Portfolio holdings
| MFS Blended Research International Equity Fund | 10.6% |
| MFS Blended Research Mid Cap Equity Fund | 9.9% |
| MFS Blended Research Growth Equity Fund | 5.5% |
| MFS Growth Fund | 5.5% |
| MFS Value Fund | 5.5% |
| MFS Blended Research Value Equity Fund | 5.4% |
| MFS Blended Research Core Equity Fund | 5.0% |
| MFS Research Fund | 5.0% |
| MFS Mid Cap Growth Fund | 5.0% |
| MFS Commodity Strategy Fund | 5.0% |
| MFS Mid Cap Value Fund | 5.0% |
| MFS Global Real Estate Fund | 4.9% |
| MFS Research International Fund | 3.9% |
| MFS International New Discovery Fund | 3.7% |
| MFS International Intrinsic Value Fund | 3.4% |
| MFS International Growth Fund | 3.4% |
| MFS Inflation-Adjusted Bond Fund | 2.7% |
| MFS Total Return Bond Fund | 2.5% |
| MFS Blended Research Small Cap Equity Fund | 2.5% |
| MFS New Discovery Value Fund | 1.2% |
| MFS New Discovery Fund | 1.2% |
| MFS Emerging Markets Equity Fund | 0.9% |
| MFS Blended Research Emerging Markets Equity Fund | 0.9% |
| MFS High Income Fund | 0.5% |
| MFS Emerging Markets Debt Fund | 0.3% |
| MFS Global Opportunistic Bond Fund | 0.3% |
| MFS Emerging Markets Debt Local Currency Fund | 0.2% |
| Cash & Cash Equivalents | 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,
2021.
The portfolio is actively managed and current
holdings may be different.
8
Portfolio Composition -
continued
MFS Lifetime 2050 Fund
Portfolio holdings
| MFS Blended Research International Equity Fund | 10.9% |
| MFS Blended Research Mid Cap Equity Fund | 10.0% |
| MFS Blended Research Growth Equity Fund | 5.6% |
| MFS Growth Fund | 5.6% |
| MFS Value Fund | 5.5% |
| MFS Blended Research Value Equity Fund | 5.5% |
| MFS Mid Cap Growth Fund | 5.1% |
| MFS Blended Research Core Equity Fund | 5.0% |
| MFS Research Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Mid Cap Value Fund | 5.0% |
| MFS Commodity Strategy Fund | 4.9% |
| MFS Research International Fund | 4.0% |
| MFS International New Discovery Fund | 3.9% |
| MFS International Intrinsic Value Fund | 3.5% |
| MFS International Growth Fund | 3.5% |
| MFS Blended Research Small Cap Equity Fund | 2.5% |
| MFS Total Return Bond Fund | 2.5% |
| MFS Inflation-Adjusted Bond Fund | 2.4% |
| MFS New Discovery Fund | 1.3% |
| MFS New Discovery Value Fund | 1.2% |
| MFS Emerging Markets Equity Fund | 1.0% |
| MFS Blended Research Emerging Markets Equity Fund | 1.0% |
| Cash & Cash Equivalents | 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,
2021.
The portfolio is actively managed and current
holdings may be different.
9
Portfolio Composition -
continued
MFS Lifetime 2055 Fund
Portfolio holdings
| MFS Blended Research International Equity Fund | 10.9% |
| MFS Blended Research Mid Cap Equity Fund | 10.0% |
| MFS Blended Research Growth Equity Fund | 5.6% |
| MFS Growth Fund | 5.6% |
| MFS Value Fund | 5.5% |
| MFS Blended Research Value Equity Fund | 5.5% |
| MFS Mid Cap Growth Fund | 5.0% |
| MFS Commodity Strategy Fund | 5.0% |
| MFS Blended Research Core Equity Fund | 5.0% |
| MFS Research Fund | 5.0% |
| MFS Mid Cap Value Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Research International Fund | 4.0% |
| MFS International New Discovery Fund | 3.9% |
| MFS International Intrinsic Value Fund | 3.5% |
| MFS International Growth Fund | 3.5% |
| MFS Blended Research Small Cap Equity Fund | 2.5% |
| MFS Total Return Bond Fund | 2.5% |
| MFS Inflation-Adjusted Bond Fund | 2.5% |
| MFS New Discovery Value Fund | 1.2% |
| MFS New Discovery Fund | 1.2% |
| MFS Emerging Markets Equity Fund | 1.0% |
| MFS Blended Research Emerging Markets Equity Fund | 1.0% |
| Cash & Cash Equivalents | 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,
2021.
The portfolio is actively managed and current
holdings may be different.
10
Portfolio Composition -
continued
MFS Lifetime 2060 Fund
Portfolio holdings
| MFS Blended Research International Equity Fund | 10.9% |
| MFS Blended Research Mid Cap Equity Fund | 10.0% |
| MFS Blended Research Growth Equity Fund | 5.6% |
| MFS Growth Fund | 5.5% |
| MFS Value Fund | 5.5% |
| MFS Blended Research Value Equity Fund | 5.5% |
| MFS Mid Cap Growth Fund | 5.0% |
| MFS Blended Research Core Equity Fund | 5.0% |
| MFS Research Fund | 5.0% |
| MFS Mid Cap Value Fund | 5.0% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Commodity Strategy Fund | 5.0% |
| MFS Research International Fund | 4.0% |
| MFS International New Discovery Fund | 4.0% |
| MFS International Intrinsic Value Fund | 3.5% |
| MFS International Growth Fund | 3.5% |
| MFS Total Return Bond Fund | 2.5% |
| MFS Blended Research Small Cap Equity Fund | 2.5% |
| MFS Inflation-Adjusted Bond Fund | 2.5% |
| MFS New Discovery Fund | 1.3% |
| MFS New Discovery Value Fund | 1.2% |
| MFS Emerging Markets Equity Fund | 1.0% |
| MFS Blended Research Emerging Markets Equity Fund | 1.0% |
| Cash & Cash Equivalents (o) | 0.0% |
| (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,
2021.
The portfolio is actively managed and current
holdings may be different.
11
Portfolio Composition -
continued
MFS Lifetime 2065 Fund
Portfolio holdings
| MFS Blended Research International Equity Fund | 10.9% |
| MFS Blended Research Mid Cap Equity Fund | 10.1% |
| MFS Blended Research Growth Equity Fund | 5.6% |
| MFS Growth Fund | 5.6% |
| MFS Value Fund | 5.5% |
| MFS Blended Research Value Equity Fund | 5.5% |
| MFS Mid Cap Growth Fund | 5.1% |
| MFS Research Fund | 5.1% |
| MFS Blended Research Core Equity Fund | 5.1% |
| MFS Global Real Estate Fund | 5.0% |
| MFS Mid Cap Value Fund | 5.0% |
| MFS Commodity Strategy Fund | 5.0% |
| MFS Research International Fund | 4.0% |
| MFS International New Discovery Fund | 3.9% |
| MFS International Intrinsic Value Fund | 3.5% |
| MFS International Growth Fund | 3.5% |
| MFS Blended Research Small Cap Equity Fund | 2.5% |
| MFS Total Return Bond Fund | 2.5% |
| MFS Inflation-Adjusted Bond Fund | 2.4% |
| MFS New Discovery Value Fund | 1.3% |
| MFS New Discovery Fund | 1.3% |
| MFS Blended Research Emerging Markets Equity Fund | 1.0% |
| MFS Emerging Markets Equity Fund | 1.0% |
| Cash & Cash Equivalents | (0.4)% |
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,
2021.
The portfolio is actively managed and current
holdings may be different.
12
Expense
Tables
Fund expenses borne by the shareholders during the
period,
May 1, 2021 through October 31, 2021
May 1, 2021 through October 31, 2021
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, 2021 through October 31, 2021.
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.
13
Expense Tables -
continued
MFS LIFETIME INCOME FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.23% | $1,000.00 | $1,031.00 | $1.18 |
| Hypothetical (h) | 0.23% | $1,000.00 | $1,024.05 | $1.17 | |
| B | Actual | 0.98% | $1,000.00 | $1,027.18 | $5.01 |
| Hypothetical (h) | 0.98% | $1,000.00 | $1,020.27 | $4.99 | |
| C | Actual | 0.98% | $1,000.00 | $1,027.20 | $5.01 |
| Hypothetical (h) | 0.98% | $1,000.00 | $1,020.27 | $4.99 | |
| I | Actual | 0.00% | $1,000.00 | $1,032.28 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 0.98% | $1,000.00 | $1,027.16 | $5.01 |
| Hypothetical (h) | 0.98% | $1,000.00 | $1,020.27 | $4.99 | |
| R2 | Actual | 0.48% | $1,000.00 | $1,029.73 | $2.46 |
| Hypothetical (h) | 0.48% | $1,000.00 | $1,022.79 | $2.45 | |
| R3 | Actual | 0.23% | $1,000.00 | $1,031.00 | $1.18 |
| Hypothetical (h) | 0.23% | $1,000.00 | $1,024.05 | $1.17 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,031.56 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,032.63 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| 529A | Actual | 0.26% | $1,000.00 | $1,030.76 | $1.33 |
| Hypothetical (h) | 0.26% | $1,000.00 | $1,023.89 | $1.33 | |
| 529B | Actual | 0.27% | $1,000.00 | $1,030.71 | $1.38 |
| Hypothetical (h) | 0.27% | $1,000.00 | $1,023.84 | $1.38 | |
| 529C | Actual | 1.02% | $1,000.00 | $1,025.98 | $5.21 |
| Hypothetical (h) | 1.02% | $1,000.00 | $1,020.06 | $5.19 |
| (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 184/365 (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, for the period from May
1, 2021 through October 31, 2021, the distribution fee for Class 529B was not imposed. Had the distribution fee been imposed throughout the entire six month period, the annualized expense ratio, the actual expenses paid during the period, and the
hypothetical expenses paid during the period would have been approximately 1.02%, $5.22, and $5.19 for Class 529B. See Note 3 in the Notes to Financial Statements for additional information.
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%, 0.01%, and 0.01%, respectively. See Note 3 in the Notes to Financial Statements for additional information.
14
Expense Tables -
continued
MFS LIFETIME 2020 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.24% | $1,000.00 | $1,031.07 | $1.23 |
| Hypothetical (h) | 0.24% | $1,000.00 | $1,024.00 | $1.22 | |
| B | Actual | 0.99% | $1,000.00 | $1,026.91 | $5.06 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.21 | $5.04 | |
| C | Actual | 0.99% | $1,000.00 | $1,027.30 | $5.06 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.21 | $5.04 | |
| I | Actual | 0.00% | $1,000.00 | $1,032.21 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 0.99% | $1,000.00 | $1,027.47 | $5.06 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.21 | $5.04 | |
| R2 | Actual | 0.49% | $1,000.00 | $1,029.83 | $2.51 |
| Hypothetical (h) | 0.49% | $1,000.00 | $1,022.74 | $2.50 | |
| R3 | Actual | 0.24% | $1,000.00 | $1,030.35 | $1.23 |
| Hypothetical (h) | 0.24% | $1,000.00 | $1,024.00 | $1.22 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,031.51 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,032.96 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $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 184/365 (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. |
15
Expense Tables -
continued
MFS LIFETIME 2025 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.25% | $1,000.00 | $1,037.33 | $1.28 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| B | Actual | 1.00% | $1,000.00 | $1,033.58 | $5.13 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| C | Actual | 1.00% | $1,000.00 | $1,033.11 | $5.12 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| I | Actual | 0.00% | $1,000.00 | $1,038.51 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,033.93 | $5.13 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,036.12 | $2.57 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.68 | $2.55 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,037.38 | $1.28 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,038.44 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,039.10 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $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 184/365 (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
Expense Tables -
continued
MFS LIFETIME 2030 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.24% | $1,000.00 | $1,050.55 | $1.24 |
| Hypothetical (h) | 0.24% | $1,000.00 | $1,024.00 | $1.22 | |
| B | Actual | 0.99% | $1,000.00 | $1,046.21 | $5.11 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.21 | $5.04 | |
| C | Actual | 0.99% | $1,000.00 | $1,046.53 | $5.11 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.21 | $5.04 | |
| I | Actual | 0.00% | $1,000.00 | $1,051.91 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 0.99% | $1,000.00 | $1,046.54 | $5.11 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.21 | $5.04 | |
| R2 | Actual | 0.49% | $1,000.00 | $1,049.34 | $2.53 |
| Hypothetical (h) | 0.49% | $1,000.00 | $1,022.74 | $2.50 | |
| R3 | Actual | 0.24% | $1,000.00 | $1,050.14 | $1.24 |
| Hypothetical (h) | 0.24% | $1,000.00 | $1,024.00 | $1.22 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,051.25 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,052.37 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $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 184/365 (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. |
17
Expense Tables -
continued
MFS LIFETIME 2035 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.25% | $1,000.00 | $1,062.80 | $1.30 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| B | Actual | 1.00% | $1,000.00 | $1,058.92 | $5.19 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| C | Actual | 1.00% | $1,000.00 | $1,059.30 | $5.19 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| I | Actual | 0.00% | $1,000.00 | $1,064.78 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,059.17 | $5.19 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,061.80 | $2.60 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.68 | $2.55 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,063.31 | $1.30 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,063.97 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,065.03 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $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 184/365 (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. |
18
Expense Tables -
continued
MFS LIFETIME 2040 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.25% | $1,000.00 | $1,068.86 | $1.30 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| B | Actual | 0.99% | $1,000.00 | $1,064.36 | $5.15 |
| Hypothetical (h) | 0.99% | $1,000.00 | $1,020.21 | $5.04 | |
| C | Actual | 1.00% | $1,000.00 | $1,064.19 | $5.20 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| I | Actual | 0.00% | $1,000.00 | $1,069.79 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,064.58 | $5.20 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,067.29 | $2.61 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.68 | $2.55 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,068.37 | $1.30 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,069.55 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,070.56 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $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 184/365 (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. |
19
Expense Tables -
continued
MFS LIFETIME 2045 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.25% | $1,000.00 | $1,072.08 | $1.31 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| B | Actual | 1.00% | $1,000.00 | $1,067.99 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| C | Actual | 1.00% | $1,000.00 | $1,067.79 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| I | Actual | 0.00% | $1,000.00 | $1,073.22 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,067.88 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,070.89 | $2.61 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.68 | $2.55 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,071.65 | $1.31 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,073.22 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,074.26 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $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 184/365 (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
Expense Tables -
continued
MFS LIFETIME 2050 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.25% | $1,000.00 | $1,072.98 | $1.31 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| B | Actual | 1.00% | $1,000.00 | $1,069.01 | $5.22 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| C | Actual | 1.00% | $1,000.00 | $1,068.97 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| I | Actual | 0.00% | $1,000.00 | $1,074.32 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,069.10 | $5.22 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,071.73 | $2.61 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.68 | $2.55 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,072.72 | $1.31 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,073.84 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,075.13 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $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 184/365 (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. |
21
Expense Tables -
continued
MFS LIFETIME 2055 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.25% | $1,000.00 | $1,072.97 | $1.31 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| B | Actual | 1.00% | $1,000.00 | $1,068.86 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| C | Actual | 1.00% | $1,000.00 | $1,068.42 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| I | Actual | 0.00% | $1,000.00 | $1,074.33 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,068.61 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,071.74 | $2.61 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.68 | $2.55 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,072.97 | $1.31 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,073.93 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,074.83 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $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 184/365 (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
Expense Tables -
continued
MFS LIFETIME 2060 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 5/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 5/01/21-10/31/21 | |
| A | Actual | 0.25% | $1,000.00 | $1,072.55 | $1.31 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| B | Actual | 1.00% | $1,000.00 | $1,068.97 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| C | Actual | 1.00% | $1,000.00 | $1,068.73 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| I | Actual | 0.00% | $1,000.00 | $1,073.96 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 1.00% | $1,000.00 | $1,068.71 | $5.21 |
| Hypothetical (h) | 1.00% | $1,000.00 | $1,020.16 | $5.09 | |
| R2 | Actual | 0.50% | $1,000.00 | $1,070.76 | $2.61 |
| Hypothetical (h) | 0.50% | $1,000.00 | $1,022.68 | $2.55 | |
| R3 | Actual | 0.25% | $1,000.00 | $1,073.13 | $1.31 |
| Hypothetical (h) | 0.25% | $1,000.00 | $1,023.95 | $1.28 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,073.43 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,074.49 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $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 184/365 (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. |
23
Expense Tables -
continued
MFS LIFETIME 2065 FUND
| Share
Class |
Annualized
Expense Ratio |
Beginning
Account Value 9/01/21 |
Ending
Account Value 10/31/21 |
Expenses
Paid During Period (p) 9/01/21-10/31/21 | |
| A | Actual | 0.12% | $1,000.00 | $1,007.00 | $0.20 |
| Hypothetical (h) | 0.12% | $1,000.00 | $1,024.60 | $0.61 | |
| C | Actual | 0.87% | $1,000.00 | $1,006.00 | $1.46 |
| Hypothetical (h) | 0.87% | $1,000.00 | $1,020.82 | $4.43 | |
| I | Actual | 0.00% | $1,000.00 | $1,008.00 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R1 | Actual | 0.87% | $1,000.00 | $1,006.00 | $1.46 |
| Hypothetical (h) | 0.87% | $1,000.00 | $1,020.82 | $4.43 | |
| R2 | Actual | 0.37% | $1,000.00 | $1,007.00 | $0.62 |
| Hypothetical (h) | 0.37% | $1,000.00 | $1,023.34 | $1.89 | |
| R3 | Actual | 0.12% | $1,000.00 | $1,007.00 | $0.20 |
| Hypothetical (h) | 0.12% | $1,000.00 | $1,024.60 | $0.61 | |
| R4 | Actual | 0.00% | $1,000.00 | $1,008.00 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 | |
| R6 | Actual | 0.00% | $1,000.00 | $1,008.00 | $0.00 |
| Hypothetical (h) | 0.00% | $1,000.00 | $1,025.21 | $0.00 |
| (h) | 5% class return per year before expenses. |
(p)
“Expenses Paid During Period” are equal to each class's annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 61/365 for Actual Expenses (for Hypothetical Expenses, multiplied by
184/365 to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. For actual expenses paid, the calculation is based on
the period from the commencement of the fund's investment operations, September 1, 2021, through October 31, 2021. For hypothetical expenses paid, it is assumed that the fund was in existence for the entire six month period ended October 31,
2021.
24
Portfolio of
Investments
10/31/21 (unaudited)
The Portfolio of Investments is a complete list of all
securities owned by your fund. It is categorized by broad-based asset classes.
MFS Lifetime Income Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 70.7% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 464,163 | $ 6,804,632 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 1,082,249 | 6,709,946 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 5,100,297 | 47,330,755 | ||
| MFS Government Securities Fund - Class R6 | 6,748,270 | 67,955,081 | ||
| MFS High Income Fund - Class R6 | 3,976,679 | 13,560,477 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 5,893,185 | 67,830,554 | ||
| MFS Limited Maturity Fund - Class R6 | 22,506,269 | 135,712,802 | ||
| MFS Total Return Bond Fund - Class R6 | 12,037,957 | 136,149,289 | ||
| $ 482,053,536 | ||||
| International Stock Funds – 5.0% | ||||
| MFS Blended Research International Equity Fund - Class R6 | 1,234,240 | $ 16,909,085 | ||
| MFS International Growth Fund - Class R6 | 73,464 | 3,409,459 | ||
| MFS International Intrinsic Value Fund - Class R6 | 61,741 | 3,434,021 | ||
| MFS Research International Fund - Class R6 | 416,104 | 10,236,167 | ||
| $ 33,988,732 | ||||
| Specialty Funds – 4.0% | ||||
| MFS Commodity Strategy Fund - Class R6 | 1,904,300 | $ 13,406,271 | ||
| MFS Global Real Estate Fund - Class R6 | 628,793 | 13,625,958 | ||
| $ 27,032,229 | ||||
| U.S. Stock Funds – 20.2% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 364,437 | $ 13,768,412 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 600,875 | 13,898,236 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 1,243,829 | 20,498,304 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 367,468 | 6,820,215 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 805,955 | 13,669,000 | ||
| MFS Growth Fund - Class R6 | 69,765 | 13,874,829 | ||
| MFS Mid Cap Growth Fund - Class R6 | 298,056 | 10,411,103 | ||
| MFS Mid Cap Value Fund - Class R6 | 309,861 | 10,188,242 | ||
| MFS New Discovery Fund - Class R6 | 71,839 | 3,436,073 | ||
| MFS New Discovery Value Fund - Class R6 | 155,293 | 3,408,680 | ||
| MFS Research Fund - Class R6 | 220,927 | 13,765,941 | ||
| MFS Value Fund - Class R6 | 253,437 | 13,703,332 | ||
| $ 137,442,367 | ||||
| Money Market Funds – 0.1% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 1,079,080 | $ 1,079,080 | ||
| Total Investment Companies (Identified Cost, $553,092,909) | $681,595,944 | |||
| Other Assets, Less Liabilities – 0.0% | 128,731 | |||
| Net Assets – 100.0% | $681,724,675 | |||
See Portfolio Footnotes and Notes to
Financial Statements
25
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2020 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 99.9% | ||||
| Bond Funds – 70.6% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 227,547 | $ 3,335,832 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 532,175 | 3,299,482 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 2,499,344 | 23,193,916 | ||
| MFS Government Securities Fund - Class R6 | 3,304,918 | 33,280,527 | ||
| MFS High Income Fund - Class R6 | 1,946,572 | 6,637,810 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 2,895,509 | 33,327,314 | ||
| MFS Limited Maturity Fund - Class R6 | 11,011,229 | 66,397,711 | ||
| MFS Total Return Bond Fund - Class R6 | 5,896,012 | 66,683,892 | ||
| $ 236,156,484 | ||||
| International Stock Funds – 5.0% | ||||
| MFS Blended Research International Equity Fund - Class R6 | 609,072 | $ 8,344,283 | ||
| MFS International Growth Fund - Class R6 | 36,280 | 1,683,764 | ||
| MFS International Intrinsic Value Fund - Class R6 | 30,347 | 1,687,906 | ||
| MFS Research International Fund - Class R6 | 205,193 | 5,047,745 | ||
| $ 16,763,698 | ||||
| Specialty Funds – 4.0% | ||||
| MFS Commodity Strategy Fund - Class R6 | 937,756 | $ 6,601,799 | ||
| MFS Global Real Estate Fund - Class R6 | 310,587 | 6,730,432 | ||
| $ 13,332,231 | ||||
| U.S. Stock Funds – 20.3% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 180,018 | $ 6,801,082 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 296,852 | 6,866,183 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 614,786 | 10,131,669 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 181,010 | 3,359,553 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 397,164 | 6,735,911 | ||
| MFS Growth Fund - Class R6 | 34,468 | 6,855,031 | ||
| MFS Mid Cap Growth Fund - Class R6 | 146,681 | 5,123,552 | ||
| MFS Mid Cap Value Fund - Class R6 | 152,978 | 5,029,925 | ||
| MFS New Discovery Fund - Class R6 | 35,358 | 1,691,195 | ||
| MFS New Discovery Value Fund - Class R6 | 76,550 | 1,680,264 | ||
| MFS Research Fund - Class R6 | 109,141 | 6,800,550 | ||
| MFS Value Fund - Class R6 | 124,807 | 6,748,295 | ||
| $ 67,823,210 | ||||
| Money Market Funds – 0.0% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 786 | $ 787 | ||
| Total Investment Companies (Identified Cost, $266,766,611) | $334,076,410 | |||
| Other Assets, Less Liabilities – 0.1% | 235,419 | |||
| Net Assets – 100.0% | $334,311,829 | |||
See Portfolio Footnotes and Notes to
Financial Statements
26
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2025 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 61.7% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 563,530 | $ 8,261,351 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 1,317,188 | 8,166,568 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 3,455,985 | 32,071,542 | ||
| MFS Government Securities Fund - Class R6 | 4,568,585 | 46,005,653 | ||
| MFS High Income Fund - Class R6 | 4,828,211 | 16,464,198 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 4,005,249 | 46,100,413 | ||
| MFS Limited Maturity Fund - Class R6 | 9,197,134 | 55,458,716 | ||
| MFS Total Return Bond Fund - Class R6 | 6,539,214 | 73,958,511 | ||
| $ 286,486,952 | ||||
| International Stock Funds – 7.4% | ||||
| MFS Blended Research International Equity Fund - Class R6 | 1,246,078 | $ 17,071,273 | ||
| MFS International Growth Fund - Class R6 | 90,291 | 4,190,415 | ||
| MFS International Intrinsic Value Fund - Class R6 | 75,944 | 4,224,026 | ||
| MFS Research International Fund - Class R6 | 360,520 | 8,868,778 | ||
| $ 34,354,492 | ||||
| Specialty Funds – 4.0% | ||||
| MFS Commodity Strategy Fund - Class R6 | 1,304,270 | $ 9,182,062 | ||
| MFS Global Real Estate Fund - Class R6 | 432,151 | 9,364,698 | ||
| $ 18,546,760 | ||||
| U.S. Stock Funds – 26.7% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 349,106 | $ 13,189,228 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 577,292 | 13,352,755 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 1,078,545 | 17,774,423 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 250,856 | 4,655,880 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 769,939 | 13,058,175 | ||
| MFS Growth Fund - Class R6 | 67,065 | 13,337,872 | ||
| MFS Mid Cap Growth Fund - Class R6 | 259,510 | 9,064,705 | ||
| MFS Mid Cap Value Fund - Class R6 | 268,673 | 8,833,973 | ||
| MFS New Discovery Fund - Class R6 | 49,337 | 2,359,802 | ||
| MFS New Discovery Value Fund - Class R6 | 106,281 | 2,332,859 | ||
| MFS Research Fund - Class R6 | 211,734 | 13,193,154 | ||
| MFS Value Fund - Class R6 | 242,290 | 13,100,609 | ||
| $ 124,253,435 | ||||
| Money Market Funds – 0.2% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 767,934 | $ 767,934 | ||
| Total Investment Companies (Identified Cost, $374,833,888) | $464,409,573 | |||
| Other Assets, Less Liabilities – 0.0% | 2,079 | |||
| Net Assets – 100.0% | $464,411,652 | |||
See Portfolio Footnotes and Notes to
Financial Statements
27
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2030 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 43.2% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 1,484,018 | $ 21,755,702 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 2,484,745 | 15,405,417 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 4,509,338 | 41,846,660 | ||
| MFS Government Securities Fund - Class R6 | 7,715,259 | 77,692,655 | ||
| MFS High Income Fund - Class R6 | 9,090,755 | 30,999,476 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 5,159,419 | 59,384,917 | ||
| MFS Limited Maturity Fund - Class R6 | 2,640,810 | 15,924,083 | ||
| MFS Total Return Bond Fund - Class R6 | 7,046,691 | 79,698,072 | ||
| $ 342,706,982 | ||||
| International Stock Funds – 12.0% | ||||
| MFS Blended Research International Equity Fund - Class R6 | 3,221,349 | $ 44,132,486 | ||
| MFS International Growth Fund - Class R6 | 241,233 | 11,195,601 | ||
| MFS International Intrinsic Value Fund - Class R6 | 200,957 | 11,177,224 | ||
| MFS International New Discovery Fund - Class R6 | 155,101 | 6,252,137 | ||
| MFS Research International Fund - Class R6 | 908,548 | 22,350,271 | ||
| $ 95,107,719 | ||||
| Specialty Funds – 5.6% | ||||
| MFS Commodity Strategy Fund - Class R6 | 3,069,110 | $ 21,606,538 | ||
| MFS Global Real Estate Fund - Class R6 | 1,039,853 | 22,533,608 | ||
| $ 44,140,146 | ||||
| U.S. Stock Funds – 39.1% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 813,877 | $ 30,748,282 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,351,321 | 31,256,060 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 3,108,030 | 51,220,330 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 595,459 | 11,051,710 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,783,494 | 30,248,062 | ||
| MFS Growth Fund - Class R6 | 156,869 | 31,198,159 | ||
| MFS Mid Cap Growth Fund - Class R6 | 750,808 | 26,225,730 | ||
| MFS Mid Cap Value Fund - Class R6 | 774,022 | 25,449,853 | ||
| MFS New Discovery Fund - Class R6 | 117,474 | 5,618,769 | ||
| MFS New Discovery Value Fund - Class R6 | 253,612 | 5,566,784 | ||
| MFS Research Fund - Class R6 | 493,946 | 30,777,766 | ||
| MFS Value Fund - Class R6 | 562,097 | 30,392,551 | ||
| $ 309,754,056 | ||||
| Money Market Funds – 0.1% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 841,568 | $ 841,568 | ||
| Total Investment Companies (Identified Cost, $552,490,448) | $792,550,471 | |||
| Other Assets, Less Liabilities – (0.0)% | (51,687) | |||
| Net Assets – 100.0% | $792,498,784 | |||
See Portfolio Footnotes and Notes to
Financial Statements
28
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2035 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 23.5% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 1,013,981 | $ 14,864,962 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 1,583,628 | 9,818,493 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 1,813,868 | 16,832,696 | ||
| MFS Government Securities Fund - Class R6 | 1,009,219 | 10,162,832 | ||
| MFS High Income Fund - Class R6 | 5,828,129 | 19,873,920 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 2,343,739 | 26,976,435 | ||
| MFS Total Return Bond Fund - Class R6 | 1,855,947 | 20,990,767 | ||
| $ 119,520,105 | ||||
| International Stock Funds – 18.4% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 127,496 | $ 1,977,460 | ||
| MFS Blended Research International Equity Fund - Class R6 | 2,925,244 | 40,075,836 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 49,976 | 1,983,055 | ||
| MFS International Growth Fund - Class R6 | 250,563 | 11,628,636 | ||
| MFS International Intrinsic Value Fund - Class R6 | 209,074 | 11,628,710 | ||
| MFS International New Discovery Fund - Class R6 | 221,626 | 8,933,733 | ||
| MFS Research International Fund - Class R6 | 698,718 | 17,188,466 | ||
| $ 93,415,896 | ||||
| Specialty Funds – 7.7% | ||||
| MFS Commodity Strategy Fund - Class R6 | 2,793,020 | $ 19,662,859 | ||
| MFS Global Real Estate Fund - Class R6 | 890,692 | 19,301,292 | ||
| $ 38,964,151 | ||||
| U.S. Stock Funds – 50.3% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 651,914 | $ 24,629,316 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,075,754 | 24,882,191 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 2,657,905 | 43,802,282 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 521,900 | 9,686,455 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,439,763 | 24,418,388 | ||
| MFS Growth Fund - Class R6 | 124,968 | 24,853,570 | ||
| MFS Mid Cap Growth Fund - Class R6 | 637,337 | 22,262,179 | ||
| MFS Mid Cap Value Fund - Class R6 | 665,559 | 21,883,565 | ||
| MFS New Discovery Fund - Class R6 | 100,868 | 4,824,538 | ||
| MFS New Discovery Value Fund - Class R6 | 222,938 | 4,893,493 | ||
| MFS Research Fund - Class R6 | 394,987 | 24,611,608 | ||
| MFS Value Fund - Class R6 | 453,102 | 24,499,218 | ||
| $ 255,246,803 | ||||
| Money Market Funds – 0.1% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 399,023 | $ 399,024 | ||
| Total Investment Companies (Identified Cost, $349,571,747) | $507,545,979 | |||
| Other Assets, Less Liabilities – (0.0)% | (25,999) | |||
| Net Assets – 100.0% | $507,519,980 | |||
See Portfolio Footnotes and Notes to
Financial Statements
29
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2040 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 13.8% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 755,822 | $ 11,080,356 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 1,179,601 | 7,313,524 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 1,188,802 | 11,032,088 | ||
| MFS High Income Fund - Class R6 | 4,324,289 | 14,745,826 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 2,135,762 | 24,582,618 | ||
| MFS Total Return Bond Fund - Class R6 | 1,517,706 | 17,165,252 | ||
| $ 85,919,664 | ||||
| International Stock Funds – 22.9% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 274,873 | $ 4,263,276 | ||
| MFS Blended Research International Equity Fund - Class R6 | 4,265,589 | 58,438,575 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 107,875 | 4,280,496 | ||
| MFS International Growth Fund - Class R6 | 387,339 | 17,976,395 | ||
| MFS International Intrinsic Value Fund - Class R6 | 323,230 | 17,978,051 | ||
| MFS International New Discovery Fund - Class R6 | 423,359 | 17,065,580 | ||
| MFS Research International Fund - Class R6 | 931,955 | 22,926,098 | ||
| $ 142,928,471 | ||||
| Specialty Funds – 8.7% | ||||
| MFS Commodity Strategy Fund - Class R6 | 3,839,890 | $ 27,032,826 | ||
| MFS Global Real Estate Fund - Class R6 | 1,262,201 | 27,351,886 | ||
| $ 54,384,712 | ||||
| U.S. Stock Funds – 54.5% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 833,640 | $ 31,494,929 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 1,428,771 | 33,047,480 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 3,566,165 | 58,770,407 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 736,227 | 13,664,377 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,911,657 | 32,421,706 | ||
| MFS Growth Fund - Class R6 | 165,785 | 32,971,294 | ||
| MFS Mid Cap Growth Fund - Class R6 | 853,360 | 29,807,870 | ||
| MFS Mid Cap Value Fund - Class R6 | 890,366 | 29,275,220 | ||
| MFS New Discovery Fund - Class R6 | 143,341 | 6,856,019 | ||
| MFS New Discovery Value Fund - Class R6 | 313,915 | 6,890,426 | ||
| MFS Research Fund - Class R6 | 504,991 | 31,465,963 | ||
| MFS Value Fund - Class R6 | 601,327 | 32,513,745 | ||
| $ 339,179,436 | ||||
| Money Market Funds – 0.1% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 355,801 | $ 355,801 | ||
| Total Investment Companies (Identified Cost, $368,532,560) | $622,768,084 | |||
| Other Assets, Less Liabilities – (0.0)% | (49,086) | |||
| Net Assets – 100.0% | $622,718,998 | |||
See Portfolio Footnotes and Notes to
Financial Statements
30
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2045 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 6.5% | ||||
| MFS Emerging Markets Debt Fund - Class R6 | 75,945 | $ 1,113,350 | ||
| MFS Emerging Markets Debt Local Currency Fund - Class R6 | 118,737 | 736,169 | ||
| MFS Global Opportunistic Bond Fund - Class R6 | 90,019 | 835,373 | ||
| MFS High Income Fund - Class R6 | 533,349 | 1,818,721 | ||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 858,317 | 9,879,233 | ||
| MFS Total Return Bond Fund - Class R6 | 807,797 | 9,136,180 | ||
| $ 23,519,026 | ||||
| International Stock Funds – 26.8% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 216,764 | $ 3,362,006 | ||
| MFS Blended Research International Equity Fund - Class R6 | 2,805,989 | 38,442,048 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 85,111 | 3,377,188 | ||
| MFS International Growth Fund - Class R6 | 263,688 | 12,237,769 | ||
| MFS International Intrinsic Value Fund - Class R6 | 220,034 | 12,238,294 | ||
| MFS International New Discovery Fund - Class R6 | 334,882 | 13,499,113 | ||
| MFS Research International Fund - Class R6 | 577,419 | 14,204,514 | ||
| $ 97,360,932 | ||||
| Specialty Funds – 9.9% | ||||
| MFS Commodity Strategy Fund - Class R6 | 2,574,788 | $ 18,126,503 | ||
| MFS Global Real Estate Fund - Class R6 | 815,517 | 17,672,259 | ||
| $ 35,798,762 | ||||
| U.S. Stock Funds – 56.7% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 482,235 | $ 18,218,851 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 865,275 | 20,013,814 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 2,180,002 | 35,926,427 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 479,254 | 8,894,948 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,164,151 | 19,743,999 | ||
| MFS Growth Fund - Class R6 | 100,472 | 19,981,989 | ||
| MFS Mid Cap Growth Fund - Class R6 | 519,714 | 18,153,624 | ||
| MFS Mid Cap Value Fund - Class R6 | 546,724 | 17,976,289 | ||
| MFS New Discovery Fund - Class R6 | 92,579 | 4,428,059 | ||
| MFS New Discovery Value Fund - Class R6 | 205,060 | 4,501,070 | ||
| MFS Research Fund - Class R6 | 292,048 | 18,197,502 | ||
| MFS Value Fund - Class R6 | 365,825 | 19,780,136 | ||
| $ 205,816,708 | ||||
| Money Market Funds – 0.1% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 351,247 | $ 351,247 | ||
| Total Investment Companies (Identified Cost, $235,544,718) | $362,846,675 | |||
| Other Assets, Less Liabilities – (0.0)% | (17) | |||
| Net Assets – 100.0% | $362,846,658 | |||
See Portfolio Footnotes and Notes to
Financial Statements
31
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2050 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 4.9% | ||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 768,115 | $ 8,841,002 | ||
| MFS Total Return Bond Fund - Class R6 | 783,651 | 8,863,095 | ||
| $ 17,704,097 | ||||
| International Stock Funds – 27.8% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 225,465 | $ 3,496,967 | ||
| MFS Blended Research International Equity Fund - Class R6 | 2,830,566 | 38,778,750 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 88,253 | 3,501,879 | ||
| MFS International Growth Fund - Class R6 | 267,855 | 12,431,166 | ||
| MFS International Intrinsic Value Fund - Class R6 | 225,641 | 12,550,137 | ||
| MFS International New Discovery Fund - Class R6 | 350,184 | 14,115,940 | ||
| MFS Research International Fund - Class R6 | 577,971 | 14,218,083 | ||
| $ 99,092,922 | ||||
| Specialty Funds – 9.9% | ||||
| MFS Commodity Strategy Fund - Class R6 | 2,487,811 | $ 17,514,189 | ||
| MFS Global Real Estate Fund - Class R6 | 820,259 | 17,775,014 | ||
| $ 35,289,203 | ||||
| U.S. Stock Funds – 57.3% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 475,081 | $ 17,948,547 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 864,866 | 20,004,353 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 2,159,654 | 35,591,096 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 478,672 | 8,884,154 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 1,153,204 | 19,558,344 | ||
| MFS Growth Fund - Class R6 | 100,422 | 19,971,971 | ||
| MFS Mid Cap Growth Fund - Class R6 | 519,156 | 18,134,122 | ||
| MFS Mid Cap Value Fund - Class R6 | 538,605 | 17,709,331 | ||
| MFS New Discovery Fund - Class R6 | 93,546 | 4,474,277 | ||
| MFS New Discovery Value Fund - Class R6 | 202,165 | 4,437,530 | ||
| MFS Research Fund - Class R6 | 287,953 | 17,942,359 | ||
| MFS Value Fund - Class R6 | 362,803 | 19,616,735 | ||
| $ 204,272,819 | ||||
| Money Market Funds – 0.1% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 350,905 | $ 350,905 | ||
| Total Investment Companies (Identified Cost, $220,857,948) | $356,709,946 | |||
| Other Assets, Less Liabilities – (0.0)% | (24,663) | |||
| Net Assets – 100.0% | $356,685,283 | |||
See Portfolio Footnotes and Notes to
Financial Statements
32
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2055 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 5.0% | ||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 447,119 | $ 5,146,333 | ||
| MFS Total Return Bond Fund - Class R6 | 455,310 | 5,149,560 | ||
| $ 10,295,893 | ||||
| International Stock Funds – 27.8% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 131,681 | $ 2,042,367 | ||
| MFS Blended Research International Equity Fund - Class R6 | 1,649,412 | 22,596,942 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 51,573 | 2,046,424 | ||
| MFS International Growth Fund - Class R6 | 155,708 | 7,226,417 | ||
| MFS International Intrinsic Value Fund - Class R6 | 130,353 | 7,250,248 | ||
| MFS International New Discovery Fund - Class R6 | 203,583 | 8,206,445 | ||
| MFS Research International Fund - Class R6 | 335,592 | 8,255,563 | ||
| $ 57,624,406 | ||||
| Specialty Funds – 10.0% | ||||
| MFS Commodity Strategy Fund - Class R6 | 1,480,192 | $ 10,420,554 | ||
| MFS Global Real Estate Fund - Class R6 | 476,562 | 10,327,099 | ||
| $ 20,747,653 | ||||
| U.S. Stock Funds – 57.1% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 275,372 | $ 10,403,544 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 499,670 | 11,557,378 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 1,255,693 | 20,693,822 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 278,702 | 5,172,709 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 670,966 | 11,379,577 | ||
| MFS Growth Fund - Class R6 | 57,985 | 11,532,021 | ||
| MFS Mid Cap Growth Fund - Class R6 | 300,144 | 10,484,017 | ||
| MFS Mid Cap Value Fund - Class R6 | 314,474 | 10,339,901 | ||
| MFS New Discovery Fund - Class R6 | 54,147 | 2,589,868 | ||
| MFS New Discovery Value Fund - Class R6 | 118,662 | 2,604,622 | ||
| MFS Research Fund - Class R6 | 166,876 | 10,398,074 | ||
| MFS Value Fund - Class R6 | 210,643 | 11,389,462 | ||
| $ 118,544,995 | ||||
| Money Market Funds – 0.1% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 242,445 | $ 242,445 | ||
| Total Investment Companies (Identified Cost, $140,466,191) | $207,455,392 | |||
| Other Assets, Less Liabilities – (0.0)% | (15,737) | |||
| Net Assets – 100.0% | $207,439,655 | |||
See Portfolio Footnotes and Notes to
Financial Statements
33
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2060 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.0% | ||||
| Bond Funds – 5.0% | ||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 150,988 | $ 1,737,870 | ||
| MFS Total Return Bond Fund - Class R6 | 153,922 | 1,740,854 | ||
| $ 3,478,724 | ||||
| International Stock Funds – 27.9% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 44,660 | $ 692,681 | ||
| MFS Blended Research International Equity Fund - Class R6 | 556,877 | 7,629,215 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 17,458 | 692,744 | ||
| MFS International Growth Fund - Class R6 | 52,393 | 2,431,566 | ||
| MFS International Intrinsic Value Fund - Class R6 | 43,937 | 2,443,784 | ||
| MFS International New Discovery Fund - Class R6 | 68,870 | 2,776,138 | ||
| MFS Research International Fund - Class R6 | 112,934 | 2,778,169 | ||
| $ 19,444,297 | ||||
| Specialty Funds – 10.0% | ||||
| MFS Commodity Strategy Fund - Class R6 | 492,354 | $ 3,466,176 | ||
| MFS Global Real Estate Fund - Class R6 | 160,149 | 3,470,420 | ||
| $ 6,936,596 | ||||
| U.S. Stock Funds – 57.1% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 92,179 | $ 3,482,509 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 167,325 | 3,870,234 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 422,083 | 6,955,926 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 93,711 | 1,739,269 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 225,432 | 3,823,332 | ||
| MFS Growth Fund - Class R6 | 19,420 | 3,862,163 | ||
| MFS Mid Cap Growth Fund - Class R6 | 100,262 | 3,502,133 | ||
| MFS Mid Cap Value Fund - Class R6 | 105,609 | 3,472,436 | ||
| MFS New Discovery Fund - Class R6 | 18,229 | 871,876 | ||
| MFS New Discovery Value Fund - Class R6 | 39,574 | 868,655 | ||
| MFS Research Fund - Class R6 | 55,858 | 3,480,533 | ||
| MFS Value Fund - Class R6 | 70,724 | 3,824,061 | ||
| $ 39,753,127 | ||||
| Money Market Funds – 0.0% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 38,812 | $ 38,812 | ||
| Total Investment Companies (Identified Cost, $52,704,679) | $69,651,556 | |||
| Other Assets, Less Liabilities – 0.0% | 11,614 | |||
| Net Assets – 100.0% | $69,663,170 | |||
See Portfolio Footnotes and Notes to
Financial Statements
34
Portfolio of
Investments (unaudited) – continued
MFS Lifetime 2065 Fund
| Issuer | Shares/Par | Value ($) | ||
| Investment Companies (h) – 100.4% | ||||
| Bond Funds – 4.9% | ||||
| MFS Inflation-Adjusted Bond Fund - Class R6 | 1,854 | $ 21,336 | ||
| MFS Total Return Bond Fund - Class R6 | 1,886 | 21,338 | ||
| $ 42,674 | ||||
| International Stock Funds – 27.8% | ||||
| MFS Blended Research Emerging Markets Equity Fund - Class R6 | 546 | $ 8,464 | ||
| MFS Blended Research International Equity Fund - Class R6 | 6,865 | 94,047 | ||
| MFS Emerging Markets Equity Fund - Class R6 | 213 | 8,454 | ||
| MFS International Growth Fund - Class R6 | 652 | 30,282 | ||
| MFS International Intrinsic Value Fund - Class R6 | 548 | 30,516 | ||
| MFS International New Discovery Fund - Class R6 | 847 | 34,133 | ||
| MFS Research International Fund - Class R6 | 1,408 | 34,632 | ||
| $ 240,528 | ||||
| Specialty Funds – 10.0% | ||||
| MFS Commodity Strategy Fund - Class R6 | 6,081 | $ 42,809 | ||
| MFS Global Real Estate Fund - Class R6 | 1,999 | 43,312 | ||
| $ 86,121 | ||||
| U.S. Stock Funds – 57.7% | ||||
| MFS Blended Research Core Equity Fund - Class R6 | 1,159 | $ 43,791 | ||
| MFS Blended Research Growth Equity Fund - Class R6 | 2,104 | 48,667 | ||
| MFS Blended Research Mid Cap Equity Fund - Class R6 | 5,283 | 87,070 | ||
| MFS Blended Research Small Cap Equity Fund - Class R6 | 1,161 | 21,553 | ||
| MFS Blended Research Value Equity Fund - Class R6 | 2,818 | 47,790 | ||
| MFS Growth Fund - Class R6 | 244 | 48,578 | ||
| MFS Mid Cap Growth Fund - Class R6 | 1,266 | 44,206 | ||
| MFS Mid Cap Value Fund - Class R6 | 1,316 | 43,275 | ||
| MFS New Discovery Fund - Class R6 | 227 | 10,851 | ||
| MFS New Discovery Value Fund - Class R6 | 495 | 10,873 | ||
| MFS Research Fund - Class R6 | 703 | 43,799 | ||
| MFS Value Fund - Class R6 | 887 | 47,945 | ||
| $ 498,398 | ||||
| Money Market Funds – 0.0% | ||||
| MFS Institutional Money Market Portfolio, 0.04% (v) | 136 | $ 136 | ||
| Total Investment Companies (Identified Cost, $862,029) | $867,857 | |||
| Other Assets, Less Liabilities – (0.4)% | (3,478) | |||
| Net Assets – 100.0% | $864,379 | |||
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 | $681,595,944 |
| MFS Lifetime 2020 Fund | 334,076,410 |
| MFS Lifetime 2025 Fund | 464,409,573 |
| MFS Lifetime 2030 Fund | 792,550,471 |
| MFS Lifetime 2035 Fund | 507,545,979 |
| MFS Lifetime 2040 Fund | 622,768,084 |
| MFS Lifetime 2045 Fund | 362,846,675 |
| MFS Lifetime 2050 Fund | 356,709,946 |
| MFS Lifetime 2055 Fund | 207,455,392 |
| MFS Lifetime 2060 Fund | 69,651,556 |
| MFS Lifetime 2065 Fund | 867,857 |
35
Portfolio of
Investments (unaudited) – continued
| (v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
See Notes to Financial Statements
36
Financial Statements
Statements of Assets and Liabilities
At 10/31/21 (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 | |
| Assets | ||||
| Investments in affiliated issuers, at value (identified cost, $553,092,909, $266,766,611, $374,833,888, and $552,490,448, respectively) | $681,595,944 | $334,076,410 | $464,409,573 | $792,550,471 |
| Receivables for | ||||
| Investments sold | 285,846 | 401,304 | 235,740 | 217,213 |
| Fund shares sold | 428,800 | 204,027 | 536,028 | 793,320 |
| Receivable from investment adviser | 116,229 | 71,319 | 86,896 | 134,579 |
| Other assets | 43,737 | 41,795 | 39,290 | 44,392 |
| Total assets | $682,470,556 | $334,794,855 | $465,307,527 | $793,739,975 |
| Liabilities | ||||
| Payable to custodian | $568 | $281 | $388 | $651 |
| Payables for | ||||
| Distributions | 37,260 | — | — | — |
| Investments purchased | 20,125 | 111,879 | 452,464 | 570,297 |
| Fund shares reacquired | 427,952 | 239,440 | 302,915 | 440,303 |
| Payable to affiliates | ||||
| Administrative services fee | 192 | 192 | 192 | 192 |
| Shareholder servicing costs | 171,121 | 85,888 | 92,725 | 167,717 |
| Distribution and service fees | 20,442 | 6,054 | 5,840 | 13,967 |
| Program manager fee | 1,061 | — | — | — |
| Accrued expenses and other liabilities | 67,160 | 39,292 | 41,351 | 48,064 |
| Total liabilities | $745,881 | $483,026 | $895,875 | $1,241,191 |
| Net assets | $681,724,675 | $334,311,829 | $464,411,652 | $792,498,784 |
| Net assets consist of | ||||
| Paid-in capital | $552,383,287 | $256,775,149 | $359,377,360 | $527,970,085 |
| Total distributable earnings (loss) | 129,341,388 | 77,536,680 | 105,034,292 | 264,528,699 |
| Net assets | $681,724,675 | $334,311,829 | $464,411,652 | $792,498,784 |
37
Statements of Assets and
Liabilities (unaudited) – continued
| MFS
Lifetime Income Fund |
MFS
Lifetime 2020 Fund |
MFS
Lifetime 2025 Fund |
MFS
Lifetime 2030 Fund | |
| Net assets | ||||
| Class A | $171,603,165 | $46,581,138 | $30,238,485 | $87,242,965 |
| Class B | 2,555,476 | 1,708,310 | 1,409,508 | 6,043,333 |
| Class C | 73,619,146 | 5,671,410 | 4,463,536 | 12,826,711 |
| Class I | 49,172,572 | 3,624,464 | 3,333,822 | 7,884,354 |
| Class R1 | 2,091,962 | 1,759,778 | 358,524 | 5,266,445 |
| Class R2 | 8,940,862 | 28,347,007 | 18,876,874 | 58,188,514 |
| Class R3 | 69,945,911 | 80,679,919 | 120,117,730 | 208,979,896 |
| Class R4 | 17,134,827 | 31,562,458 | 44,263,513 | 73,959,623 |
| Class R6 | 92,989,568 | 134,377,345 | 241,349,660 | 332,106,943 |
| Class 529A | 163,011,952 | — | — | — |
| Class 529B | 3,265,985 | — | — | — |
| Class 529C | 27,393,249 | — | — | — |
| Total net assets | $681,724,675 | $334,311,829 | $464,411,652 | $792,498,784 |
| Shares of beneficial interest outstanding | ||||
| Class A | 12,122,616 | 3,189,988 | 1,943,116 | 4,562,703 |
| Class B | 180,529 | 117,803 | 91,602 | 321,626 |
| Class C | 5,203,389 | 396,706 | 291,875 | 687,192 |
| Class I | 3,472,584 | 245,965 | 213,161 | 409,662 |
| Class R1 | 147,620 | 120,645 | 23,071 | 278,822 |
| Class R2 | 631,402 | 1,955,489 | 1,218,369 | 3,074,083 |
| Class R3 | 4,941,288 | 5,524,623 | 7,728,431 | 10,963,668 |
| Class R4 | 1,210,719 | 2,142,181 | 2,824,621 | 3,835,245 |
| Class R6 | 6,549,822 | 9,123,238 | 15,387,810 | 17,215,623 |
| Class 529A | 14,128,508 | — | — | — |
| Class 529B | 282,888 | — | — | — |
| Class 529C | 2,375,036 | — | — | — |
| Total shares of beneficial interest outstanding | 51,246,401 | 22,816,638 | 29,722,056 | 41,348,624 |
| Class A shares | ||||
| Net
asset value per share (net assets / shares of beneficial interest outstanding) |
$14.16 | $14.60 | $15.56 | $19.12 |
| Offering price per share (100 / 95.75 x net asset value per share) | $14.79 | $— | $— | $— |
| Offering price per share (100 / 94.25 x net asset value per share) | $— | $15.49 | $16.51 | $20.29 |
| Class B shares | ||||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$14.16 | $14.50 | $15.39 | $18.79 |
| Class C shares | ||||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$14.15 | $14.30 | $15.29 | $18.67 |
| Class I shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$14.16 | $14.74 | $15.64 | $19.25 |
| Class R1 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$14.17 | $14.59 | $15.54 | $18.89 |
| Class R2 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$14.16 | $14.50 | $15.49 | $18.93 |
| Class R3 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$14.16 | $14.60 | $15.54 | $19.06 |
38
Statements of Assets and
Liabilities (unaudited) – continued
| MFS
Lifetime Income Fund |
MFS
Lifetime 2020 Fund |
MFS
Lifetime 2025 Fund |
MFS
Lifetime 2030 Fund | |
| Class R4 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$14.15 | $14.73 | $15.67 | $19.28 |
| Class R6 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$14.20 | $14.73 | $15.68 | $19.29 |
| Class 529A shares | ||||
| Net
asset value and redemption price per share (net assets / shares of beneficial interest outstanding) |
$11.54 | $— | $— | $— |
| Offering price per share (100 / 95.75 x net asset value per share) | $12.05 | $— | $— | $— |
| Class 529B shares | ||||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$11.55 | $— | $— | $— |
| Class 529C shares | ||||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$11.53 | $— | $— | $— |
| 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
39
Statements of Assets and
Liabilities (unaudited) – continued
| At 10/31/21 | MFS
Lifetime 2035 Fund |
MFS
Lifetime 2040 Fund |
MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
| Assets | ||||
| Investments in affiliated issuers, at value (identified cost, $349,571,747, $368,532,560, $235,544,718, and $220,857,948, respectively) | $507,545,979 | $622,768,084 | $362,846,675 | $356,709,946 |
| Receivables for | ||||
| Investments sold | — | — | 11,134 | — |
| Fund shares sold | 1,428,281 | 1,017,564 | 729,335 | 601,732 |
| Receivable from investment adviser | 96,872 | 111,320 | 76,196 | 76,675 |
| Other assets | 35,429 | 40,070 | 37,832 | 44,497 |
| Total assets | $509,106,561 | $623,937,038 | $363,701,172 | $357,432,850 |
| Liabilities | ||||
| Payable to custodian | $406 | $500 | $293 | $292 |
| Payables for | ||||
| Investments purchased | 1,275,326 | 960,622 | 635,741 | 548,702 |
| Fund shares reacquired | 157,492 | 60,164 | 89,889 | 58,641 |
| Payable to affiliates | ||||
| Administrative services fee | 192 | 192 | 192 | 192 |
| Shareholder servicing costs | 105,880 | 140,097 | 84,777 | 92,817 |
| Distribution and service fees | 6,889 | 11,006 | 4,996 | 5,931 |
| Accrued expenses and other liabilities | 40,396 | 45,459 | 38,626 | 40,992 |
| Total liabilities | $1,586,581 | $1,218,040 | $854,514 | $747,567 |
| Net assets | $507,519,980 | $622,718,998 | $362,846,658 | $356,685,283 |
| Net assets consist of | ||||
| Paid-in capital | $340,792,325 | $356,501,538 | $230,420,971 | $212,967,011 |
| Total distributable earnings (loss) | 166,727,655 | 266,217,460 | 132,425,687 | 143,718,272 |
| Net assets | $507,519,980 | $622,718,998 | $362,846,658 | $356,685,283 |
40
Statements of Assets and
Liabilities (unaudited) – continued
| MFS
Lifetime 2035 Fund |
MFS
Lifetime 2040 Fund |
MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund | |
| Net assets | ||||
| Class A | $30,082,434 | $57,549,826 | $20,752,761 | $25,325,706 |
| Class B | 1,592,945 | 3,463,328 | 955,505 | 1,687,063 |
| Class C | 3,729,363 | 8,934,273 | 2,152,458 | 3,907,184 |
| Class I | 1,311,638 | 5,053,330 | 2,555,070 | 1,230,023 |
| Class R1 | 507,764 | 4,354,732 | 372,714 | 773,111 |
| Class R2 | 18,739,924 | 49,203,429 | 11,704,335 | 20,477,969 |
| Class R3 | 160,699,893 | 178,476,910 | 124,050,790 | 124,640,759 |
| Class R4 | 47,468,181 | 58,069,513 | 31,110,021 | 29,580,572 |
| Class R6 | 243,387,838 | 257,613,657 | 169,193,004 | 149,062,896 |
| Total net assets | $507,519,980 | $622,718,998 | $362,846,658 | $356,685,283 |
| Shares of beneficial interest outstanding | ||||
| Class A | 1,519,301 | 2,648,935 | 975,873 | 984,249 |
| Class B | 81,309 | 161,083 | 45,391 | 66,824 |
| Class C | 191,572 | 421,056 | 102,730 | 155,632 |
| Class I | 65,955 | 230,538 | 119,382 | 47,797 |
| Class R1 | 25,792 | 203,222 | 17,684 | 30,653 |
| Class R2 | 948,235 | 2,281,353 | 553,438 | 806,226 |
| Class R3 | 8,107,938 | 8,216,172 | 5,839,261 | 4,883,207 |
| Class R4 | 2,377,586 | 2,640,180 | 1,453,448 | 1,149,119 |
| Class R6 | 12,180,495 | 11,709,536 | 7,902,297 | 5,786,672 |
| Total shares of beneficial interest outstanding | 25,498,183 | 28,512,075 | 17,009,504 | 13,910,379 |
| Class A shares | ||||
| Net
asset value per share (net assets / shares of beneficial interest outstanding) |
$19.80 | $21.73 | $21.27 | $25.73 |
| Offering price per share (100 / 94.25 x net asset value per share) | $21.01 | $23.06 | $22.57 | $27.30 |
| Class B shares | ||||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$19.59 | $21.50 | $21.05 | $25.25 |
| Class C shares | ||||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$19.47 | $21.22 | $20.95 | $25.11 |
| Class I shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$19.89 | $21.92 | $21.40 | $25.73 |
| Class R1 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$19.69 | $21.43 | $21.08 | $25.22 |
| Class R2 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$19.76 | $21.57 | $21.15 | $25.40 |
| Class R3 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$19.82 | $21.72 | $21.24 | $25.52 |
| Class R4 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$19.96 | $21.99 | $21.40 | $25.74 |
41
Statements of Assets and
Liabilities (unaudited) – continued
| MFS
Lifetime 2035 Fund |
MFS
Lifetime 2040 Fund |
MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund | |
| Class R6 shares | ||||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$19.98 | $22.00 | $21.41 | $25.76 |
| 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
42
Statements of Assets and
Liabilities (unaudited) – continued
| At 10/31/21 | MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund |
| Assets | |||
| Investments in affiliated issuers, at value (identified cost, $140,466,191, $52,704,679, and $862,029, respectively) | $207,455,392 | $69,651,556 | $867,857 |
| Receivables for | |||
| Fund shares sold | 679,069 | 388,051 | — |
| Receivable from investment adviser | 55,412 | 33,668 | 11,280 |
| Other assets | 37,330 | 38,076 | — |
| Total assets | $208,227,203 | $70,111,351 | $879,137 |
| Liabilities | |||
| Payable to custodian | $165 | $54 | $— |
| Payables for | |||
| Investments purchased | 586,730 | 382,019 | — |
| Fund shares reacquired | 96,483 | 10,734 | — |
| Payable to affiliates | |||
| Administrative services fee | 192 | 192 | 192 |
| Shareholder servicing costs | 61,045 | 21,639 | 55 |
| Distribution and service fees | 3,511 | 1,040 | 17 |
| Accrued expenses and other liabilities | 39,422 | 32,503 | 14,494 |
| Total liabilities | $787,548 | $448,181 | $14,758 |
| Net assets | $207,439,655 | $69,663,170 | $864,379 |
| Net assets consist of | |||
| Paid-in capital | $137,982,715 | $52,539,227 | $857,924 |
| Total distributable earnings (loss) | 69,456,940 | 17,123,943 | 6,455 |
| Net assets | $207,439,655 | $69,663,170 | $864,379 |
43
Statements of Assets and
Liabilities (unaudited) – continued
| MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund | |
| Net assets | |||
| Class A | $16,712,204 | $6,272,961 | $50,366 |
| Class B | 758,086 | 202,255 | — |
| Class C | 2,637,541 | 893,022 | 50,302 |
| Class I | 494,717 | 282,471 | 50,384 |
| Class R1 | 718,906 | 91,893 | 50,300 |
| Class R2 | 9,451,790 | 1,796,516 | 58,423 |
| Class R3 | 76,072,464 | 23,433,341 | 50,364 |
| Class R4 | 16,365,448 | 2,932,199 | 50,384 |
| Class R6 | 84,228,499 | 33,758,512 | 503,856 |
| Total net assets | $207,439,655 | $69,663,170 | $864,379 |
| Shares of beneficial interest outstanding | |||
| Class A | 762,739 | 365,814 | 5,000 |
| Class B | 34,892 | 11,863 | — |
| Class C | 122,368 | 52,683 | 5,000 |
| Class I | 22,521 | 16,344 | 5,000 |
| Class R1 | 33,207 | 5,372 | 5,000 |
| Class R2 | 433,358 | 105,033 | 5,802 |
| Class R3 | 3,471,936 | 1,365,091 | 5,000 |
| Class R4 | 741,049 | 170,014 | 5,000 |
| Class R6 | 3,808,184 | 1,949,842 | 50,000 |
| Total shares of beneficial interest outstanding | 9,430,254 | 4,042,056 | 85,802 |
| Class A shares | |||
| Net
asset value per share (net assets / shares of beneficial interest outstanding) |
$21.91 | $17.15 | $10.07 |
| Offering price per share (100 / 94.25 x net asset value per share) | $23.25 | $18.20 | $10.68 |
| Class B shares | |||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$21.73 | $17.05 | $— |
| Class C shares | |||
| Net
asset value and offering price per share (net assets / shares of beneficial interest outstanding) |
$21.55 | $16.95 | $10.06 |
| Class I shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$21.97 | $17.28 | $10.08 |
| Class R1 shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$21.65 | $17.11 | $10.06 |
| Class R2 shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$21.81 | $17.10 | $10.07 |
| Class R3 shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$21.91 | $17.17 | $10.07 |
| Class R4 shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$22.08 | $17.25 | $10.08 |
44
Statements of Assets and
Liabilities (unaudited) – continued
| MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund | |
| Class R6 shares | |||
| Net
asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) |
$22.12 | $17.31 | $10.08 |
| 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
45
Financial Statements
Statements of Operations
Six months ended 10/31/21 (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 | $5,740,531 | $2,881,748 | $3,773,235 | $4,905,861 | $2,162,440 |
| Other | 92 | 59 | 65 | 95 | 60 |
| Excess expense reimbursement from investment adviser | 53,290 | 97,042 | 168,124 | 230,510 | 164,600 |
| Total investment income | $5,793,913 | $2,978,849 | $3,941,424 | $5,136,466 | $2,327,100 |
| Expenses | |||||
| Distribution and service fees | $1,103,597 | $290,555 | $270,908 | $640,342 | $306,666 |
| Shareholder servicing costs | 417,462 | 183,657 | 205,021 | 375,359 | 240,534 |
| Program manager fees | 48,886 | — | — | — | — |
| Administrative services fee | 8,823 | 8,823 | 8,823 | 8,823 | 8,823 |
| Independent Trustees' compensation | 5,577 | 3,433 | 4,204 | 6,185 | 4,251 |
| Custodian fee | 13,111 | 5,441 | 6,093 | 8,285 | 5,864 |
| Shareholder communications | 18,225 | 7,087 | 6,446 | 9,706 | 6,969 |
| Audit and tax fees | 20,028 | 19,154 | 18,750 | 19,191 | 18,748 |
| Legal fees | 2,304 | 1,273 | 1,534 | 2,471 | 1,427 |
| Registration fees | 72,432 | 65,812 | 68,327 | 73,943 | 72,629 |
| NASDAQ listing fee | 4,235 | 3,176 | 3,176 | 3,176 | 3,176 |
| N-CEN/N-PORT preparation fees | 5,545 | 5,545 | 5,545 | 5,545 | 5,545 |
| Miscellaneous | 9,915 | 8,681 | 9,047 | 10,450 | 8,937 |
| Total expenses | $1,730,140 | $602,637 | $607,874 | $1,163,476 | $683,569 |
| Reduction of expenses by investment adviser and distributor | (642,398) | (317,912) | (336,268) | (539,524) | (376,059) |
| Net expenses | $1,087,742 | $284,725 | $271,606 | $623,952 | $307,510 |
| Net investment income (loss) | $4,706,171 | $2,694,124 | $3,669,818 | $4,512,514 | $2,019,590 |
| Realized and unrealized gain (loss) | |||||
| Realized gain (loss) (identified cost basis) | |||||
| Investments in affiliated issuers | $11,096,766 | $8,109,941 | $9,690,180 | $18,850,682 | $8,976,415 |
| Capital gain distributions from affiliated issuers | 57,261 | 28,894 | 57,128 | 126,667 | 105,397 |
| Net realized gain (loss) | $11,154,027 | $8,138,835 | $9,747,308 | $18,977,349 | $9,081,812 |
| Change in unrealized appreciation or depreciation | |||||
| Affiliated issuers | $5,113,478 | $218,172 | $4,942,306 | $16,488,695 | $20,245,244 |
| Net realized and unrealized gain (loss) | $16,267,505 | $8,357,007 | $14,689,614 | $35,466,044 | $29,327,056 |
| Change in net assets from operations | $20,973,676 | $11,051,131 | $18,359,432 | $39,978,558 | $31,346,646 |
See Notes to Financial
Statements
46
Statements of
Operations (unaudited) – continued
| Six months ended 10/31/21 | MFS
Lifetime 2040 Fund |
MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund (c) |
| Net investment income (loss) | ||||||
| Dividends from affiliated issuers | $1,779,629 | $555,410 | $476,315 | $268,102 | $86,095 | $501 |
| Other | 70 | 49 | 50 | 33 | 14 | — |
| Excess expense reimbursement from investment adviser | 170,352 | 116,349 | 100,787 | 56,292 | 20,821 | 138 |
| Total investment income | $1,950,051 | $671,808 | $577,152 | $324,427 | $106,930 | $639 |
| Expenses | ||||||
| Distribution and service fees | $494,558 | $222,808 | $273,216 | $158,117 | $44,058 | $253 |
| Shareholder servicing costs | 316,800 | 191,594 | 212,899 | 141,193 | 50,565 | 85 |
| Administrative services fee | 8,823 | 8,823 | 8,823 | 8,823 | 8,823 | 2,925 |
| Independent Trustees' compensation | 5,005 | 3,393 | 3,430 | 2,390 | 1,483 | 432 |
| Custodian fee | 6,722 | 4,894 | 4,968 | 3,813 | 2,807 | 1,613 |
| Shareholder communications | 9,220 | 7,092 | 9,513 | 9,022 | 6,016 | 681 |
| Audit and tax fees | 19,169 | 18,735 | 18,836 | 18,722 | 18,389 | 5,747 |
| Legal fees | 1,773 | 1,036 | 1,045 | 567 | 141 | 17 |
| Registration fees | 73,183 | 69,880 | 67,143 | 66,157 | 63,515 | 4,197 |
| NASDAQ listing fee | 3,176 | 3,176 | 3,176 | 3,176 | 3,176 | 1,412 |
| N-CEN/N-PORT preparation fees | 5,545 | 5,545 | 5,545 | 5,545 | 5,545 | 1,848 |
| Miscellaneous | 9,314 | 8,454 | 8,500 | 7,836 | 7,213 | 1,704 |
| Total expenses | $953,288 | $545,430 | $617,094 | $425,361 | $211,731 | $20,914 |
| Reduction of expenses by investment adviser and distributor | (463,456) | (321,966) | (343,355) | (266,900) | (168,051) | (20,717) |
| Net expenses | $489,832 | $223,464 | $273,739 | $158,461 | $43,680 | $197 |
| Net investment income (loss) | $1,460,219 | $448,344 | $303,413 | $165,966 | $63,250 | $442 |
| Realized and unrealized gain (loss) | ||||||
| Realized gain (loss) (identified cost basis) | ||||||
| Investments in affiliated issuers | $14,604,662 | $6,250,025 | $8,806,729 | $3,041,143 | $265,966 | $185 |
| Capital gain distributions from affiliated issuers | 141,926 | 85,303 | 87,197 | 48,512 | 14,576 | — |
| Net realized gain (loss) | $14,746,588 | $6,335,328 | $8,893,926 | $3,089,655 | $280,542 | $185 |
| Change in unrealized appreciation or depreciation | ||||||
| Affiliated issuers | $25,341,673 | $18,914,232 | $16,662,891 | $11,363,095 | $4,325,922 | $5,828 |
| Net realized and unrealized gain (loss) | $40,088,261 | $25,249,560 | $25,556,817 | $14,452,750 | $4,606,464 | $6,013 |
| Change in net assets from operations | $41,548,480 | $25,697,904 | $25,860,230 | $14,618,716 | $4,669,714 | $6,455 |
| (c) | For the period from the commencement of the fund’s investment operations, September 1, 2021, through the stated period end. |
See Notes to Financial Statements
47
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 10/31/21 (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) | $4,706,171 | $2,694,124 | $3,669,818 | $4,512,514 | $2,019,590 |
| Net realized gain (loss) | 11,154,027 | 8,138,835 | 9,747,308 | 18,977,349 | 9,081,812 |
| Net unrealized gain (loss) | 5,113,478 | 218,172 | 4,942,306 | 16,488,695 | 20,245,244 |
| Change in net assets from operations | $20,973,676 | $11,051,131 | $18,359,432 | $39,978,558 | $31,346,646 |
| Total distributions to shareholders | $(5,135,532) | $— | $— | $— | $— |
| Change in net assets from fund share transactions | $(29,722,535) | $(39,784,360) | $(38,481,320) | $(40,426,035) | $(16,327,519) |
| Total change in net assets | $(13,884,391) | $(28,733,229) | $(20,121,888) | $(447,477) | $15,019,127 |
| Net assets | |||||
| At beginning of period | 695,609,066 | 363,045,058 | 484,533,540 | 792,946,261 | 492,500,853 |
| At end of period | $681,724,675 | $334,311,829 | $464,411,652 | $792,498,784 | $507,519,980 |
| Six months ended 10/31/21 (unaudited) | MFS
Lifetime 2040 Fund |
MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund (c) |
| Change in net assets | ||||||
| From operations | ||||||
| Net investment income (loss) | $1,460,219 | $448,344 | $303,413 | $165,966 | $63,250 | $442 |
| Net realized gain (loss) | 14,746,588 | 6,335,328 | 8,893,926 | 3,089,655 | 280,542 | 185 |
| Net unrealized gain (loss) | 25,341,673 | 18,914,232 | 16,662,891 | 11,363,095 | 4,325,922 | 5,828 |
| Change in net assets from operations | $41,548,480 | $25,697,904 | $25,860,230 | $14,618,716 | $4,669,714 | $6,455 |
| Change in net assets from fund share transactions | $(32,477,129) | $(21,076,694) | $(34,227,074) | $(8,169,653) | $5,063,785 | $857,924 |
| Total change in net assets | $9,071,351 | $4,621,210 | $(8,366,844) | $6,449,063 | $9,733,499 | $864,379 |
| Net assets | ||||||
| At beginning of period | 613,647,647 | 358,225,448 | 365,052,127 | 200,990,592 | 59,929,671 | — |
| At end of period | $622,718,998 | $362,846,658 | $356,685,283 | $207,439,655 | $69,663,170 | $864,379 |
| (c) | For the period from the commencement of the fund’s investment operations, September 1, 2021, through the stated period end. |
See Notes to Financial Statements
48
Statements of Changes in Net
Assets – continued
| Year ended 4/30/21 | 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) | $11,650,013 | $7,128,189 | $8,568,425 | $11,971,162 | $6,427,492 |
| Net realized gain (loss) | 13,871,010 | 12,403,567 | 8,016,498 | 25,067,715 | 4,122,159 |
| Net unrealized gain (loss) | 70,006,360 | 33,284,885 | 62,790,053 | 139,628,325 | 121,307,305 |
| Change in net assets from operations | $95,527,383 | $52,816,641 | $79,374,976 | $176,667,202 | $131,856,956 |
| Total distributions to shareholders | $(19,692,511) | $(14,725,525) | $(12,418,815) | $(26,868,795) | $(11,100,314) |
| Change in net assets from fund share transactions | $26,103,494 | $1,945,935 | $90,107,523 | $43,245,778 | $39,426,495 |
| Total change in net assets | $101,938,366 | $40,037,051 | $157,063,684 | $193,044,185 | $160,183,137 |
| Net assets | |||||
| At beginning of period | 593,670,700 | 323,008,007 | 327,469,856 | 599,902,076 | 332,317,716 |
| At end of period | $695,609,066 | $363,045,058 | $484,533,540 | $792,946,261 | $492,500,853 |
| Year ended 4/30/21 | 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) | $6,977,461 | $3,642,128 | $3,619,788 | $1,904,382 | $520,918 |
| Net realized gain (loss) | 10,570,653 | 2,006,966 | 2,781,019 | 1,360,365 | 214,680 |
| Net unrealized gain (loss) | 157,970,864 | 99,655,196 | 101,104,166 | 55,212,392 | 13,782,441 |
| Change in net assets from operations | $175,518,978 | $105,304,290 | $107,504,973 | $58,477,139 | $14,518,039 |
| Total distributions to shareholders | $(15,517,988) | $(7,226,087) | $(7,074,896) | $(3,668,161) | $(777,663) |
| Change in net assets from fund share transactions | $19,166,545 | $29,919,909 | $26,744,709 | $21,224,931 | $22,136,259 |
| Total change in net assets | $179,167,535 | $127,998,112 | $127,174,786 | $76,033,909 | $35,876,635 |
| Net assets | |||||
| At beginning of period | 434,480,112 | 230,227,336 | 237,877,341 | 124,956,683 | 24,053,036 |
| At end of period | $613,647,647 | $358,225,448 | $365,052,127 | $200,990,592 | $59,929,671 |
See Notes to Financial
Statements
49
Financial
Statements
Financial Highlights
MFS LIFETIME INCOME FUND
The financial highlights table is intended to help you
understand the fund's financial performance for the 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 | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $13.84 | $12.29 | $12.39 | $12.25 | $12.20 | $12.08 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.10 | $0.23 | $0.30 | $0.31 | $0.27 | $0.21 |
| Net realized and unrealized gain (loss) | 0.35 | 1.72 | 0.05 | 0.30 | 0.20 | 0.39 |
| Total from investment operations | $0.45 | $1.95 | $0.35 | $0.61 | $0.47 | $0.60 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.13) | $(0.27) | $(0.31) | $(0.32) | $(0.27) | $(0.24) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.13) | $(0.40) | $(0.45) | $(0.47) | $(0.42) | $(0.48) |
| Net asset value, end of period (x) | $14.16 | $13.84 | $12.29 | $12.39 | $12.25 | $12.20 |
| Total return (%) (r)(s)(t)(x) | 3.10(n) | 16.01 | 2.78 | 5.18 | 3.84 | 5.09 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.43(a) | 0.43 | 0.45 | 0.45 | 0.45 | 0.46 |
| Expenses after expense reductions (f)(h) | 0.23(a) | 0.23 | 0.23 | 0.23 | 0.24 | 0.25 |
| Net investment income (loss) (l) | 1.40(a) | 1.77 | 2.37 | 2.57 | 2.19 | 1.74 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $171,603 | $164,096 | $124,123 | $111,591 | $108,482 | $115,872 |
See Notes to Financial
Statements
50
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $13.84 | $12.29 | $12.40 | $12.25 | $12.20 | $12.08 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.05 | $0.15 | $0.20 | $0.22 | $0.17 | $0.12 |
| Net realized and unrealized gain (loss) | 0.34 | 1.70 | 0.04 | 0.31 | 0.21 | 0.39 |
| Total from investment operations | $0.39 | $1.85 | $0.24 | $0.53 | $0.38 | $0.51 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.07) | $(0.17) | $(0.21) | $(0.23) | $(0.18) | $(0.15) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.07) | $(0.30) | $(0.35) | $(0.38) | $(0.33) | $(0.39) |
| Net asset value, end of period (x) | $14.16 | $13.84 | $12.29 | $12.40 | $12.25 | $12.20 |
| Total return (%) (r)(s)(t)(x) | 2.72(n) | 15.16 | 1.93 | 4.48 | 3.07 | 4.31 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.17(a) | 1.19 | 1.20 | 1.20 | 1.20 | 1.21 |
| Expenses after expense reductions (f)(h) | 0.98(a) | 0.98 | 0.98 | 0.99 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 0.64(a) | 1.15 | 1.61 | 1.81 | 1.40 | 0.98 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $2,555 | $3,347 | $5,774 | $9,111 | $11,818 | $15,801 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $13.83 | $12.28 | $12.39 | $12.25 | $12.19 | $12.08 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.05 | $0.15 | $0.20 | $0.22 | $0.18 | $0.12 |
| Net realized and unrealized gain (loss) | 0.34 | 1.70 | 0.04 | 0.30 | 0.21 | 0.38 |
| Total from investment operations | $0.39 | $1.85 | $0.24 | $0.52 | $0.39 | $0.50 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.07) | $(0.17) | $(0.21) | $(0.23) | $(0.18) | $(0.15) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.07) | $(0.30) | $(0.35) | $(0.38) | $(0.33) | $(0.39) |
| Net asset value, end of period (x) | $14.15 | $13.83 | $12.28 | $12.39 | $12.25 | $12.19 |
| Total return (%) (r)(s)(t)(x) | 2.72(n) | 15.17 | 1.93 | 4.40 | 3.15 | 4.22 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.17(a) | 1.19 | 1.20 | 1.20 | 1.20 | 1.21 |
| Expenses after expense reductions (f)(h) | 0.98(a) | 0.98 | 0.98 | 0.99 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 0.65(a) | 1.16 | 1.60 | 1.80 | 1.43 | 0.98 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $73,619 | $81,542 | $98,286 | $112,773 | $128,791 | $147,518 |
See Notes to Financial
Statements
51
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $13.84 | $12.29 | $12.40 | $12.25 | $12.20 | $12.08 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.12 | $0.28 | $0.33 | $0.34 | $0.31 | $0.24 |
| Net realized and unrealized gain (loss) | 0.35 | 1.70 | 0.04 | 0.31 | 0.19 | 0.39 |
| Total from investment operations | $0.47 | $1.98 | $0.37 | $0.65 | $0.50 | $0.63 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.15) | $(0.30) | $(0.34) | $(0.35) | $(0.30) | $(0.27) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.15) | $(0.43) | $(0.48) | $(0.50) | $(0.45) | $(0.51) |
| Net asset value, end of period (x) | $14.16 | $13.84 | $12.29 | $12.40 | $12.25 | $12.20 |
| Total return (%) (r)(s)(t)(x) | 3.23(n) | 16.30 | 2.96 | 5.53 | 4.10 | 5.35 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.18(a) | 0.18 | 0.20 | 0.20 | 0.20 | 0.21 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.65(a) | 2.14 | 2.61 | 2.82 | 2.46 | 1.98 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $49,173 | $46,956 | $34,513 | $34,654 | $32,496 | $32,683 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $13.85 | $12.30 | $12.41 | $12.26 | $12.21 | $12.09 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.05 | $0.14 | $0.20 | $0.21 | $0.18 | $0.12 |
| Net realized and unrealized gain (loss) | 0.34 | 1.71 | 0.04 | 0.32 | 0.20 | 0.39 |
| Total from investment operations | $0.39 | $1.85 | $0.24 | $0.53 | $0.38 | $0.51 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.07) | $(0.17) | $(0.21) | $(0.23) | $(0.18) | $(0.15) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.07) | $(0.30) | $(0.35) | $(0.38) | $(0.33) | $(0.39) |
| Net asset value, end of period (x) | $14.17 | $13.85 | $12.30 | $12.41 | $12.26 | $12.21 |
| Total return (%) (r)(s)(t)(x) | 2.72(n) | 15.15 | 1.93 | 4.48 | 3.06 | 4.31 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.18(a) | 1.19 | 1.20 | 1.20 | 1.20 | 1.21 |
| Expenses after expense reductions (f)(h) | 0.98(a) | 0.98 | 0.98 | 0.98 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 0.65(a) | 1.08 | 1.58 | 1.72 | 1.42 | 0.96 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $2,092 | $1,932 | $2,493 | $3,977 | $4,344 | $4,453 |
See Notes to Financial
Statements
52
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $13.84 | $12.29 | $12.40 | $12.26 | $12.20 | $12.08 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.08 | $0.21 | $0.26 | $0.28 | $0.24 | $0.18 |
| Net realized and unrealized gain (loss) | 0.35 | 1.71 | 0.05 | 0.30 | 0.21 | 0.39 |
| Total from investment operations | $0.43 | $1.92 | $0.31 | $0.58 | $0.45 | $0.57 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.11) | $(0.24) | $(0.28) | $(0.29) | $(0.24) | $(0.21) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.11) | $(0.37) | $(0.42) | $(0.44) | $(0.39) | $(0.45) |
| Net asset value, end of period (x) | $14.16 | $13.84 | $12.29 | $12.40 | $12.26 | $12.20 |
| Total return (%) (r)(s)(t)(x) | 2.97(n) | 15.73 | 2.44 | 4.92 | 3.67 | 4.83 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.68(a) | 0.69 | 0.70 | 0.70 | 0.70 | 0.71 |
| Expenses after expense reductions (f)(h) | 0.48(a) | 0.48 | 0.48 | 0.49 | 0.49 | 0.50 |
| Net investment income (loss) (l) | 1.15(a) | 1.60 | 2.07 | 2.30 | 1.91 | 1.49 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $8,941 | $10,823 | $14,259 | $19,458 | $27,110 | $31,542 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $13.84 | $12.29 | $12.40 | $12.25 | $12.20 | $12.08 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.10 | $0.25 | $0.30 | $0.31 | $0.27 | $0.21 |
| Net realized and unrealized gain (loss) | 0.35 | 1.70 | 0.04 | 0.31 | 0.20 | 0.39 |
| Total from investment operations | $0.45 | $1.95 | $0.34 | $0.62 | $0.47 | $0.60 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.13) | $(0.27) | $(0.31) | $(0.32) | $(0.27) | $(0.24) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.13) | $(0.40) | $(0.45) | $(0.47) | $(0.42) | $(0.48) |
| Net asset value, end of period (x) | $14.16 | $13.84 | $12.29 | $12.40 | $12.25 | $12.20 |
| Total return (%) (r)(s)(t)(x) | 3.10(n) | 16.01 | 2.70 | 5.26 | 3.84 | 5.09 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.43(a) | 0.43 | 0.45 | 0.45 | 0.45 | 0.47 |
| Expenses after expense reductions (f)(h) | 0.23(a) | 0.23 | 0.23 | 0.24 | 0.24 | 0.25 |
| Net investment income (loss) (l) | 1.42(a) | 1.90 | 2.39 | 2.57 | 2.21 | 1.74 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $69,946 | $75,909 | $67,237 | $54,540 | $54,156 | $49,628 |
See Notes to Financial
Statements
53
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $13.84 | $12.29 | $12.39 | $12.25 | $12.20 | $12.08 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.12 | $0.28 | $0.33 | $0.34 | $0.31 | $0.24 |
| Net realized and unrealized gain (loss) | 0.34 | 1.70 | 0.05 | 0.30 | 0.19 | 0.39 |
| Total from investment operations | $0.46 | $1.98 | $0.38 | $0.64 | $0.50 | $0.63 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.15) | $(0.30) | $(0.34) | $(0.35) | $(0.30) | $(0.27) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.15) | $(0.43) | $(0.48) | $(0.50) | $(0.45) | $(0.51) |
| Net asset value, end of period (x) | $14.15 | $13.84 | $12.29 | $12.39 | $12.25 | $12.20 |
| Total return (%) (r)(s)(t)(x) | 3.16(n) | 16.30 | 3.04 | 5.44 | 4.10 | 5.35 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.17(a) | 0.19 | 0.20 | 0.20 | 0.21 | 0.21 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.67(a) | 2.14 | 2.61 | 2.82 | 2.51 | 2.01 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $17,135 | $31,138 | $41,807 | $47,906 | $52,790 | $112,472 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(i) |
| Net asset value, beginning of period | $13.88 | $12.32 | $12.43 | $12.29 | $12.23 | $12.37 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.12 | $0.30 | $0.34 | $0.35 | $0.35 | $0.11 |
| Net realized and unrealized gain (loss) | 0.35 | 1.71 | 0.04 | 0.30 | 0.17 | 0.21 |
| Total from investment operations | $0.47 | $2.01 | $0.38 | $0.65 | $0.52 | $0.32 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.15) | $(0.32) | $(0.35) | $(0.36) | $(0.31) | $(0.22) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.15) | $(0.45) | $(0.49) | $(0.51) | $(0.46) | $(0.46) |
| Net asset value, end of period (x) | $14.20 | $13.88 | $12.32 | $12.43 | $12.29 | $12.23 |
| Total return (%) (r)(s)(t)(x) | 3.26(n) | 16.44 | 3.04 | 5.52 | 4.28 | 2.70(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.09(a) | 0.10 | 0.12 | 0.12 | 0.10 | 0.21(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 1.73(a) | 2.24 | 2.69 | 2.84 | 2.83 | 1.34(a) |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $92,990 | $87,750 | $42,065 | $33,595 | $26,728 | $6,775 |
See Notes to Financial
Statements
54
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
|
Six months ended |
Year ended | |||||
| Class 529A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $11.28 | $10.04 | $10.15 | $10.06 | $10.04 | $9.98 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.08 | $0.20 | $0.24 | $0.25 | $0.22 | $0.17 |
| Net realized and unrealized gain (loss) | 0.28 | 1.39 | 0.04 | 0.25 | 0.17 | 0.32 |
| Total from investment operations | $0.36 | $1.59 | $0.28 | $0.50 | $0.39 | $0.49 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.10) | $(0.22) | $(0.25) | $(0.26) | $(0.22) | $(0.19) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.10) | $(0.35) | $(0.39) | $(0.41) | $(0.37) | $(0.43) |
| Net asset value, end of period (x) | $11.54 | $11.28 | $10.04 | $10.15 | $10.06 | $10.04 |
| Total return (%) (r)(s)(t)(x) | 3.08(n) | 15.95 | 2.71 | 5.16 | 3.84 | 5.08 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.48(a) | 0.48 | 0.50 | 0.50 | 0.53 | 0.56 |
| Expenses after expense reductions (f)(h) | 0.26(a) | 0.27 | 0.27 | 0.27 | 0.28 | 0.29 |
| Net investment income (loss) (l) | 1.37(a) | 1.84 | 2.33 | 2.55 | 2.16 | 1.70 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $163,012 | $159,423 | $127,306 | $108,398 | $83,713 | $73,448 |
|
Six months ended |
Year ended | |||||
| Class 529B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $11.29 | $10.04 | $10.15 | $10.06 | $10.04 | $9.98 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.08 | $0.16 | $0.16 | $0.18 | $0.14 | $0.10 |
| Net realized and unrealized gain (loss) | 0.28 | 1.40 | 0.04 | 0.24 | 0.17 | 0.32 |
| Total from investment operations | $0.36 | $1.56 | $0.20 | $0.42 | $0.31 | $0.42 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.10) | $(0.18) | $(0.17) | $(0.18) | $(0.14) | $(0.12) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.10) | $(0.31) | $(0.31) | $(0.33) | $(0.29) | $(0.36) |
| Net asset value, end of period (x) | $11.55 | $11.29 | $10.04 | $10.15 | $10.06 | $10.04 |
| Total return (%) (r)(s)(t)(x) | 3.07(n) | 15.63 | 1.94 | 4.38 | 3.07 | 4.30 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.47(a) | 0.81 | 1.25 | 1.25 | 1.28 | 1.31 |
| Expenses after expense reductions (f)(h) | 0.27(a) | 0.59 | 1.02 | 1.02 | 1.04 | 1.05 |
| Net investment income (loss) (l) | 1.35(a) | 1.51 | 1.58 | 1.78 | 1.36 | 0.96 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $3,266 | $3,826 | $4,611 | $4,492 | $3,975 | $4,722 |
See Notes to Financial
Statements
55
Financial
Highlights − continued
MFS LIFETIME INCOME
FUND − continued
|
Six months ended |
Year ended | |||||
| Class 529C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $11.28 | $10.03 | $10.15 | $10.05 | $10.04 | $9.98 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.04 | $0.12 | $0.16 | $0.18 | $0.14 | $0.09 |
| Net realized and unrealized gain (loss) | 0.26 | 1.40 | 0.03 | 0.25 | 0.16 | 0.33 |
| Total from investment operations | $0.30 | $1.52 | $0.19 | $0.43 | $0.30 | $0.42 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $(0.05) | $(0.14) | $(0.17) | $(0.18) | $(0.14) | $(0.12) |
| From net realized gain | — | (0.13) | (0.14) | (0.15) | (0.15) | (0.24) |
| Total distributions declared to shareholders | $(0.05) | $(0.27) | $(0.31) | $(0.33) | $(0.29) | $(0.36) |
| Net asset value, end of period (x) | $11.53 | $11.28 | $10.03 | $10.15 | $10.05 | $10.04 |
| Total return (%) (r)(s)(t)(x) | 2.60(n) | 15.20 | 1.83 | 4.48 | 2.97 | 4.30 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.22(a) | 1.24 | 1.25 | 1.25 | 1.28 | 1.31 |
| Expenses after expense reductions (f)(h) | 1.02(a) | 1.02 | 1.03 | 1.03 | 1.04 | 1.05 |
| Net investment income (loss) (l) | 0.61(a) | 1.12 | 1.57 | 1.79 | 1.40 | 0.94 |
| Portfolio turnover | 3(n) | 12 | 15 | 10 | 11 | 25 |
| Net assets at end of period (000 omitted) | $27,393 | $28,866 | $31,196 | $34,160 | $34,039 | $32,166 |
| (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
56
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 ended |
Year ended | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.16 | $12.69 | $12.98 | $13.01 | $12.94 | $13.08 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.10 | $0.25 | $0.30 | $0.33 | $0.29 | $0.23 |
| Net realized and unrealized gain (loss) | 0.34 | 1.77 | 0.04 | 0.30 | 0.35 | 0.60 |
| Total from investment operations | $0.44 | $2.02 | $0.34 | $0.63 | $0.64 | $0.83 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.28) | $(0.32) | $(0.32) | $(0.35) | $(0.21) |
| From net realized gain | — | (0.27) | (0.31) | (0.34) | (0.22) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.55) | $(0.63) | $(0.66) | $(0.57) | $(0.97) |
| Net asset value, end of period (x) | $14.60 | $14.16 | $12.69 | $12.98 | $13.01 | $12.94 |
| Total return (%) (r)(s)(t)(x) | 3.11(n) | 16.02 | 2.46 | 5.30 | 4.94 | 6.60 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.48(a) | 0.47 | 0.51 | 0.48 | 0.48 | 0.48 |
| Expenses after expense reductions (f)(h) | 0.24(a) | 0.24 | 0.24 | 0.23 | 0.24 | 0.25 |
| Net investment income (loss) (l) | 1.39(a) | 1.83 | 2.32 | 2.56 | 2.22 | 1.73 |
| Portfolio turnover | 4(n) | 30 | 16 | 17 | 19 | 35 |
| Net assets at end of period (000 omitted) | $46,581 | $46,331 | $40,186 | $44,271 | $46,580 | $50,239 |
See Notes to Financial
Statements
57
Financial
Highlights − continued
MFS LIFETIME 2020
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.12 | $12.63 | $12.91 | $12.92 | $12.84 | $12.98 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.05 | $0.15 | $0.21 | $0.23 | $0.19 | $0.13 |
| Net realized and unrealized gain (loss) | 0.33 | 1.75 | 0.03 | 0.31 | 0.35 | 0.59 |
| Total from investment operations | $0.38 | $1.90 | $0.24 | $0.54 | $0.54 | $0.72 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.14) | $(0.21) | $(0.21) | $(0.24) | $(0.10) |
| From net realized gain | — | (0.27) | (0.31) | (0.34) | (0.22) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.41) | $(0.52) | $(0.55) | $(0.46) | $(0.86) |
| Net asset value, end of period (x) | $14.50 | $14.12 | $12.63 | $12.91 | $12.92 | $12.84 |
| Total return (%) (r)(s)(t)(x) | 2.69(n) | 15.15 | 1.72 | 4.49 | 4.21 | 5.75 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.23(a) | 1.22 | 1.26 | 1.23 | 1.23 | 1.22 |
| Expenses after expense reductions (f)(h) | 0.99(a) | 0.99 | 0.99 | 0.98 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 0.63(a) | 1.08 | 1.58 | 1.81 | 1.46 | 0.99 |
| Portfolio turnover | 4(n) | 30 | 16 | 17 | 19 | 35 |
| Net assets at end of period (000 omitted) | $1,708 | $2,109 | $2,492 | $3,148 | $4,420 | $5,425 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $13.92 | $12.41 | $12.71 | $12.74 | $12.67 | $12.83 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.05 | $0.15 | $0.20 | $0.23 | $0.19 | $0.13 |
| Net realized and unrealized gain (loss) | 0.33 | 1.73 | 0.03 | 0.30 | 0.34 | 0.58 |
| Total from investment operations | $0.38 | $1.88 | $0.23 | $0.53 | $0.53 | $0.71 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.10) | $(0.22) | $(0.22) | $(0.24) | $(0.11) |
| From net realized gain | — | (0.27) | (0.31) | (0.34) | (0.22) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.37) | $(0.53) | $(0.56) | $(0.46) | $(0.87) |
| Net asset value, end of period (x) | $14.30 | $13.92 | $12.41 | $12.71 | $12.74 | $12.67 |
| Total return (%) (r)(s)(t)(x) | 2.73(n) | 15.21 | 1.64 | 4.50 | 4.20 | 5.76 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.23(a) | 1.23 | 1.26 | 1.23 | 1.23 | 1.23 |
| Expenses after expense reductions (f)(h) | 0.99(a) | 0.99 | 0.99 | 0.98 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 0.64(a) | 1.11 | 1.58 | 1.82 | 1.47 | 0.98 |
| Portfolio turnover | 4(n) | 30 | 16 | 17 | 19 | 35 |
| Net assets at end of period (000 omitted) | $5,671 | $6,298 | $10,400 | $11,881 | $13,178 | $16,629 |
See Notes to Financial
Statements
58
Financial
Highlights − continued
MFS LIFETIME 2020
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.28 | $12.79 | $13.07 | $13.10 | $13.03 | $13.16 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.12 | $0.30 | $0.34 | $0.36 | $0.33 | $0.30 |
| Net realized and unrealized gain (loss) | 0.34 | 1.77 | 0.05 | 0.31 | 0.35 | 0.57 |
| Total from investment operations | $0.46 | $2.07 | $0.39 | $0.67 | $0.68 | $0.87 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.31) | $(0.36) | $(0.36) | $(0.39) | $(0.24) |
| From net realized gain | — | (0.27) | (0.31) | (0.34) | (0.22) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.58) | $(0.67) | $(0.70) | $(0.61) | $(1.00) |
| Net asset value, end of period (x) | $14.74 | $14.28 | $12.79 | $13.07 | $13.10 | $13.03 |
| Total return (%) (r)(s)(t)(x) | 3.22(n) | 16.35 | 2.77 | 5.54 | 5.19 | 6.91 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.23(a) | 0.22 | 0.26 | 0.23 | 0.23 | 0.21 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.64(a) | 2.13 | 2.54 | 2.76 | 2.50 | 2.25 |
| Portfolio turnover | 4(n) | 30 | 16 | 17 | 19 | 35 |
| Net assets at end of period (000 omitted) | $3,624 | $3,714 | $1,980 | $2,134 | $1,742 | $1,631 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.20 | $12.64 | $12.91 | $12.94 | $12.88 | $13.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.05 | $0.14 | $0.20 | $0.23 | $0.20 | $0.12 |
| Net realized and unrealized gain (loss) | 0.34 | 1.77 | 0.03 | 0.31 | 0.34 | 0.60 |
| Total from investment operations | $0.39 | $1.91 | $0.23 | $0.54 | $0.54 | $0.72 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.08) | $(0.19) | $(0.23) | $(0.26) | $(0.08) |
| From net realized gain | — | (0.27) | (0.31) | (0.34) | (0.22) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.35) | $(0.50) | $(0.57) | $(0.48) | $(0.84) |
| Net asset value, end of period (x) | $14.59 | $14.20 | $12.64 | $12.91 | $12.94 | $12.88 |
| Total return (%) (r)(s)(t)(x) | 2.75(n) | 15.19 | 1.64 | 4.51 | 4.19 | 5.73 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.23(a) | 1.23 | 1.26 | 1.23 | 1.23 | 1.22 |
| Expenses after expense reductions (f)(h) | 0.99(a) | 0.99 | 0.99 | 0.98 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 0.64(a) | 1.02 | 1.57 | 1.82 | 1.49 | 0.95 |
| Portfolio turnover | 4(n) | 30 | 16 | 17 | 19 | 35 |
| Net assets at end of period (000 omitted) | $1,760 | $1,714 | $3,348 | $4,510 | $4,587 | $4,355 |
See Notes to Financial
Statements
59
Financial
Highlights − continued
MFS LIFETIME 2020
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.08 | $12.61 | $12.88 | $12.91 | $12.84 | $13.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.08 | $0.22 | $0.27 | $0.30 | $0.26 | $0.19 |
| Net realized and unrealized gain (loss) | 0.34 | 1.75 | 0.04 | 0.30 | 0.35 | 0.59 |
| Total from investment operations | $0.42 | $1.97 | $0.31 | $0.60 | $0.61 | $0.78 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.23) | $(0.27) | $(0.29) | $(0.32) | $(0.18) |
| From net realized gain | — | (0.27) | (0.31) | (0.34) | (0.22) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.50) | $(0.58) | $(0.63) | $(0.54) | $(0.94) |
| Net asset value, end of period (x) | $14.50 | $14.08 | $12.61 | $12.88 | $12.91 | $12.84 |
| Total return (%) (r)(s)(t)(x) | 2.98(n) | 15.72 | 2.25 | 5.04 | 4.73 | 6.26 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.73(a) | 0.73 | 0.76 | 0.73 | 0.73 | 0.73 |
| Expenses after expense reductions (f)(h) | 0.49(a) | 0.49 | 0.49 | 0.48 | 0.49 | 0.50 |
| Net investment income (loss) (l) | 1.14(a) | 1.59 | 2.05 | 2.32 | 1.97 | 1.49 |
| Portfolio turnover | 4(n) | 30 | 16 | 17 | 19 | 35 |
| Net assets at end of period (000 omitted) | $28,347 | $30,795 | $36,927 | $47,259 | $72,233 | $76,217 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.17 | $12.69 | $12.98 | $13.01 | $12.95 | $13.09 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.10 | $0.25 | $0.31 | $0.34 | $0.30 | $0.22 |
| Net realized and unrealized gain (loss) | 0.33 | 1.77 | 0.04 | 0.30 | 0.34 | 0.61 |
| Total from investment operations | $0.43 | $2.02 | $0.35 | $0.64 | $0.64 | $0.83 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.27) | $(0.33) | $(0.33) | $(0.36) | $(0.21) |
| From net realized gain | — | (0.27) | (0.31) | (0.34) | (0.22) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.54) | $(0.64) | $(0.67) | $(0.58) | $(0.97) |
| Net asset value, end of period (x) | $14.60 | $14.17 | $12.69 | $12.98 | $13.01 | $12.95 |
| Total return (%) (r)(s)(t)(x) | 3.03(n) | 16.07 | 2.48 | 5.33 | 4.90 | 6.59 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.48(a) | 0.47 | 0.51 | 0.48 | 0.48 | 0.48 |
| Expenses after expense reductions (f)(h) | 0.24(a) | 0.24 | 0.24 | 0.23 | 0.24 | 0.25 |
| Net investment income (loss) (l) | 1.40(a) | 1.84 | 2.34 | 2.61 | 2.24 | 1.71 |
| Portfolio turnover | 4(n) | 30 | 16 | 17 | 19 | 35 |
| Net assets at end of period (000 omitted) | $80,680 | $87,643 | $88,804 | $79,478 | $84,245 | $74,655 |
See Notes to Financial
Statements
60
Financial
Highlights − continued
MFS LIFETIME 2020
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.28 | $12.78 | $13.07 | $13.10 | $13.01 | $13.15 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.12 | $0.29 | $0.34 | $0.37 | $0.34 | $0.27 |
| Net realized and unrealized gain (loss) | 0.33 | 1.78 | 0.04 | 0.30 | 0.34 | 0.59 |
| Total from investment operations | $0.45 | $2.07 | $0.38 | $0.67 | $0.68 | $0.86 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.30) | $(0.36) | $(0.36) | $(0.37) | $(0.24) |
| From net realized gain | — | (0.27) | (0.31) | (0.34) | (0.22) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.57) | $(0.67) | $(0.70) | $(0.59) | $(1.00) |
| Net asset value, end of period (x) | $14.73 | $14.28 | $12.78 | $13.07 | $13.10 | $13.01 |
| Total return (%) (r)(s)(t)(x) | 3.15(n) | 16.36 | 2.69 | 5.55 | 5.24 | 6.83 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.23(a) | 0.23 | 0.26 | 0.23 | 0.24 | 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) | 1.65(a) | 2.08 | 2.57 | 2.82 | 2.56 | 2.02 |
| Portfolio turnover | 4(n) | 30 | 16 | 17 | 19 | 35 |
| Net assets at end of period (000 omitted) | $31,562 | $49,050 | $77,500 | $85,763 | $87,475 | $146,535 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17(i) |
| Net asset value, beginning of period | $14.26 | $12.77 | $13.05 | $13.09 | $13.02 | $13.60 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.13 | $0.31 | $0.36 | $0.38 | $0.38 | $0.11 |
| Net realized and unrealized gain (loss) | 0.34 | 1.78 | 0.04 | 0.30 | 0.31 | 0.32 |
| Total from investment operations | $0.47 | $2.09 | $0.40 | $0.68 | $0.69 | $0.43 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.33) | $(0.37) | $(0.38) | $(0.40) | $(0.25) |
| From net realized gain | — | (0.27) | (0.31) | (0.34) | (0.22) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.60) | $(0.68) | $(0.72) | $(0.62) | $(1.01) |
| Net asset value, end of period (x) | $14.73 | $14.26 | $12.77 | $13.05 | $13.09 | $13.02 |
| Total return (%) (r)(s)(t)(x) | 3.30(n) | 16.49 | 2.91 | 5.62 | 5.33 | 3.43(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.10(a) | 0.08 | 0.12 | 0.11 | 0.10 | 0.16(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 1.77(a) | 2.27 | 2.73 | 2.95 | 2.82 | 1.28(a) |
| Portfolio turnover | 4(n) | 30 | 16 | 17 | 19 | 35 |
| Net assets at end of period (000 omitted) | $134,377 | $135,391 | $61,371 | $63,809 | $45,280 | $21,091 |
See Notes to Financial Statements
61
Financial
Highlights − continued
MFS LIFETIME 2020
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 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
62
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 |
Year ended | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $15.00 | $12.75 | $13.03 | $12.83 | $12.35 | $11.76 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.10 | $0.25 | $0.30 | $0.33 | $0.29 | $0.20 |
| Net realized and unrealized gain (loss) | 0.46 | 2.38 | (0.11) | 0.35 | 0.62 | 0.84 |
| Total from investment operations | $0.56 | $2.63 | $0.19 | $0.68 | $0.91 | $1.04 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.26) | $(0.28) | $(0.31) | $(0.35) | $(0.17) |
| From net realized gain | — | (0.12) | (0.19) | (0.17) | (0.08) | (0.28) |
| Total distributions declared to shareholders | $— | $(0.38) | $(0.47) | $(0.48) | $(0.43) | $(0.45) |
| Net asset value, end of period (x) | $15.56 | $15.00 | $12.75 | $13.03 | $12.83 | $12.35 |
| Total return (%) (r)(s)(t)(x) | 3.73(n) | 20.70 | 1.25 | 5.70 | 7.34 | 9.03 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.46(a) | 0.47 | 0.51 | 0.52 | 0.54 | 0.55 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.25 | 0.23 | 0.22 | 0.23 | 0.24 |
| Net investment income (loss) (l) | 1.31(a) | 1.77 | 2.25 | 2.62 | 2.28 | 1.62 |
| Portfolio turnover | 6(n) | 24 | 18 | 14 | 37 | 33 |
| Net assets at end of period (000 omitted) | $30,238 | $29,637 | $26,335 | $19,689 | $16,710 | $14,518 |
See Notes to Financial
Statements
63
Financial
Highlights − continued
MFS LIFETIME 2025
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.89 | $12.64 | $12.93 | $12.72 | $12.26 | $11.68 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.04 | $0.14 | $0.20 | $0.23 | $0.19 | $0.10 |
| Net realized and unrealized gain (loss) | 0.46 | 2.36 | (0.12) | 0.36 | 0.60 | 0.85 |
| Total from investment operations | $0.50 | $2.50 | $0.08 | $0.59 | $0.79 | $0.95 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.13) | $(0.18) | $(0.21) | $(0.25) | $(0.09) |
| From net realized gain | — | (0.12) | (0.19) | (0.17) | (0.08) | (0.28) |
| Total distributions declared to shareholders | $— | $(0.25) | $(0.37) | $(0.38) | $(0.33) | $(0.37) |
| Net asset value, end of period (x) | $15.39 | $14.89 | $12.64 | $12.93 | $12.72 | $12.26 |
| Total return (%) (r)(s)(t)(x) | 3.36(n) | 19.83 | 0.48 | 4.96 | 6.40 | 8.23 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.21(a) | 1.22 | 1.26 | 1.27 | 1.29 | 1.29 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 0.99 | 0.97 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.56(a) | 1.00 | 1.49 | 1.82 | 1.47 | 0.86 |
| Portfolio turnover | 6(n) | 24 | 18 | 14 | 37 | 33 |
| Net assets at end of period (000 omitted) | $1,410 | $1,447 | $1,632 | $1,501 | $1,472 | $1,340 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.80 | $12.58 | $12.86 | $12.66 | $12.21 | $11.63 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.04 | $0.14 | $0.19 | $0.22 | $0.19 | $0.10 |
| Net realized and unrealized gain (loss) | 0.45 | 2.35 | (0.11) | 0.37 | 0.60 | 0.84 |
| Total from investment operations | $0.49 | $2.49 | $0.08 | $0.59 | $0.79 | $0.94 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.15) | $(0.17) | $(0.22) | $(0.26) | $(0.08) |
| From net realized gain | — | (0.12) | (0.19) | (0.17) | (0.08) | (0.28) |
| Total distributions declared to shareholders | $— | $(0.27) | $(0.36) | $(0.39) | $(0.34) | $(0.36) |
| Net asset value, end of period (x) | $15.29 | $14.80 | $12.58 | $12.86 | $12.66 | $12.21 |
| Total return (%) (r)(s)(t)(x) | 3.31(n) | 19.86 | 0.45 | 4.94 | 6.42 | 8.24 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.21(a) | 1.22 | 1.26 | 1.27 | 1.29 | 1.29 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 0.99 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.56(a) | 1.03 | 1.46 | 1.78 | 1.50 | 0.83 |
| Portfolio turnover | 6(n) | 24 | 18 | 14 | 37 | 33 |
| Net assets at end of period (000 omitted) | $4,464 | $4,618 | $3,852 | $4,186 | $3,571 | $3,311 |
See Notes to Financial
Statements
64
Financial
Highlights − continued
MFS LIFETIME 2025
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $15.06 | $12.79 | $13.08 | $12.87 | $12.40 | $11.79 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.12 | $0.30 | $0.33 | $0.41 | $0.25 | $0.27 |
| Net realized and unrealized gain (loss) | 0.46 | 2.38 | (0.12) | 0.32 | 0.68 | 0.82 |
| Total from investment operations | $0.58 | $2.68 | $0.21 | $0.73 | $0.93 | $1.09 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.29) | $(0.31) | $(0.35) | $(0.38) | $(0.20) |
| From net realized gain | — | (0.12) | (0.19) | (0.17) | (0.08) | (0.28) |
| Total distributions declared to shareholders | $— | $(0.41) | $(0.50) | $(0.52) | $(0.46) | $(0.48) |
| Net asset value, end of period (x) | $15.64 | $15.06 | $12.79 | $13.08 | $12.87 | $12.40 |
| Total return (%) (r)(s)(t)(x) | 3.85(n) | 21.10 | 1.38 | 6.05 | 7.44 | 9.42 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.21(a) | 0.22 | 0.26 | 0.27 | 0.32 | 0.28 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.56(a) | 2.08 | 2.49 | 3.23 | 1.96 | 2.25 |
| Portfolio turnover | 6(n) | 24 | 18 | 14 | 37 | 33 |
| Net assets at end of period (000 omitted) | $3,334 | $3,131 | $1,445 | $1,228 | $538 | $127 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $15.04 | $12.65 | $12.95 | $12.76 | $12.33 | $11.79 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.04 | $0.09 | $0.19 | $0.22 | $0.20 | $0.09 |
| Net realized and unrealized gain (loss) | 0.46 | 2.42 | (0.12) | 0.37 | 0.60 | 0.86 |
| Total from investment operations | $0.50 | $2.51 | $0.07 | $0.59 | $0.80 | $0.95 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $— | $(0.18) | $(0.23) | $(0.29) | $(0.13) |
| From net realized gain | — | (0.12) | (0.19) | (0.17) | (0.08) | (0.28) |
| Total distributions declared to shareholders | $— | $(0.12) | $(0.37) | $(0.40) | $(0.37) | $(0.41) |
| Net asset value, end of period (x) | $15.54 | $15.04 | $12.65 | $12.95 | $12.76 | $12.33 |
| Total return (%) (r)(s)(t)(x) | 3.32(n) | 19.86 | 0.37 | 4.97 | 6.46 | 8.24 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.21(a) | 1.23 | 1.26 | 1.27 | 1.30 | 1.31 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 0.99 | 1.00 | 1.00 |
| Net investment income (loss) (l) | 0.55(a) | 0.67 | 1.46 | 1.76 | 1.58 | 0.77 |
| Portfolio turnover | 6(n) | 24 | 18 | 14 | 37 | 33 |
| Net assets at end of period (000 omitted) | $359 | $374 | $1,902 | $1,578 | $1,234 | $432 |
See Notes to Financial
Statements
65
Financial
Highlights − continued
MFS LIFETIME 2025
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.95 | $12.69 | $12.96 | $12.74 | $12.29 | $11.73 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.08 | $0.21 | $0.25 | $0.28 | $0.26 | $0.17 |
| Net realized and unrealized gain (loss) | 0.46 | 2.37 | (0.11) | 0.37 | 0.60 | 0.84 |
| Total from investment operations | $0.54 | $2.58 | $0.14 | $0.65 | $0.86 | $1.01 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.20) | $(0.22) | $(0.26) | $(0.33) | $(0.17) |
| From net realized gain | — | (0.12) | (0.19) | (0.17) | (0.08) | (0.28) |
| Total distributions declared to shareholders | $— | $(0.32) | $(0.41) | $(0.43) | $(0.41) | $(0.45) |
| Net asset value, end of period (x) | $15.49 | $14.95 | $12.69 | $12.96 | $12.74 | $12.29 |
| Total return (%) (r)(s)(t)(x) | 3.61(n) | 20.43 | 0.93 | 5.48 | 6.95 | 8.75 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.71(a) | 0.73 | 0.76 | 0.77 | 0.79 | 0.81 |
| Expenses after expense reductions (f)(h) | 0.50(a) | 0.50 | 0.50 | 0.49 | 0.50 | 0.50 |
| Net investment income (loss) (l) | 1.06(a) | 1.49 | 1.89 | 2.21 | 2.06 | 1.40 |
| Portfolio turnover | 6(n) | 24 | 18 | 14 | 37 | 33 |
| Net assets at end of period (000 omitted) | $18,877 | $21,994 | $26,607 | $36,121 | $35,799 | $23,253 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $14.98 | $12.73 | $13.02 | $12.81 | $12.35 | $11.76 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.10 | $0.25 | $0.30 | $0.33 | $0.29 | $0.20 |
| Net realized and unrealized gain (loss) | 0.46 | 2.38 | (0.12) | 0.36 | 0.60 | 0.85 |
| Total from investment operations | $0.56 | $2.63 | $0.18 | $0.69 | $0.89 | $1.05 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.26) | $(0.28) | $(0.31) | $(0.35) | $(0.18) |
| From net realized gain | — | (0.12) | (0.19) | (0.17) | (0.08) | (0.28) |
| Total distributions declared to shareholders | $— | $(0.38) | $(0.47) | $(0.48) | $(0.43) | $(0.46) |
| Net asset value, end of period (x) | $15.54 | $14.98 | $12.73 | $13.02 | $12.81 | $12.35 |
| Total return (%) (r)(s)(t)(x) | 3.74(n) | 20.74 | 1.17 | 5.75 | 7.19 | 9.08 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.46(a) | 0.47 | 0.51 | 0.52 | 0.54 | 0.55 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.25 | 0.25 | 0.24 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 1.32(a) | 1.80 | 2.25 | 2.56 | 2.24 | 1.61 |
| Portfolio turnover | 6(n) | 24 | 18 | 14 | 37 | 33 |
| Net assets at end of period (000 omitted) | $120,118 | $112,826 | $95,013 | $76,112 | $63,426 | $39,042 |
See Notes to Financial
Statements
66
Financial
Highlights − continued
MFS LIFETIME 2025
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $15.09 | $12.81 | $13.10 | $12.88 | $12.40 | $11.79 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.12 | $0.28 | $0.33 | $0.36 | $0.35 | $0.22 |
| Net realized and unrealized gain (loss) | 0.46 | 2.40 | (0.12) | 0.37 | 0.58 | 0.87 |
| Total from investment operations | $0.58 | $2.68 | $0.21 | $0.73 | $0.93 | $1.09 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.28) | $(0.31) | $(0.34) | $(0.37) | $(0.20) |
| From net realized gain | — | (0.12) | (0.19) | (0.17) | (0.08) | (0.28) |
| Total distributions declared to shareholders | $— | $(0.40) | $(0.50) | $(0.51) | $(0.45) | $(0.48) |
| Net asset value, end of period (x) | $15.67 | $15.09 | $12.81 | $13.10 | $12.88 | $12.40 |
| Total return (%) (r)(s)(t)(x) | 3.84(n) | 21.06 | 1.37 | 6.06 | 7.43 | 9.42 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.21(a) | 0.23 | 0.26 | 0.27 | 0.28 | 0.30 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 1.58(a) | 2.00 | 2.49 | 2.82 | 2.68 | 1.84 |
| Portfolio turnover | 6(n) | 24 | 18 | 14 | 37 | 33 |
| Net assets at end of period (000 omitted) | $44,264 | $82,037 | $105,160 | $105,032 | $81,894 | $135,040 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(i) |
| Net asset value, beginning of period | $15.09 | $12.82 | $13.10 | $12.88 | $12.41 | $12.30 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.13 | $0.32 | $0.35 | $0.38 | $0.40 | $0.11 |
| Net realized and unrealized gain (loss) | 0.46 | 2.38 | (0.12) | 0.37 | 0.55 | 0.48 |
| Total from investment operations | $0.59 | $2.70 | $0.23 | $0.75 | $0.95 | $0.59 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.31) | $(0.32) | $(0.36) | $(0.40) | $(0.20) |
| From net realized gain | — | (0.12) | (0.19) | (0.17) | (0.08) | (0.28) |
| Total distributions declared to shareholders | $— | $(0.43) | $(0.51) | $(0.53) | $(0.48) | $(0.48) |
| Net asset value, end of period (x) | $15.68 | $15.09 | $12.82 | $13.10 | $12.88 | $12.41 |
| Total return (%) (r)(s)(t)(x) | 3.91(n) | 21.17 | 1.57 | 6.21 | 7.57 | 5.02(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.07(a) | 0.08 | 0.12 | 0.14 | 0.15 | 0.20(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 1.70(a) | 2.22 | 2.63 | 2.93 | 3.08 | 1.31(a) |
| Portfolio turnover | 6(n) | 24 | 18 | 14 | 37 | 33 |
| Net assets at end of period (000 omitted) | $241,350 | $228,469 | $65,523 | $47,026 | $32,384 | $10,834 |
See Notes to Financial Statements
67
Financial
Highlights − continued
MFS LIFETIME 2025
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 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
68
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 ended |
Year ended | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.20 | $14.61 | $15.59 | $15.48 | $14.57 | $13.91 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.09 | $0.26 | $0.32 | $0.37 | $0.34 | $0.19 |
| Net realized and unrealized gain (loss) | 0.83 | 3.96 | (0.46) | 0.49 | 1.13 | 1.42 |
| Total from investment operations | $0.92 | $4.22 | $(0.14) | $0.86 | $1.47 | $1.61 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.27) | $(0.32) | $(0.36) | $(0.36) | $(0.19) |
| From net realized gain | — | (0.36) | (0.52) | (0.39) | (0.20) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.63) | $(0.84) | $(0.75) | $(0.56) | $(0.95) |
| Net asset value, end of period (x) | $19.12 | $18.20 | $14.61 | $15.59 | $15.48 | $14.57 |
| Total return (%) (r)(s)(t)(x) | 5.05(n) | 29.17 | (1.36) | 6.24 | 10.09 | 12.01 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.43(a) | 0.44 | 0.46 | 0.46 | 0.46 | 0.47 |
| Expenses after expense reductions (f)(h) | 0.24(a) | 0.24 | 0.24 | 0.23 | 0.23 | 0.25 |
| Net investment income (loss) (l) | 0.97(a) | 1.56 | 2.07 | 2.40 | 2.18 | 1.36 |
| Portfolio turnover | 6(n) | 27 | 18 | 18 | 19 | 50 |
| Net assets at end of period (000 omitted) | $87,243 | $81,398 | $66,732 | $63,579 | $61,458 | $57,961 |
See Notes to Financial
Statements
69
Financial
Highlights − continued
MFS LIFETIME 2030
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $17.96 | $14.41 | $15.37 | $15.26 | $14.37 | $13.73 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.02 | $0.13 | $0.20 | $0.25 | $0.21 | $0.08 |
| Net realized and unrealized gain (loss) | 0.81 | 3.91 | (0.46) | 0.50 | 1.13 | 1.40 |
| Total from investment operations | $0.83 | $4.04 | $(0.26) | $0.75 | $1.34 | $1.48 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.13) | $(0.18) | $(0.25) | $(0.25) | $(0.08) |
| From net realized gain | — | (0.36) | (0.52) | (0.39) | (0.20) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.49) | $(0.70) | $(0.64) | $(0.45) | $(0.84) |
| Net asset value, end of period (x) | $18.79 | $17.96 | $14.41 | $15.37 | $15.26 | $14.37 |
| Total return (%) (r)(s)(t)(x) | 4.62(n) | 28.24 | (2.07) | 5.44 | 9.28 | 11.15 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.18(a) | 1.19 | 1.21 | 1.21 | 1.21 | 1.22 |
| Expenses after expense reductions (f)(h) | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 0.22(a) | 0.82 | 1.29 | 1.67 | 1.42 | 0.60 |
| Portfolio turnover | 6(n) | 27 | 18 | 18 | 19 | 50 |
| Net assets at end of period (000 omitted) | $6,043 | $6,394 | $6,495 | $8,727 | $8,834 | $8,753 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $17.84 | $14.31 | $15.27 | $15.16 | $14.29 | $13.66 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.02 | $0.14 | $0.19 | $0.25 | $0.21 | $0.09 |
| Net realized and unrealized gain (loss) | 0.81 | 3.87 | (0.44) | 0.49 | 1.11 | 1.38 |
| Total from investment operations | $0.83 | $4.01 | $(0.25) | $0.74 | $1.32 | $1.47 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.12) | $(0.19) | $(0.24) | $(0.25) | $(0.08) |
| From net realized gain | — | (0.36) | (0.52) | (0.39) | (0.20) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.48) | $(0.71) | $(0.63) | $(0.45) | $(0.84) |
| Net asset value, end of period (x) | $18.67 | $17.84 | $14.31 | $15.27 | $15.16 | $14.29 |
| Total return (%) (r)(s)(t)(x) | 4.65(n) | 28.24 | (2.05) | 5.46 | 9.21 | 11.17 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.18(a) | 1.19 | 1.21 | 1.21 | 1.21 | 1.22 |
| Expenses after expense reductions (f)(h) | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 0.22(a) | 0.85 | 1.26 | 1.63 | 1.42 | 0.61 |
| Portfolio turnover | 6(n) | 27 | 18 | 18 | 19 | 50 |
| Net assets at end of period (000 omitted) | $12,827 | $12,826 | $13,474 | $15,790 | $15,885 | $15,827 |
See Notes to Financial
Statements
70
Financial
Highlights − continued
MFS LIFETIME 2030
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.30 | $14.69 | $15.66 | $15.55 | $14.63 | $14.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.12 | $0.31 | $0.36 | $0.42 | $0.38 | $0.28 |
| Net realized and unrealized gain (loss) | 0.83 | 3.98 | (0.46) | 0.48 | 1.14 | 1.33 |
| Total from investment operations | $0.95 | $4.29 | $(0.10) | $0.90 | $1.52 | $1.61 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.32) | $(0.35) | $(0.40) | $(0.40) | $(0.22) |
| From net realized gain | — | (0.36) | (0.52) | (0.39) | (0.20) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.68) | $(0.87) | $(0.79) | $(0.60) | $(0.98) |
| Net asset value, end of period (x) | $19.25 | $18.30 | $14.69 | $15.66 | $15.55 | $14.63 |
| Total return (%) (r)(s)(t)(x) | 5.19(n) | 29.48 | (1.07) | 6.50 | 10.38 | 11.95 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.18(a) | 0.19 | 0.21 | 0.21 | 0.21 | 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) | 1.22(a) | 1.86 | 2.29 | 2.70 | 2.48 | 1.96 |
| Portfolio turnover | 6(n) | 27 | 18 | 18 | 19 | 50 |
| Net assets at end of period (000 omitted) | $7,884 | $6,274 | $2,395 | $2,282 | $2,171 | $1,743 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.05 | $14.43 | $15.42 | $15.32 | $14.44 | $13.78 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.02 | $0.11 | $0.21 | $0.26 | $0.21 | $0.08 |
| Net realized and unrealized gain (loss) | 0.82 | 3.94 | (0.46) | 0.48 | 1.13 | 1.40 |
| Total from investment operations | $0.84 | $4.05 | $(0.25) | $0.74 | $1.34 | $1.48 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.07) | $(0.22) | $(0.25) | $(0.26) | $(0.06) |
| From net realized gain | — | (0.36) | (0.52) | (0.39) | (0.20) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.43) | $(0.74) | $(0.64) | $(0.46) | $(0.82) |
| Net asset value, end of period (x) | $18.89 | $18.05 | $14.43 | $15.42 | $15.32 | $14.44 |
| Total return (%) (r)(s)(t)(x) | 4.65(n) | 28.21 | (2.06) | 5.42 | 9.26 | 11.13 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.18(a) | 1.20 | 1.21 | 1.21 | 1.21 | 1.22 |
| Expenses after expense reductions (f)(h) | 0.99(a) | 0.99 | 1.00 | 0.99 | 0.99 | 1.00 |
| Net investment income (loss) (l) | 0.23(a) | 0.66 | 1.38 | 1.69 | 1.38 | 0.57 |
| Portfolio turnover | 6(n) | 27 | 18 | 18 | 19 | 50 |
| Net assets at end of period (000 omitted) | $5,266 | $5,636 | $7,150 | $7,423 | $6,825 | $5,740 |
See Notes to Financial
Statements
71
Financial
Highlights − continued
MFS LIFETIME 2030
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.04 | $14.47 | $15.43 | $15.32 | $14.43 | $13.79 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.07 | $0.20 | $0.28 | $0.33 | $0.30 | $0.16 |
| Net realized and unrealized gain (loss) | 0.82 | 3.94 | (0.46) | 0.49 | 1.12 | 1.40 |
| Total from investment operations | $0.89 | $4.14 | $(0.18) | $0.82 | $1.42 | $1.56 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.21) | $(0.26) | $(0.32) | $(0.33) | $(0.16) |
| From net realized gain | — | (0.36) | (0.52) | (0.39) | (0.20) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.57) | $(0.78) | $(0.71) | $(0.53) | $(0.92) |
| Net asset value, end of period (x) | $18.93 | $18.04 | $14.47 | $15.43 | $15.32 | $14.43 |
| Total return (%) (r)(s)(t)(x) | 4.93(n) | 28.84 | (1.60) | 6.00 | 9.80 | 11.73 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.68(a) | 0.70 | 0.71 | 0.71 | 0.71 | 0.72 |
| Expenses after expense reductions (f)(h) | 0.49(a) | 0.49 | 0.49 | 0.49 | 0.49 | 0.50 |
| Net investment income (loss) (l) | 0.72(a) | 1.24 | 1.78 | 2.17 | 1.95 | 1.13 |
| Portfolio turnover | 6(n) | 27 | 18 | 18 | 19 | 50 |
| Net assets at end of period (000 omitted) | $58,189 | $60,402 | $66,342 | $78,171 | $112,223 | $105,808 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.15 | $14.57 | $15.54 | $15.44 | $14.54 | $13.88 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.09 | $0.26 | $0.32 | $0.37 | $0.34 | $0.19 |
| Net realized and unrealized gain (loss) | 0.82 | 3.95 | (0.45) | 0.49 | 1.12 | 1.42 |
| Total from investment operations | $0.91 | $4.21 | $(0.13) | $0.86 | $1.46 | $1.61 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.27) | $(0.32) | $(0.37) | $(0.36) | $(0.19) |
| From net realized gain | — | (0.36) | (0.52) | (0.39) | (0.20) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.63) | $(0.84) | $(0.76) | $(0.56) | $(0.95) |
| Net asset value, end of period (x) | $19.06 | $18.15 | $14.57 | $15.54 | $15.44 | $14.54 |
| Total return (%) (r)(s)(t)(x) | 5.01(n) | 29.18 | (1.31) | 6.21 | 10.07 | 12.03 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.43(a) | 0.44 | 0.46 | 0.46 | 0.46 | 0.47 |
| Expenses after expense reductions (f)(h) | 0.24(a) | 0.25 | 0.25 | 0.24 | 0.24 | 0.25 |
| Net investment income (loss) (l) | 0.98(a) | 1.58 | 2.06 | 2.44 | 2.20 | 1.34 |
| Portfolio turnover | 6(n) | 27 | 18 | 18 | 19 | 50 |
| Net assets at end of period (000 omitted) | $208,980 | $196,178 | $158,189 | $146,737 | $136,815 | $109,088 |
See Notes to Financial
Statements
72
Financial
Highlights − continued
MFS LIFETIME 2030
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.34 | $14.70 | $15.68 | $15.56 | $14.64 | $13.97 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.12 | $0.30 | $0.37 | $0.40 | $0.40 | $0.24 |
| Net realized and unrealized gain (loss) | 0.82 | 4.01 | (0.48) | 0.51 | 1.11 | 1.41 |
| Total from investment operations | $0.94 | $4.31 | $(0.11) | $0.91 | $1.51 | $1.65 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.31) | $(0.35) | $(0.40) | $(0.39) | $(0.22) |
| From net realized gain | — | (0.36) | (0.52) | (0.39) | (0.20) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.67) | $(0.87) | $(0.79) | $(0.59) | $(0.98) |
| Net asset value, end of period (x) | $19.28 | $18.34 | $14.70 | $15.68 | $15.56 | $14.64 |
| Total return (%) (r)(s)(t)(x) | 5.13(n) | 29.58 | (1.14) | 6.56 | 10.30 | 12.28 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.18(a) | 0.20 | 0.21 | 0.21 | 0.21 | 0.22 |
| 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) | 1.80 | 2.32 | 2.61 | 2.57 | 1.66 |
| Portfolio turnover | 6(n) | 27 | 18 | 18 | 19 | 50 |
| Net assets at end of period (000 omitted) | $73,960 | $123,740 | $162,913 | $158,288 | $148,064 | $188,413 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(i) |
| Net asset value, beginning of period | $18.33 | $14.70 | $15.68 | $15.56 | $14.65 | $14.67 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.13 | $0.34 | $0.38 | $0.44 | $0.45 | $0.07 |
| Net realized and unrealized gain (loss) | 0.83 | 3.98 | (0.47) | 0.49 | 1.08 | 0.90 |
| Total from investment operations | $0.96 | $4.32 | $(0.09) | $0.93 | $1.53 | $0.97 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.33) | $(0.37) | $(0.42) | $(0.42) | $(0.23) |
| From net realized gain | — | (0.36) | (0.52) | (0.39) | (0.20) | (0.76) |
| Total distributions declared to shareholders | $— | $(0.69) | $(0.89) | $(0.81) | $(0.62) | $(0.99) |
| Net asset value, end of period (x) | $19.29 | $18.33 | $14.70 | $15.68 | $15.56 | $14.65 |
| Total return (%) (r)(s)(t)(x) | 5.24(n) | 29.71 | (1.02) | 6.71 | 10.43 | 7.05(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.05(a) | 0.06 | 0.08 | 0.08 | 0.08 | 0.13(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 1.35(a) | 2.01 | 2.44 | 2.86 | 2.91 | 0.75(a) |
| Portfolio turnover | 6(n) | 27 | 18 | 18 | 19 | 50 |
| Net assets at end of period (000 omitted) | $332,107 | $300,098 | $116,212 | $108,358 | $73,753 | $33,584 |
See Notes to Financial Statements
73
Financial
Highlights − continued
MFS LIFETIME 2030
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 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
74
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 | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.63 | $13.79 | $14.94 | $14.61 | $13.49 | $12.35 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.06 | $0.23 | $0.29 | $0.34 | $0.31 | $0.16 |
| Net realized and unrealized gain (loss) | 1.11 | 5.04 | (0.85) | 0.52 | 1.28 | 1.44 |
| Total from investment operations | $1.17 | $5.27 | $(0.56) | $0.86 | $1.59 | $1.60 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.23) | $(0.29) | $(0.32) | $(0.37) | $(0.15) |
| From net realized gain | — | (0.20) | (0.30) | (0.21) | (0.10) | (0.31) |
| Total distributions declared to shareholders | $— | $(0.43) | $(0.59) | $(0.53) | $(0.47) | $(0.46) |
| Net asset value, end of period (x) | $19.80 | $18.63 | $13.79 | $14.94 | $14.61 | $13.49 |
| Total return (%) (r)(s)(t)(x) | 6.28(n) | 38.48 | (4.23) | 6.50 | 11.78 | 13.18 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.46(a) | 0.48 | 0.52 | 0.54 | 0.56 | 0.59 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.25 | 0.25 | 0.24 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 0.60(a) | 1.41 | 1.96 | 2.36 | 2.13 | 1.23 |
| Portfolio turnover | 9(n) | 28 | 13 | 12 | 33 | 43 |
| Net assets at end of period (000 omitted) | $30,082 | $27,770 | $20,382 | $16,563 | $15,369 | $10,591 |
See Notes to Financial
Statements
75
Financial
Highlights − continued
MFS LIFETIME 2035
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.50 | $13.70 | $14.84 | $14.49 | $13.39 | $12.26 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.01) | $0.11 | $0.17 | $0.22 | $0.19 | $0.06 |
| Net realized and unrealized gain (loss) | 1.10 | 4.99 | (0.85) | 0.54 | 1.28 | 1.43 |
| Total from investment operations | $1.09 | $5.10 | $(0.68) | $0.76 | $1.47 | $1.49 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.10) | $(0.16) | $(0.20) | $(0.27) | $(0.05) |
| From net realized gain | — | (0.20) | (0.30) | (0.21) | (0.10) | (0.31) |
| Total distributions declared to shareholders | $— | $(0.30) | $(0.46) | $(0.41) | $(0.37) | $(0.36) |
| Net asset value, end of period (x) | $19.59 | $18.50 | $13.70 | $14.84 | $14.49 | $13.39 |
| Total return (%) (r)(s)(t)(x) | 5.89(n) | 37.44 | (4.98) | 5.71 | 10.96 | 12.34 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.21(a) | 1.23 | 1.27 | 1.29 | 1.31 | 1.34 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.15)(a) | 0.65 | 1.12 | 1.55 | 1.31 | 0.45 |
| Portfolio turnover | 9(n) | 28 | 13 | 12 | 33 | 43 |
| Net assets at end of period (000 omitted) | $1,593 | $1,597 | $1,387 | $1,650 | $1,730 | $1,314 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.38 | $13.62 | $14.78 | $14.45 | $13.35 | $12.22 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.01) | $0.10 | $0.19 | $0.22 | $0.19 | $0.05 |
| Net realized and unrealized gain (loss) | 1.10 | 4.97 | (0.87) | 0.53 | 1.28 | 1.43 |
| Total from investment operations | $1.09 | $5.07 | $(0.68) | $0.75 | $1.47 | $1.48 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.11) | $(0.18) | $(0.21) | $(0.27) | $(0.04) |
| From net realized gain | — | (0.20) | (0.30) | (0.21) | (0.10) | (0.31) |
| Total distributions declared to shareholders | $— | $(0.31) | $(0.48) | $(0.42) | $(0.37) | $(0.35) |
| Net asset value, end of period (x) | $19.47 | $18.38 | $13.62 | $14.78 | $14.45 | $13.35 |
| Total return (%) (r)(s)(t)(x) | 5.93(n) | 37.40 | (4.97) | 5.69 | 11.00 | 12.28 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.21(a) | 1.23 | 1.27 | 1.29 | 1.31 | 1.34 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 0.99 | 0.99 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.15)(a) | 0.63 | 1.26 | 1.54 | 1.35 | 0.40 |
| Portfolio turnover | 9(n) | 28 | 13 | 12 | 33 | 43 |
| Net assets at end of period (000 omitted) | $3,729 | $3,514 | $2,632 | $2,730 | $2,510 | $1,893 |
See Notes to Financial
Statements
76
Financial
Highlights − continued
MFS LIFETIME 2035
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.68 | $13.82 | $14.97 | $14.64 | $13.51 | $12.40 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.08 | $0.27 | $0.32 | $0.37 | $0.38 | $0.26 |
| Net realized and unrealized gain (loss) | 1.13 | 5.05 | (0.85) | 0.53 | 1.25 | 1.34 |
| Total from investment operations | $1.21 | $5.32 | $(0.53) | $0.90 | $1.63 | $1.60 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.26) | $(0.32) | $(0.36) | $(0.40) | $(0.18) |
| From net realized gain | — | (0.20) | (0.30) | (0.21) | (0.10) | (0.31) |
| Total distributions declared to shareholders | $— | $(0.46) | $(0.62) | $(0.57) | $(0.50) | $(0.49) |
| Net asset value, end of period (x) | $19.89 | $18.68 | $13.82 | $14.97 | $14.64 | $13.51 |
| Total return (%) (r)(s)(t)(x) | 6.48(n) | 38.83 | (4.03) | 6.76 | 12.10 | 13.12 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.21(a) | 0.23 | 0.27 | 0.29 | 0.32 | 0.32 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 0.84(a) | 1.66 | 2.17 | 2.55 | 2.59 | 2.01 |
| Portfolio turnover | 9(n) | 28 | 13 | 12 | 33 | 43 |
| Net assets at end of period (000 omitted) | $1,312 | $1,267 | $714 | $843 | $636 | $311 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.59 | $13.70 | $14.83 | $14.50 | $13.44 | $12.39 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.01) | $(0.01) | $0.15 | $0.22 | $0.23 | $0.07 |
| Net realized and unrealized gain (loss) | 1.11 | 5.10 | (0.84) | 0.54 | 1.25 | 1.42 |
| Total from investment operations | $1.10 | $5.09 | $(0.69) | $0.76 | $1.48 | $1.49 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $— | $(0.14) | $(0.22) | $(0.32) | $(0.13) |
| From net realized gain | — | (0.20) | (0.30) | (0.21) | (0.10) | (0.31) |
| Total distributions declared to shareholders | $— | $(0.20) | $(0.44) | $(0.43) | $(0.42) | $(0.44) |
| Net asset value, end of period (x) | $19.69 | $18.59 | $13.70 | $14.83 | $14.50 | $13.44 |
| Total return (%) (r)(s)(t)(x) | 5.92(n) | 37.27 | (5.01) | 5.72 | 11.00 | 12.22 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.21(a) | 1.24 | 1.27 | 1.29 | 1.31 | 1.36 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.15)(a) | (0.05) | 1.00 | 1.55 | 1.61 | 0.57 |
| Portfolio turnover | 9(n) | 28 | 13 | 12 | 33 | 43 |
| Net assets at end of period (000 omitted) | $508 | $470 | $1,835 | $2,535 | $1,974 | $664 |
See Notes to Financial
Statements
77
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Highlights − continued
MFS LIFETIME 2035
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.61 | $13.75 | $14.89 | $14.54 | $13.43 | $12.33 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.16 | $0.23 | $0.27 | $0.27 | $0.13 |
| Net realized and unrealized gain (loss) | 1.12 | 5.04 | (0.84) | 0.56 | 1.28 | 1.42 |
| Total from investment operations | $1.15 | $5.20 | $(0.61) | $0.83 | $1.55 | $1.55 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.14) | $(0.23) | $(0.27) | $(0.34) | $(0.14) |
| From net realized gain | — | (0.20) | (0.30) | (0.21) | (0.10) | (0.31) |
| Total distributions declared to shareholders | $— | $(0.34) | $(0.53) | $(0.48) | $(0.44) | $(0.45) |
| Net asset value, end of period (x) | $19.76 | $18.61 | $13.75 | $14.89 | $14.54 | $13.43 |
| Total return (%) (r)(s)(t)(x) | 6.18(n) | 38.06 | (4.50) | 6.23 | 11.57 | 12.80 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.71(a) | 0.74 | 0.77 | 0.79 | 0.81 | 0.86 |
| Expenses after expense reductions (f)(h) | 0.50(a) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Net investment income (loss) (l) | 0.35(a) | 0.97 | 1.58 | 1.84 | 1.86 | 1.00 |
| Portfolio turnover | 9(n) | 28 | 13 | 12 | 33 | 43 |
| Net assets at end of period (000 omitted) | $18,740 | $20,783 | $26,572 | $32,592 | $32,185 | $20,918 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.64 | $13.80 | $14.96 | $14.63 | $13.50 | $12.37 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.06 | $0.23 | $0.30 | $0.34 | $0.30 | $0.16 |
| Net realized and unrealized gain (loss) | 1.12 | 5.04 | (0.87) | 0.52 | 1.30 | 1.43 |
| Total from investment operations | $1.18 | $5.27 | $(0.57) | $0.86 | $1.60 | $1.59 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.23) | $(0.29) | $(0.32) | $(0.37) | $(0.15) |
| From net realized gain | — | (0.20) | (0.30) | (0.21) | (0.10) | (0.31) |
| Total distributions declared to shareholders | $— | $(0.43) | $(0.59) | $(0.53) | $(0.47) | $(0.46) |
| Net asset value, end of period (x) | $19.82 | $18.64 | $13.80 | $14.96 | $14.63 | $13.50 |
| Total return (%) (r)(s)(t)(x) | 6.33(n) | 38.44 | (4.27) | 6.46 | 11.85 | 13.11 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.46(a) | 0.48 | 0.52 | 0.54 | 0.56 | 0.60 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 0.61(a) | 1.40 | 2.00 | 2.31 | 2.10 | 1.23 |
| Portfolio turnover | 9(n) | 28 | 13 | 12 | 33 | 43 |
| Net assets at end of period (000 omitted) | $160,700 | $141,555 | $96,287 | $71,027 | $58,283 | $35,284 |
See Notes to Financial
Statements
78
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MFS LIFETIME 2035
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $18.76 | $13.87 | $15.02 | $14.69 | $13.54 | $12.39 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.09 | $0.25 | $0.33 | $0.38 | $0.38 | $0.19 |
| Net realized and unrealized gain (loss) | 1.11 | 5.09 | (0.86) | 0.52 | 1.26 | 1.45 |
| Total from investment operations | $1.20 | $5.34 | $(0.53) | $0.90 | $1.64 | $1.64 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.25) | $(0.32) | $(0.36) | $(0.39) | $(0.18) |
| From net realized gain | — | (0.20) | (0.30) | (0.21) | (0.10) | (0.31) |
| Total distributions declared to shareholders | $— | $(0.45) | $(0.62) | $(0.57) | $(0.49) | $(0.49) |
| Net asset value, end of period (x) | $19.96 | $18.76 | $13.87 | $15.02 | $14.69 | $13.54 |
| Total return (%) (r)(s)(t)(x) | 6.40(n) | 38.82 | (4.01) | 6.73 | 12.11 | 13.46 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.21(a) | 0.23 | 0.27 | 0.29 | 0.30 | 0.34 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 0.88(a) | 1.56 | 2.22 | 2.58 | 2.61 | 1.44 |
| Portfolio turnover | 9(n) | 28 | 13 | 12 | 33 | 43 |
| Net assets at end of period (000 omitted) | $47,468 | $89,097 | $120,415 | $115,939 | $87,528 | $119,254 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(i) |
| Net asset value, beginning of period | $18.76 | $13.87 | $15.02 | $14.69 | $13.55 | $13.04 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.10 | $0.31 | $0.35 | $0.39 | $0.44 | $0.06 |
| Net realized and unrealized gain (loss) | 1.12 | 5.07 | (0.86) | 0.53 | 1.22 | 0.94 |
| Total from investment operations | $1.22 | $5.38 | $(0.51) | $0.92 | $1.66 | $1.00 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.29) | $(0.34) | $(0.38) | $(0.42) | $(0.18) |
| From net realized gain | — | (0.20) | (0.30) | (0.21) | (0.10) | (0.31) |
| Total distributions declared to shareholders | $— | $(0.49) | $(0.64) | $(0.59) | $(0.52) | $(0.49) |
| Net asset value, end of period (x) | $19.98 | $18.76 | $13.87 | $15.02 | $14.69 | $13.55 |
| Total return (%) (r)(s)(t)(x) | 6.50(n) | 39.08 | (3.90) | 6.90 | 12.23 | 7.93(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.07(a) | 0.09 | 0.12 | 0.15 | 0.16 | 0.27(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 1.00(a) | 1.86 | 2.35 | 2.67 | 3.03 | 0.63(a) |
| Portfolio turnover | 9(n) | 28 | 13 | 12 | 33 | 43 |
| Net assets at end of period (000 omitted) | $243,388 | $206,449 | $62,093 | $44,655 | $26,567 | $9,531 |
See Notes to Financial Statements
79
Financial
Highlights − continued
MFS LIFETIME 2035
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 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
80
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 ended |
Year ended | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.33 | $14.79 | $16.46 | $16.38 | $15.00 | $14.07 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.21 | $0.30 | $0.35 | $0.31 | $0.15 |
| Net realized and unrealized gain (loss) | 1.37 | 5.86 | (1.02) | 0.57 | 1.61 | 1.72 |
| Total from investment operations | $1.40 | $6.07 | $(0.72) | $0.92 | $1.92 | $1.87 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.22) | $(0.30) | $(0.36) | $(0.36) | $(0.15) |
| From net realized gain | — | (0.31) | (0.65) | (0.48) | (0.18) | (0.79) |
| Total distributions declared to shareholders | $— | $(0.53) | $(0.95) | $(0.84) | $(0.54) | $(0.94) |
| Net asset value, end of period (x) | $21.73 | $20.33 | $14.79 | $16.46 | $16.38 | $15.00 |
| Total return (%) (r)(s)(t)(x) | 6.89(n) | 41.38 | (5.08) | 6.45 | 12.86 | 13.76 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.45(a) | 0.46 | 0.49 | 0.48 | 0.48 | 0.50 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.24 | 0.24 | 0.24 | 0.24 | 0.25 |
| Net investment income (loss) (l) | 0.32(a) | 1.21 | 1.86 | 2.15 | 1.90 | 1.04 |
| Portfolio turnover | 6(n) | 27 | 13 | 17 | 18 | 54 |
| Net assets at end of period (000 omitted) | $57,550 | $56,524 | $41,909 | $36,747 | $36,354 | $35,093 |
See Notes to Financial
Statements
81
Financial
Highlights − continued
MFS LIFETIME 2040
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.20 | $14.68 | $16.34 | $16.23 | $14.87 | $13.95 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.05) | $0.08 | $0.17 | $0.22 | $0.19 | $0.04 |
| Net realized and unrealized gain (loss) | 1.35 | 5.81 | (1.01) | 0.59 | 1.59 | 1.71 |
| Total from investment operations | $1.30 | $5.89 | $(0.84) | $0.81 | $1.78 | $1.75 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.06) | $(0.17) | $(0.22) | $(0.24) | $(0.04) |
| From net realized gain | — | (0.31) | (0.65) | (0.48) | (0.18) | (0.79) |
| Total distributions declared to shareholders | $— | $(0.37) | $(0.82) | $(0.70) | $(0.42) | $(0.83) |
| Net asset value, end of period (x) | $21.50 | $20.20 | $14.68 | $16.34 | $16.23 | $14.87 |
| Total return (%) (r)(s)(t)(x) | 6.44(n) | 40.36 | (5.80) | 5.66 | 12.00 | 12.94 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.20(a) | 1.21 | 1.24 | 1.23 | 1.23 | 1.25 |
| Expenses after expense reductions (f)(h) | 0.99(a) | 0.99 | 0.99 | 0.99 | 0.99 | 1.00 |
| Net investment income (loss) (l) | (0.43)(a) | 0.44 | 1.05 | 1.39 | 1.20 | 0.27 |
| Portfolio turnover | 6(n) | 27 | 13 | 17 | 18 | 54 |
| Net assets at end of period (000 omitted) | $3,463 | $3,527 | $3,577 | $4,588 | $4,965 | $4,924 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $19.94 | $14.48 | $16.13 | $16.03 | $14.70 | $13.80 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.04) | $0.08 | $0.16 | $0.21 | $0.19 | $0.04 |
| Net realized and unrealized gain (loss) | 1.32 | 5.73 | (0.99) | 0.58 | 1.57 | 1.70 |
| Total from investment operations | $1.28 | $5.81 | $(0.83) | $0.79 | $1.76 | $1.74 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.04) | $(0.17) | $(0.21) | $(0.25) | $(0.05) |
| From net realized gain | — | (0.31) | (0.65) | (0.48) | (0.18) | (0.79) |
| Total distributions declared to shareholders | $— | $(0.35) | $(0.82) | $(0.69) | $(0.43) | $(0.84) |
| Net asset value, end of period (x) | $21.22 | $19.94 | $14.48 | $16.13 | $16.03 | $14.70 |
| Total return (%) (r)(s)(t)(x) | 6.42(n) | 40.39 | (5.79) | 5.65 | 11.99 | 12.96 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.20(a) | 1.22 | 1.24 | 1.23 | 1.23 | 1.25 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 0.99 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.43)(a) | 0.48 | 1.03 | 1.35 | 1.19 | 0.30 |
| Portfolio turnover | 6(n) | 27 | 13 | 17 | 18 | 54 |
| Net assets at end of period (000 omitted) | $8,934 | $8,727 | $9,202 | $10,994 | $11,735 | $11,035 |
See Notes to Financial
Statements
82
Financial
Highlights − continued
MFS LIFETIME 2040
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.49 | $14.91 | $16.57 | $16.47 | $15.08 | $14.17 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.06 | $0.28 | $0.32 | $0.42 | $0.37 | $0.26 |
| Net realized and unrealized gain (loss) | 1.37 | 5.88 | (1.00) | 0.55 | 1.60 | 1.63 |
| Total from investment operations | $1.43 | $6.16 | $(0.68) | $0.97 | $1.97 | $1.89 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.27) | $(0.33) | $(0.39) | $(0.40) | $(0.19) |
| From net realized gain | — | (0.31) | (0.65) | (0.48) | (0.18) | (0.79) |
| Total distributions declared to shareholders | $— | $(0.58) | $(0.98) | $(0.87) | $(0.58) | $(0.98) |
| Net asset value, end of period (x) | $21.92 | $20.49 | $14.91 | $16.57 | $16.47 | $15.08 |
| Total return (%) (r)(s)(t)(x) | 6.98(n) | 41.67 | (4.81) | 6.75 | 13.11 | 13.77 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.20(a) | 0.21 | 0.24 | 0.23 | 0.23 | 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) | 0.57(a) | 1.57 | 1.92 | 2.55 | 2.30 | 1.78 |
| Portfolio turnover | 6(n) | 27 | 13 | 17 | 18 | 54 |
| Net assets at end of period (000 omitted) | $5,053 | $3,870 | $1,201 | $1,432 | $1,622 | $1,670 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.13 | $14.61 | $16.27 | $16.16 | $14.82 | $13.87 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.04) | $0.05 | $0.16 | $0.21 | $0.18 | $0.02 |
| Net realized and unrealized gain (loss) | 1.34 | 5.81 | (1.00) | 0.60 | 1.58 | 1.73 |
| Total from investment operations | $1.30 | $5.86 | $(0.84) | $0.81 | $1.76 | $1.75 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.03) | $(0.17) | $(0.22) | $(0.24) | $(0.01) |
| From net realized gain | — | (0.31) | (0.65) | (0.48) | (0.18) | (0.79) |
| Total distributions declared to shareholders | $— | $(0.34) | $(0.82) | $(0.70) | $(0.42) | $(0.80) |
| Net asset value, end of period (x) | $21.43 | $20.13 | $14.61 | $16.27 | $16.16 | $14.82 |
| Total return (%) (r)(s)(t)(x) | 6.46(n) | 40.32 | (5.80) | 5.71 | 11.91 | 12.96 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.20(a) | 1.22 | 1.24 | 1.23 | 1.23 | 1.25 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 0.99 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.43)(a) | 0.29 | 1.01 | 1.32 | 1.16 | 0.17 |
| Portfolio turnover | 6(n) | 27 | 13 | 17 | 18 | 54 |
| Net assets at end of period (000 omitted) | $4,355 | $3,965 | $4,153 | $4,958 | $4,606 | $4,130 |
See Notes to Financial
Statements
83
Financial
Highlights − continued
MFS LIFETIME 2040
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.21 | $14.70 | $16.34 | $16.24 | $14.88 | $13.97 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.01 | $0.16 | $0.24 | $0.31 | $0.27 | $0.11 |
| Net realized and unrealized gain (loss) | 1.35 | 5.82 | (0.99) | 0.57 | 1.59 | 1.71 |
| Total from investment operations | $1.36 | $5.98 | $(0.75) | $0.88 | $1.86 | $1.82 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.16) | $(0.24) | $(0.30) | $(0.32) | $(0.12) |
| From net realized gain | — | (0.31) | (0.65) | (0.48) | (0.18) | (0.79) |
| Total distributions declared to shareholders | $— | $(0.47) | $(0.89) | $(0.78) | $(0.50) | $(0.91) |
| Net asset value, end of period (x) | $21.57 | $20.21 | $14.70 | $16.34 | $16.24 | $14.88 |
| Total return (%) (r)(s)(t)(x) | 6.73(n) | 40.98 | (5.30) | 6.23 | 12.55 | 13.46 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.70(a) | 0.72 | 0.74 | 0.73 | 0.73 | 0.75 |
| Expenses after expense reductions (f)(h) | 0.50(a) | 0.50 | 0.50 | 0.49 | 0.50 | 0.50 |
| Net investment income (loss) (l) | 0.07(a) | 0.90 | 1.49 | 1.92 | 1.69 | 0.79 |
| Portfolio turnover | 6(n) | 27 | 13 | 17 | 18 | 54 |
| Net assets at end of period (000 omitted) | $49,203 | $53,097 | $48,086 | $59,429 | $86,042 | $82,965 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.33 | $14.80 | $16.46 | $16.37 | $15.00 | $14.07 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.22 | $0.30 | $0.36 | $0.31 | $0.15 |
| Net realized and unrealized gain (loss) | 1.36 | 5.84 | (1.01) | 0.56 | 1.61 | 1.72 |
| Total from investment operations | $1.39 | $6.06 | $(0.71) | $0.92 | $1.92 | $1.87 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.22) | $(0.30) | $(0.35) | $(0.37) | $(0.15) |
| From net realized gain | — | (0.31) | (0.65) | (0.48) | (0.18) | (0.79) |
| Total distributions declared to shareholders | $— | $(0.53) | $(0.95) | $(0.83) | $(0.55) | $(0.94) |
| Net asset value, end of period (x) | $21.72 | $20.33 | $14.80 | $16.46 | $16.37 | $15.00 |
| Total return (%) (r)(s)(t)(x) | 6.84(n) | 41.32 | (5.02) | 6.45 | 12.81 | 13.76 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.45(a) | 0.46 | 0.49 | 0.48 | 0.48 | 0.50 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.25 | 0.25 | 0.24 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 0.33(a) | 1.26 | 1.82 | 2.20 | 1.94 | 1.03 |
| Portfolio turnover | 6(n) | 27 | 13 | 17 | 18 | 54 |
| Net assets at end of period (000 omitted) | $178,477 | $156,544 | $104,521 | $89,830 | $88,577 | $63,409 |
See Notes to Financial
Statements
84
Financial
Highlights − continued
MFS LIFETIME 2040
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.56 | $14.94 | $16.61 | $16.51 | $15.11 | $14.16 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.06 | $0.25 | $0.34 | $0.39 | $0.39 | $0.19 |
| Net realized and unrealized gain (loss) | 1.37 | 5.93 | (1.02) | 0.58 | 1.58 | 1.74 |
| Total from investment operations | $1.43 | $6.18 | $(0.68) | $0.97 | $1.97 | $1.93 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.25) | $(0.34) | $(0.39) | $(0.39) | $(0.19) |
| From net realized gain | — | (0.31) | (0.65) | (0.48) | (0.18) | (0.79) |
| Total distributions declared to shareholders | $— | $(0.56) | $(0.99) | $(0.87) | $(0.57) | $(0.98) |
| Net asset value, end of period (x) | $21.99 | $20.56 | $14.94 | $16.61 | $16.51 | $15.11 |
| Total return (%) (r)(s)(t)(x) | 6.96(n) | 41.74 | (4.84) | 6.73 | 13.09 | 14.08 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.20(a) | 0.22 | 0.24 | 0.23 | 0.23 | 0.25 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 0.60(a) | 1.40 | 2.07 | 2.36 | 2.44 | 1.33 |
| Portfolio turnover | 6(n) | 27 | 13 | 17 | 18 | 54 |
| Net assets at end of period (000 omitted) | $58,070 | $105,822 | $144,006 | $143,534 | $145,328 | $174,887 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(i) |
| Net asset value, beginning of period | $20.55 | $14.94 | $16.61 | $16.51 | $15.12 | $14.91 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.08 | $0.31 | $0.36 | $0.43 | $0.43 | $0.04 |
| Net realized and unrealized gain (loss) | 1.37 | 5.89 | (1.02) | 0.56 | 1.56 | 1.15 |
| Total from investment operations | $1.45 | $6.20 | $(0.66) | $0.99 | $1.99 | $1.19 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.28) | $(0.36) | $(0.41) | $(0.42) | $(0.19) |
| From net realized gain | — | (0.31) | (0.65) | (0.48) | (0.18) | (0.79) |
| Total distributions declared to shareholders | $— | $(0.59) | $(1.01) | $(0.89) | $(0.60) | $(0.98) |
| Net asset value, end of period (x) | $22.00 | $20.55 | $14.94 | $16.61 | $16.51 | $15.12 |
| Total return (%) (r)(s)(t)(x) | 7.06(n) | 41.92 | (4.72) | 6.89 | 13.21 | 8.46(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.06(a) | 0.08 | 0.10 | 0.10 | 0.10 | 0.16(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 0.71(a) | 1.69 | 2.20 | 2.62 | 2.63 | 0.43(a) |
| Portfolio turnover | 6(n) | 27 | 13 | 17 | 18 | 54 |
| Net assets at end of period (000 omitted) | $257,614 | $221,571 | $77,824 | $75,378 | $49,071 | $25,793 |
See Notes to Financial Statements
85
Financial
Highlights − continued
MFS LIFETIME 2040
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 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
86
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 ended |
Year ended | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $19.84 | $14.08 | $15.53 | $15.15 | $13.79 | $12.52 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.01 | $0.19 | $0.28 | $0.32 | $0.30 | $0.14 |
| Net realized and unrealized gain (loss) | 1.42 | 5.97 | (1.12) | 0.57 | 1.52 | 1.57 |
| Total from investment operations | $1.43 | $6.16 | $(0.84) | $0.89 | $1.82 | $1.71 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.19) | $(0.27) | $(0.31) | $(0.35) | $(0.14) |
| From net realized gain | — | (0.21) | (0.34) | (0.20) | (0.11) | (0.30) |
| Total distributions declared to shareholders | $— | $(0.40) | $(0.61) | $(0.51) | $(0.46) | $(0.44) |
| Net asset value, end of period (x) | $21.27 | $19.84 | $14.08 | $15.53 | $15.15 | $13.79 |
| Total return (%) (r)(s)(t)(x) | 7.21(n) | 44.10 | (5.93) | 6.45 | 13.18 | 13.89 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.49(a) | 0.51 | 0.57 | 0.60 | 0.62 | 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) | 1.09 | 1.78 | 2.13 | 1.99 | 1.04 |
| Portfolio turnover | 8(n) | 30 | 8 | 12 | 30 | 45 |
| Net assets at end of period (000 omitted) | $20,753 | $18,980 | $11,409 | $8,749 | $7,789 | $6,135 |
See Notes to Financial
Statements
87
Financial
Highlights − continued
MFS LIFETIME 2045
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $19.71 | $14.00 | $15.43 | $15.03 | $13.70 | $12.44 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.07) | $0.05 | $0.14 | $0.20 | $0.17 | $0.03 |
| Net realized and unrealized gain (loss) | 1.41 | 5.93 | (1.10) | 0.59 | 1.51 | 1.57 |
| Total from investment operations | $1.34 | $5.98 | $(0.96) | $0.79 | $1.68 | $1.60 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.06) | $(0.13) | $(0.19) | $(0.24) | $(0.04) |
| From net realized gain | — | (0.21) | (0.34) | (0.20) | (0.11) | (0.30) |
| Total distributions declared to shareholders | $— | $(0.27) | $(0.47) | $(0.39) | $(0.35) | $(0.34) |
| Net asset value, end of period (x) | $21.05 | $19.71 | $14.00 | $15.43 | $15.03 | $13.70 |
| Total return (%) (r)(s)(t)(x) | 6.80(n) | 42.95 | (6.62) | 5.71 | 12.28 | 13.09 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.24(a) | 1.26 | 1.32 | 1.35 | 1.37 | 1.43 |
| 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) | 0.30 | 0.89 | 1.31 | 1.15 | 0.24 |
| Portfolio turnover | 8(n) | 30 | 8 | 12 | 30 | 45 |
| Net assets at end of period (000 omitted) | $956 | $930 | $724 | $919 | $948 | $746 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $19.62 | $13.91 | $15.35 | $14.97 | $13.66 | $12.42 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.07) | $0.05 | $0.16 | $0.20 | $0.19 | $0.03 |
| Net realized and unrealized gain (loss) | 1.40 | 5.90 | (1.11) | 0.58 | 1.48 | 1.56 |
| Total from investment operations | $1.33 | $5.95 | $(0.95) | $0.78 | $1.67 | $1.59 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.03) | $(0.15) | $(0.20) | $(0.25) | $(0.05) |
| From net realized gain | — | (0.21) | (0.34) | (0.20) | (0.11) | (0.30) |
| Total distributions declared to shareholders | $— | $(0.24) | $(0.49) | $(0.40) | $(0.36) | $(0.35) |
| Net asset value, end of period (x) | $20.95 | $19.62 | $13.91 | $15.35 | $14.97 | $13.66 |
| Total return (%) (r)(s)(t)(x) | 6.78(n) | 43.01 | (6.60) | 5.70 | 12.24 | 13.03 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.24(a) | 1.27 | 1.32 | 1.35 | 1.37 | 1.44 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 0.99 | 0.97 | 0.99 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.70)(a) | 0.30 | 1.02 | 1.37 | 1.28 | 0.26 |
| Portfolio turnover | 8(n) | 30 | 8 | 12 | 30 | 45 |
| Net assets at end of period (000 omitted) | $2,152 | $1,943 | $1,960 | $2,301 | $1,966 | $1,640 |
See Notes to Financial
Statements
88
Financial
Highlights − continued
MFS LIFETIME 2045
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $19.94 | $14.15 | $15.60 | $15.22 | $13.85 | $12.55 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.24 | $0.31 | $0.36 | $0.33 | $0.25 |
| Net realized and unrealized gain (loss) | 1.43 | 6.00 | (1.12) | 0.57 | 1.53 | 1.51 |
| Total from investment operations | $1.46 | $6.24 | $(0.81) | $0.93 | $1.86 | $1.76 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.24) | $(0.30) | $(0.35) | $(0.38) | $(0.16) |
| From net realized gain | — | (0.21) | (0.34) | (0.20) | (0.11) | (0.30) |
| Total distributions declared to shareholders | $— | $(0.45) | $(0.64) | $(0.55) | $(0.49) | $(0.46) |
| Net asset value, end of period (x) | $21.40 | $19.94 | $14.15 | $15.60 | $15.22 | $13.85 |
| Total return (%) (r)(s)(t)(x) | 7.32(n) | 44.43 | (5.72) | 6.75 | 13.42 | 14.34 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.24(a) | 0.25 | 0.32 | 0.35 | 0.37 | 0.41 |
| 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) | 1.37 | 2.01 | 2.40 | 2.24 | 1.89 |
| Portfolio turnover | 8(n) | 30 | 8 | 12 | 30 | 45 |
| Net assets at end of period (000 omitted) | $2,555 | $2,145 | $395 | $296 | $161 | $138 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $19.74 | $13.97 | $15.41 | $15.06 | $13.75 | $12.51 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.07) | $(0.04) | $0.15 | $0.23 | $0.17 | $0.03 |
| Net realized and unrealized gain (loss) | 1.41 | 6.02 | (1.11) | 0.55 | 1.52 | 1.58 |
| Total from investment operations | $1.34 | $5.98 | $(0.96) | $0.78 | $1.69 | $1.61 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $— | $(0.14) | $(0.23) | $(0.27) | $(0.07) |
| From net realized gain | — | (0.21) | (0.34) | (0.20) | (0.11) | (0.30) |
| Total distributions declared to shareholders | $— | $(0.21) | $(0.48) | $(0.43) | $(0.38) | $(0.37) |
| Net asset value, end of period (x) | $21.08 | $19.74 | $13.97 | $15.41 | $15.06 | $13.75 |
| Total return (%) (r)(s)(t)(x) | 6.79(n) | 42.98 | (6.67) | 5.70 | 12.27 | 13.05 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.24(a) | 1.28 | 1.32 | 1.35 | 1.37 | 1.45 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.69)(a) | (0.25) | 0.98 | 1.54 | 1.14 | 0.22 |
| Portfolio turnover | 8(n) | 30 | 8 | 12 | 30 | 45 |
| Net assets at end of period (000 omitted) | $373 | $552 | $995 | $1,093 | $872 | $463 |
See Notes to Financial
Statements
89
Financial
Highlights − continued
MFS LIFETIME 2045
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $19.75 | $14.00 | $15.42 | $15.04 | $13.71 | $12.47 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.02) | $0.11 | $0.20 | $0.25 | $0.25 | $0.12 |
| Net realized and unrealized gain (loss) | 1.42 | 5.96 | (1.07) | 0.59 | 1.51 | 1.55 |
| Total from investment operations | $1.40 | $6.07 | $(0.87) | $0.84 | $1.76 | $1.67 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.11) | $(0.21) | $(0.26) | $(0.32) | $(0.13) |
| From net realized gain | — | (0.21) | (0.34) | (0.20) | (0.11) | (0.30) |
| Total distributions declared to shareholders | $— | $(0.32) | $(0.55) | $(0.46) | $(0.43) | $(0.43) |
| Net asset value, end of period (x) | $21.15 | $19.75 | $14.00 | $15.42 | $15.04 | $13.71 |
| Total return (%) (r)(s)(t)(x) | 7.09(n) | 43.65 | (6.12) | 6.15 | 12.87 | 13.65 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.74(a) | 0.77 | 0.82 | 0.85 | 0.87 | 0.95 |
| 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) | 0.67 | 1.31 | 1.65 | 1.70 | 0.89 |
| Portfolio turnover | 8(n) | 30 | 8 | 12 | 30 | 45 |
| Net assets at end of period (000 omitted) | $11,704 | $15,161 | $17,299 | $21,895 | $20,428 | $10,716 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $19.82 | $14.07 | $15.52 | $15.14 | $13.78 | $12.52 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.01 | $0.18 | $0.27 | $0.32 | $0.28 | $0.14 |
| Net realized and unrealized gain (loss) | 1.41 | 5.97 | (1.11) | 0.57 | 1.54 | 1.56 |
| Total from investment operations | $1.42 | $6.15 | $(0.84) | $0.89 | $1.82 | $1.70 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.19) | $(0.27) | $(0.31) | $(0.35) | $(0.14) |
| From net realized gain | — | (0.21) | (0.34) | (0.20) | (0.11) | (0.30) |
| Total distributions declared to shareholders | $— | $(0.40) | $(0.61) | $(0.51) | $(0.46) | $(0.44) |
| Net asset value, end of period (x) | $21.24 | $19.82 | $14.07 | $15.52 | $15.14 | $13.78 |
| Total return (%) (r)(s)(t)(x) | 7.16(n) | 44.05 | (5.93) | 6.49 | 13.20 | 13.83 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.49(a) | 0.51 | 0.57 | 0.60 | 0.62 | 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) | 1.08 | 1.77 | 2.10 | 1.87 | 1.06 |
| Portfolio turnover | 8(n) | 30 | 8 | 12 | 30 | 45 |
| Net assets at end of period (000 omitted) | $124,051 | $109,034 | $69,136 | $53,767 | $42,729 | $23,479 |
See Notes to Financial
Statements
90
Financial
Highlights − continued
MFS LIFETIME 2045
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $19.94 | $14.14 | $15.58 | $15.20 | $13.82 | $12.54 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.21 | $0.32 | $0.35 | $0.36 | $0.17 |
| Net realized and unrealized gain (loss) | 1.43 | 6.02 | (1.12) | 0.57 | 1.50 | 1.57 |
| Total from investment operations | $1.46 | $6.23 | $(0.80) | $0.92 | $1.86 | $1.74 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.22) | $(0.30) | $(0.34) | $(0.37) | $(0.16) |
| From net realized gain | — | (0.21) | (0.34) | (0.20) | (0.11) | (0.30) |
| Total distributions declared to shareholders | $— | $(0.43) | $(0.64) | $(0.54) | $(0.48) | $(0.46) |
| Net asset value, end of period (x) | $21.40 | $19.94 | $14.14 | $15.58 | $15.20 | $13.82 |
| Total return (%) (r)(s)(t)(x) | 7.32(n) | 44.39 | (5.67) | 6.73 | 13.47 | 14.18 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.24(a) | 0.27 | 0.32 | 0.35 | 0.36 | 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) | 0.33(a) | 1.23 | 2.04 | 2.33 | 2.43 | 1.27 |
| Portfolio turnover | 8(n) | 30 | 8 | 12 | 30 | 45 |
| Net assets at end of period (000 omitted) | $31,110 | $68,489 | $90,453 | $83,824 | $70,628 | $84,597 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17(i) |
| Net asset value, beginning of period | $19.93 | $14.14 | $15.58 | $15.20 | $13.83 | $13.21 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.05 | $0.27 | $0.33 | $0.36 | $0.47 | $0.03 |
| Net realized and unrealized gain (loss) | 1.43 | 5.98 | (1.11) | 0.59 | 1.41 | 1.06 |
| Total from investment operations | $1.48 | $6.25 | $(0.78) | $0.95 | $1.88 | $1.09 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.25) | $(0.32) | $(0.37) | $(0.40) | $(0.17) |
| From net realized gain | — | (0.21) | (0.34) | (0.20) | (0.11) | (0.30) |
| Total distributions declared to shareholders | $— | $(0.46) | $(0.66) | $(0.57) | $(0.51) | $(0.47) |
| Net asset value, end of period (x) | $21.41 | $19.93 | $14.14 | $15.58 | $15.20 | $13.83 |
| Total return (%) (r)(s)(t)(x) | 7.43(n) | 44.58 | (5.55) | 6.91 | 13.57 | 8.52(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.09(a) | 0.11 | 0.17 | 0.21 | 0.23 | 0.36(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 0.45(a) | 1.56 | 2.14 | 2.42 | 3.11 | 0.39(a) |
| Portfolio turnover | 8(n) | 30 | 8 | 12 | 30 | 45 |
| Net assets at end of period (000 omitted) | $169,193 | $140,992 | $37,856 | $26,219 | $15,910 | $4,351 |
See Notes to Financial Statements
91
Financial
Highlights − continued
MFS LIFETIME 2045
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 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
92
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 ended |
Year ended | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $23.98 | $16.99 | $18.80 | $18.30 | $16.63 | $15.14 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.00(w) | $0.22 | $0.32 | $0.38 | $0.33 | $0.17 |
| Net realized and unrealized gain (loss) | 1.75 | 7.23 | (1.33) | 0.71 | 1.86 | 1.89 |
| Total from investment operations | $1.75 | $7.45 | $(1.01) | $1.09 | $2.19 | $2.06 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.23) | $(0.32) | $(0.37) | $(0.37) | $(0.16) |
| From net realized gain | — | (0.23) | (0.48) | (0.22) | (0.15) | (0.41) |
| Total distributions declared to shareholders | $— | $(0.46) | $(0.80) | $(0.59) | $(0.52) | $(0.57) |
| Net asset value, end of period (x) | $25.73 | $23.98 | $16.99 | $18.80 | $18.30 | $16.63 |
| Total return (%) (r)(s)(t)(x) | 7.30(n) | 44.17 | (5.93) | 6.47 | 13.16 | 13.89 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.49(a) | 0.51 | 0.57 | 0.57 | 0.58 | 0.65 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 0.00(a)(w) | 1.08 | 1.74 | 2.11 | 1.83 | 1.06 |
| Portfolio turnover | 8(n) | 24 | 8 | 24 | 20 | 52 |
| Net assets at end of period (000 omitted) | $25,326 | $22,708 | $14,315 | $12,791 | $12,353 | $11,383 |
See Notes to Financial
Statements
93
Financial
Highlights − continued
MFS LIFETIME 2050
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $23.62 | $16.75 | $18.55 | $18.07 | $16.44 | $14.98 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.09) | $0.06 | $0.18 | $0.25 | $0.20 | $0.04 |
| Net realized and unrealized gain (loss) | 1.72 | 7.11 | (1.32) | 0.70 | 1.83 | 1.88 |
| Total from investment operations | $1.63 | $7.17 | $(1.14) | $0.95 | $2.03 | $1.92 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.07) | $(0.18) | $(0.25) | $(0.25) | $(0.05) |
| From net realized gain | — | (0.23) | (0.48) | (0.22) | (0.15) | (0.41) |
| Total distributions declared to shareholders | $— | $(0.30) | $(0.66) | $(0.47) | $(0.40) | $(0.46) |
| Net asset value, end of period (x) | $25.25 | $23.62 | $16.75 | $18.55 | $18.07 | $16.44 |
| Total return (%) (r)(s)(t)(x) | 6.90(n) | 43.04 | (6.61) | 5.67 | 12.36 | 12.99 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.24(a) | 1.26 | 1.32 | 1.32 | 1.33 | 1.39 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.74)(a) | 0.32 | 0.97 | 1.39 | 1.15 | 0.24 |
| Portfolio turnover | 8(n) | 24 | 8 | 24 | 20 | 52 |
| Net assets at end of period (000 omitted) | $1,687 | $1,727 | $1,359 | $1,630 | $1,270 | $1,048 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $23.49 | $16.65 | $18.45 | $17.96 | $16.35 | $14.91 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.09) | $0.06 | $0.17 | $0.23 | $0.20 | $0.04 |
| Net realized and unrealized gain (loss) | 1.71 | 7.08 | (1.31) | 0.72 | 1.81 | 1.87 |
| Total from investment operations | $1.62 | $7.14 | $(1.14) | $0.95 | $2.01 | $1.91 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.07) | $(0.18) | $(0.24) | $(0.25) | $(0.06) |
| From net realized gain | — | (0.23) | (0.48) | (0.22) | (0.15) | (0.41) |
| Total distributions declared to shareholders | $— | $(0.30) | $(0.66) | $(0.46) | $(0.40) | $(0.47) |
| Net asset value, end of period (x) | $25.11 | $23.49 | $16.65 | $18.45 | $17.96 | $16.35 |
| Total return (%) (r)(s)(t)(x) | 6.90(n) | 43.12 | (6.66) | 5.67 | 12.30 | 13.04 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.24(a) | 1.26 | 1.32 | 1.32 | 1.33 | 1.39 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.74)(a) | 0.31 | 0.94 | 1.31 | 1.16 | 0.28 |
| Portfolio turnover | 8(n) | 24 | 8 | 24 | 20 | 52 |
| Net assets at end of period (000 omitted) | $3,907 | $3,898 | $3,029 | $3,344 | $2,775 | $2,535 |
See Notes to Financial
Statements
94
Financial
Highlights − continued
MFS LIFETIME 2050
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $23.95 | $16.97 | $18.78 | $18.29 | $16.62 | $15.12 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.28 | $0.41 | $0.50 | $0.41 | $0.30 |
| Net realized and unrealized gain (loss) | 1.75 | 7.21 | (1.37) | 0.62 | 1.83 | 1.81 |
| Total from investment operations | $1.78 | $7.49 | $(0.96) | $1.12 | $2.24 | $2.11 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.28) | $(0.37) | $(0.41) | $(0.42) | $(0.20) |
| From net realized gain | — | (0.23) | (0.48) | (0.22) | (0.15) | (0.41) |
| Total distributions declared to shareholders | $— | $(0.51) | $(0.85) | $(0.63) | $(0.57) | $(0.61) |
| Net asset value, end of period (x) | $25.73 | $23.95 | $16.97 | $18.78 | $18.29 | $16.62 |
| Total return (%) (r)(s)(t)(x) | 7.43(n) | 44.49 | (5.71) | 6.70 | 13.47 | 14.21 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.24(a) | 0.26 | 0.32 | 0.32 | 0.33 | 0.38 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 0.25(a) | 1.36 | 2.23 | 2.73 | 2.26 | 1.92 |
| Portfolio turnover | 8(n) | 24 | 8 | 24 | 20 | 52 |
| Net assets at end of period (000 omitted) | $1,230 | $1,033 | $354 | $213 | $566 | $423 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $23.59 | $16.67 | $18.46 | $17.97 | $16.38 | $14.94 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.09) | $(0.04) | $0.16 | $0.25 | $0.21 | $0.04 |
| Net realized and unrealized gain (loss) | 1.72 | 7.20 | (1.30) | 0.69 | 1.82 | 1.88 |
| Total from investment operations | $1.63 | $7.16 | $(1.14) | $0.94 | $2.03 | $1.92 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $— | $(0.17) | $(0.23) | $(0.29) | $(0.07) |
| From net realized gain | — | (0.24) | (0.48) | (0.22) | (0.15) | (0.41) |
| Total distributions declared to shareholders | $— | $(0.24) | $(0.65) | $(0.45) | $(0.44) | $(0.48) |
| Net asset value, end of period (x) | $25.22 | $23.59 | $16.67 | $18.46 | $17.97 | $16.38 |
| Total return (%) (r)(s)(t)(x) | 6.91(n) | 43.08 | (6.64) | 5.65 | 12.35 | 13.06 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.24(a) | 1.28 | 1.32 | 1.32 | 1.33 | 1.40 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.75)(a) | (0.21) | 0.90 | 1.42 | 1.18 | 0.26 |
| Portfolio turnover | 8(n) | 24 | 8 | 24 | 20 | 52 |
| Net assets at end of period (000 omitted) | $773 | $695 | $1,184 | $1,322 | $1,052 | $606 |
See Notes to Financial
Statements
95
Financial
Highlights − continued
MFS LIFETIME 2050
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $23.70 | $16.79 | $18.55 | $18.07 | $16.44 | $14.98 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.03) | $0.15 | $0.26 | $0.34 | $0.30 | $0.13 |
| Net realized and unrealized gain (loss) | 1.73 | 7.15 | (1.30) | 0.69 | 1.82 | 1.88 |
| Total from investment operations | $1.70 | $7.30 | $(1.04) | $1.03 | $2.12 | $2.01 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.15) | $(0.24) | $(0.33) | $(0.34) | $(0.14) |
| From net realized gain | — | (0.24) | (0.48) | (0.22) | (0.15) | (0.41) |
| Total distributions declared to shareholders | $— | $(0.39) | $(0.72) | $(0.55) | $(0.49) | $(0.55) |
| Net asset value, end of period (x) | $25.40 | $23.70 | $16.79 | $18.55 | $18.07 | $16.44 |
| Total return (%) (r)(s)(t)(x) | 7.17(n) | 43.72 | (6.12) | 6.18 | 12.89 | 13.64 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.74(a) | 0.77 | 0.82 | 0.82 | 0.83 | 0.90 |
| Expenses after expense reductions (f)(h) | 0.50(a) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Net investment income (loss) (l) | (0.25)(a) | 0.72 | 1.41 | 1.92 | 1.67 | 0.82 |
| Portfolio turnover | 8(n) | 24 | 8 | 24 | 20 | 52 |
| Net assets at end of period (000 omitted) | $20,478 | $28,781 | $26,545 | $28,575 | $46,468 | $33,805 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $23.79 | $16.86 | $18.67 | $18.18 | $16.53 | $15.05 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.00(w) | $0.22 | $0.33 | $0.38 | $0.34 | $0.16 |
| Net realized and unrealized gain (loss) | 1.73 | 7.17 | (1.33) | 0.70 | 1.84 | 1.89 |
| Total from investment operations | $1.73 | $7.39 | $(1.00) | $1.08 | $2.18 | $2.05 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.23) | $(0.33) | $(0.37) | $(0.38) | $(0.16) |
| From net realized gain | — | (0.23) | (0.48) | (0.22) | (0.15) | (0.41) |
| Total distributions declared to shareholders | $— | $(0.46) | $(0.81) | $(0.59) | $(0.53) | $(0.57) |
| Net asset value, end of period (x) | $25.52 | $23.79 | $16.86 | $18.67 | $18.18 | $16.53 |
| Total return (%) (r)(s)(t)(x) | 7.27(n) | 44.16 | (5.96) | 6.48 | 13.19 | 13.91 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.49(a) | 0.51 | 0.57 | 0.57 | 0.58 | 0.65 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 0.01(a) | 1.08 | 1.77 | 2.10 | 1.90 | 1.03 |
| Portfolio turnover | 8(n) | 24 | 8 | 24 | 20 | 52 |
| Net assets at end of period (000 omitted) | $124,641 | $113,346 | $70,610 | $54,561 | $48,180 | $27,276 |
See Notes to Financial
Statements
96
Financial
Highlights − continued
MFS LIFETIME 2050
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $23.97 | $16.97 | $18.77 | $18.28 | $16.60 | $15.11 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.04 | $0.26 | $0.37 | $0.42 | $0.42 | $0.21 |
| Net realized and unrealized gain (loss) | 1.73 | 7.24 | (1.33) | 0.70 | 1.82 | 1.89 |
| Total from investment operations | $1.77 | $7.50 | $(0.96) | $1.12 | $2.24 | $2.10 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.26) | $(0.36) | $(0.41) | $(0.41) | $(0.20) |
| From net realized gain | — | (0.24) | (0.48) | (0.22) | (0.15) | (0.41) |
| Total distributions declared to shareholders | $— | $(0.50) | $(0.84) | $(0.63) | $(0.56) | $(0.61) |
| Net asset value, end of period (x) | $25.74 | $23.97 | $16.97 | $18.77 | $18.28 | $16.60 |
| Total return (%) (r)(s)(t)(x) | 7.38(n) | 44.52 | (5.69) | 6.71 | 13.49 | 14.15 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.24(a) | 0.27 | 0.32 | 0.32 | 0.33 | 0.39 |
| 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) | 1.28 | 2.01 | 2.30 | 2.35 | 1.30 |
| Portfolio turnover | 8(n) | 24 | 8 | 24 | 20 | 52 |
| Net assets at end of period (000 omitted) | $29,581 | $71,368 | $76,018 | $69,834 | $70,936 | $75,323 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17(i) |
| Net asset value, beginning of period | $23.96 | $16.97 | $18.76 | $18.27 | $16.60 | $15.91 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.05 | $0.32 | $0.39 | $0.44 | $0.51 | $0.04 |
| Net realized and unrealized gain (loss) | 1.75 | 7.20 | (1.31) | 0.71 | 1.75 | 1.26 |
| Total from investment operations | $1.80 | $7.52 | $(0.92) | $1.15 | $2.26 | $1.30 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.30) | $(0.39) | $(0.44) | $(0.44) | $(0.20) |
| From net realized gain | — | (0.23) | (0.48) | (0.22) | (0.15) | (0.41) |
| Total distributions declared to shareholders | $— | $(0.53) | $(0.87) | $(0.66) | $(0.59) | $(0.61) |
| Net asset value, end of period (x) | $25.76 | $23.96 | $16.97 | $18.76 | $18.27 | $16.60 |
| Total return (%) (r)(s)(t)(x) | 7.51(n) | 44.70 | (5.52) | 6.89 | 13.60 | 8.46(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.10(a) | 0.12 | 0.17 | 0.18 | 0.19 | 0.32(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 0.40(a) | 1.54 | 2.11 | 2.44 | 2.82 | 0.41(a) |
| Portfolio turnover | 8(n) | 24 | 8 | 24 | 20 | 52 |
| Net assets at end of period (000 omitted) | $149,063 | $121,495 | $44,463 | $39,175 | $23,365 | $8,776 |
See Notes to Financial Statements
97
Financial
Highlights − continued
MFS LIFETIME 2050
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 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
98
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 |
Year ended | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.42 | $14.47 | $15.93 | $15.45 | $14.00 | $12.61 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.00 | $0.19 | $0.28 | $0.32 | $0.29 | $0.13 |
| Net realized and unrealized gain (loss) | 1.49 | 6.15 | (1.14) | 0.60 | 1.55 | 1.59 |
| Total from investment operations | $1.49 | $6.34 | $(0.86) | $0.92 | $1.84 | $1.72 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.20) | $(0.27) | $(0.31) | $(0.31) | $(0.13) |
| From net realized gain | — | (0.19) | (0.33) | (0.13) | (0.08) | (0.20) |
| Total distributions declared to shareholders | $— | $(0.39) | $(0.60) | $(0.44) | $(0.39) | $(0.33) |
| Net asset value, end of period (x) | $21.91 | $20.42 | $14.47 | $15.93 | $15.45 | $14.00 |
| Total return (%) (r)(s)(t)(x) | 7.30(n) | 44.11 | (5.87) | 6.46 | 13.10 | 13.80 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.56(a) | 0.61 | 0.72 | 0.81 | 0.92 | 1.34 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 0.00(a) | 1.09 | 1.78 | 2.08 | 1.91 | 1.01 |
| Portfolio turnover | 11(n) | 24 | 11 | 20 | 18 | 45 |
| Net assets at end of period (000 omitted) | $16,712 | $14,314 | $7,729 | $5,866 | $4,833 | $3,516 |
See Notes to Financial
Statements
99
Financial
Highlights − continued
MFS LIFETIME 2055
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.33 | $14.41 | $15.87 | $15.39 | $13.95 | $12.58 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.08) | $0.05 | $0.15 | $0.21 | $0.18 | $0.04 |
| Net realized and unrealized gain (loss) | 1.48 | 6.13 | (1.14) | 0.60 | 1.55 | 1.57 |
| Total from investment operations | $1.40 | $6.18 | $(0.99) | $0.81 | $1.73 | $1.61 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.07) | $(0.14) | $(0.20) | $(0.21) | $(0.04) |
| From net realized gain | — | (0.19) | (0.33) | (0.13) | (0.08) | (0.20) |
| Total distributions declared to shareholders | $— | $(0.26) | $(0.47) | $(0.33) | $(0.29) | $(0.24) |
| Net asset value, end of period (x) | $21.73 | $20.33 | $14.41 | $15.87 | $15.39 | $13.95 |
| Total return (%) (r)(s)(t)(x) | 6.89(n) | 43.06 | (6.61) | 5.65 | 12.36 | 12.94 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.31(a) | 1.36 | 1.48 | 1.56 | 1.67 | 2.09 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.74)(a) | 0.31 | 0.93 | 1.34 | 1.22 | 0.28 |
| Portfolio turnover | 11(n) | 24 | 11 | 20 | 18 | 45 |
| Net assets at end of period (000 omitted) | $758 | $713 | $517 | $605 | $470 | $407 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.17 | $14.29 | $15.75 | $15.28 | $13.86 | $12.49 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.08) | $0.05 | $0.14 | $0.20 | $0.18 | $0.03 |
| Net realized and unrealized gain (loss) | 1.46 | 6.08 | (1.11) | 0.60 | 1.53 | 1.58 |
| Total from investment operations | $1.38 | $6.13 | $(0.97) | $0.80 | $1.71 | $1.61 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.06) | $(0.16) | $(0.20) | $(0.21) | $(0.04) |
| From net realized gain | — | (0.19) | (0.33) | (0.13) | (0.08) | (0.20) |
| Total distributions declared to shareholders | $— | $(0.25) | $(0.49) | $(0.33) | $(0.29) | $(0.24) |
| Net asset value, end of period (x) | $21.55 | $20.17 | $14.29 | $15.75 | $15.28 | $13.86 |
| Total return (%) (r)(s)(t)(x) | 6.84(n) | 43.08 | (6.59) | 5.63 | 12.29 | 12.98 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.31(a) | 1.36 | 1.48 | 1.56 | 1.67 | 2.08 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 0.99 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.74)(a) | 0.29 | 0.92 | 1.32 | 1.19 | 0.26 |
| Portfolio turnover | 11(n) | 24 | 11 | 20 | 18 | 45 |
| Net assets at end of period (000 omitted) | $2,638 | $2,585 | $2,126 | $2,179 | $1,789 | $1,284 |
See Notes to Financial
Statements
100
Financial
Highlights − continued
MFS LIFETIME 2055
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.45 | $14.49 | $15.94 | $15.46 | $14.00 | $12.65 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.25 | $0.32 | $0.35 | $0.30 | $0.26 |
| Net realized and unrealized gain (loss) | 1.49 | 6.14 | (1.14) | 0.61 | 1.58 | 1.45 |
| Total from investment operations | $1.52 | $6.39 | $(0.82) | $0.96 | $1.88 | $1.71 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.24) | $(0.30) | $(0.35) | $(0.34) | $(0.16) |
| From net realized gain | — | (0.19) | (0.33) | (0.13) | (0.08) | (0.20) |
| Total distributions declared to shareholders | $— | $(0.43) | $(0.63) | $(0.48) | $(0.42) | $(0.36) |
| Net asset value, end of period (x) | $21.97 | $20.45 | $14.49 | $15.94 | $15.46 | $14.00 |
| Total return (%) (r)(s)(t)(x) | 7.43(n) | 44.42 | (5.65) | 6.74 | 13.40 | 13.66 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.31(a) | 0.35 | 0.48 | 0.56 | 0.67 | 1.09 |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net investment income (loss) (l) | 0.25(a) | 1.39 | 1.99 | 2.29 | 1.98 | 2.01 |
| Portfolio turnover | 11(n) | 24 | 11 | 20 | 18 | 45 |
| Net assets at end of period (000 omitted) | $495 | $434 | $98 | $156 | $114 | $79 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.26 | $14.30 | $15.76 | $15.32 | $13.92 | $12.63 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.08) | $(0.06) | $0.14 | $0.20 | $0.17 | $0.15 |
| Net realized and unrealized gain (loss) | 1.47 | 6.21 | (1.12) | 0.60 | 1.55 | 1.46 |
| Total from investment operations | $1.39 | $6.15 | $(0.98) | $0.80 | $1.72 | $1.61 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $— | $(0.15) | $(0.23) | $(0.24) | $(0.12) |
| From net realized gain | — | (0.19) | (0.33) | (0.13) | (0.08) | (0.20) |
| Total distributions declared to shareholders | $— | $(0.19) | $(0.48) | $(0.36) | $(0.32) | $(0.32) |
| Net asset value, end of period (x) | $21.65 | $20.26 | $14.30 | $15.76 | $15.32 | $13.92 |
| Total return (%) (r)(s)(t)(x) | 6.86(n) | 43.16 | (6.60) | 5.65 | 12.31 | 12.93 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.31(a) | 1.39 | 1.48 | 1.56 | 1.66 | 2.08 |
| Expenses after expense reductions (f)(h) | 1.00(a) | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Net investment income (loss) (l) | (0.74)(a) | (0.34) | 0.93 | 1.32 | 1.13 | 1.10 |
| Portfolio turnover | 11(n) | 24 | 11 | 20 | 18 | 45 |
| Net assets at end of period (000 omitted) | $719 | $663 | $1,597 | $1,523 | $854 | $318 |
See Notes to Financial
Statements
101
Financial
Highlights − continued
MFS LIFETIME 2055
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.35 | $14.39 | $15.84 | $15.36 | $13.94 | $12.57 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.03) | $0.11 | $0.22 | $0.26 | $0.26 | $0.11 |
| Net realized and unrealized gain (loss) | 1.49 | 6.16 | (1.12) | 0.62 | 1.53 | 1.58 |
| Total from investment operations | $1.46 | $6.27 | $(0.90) | $0.88 | $1.79 | $1.69 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.12) | $(0.22) | $(0.27) | $(0.29) | $(0.12) |
| From net realized gain | — | (0.19) | (0.33) | (0.13) | (0.08) | (0.20) |
| Total distributions declared to shareholders | $— | $(0.31) | $(0.55) | $(0.40) | $(0.37) | $(0.32) |
| Net asset value, end of period (x) | $21.81 | $20.35 | $14.39 | $15.84 | $15.36 | $13.94 |
| Total return (%) (r)(s)(t)(x) | 7.17(n) | 43.78 | (6.12) | 6.19 | 12.82 | 13.59 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.81(a) | 0.87 | 0.98 | 1.06 | 1.16 | 1.60 |
| Expenses after expense reductions (f)(h) | 0.50(a) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Net investment income (loss) (l) | (0.27)(a) | 0.64 | 1.39 | 1.73 | 1.73 | 0.85 |
| Portfolio turnover | 11(n) | 24 | 11 | 20 | 18 | 45 |
| Net assets at end of period (000 omitted) | $9,452 | $17,589 | $17,485 | $18,695 | $15,534 | $6,657 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.42 | $14.47 | $15.93 | $15.45 | $14.00 | $12.61 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.00 | $0.19 | $0.27 | $0.32 | $0.29 | $0.14 |
| Net realized and unrealized gain (loss) | 1.49 | 6.15 | (1.13) | 0.60 | 1.55 | 1.58 |
| Total from investment operations | $1.49 | $6.34 | $(0.86) | $0.92 | $1.84 | $1.72 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.20) | $(0.27) | $(0.31) | $(0.31) | $(0.13) |
| From net realized gain | — | (0.19) | (0.33) | (0.13) | (0.08) | (0.20) |
| Total distributions declared to shareholders | $— | $(0.39) | $(0.60) | $(0.44) | $(0.39) | $(0.33) |
| Net asset value, end of period (x) | $21.91 | $20.42 | $14.47 | $15.93 | $15.45 | $14.00 |
| Total return (%) (r)(s)(t)(x) | 7.30(n) | 44.10 | (5.88) | 6.46 | 13.14 | 13.83 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.56(a) | 0.61 | 0.73 | 0.81 | 0.92 | 1.34 |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Net investment income (loss) (l) | 0.01(a) | 1.09 | 1.73 | 2.07 | 1.89 | 1.07 |
| Portfolio turnover | 11(n) | 24 | 11 | 20 | 18 | 45 |
| Net assets at end of period (000 omitted) | $76,072 | $65,613 | $36,674 | $27,658 | $21,438 | $10,285 |
See Notes to Financial
Statements
102
Financial
Highlights − continued
MFS LIFETIME 2055
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17 |
| Net asset value, beginning of period | $20.56 | $14.55 | $16.01 | $15.53 | $14.06 | $12.65 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.22 | $0.32 | $0.36 | $0.37 | $0.17 |
| Net realized and unrealized gain (loss) | 1.49 | 6.21 | (1.14) | 0.60 | 1.52 | 1.60 |
| Total from investment operations | $1.52 | $6.43 | $(0.82) | $0.96 | $1.89 | $1.77 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.23) | $(0.31) | $(0.35) | $(0.34) | $(0.16) |
| From net realized gain | — | (0.19) | (0.33) | (0.13) | (0.08) | (0.20) |
| Total distributions declared to shareholders | $— | $(0.42) | $(0.64) | $(0.48) | $(0.42) | $(0.36) |
| Net asset value, end of period (x) | $22.08 | $20.56 | $14.55 | $16.01 | $15.53 | $14.06 |
| Total return (%) (r)(s)(t)(x) | 7.39(n) | 44.49 | (5.67) | 6.71 | 13.42 | 14.14 |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.31(a) | 0.36 | 0.47 | 0.56 | 0.67 | 1.09 |
| 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) | 1.27 | 2.04 | 2.31 | 2.43 | 1.31 |
| Portfolio turnover | 11(n) | 24 | 11 | 20 | 18 | 45 |
| Net assets at end of period (000 omitted) | $16,365 | $38,374 | $37,665 | $30,137 | $26,747 | $21,882 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17(i) |
| Net asset value, beginning of period | $20.58 | $14.56 | $16.01 | $15.53 | $14.06 | $13.32 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.04 | $0.28 | $0.34 | $0.37 | $0.49 | $0.04 |
| Net realized and unrealized gain (loss) | 1.50 | 6.18 | (1.13) | 0.61 | 1.42 | 1.06 |
| Total from investment operations | $1.54 | $6.46 | $(0.79) | $0.98 | $1.91 | $1.10 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.25) | $(0.33) | $(0.37) | $(0.36) | $(0.16) |
| From net realized gain | — | (0.19) | (0.33) | (0.13) | (0.08) | (0.20) |
| Total distributions declared to shareholders | $— | $(0.44) | $(0.66) | $(0.50) | $(0.44) | $(0.36) |
| Net asset value, end of period (x) | $22.12 | $20.58 | $14.56 | $16.01 | $15.53 | $14.06 |
| Total return (%) (r)(s)(t)(x) | 7.48(n) | 44.75 | (5.50) | 6.88 | 13.56 | 8.44(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.16(a) | 0.21 | 0.33 | 0.42 | 0.52 | 0.95(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 0.41(a) | 1.54 | 2.16 | 2.40 | 3.15 | 0.44(a) |
| Portfolio turnover | 11(n) | 24 | 11 | 20 | 18 | 45 |
| Net assets at end of period (000 omitted) | $84,228 | $60,705 | $21,065 | $16,579 | $7,695 | $1,726 |
See Notes to Financial Statements
103
Financial
Highlights − continued
MFS LIFETIME 2055
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 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
104
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 ended |
Year ended | |||||
| Class A | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(c) |
| Net asset value, beginning of period | $15.99 | $11.25 | $12.26 | $11.85 | $10.73 | $10.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.00(w) | $0.15 | $0.22 | $0.41 | $0.25 | $0.10 |
| Net realized and unrealized gain (loss) | 1.16 | 4.82 | (0.89) | 0.30 | 1.16 | 0.74 |
| Total from investment operations | $1.16 | $4.97 | $(0.67) | $0.71 | $1.41 | $0.84 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.14) | $(0.21) | $(0.25) | $(0.23) | $(0.11) |
| From net realized gain | — | (0.09) | (0.13) | (0.05) | (0.06) | — |
| Total distributions declared to shareholders | $— | $(0.23) | $(0.34) | $(0.30) | $(0.29) | $(0.11) |
| Net asset value, end of period (x) | $17.15 | $15.99 | $11.25 | $12.26 | $11.85 | $10.73 |
| Total return (%) (r)(s)(t)(x) | 7.25(n) | 44.39 | (5.83) | 6.47 | 13.19 | 8.45(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.82(a) | 1.08 | 1.84 | 4.01 | 9.75 | 15.07(a) |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.24 | 0.22 | 0.20 | 0.16 | 0.12(a) |
| Net investment income (loss) (l) | 0.01(a) | 1.06 | 1.81 | 3.49 | 2.17 | 2.42(a) |
| Portfolio turnover | 15(n) | 21 | 9 | 34 | 37 | 2(n) |
| Net assets at end of period (000 omitted) | $6,273 | $5,584 | $2,879 | $1,362 | $306 | $59 |
See Notes to Financial
Statements
105
Financial
Highlights − continued
MFS LIFETIME 2060
FUND − continued
|
Six months ended |
Year ended | |||||
| Class B | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(c) |
| Net asset value, beginning of period | $15.95 | $11.24 | $12.25 | $11.82 | $10.70 | $10.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.06) | $0.04 | $0.12 | $0.17 | $0.14 | $0.07 |
| Net realized and unrealized gain (loss) | 1.16 | 4.80 | (0.89) | 0.48 | 1.19 | 0.73 |
| Total from investment operations | $1.10 | $4.84 | $(0.77) | $0.65 | $1.33 | $0.80 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.04) | $(0.11) | $(0.17) | $(0.15) | $(0.10) |
| From net realized gain | — | (0.09) | (0.13) | (0.05) | (0.06) | — |
| Total distributions declared to shareholders | $— | $(0.13) | $(0.24) | $(0.22) | $(0.21) | $(0.10) |
| Net asset value, end of period (x) | $17.05 | $15.95 | $11.24 | $12.25 | $11.82 | $10.70 |
| Total return (%) (r)(s)(t)(x) | 6.90(n) | 43.16 | (6.53) | 5.78 | 12.39 | 8.08(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.57(a) | 1.83 | 2.65 | 4.98 | 11.79 | 15.87(a) |
| Expenses after expense reductions (f)(h) | 1.00(a) | 0.99 | 0.97 | 0.95 | 0.90 | 0.87(a) |
| Net investment income (loss) (l) | (0.74)(a) | 0.33 | 0.99 | 1.44 | 1.26 | 1.76(a) |
| Portfolio turnover | 15(n) | 21 | 9 | 34 | 37 | 2(n) |
| Net assets at end of period (000 omitted) | $202 | $191 | $137 | $149 | $73 | $55 |
|
Six months ended |
Year ended | |||||
| Class C | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17(c) |
| Net asset value, beginning of period | $15.86 | $11.18 | $12.21 | $11.81 | $10.70 | $10.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.06) | $0.05 | $0.13 | $0.20 | $0.14 | $0.07 |
| Net realized and unrealized gain (loss) | 1.15 | 4.78 | (0.89) | 0.44 | 1.19 | 0.73 |
| Total from investment operations | $1.09 | $4.83 | $(0.76) | $0.64 | $1.33 | $0.80 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.06) | $(0.14) | $(0.19) | $(0.16) | $(0.10) |
| From net realized gain | — | (0.09) | (0.13) | (0.05) | (0.06) | — |
| Total distributions declared to shareholders | $— | $(0.15) | $(0.27) | $(0.24) | $(0.22) | $(0.10) |
| Net asset value, end of period (x) | $16.95 | $15.86 | $11.18 | $12.21 | $11.81 | $10.70 |
| Total return (%) (r)(s)(t)(x) | 6.87(n) | 43.28 | (6.53) | 5.75 | 12.38 | 8.08(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.57(a) | 1.83 | 2.61 | 4.88 | 11.46 | 15.81(a) |
| Expenses after expense reductions (f)(h) | 1.00(a) | 0.99 | 0.96 | 0.95 | 0.90 | 0.87(a) |
| Net investment income (loss) (l) | (0.74)(a) | 0.34 | 1.11 | 1.68 | 1.24 | 1.68(a) |
| Portfolio turnover | 15(n) | 21 | 9 | 34 | 37 | 2(n) |
| Net assets at end of period (000 omitted) | $893 | $761 | $432 | $283 | $107 | $60 |
See Notes to Financial
Statements
106
Financial
Highlights − continued
MFS LIFETIME 2060
FUND − continued
|
Six months ended |
Year ended | |||||
| Class I | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(c) |
| Net asset value, beginning of period | $16.09 | $11.32 | $12.32 | $11.88 | $10.74 | $10.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.02 | $0.19 | $0.23 | $0.28 | $0.26 | $0.11 |
| Net realized and unrealized gain (loss) | 1.17 | 4.84 | (0.87) | 0.47 | 1.19 | 0.74 |
| Total from investment operations | $1.19 | $5.03 | $(0.64) | $0.75 | $1.45 | $0.85 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.17) | $(0.23) | $(0.26) | $(0.25) | $(0.11) |
| From net realized gain | — | (0.09) | (0.13) | (0.05) | (0.06) | — |
| Total distributions declared to shareholders | $— | $(0.26) | $(0.36) | $(0.31) | $(0.31) | $(0.11) |
| Net asset value, end of period (x) | $17.28 | $16.09 | $11.32 | $12.32 | $11.88 | $10.74 |
| Total return (%) (r)(s)(t)(x) | 7.40(n) | 44.66 | (5.58) | 6.76 | 13.50 | 8.57(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.57(a) | 0.82 | 1.60 | 4.04 | 11.01 | 14.88(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 0.25(a) | 1.33 | 1.86 | 2.37 | 2.23 | 2.76(a) |
| Portfolio turnover | 15(n) | 21 | 9 | 34 | 37 | 2(n) |
| Net assets at end of period (000 omitted) | $282 | $232 | $103 | $66 | $62 | $54 |
|
Six months ended |
Year ended | |||||
| Class R1 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17(c) |
| Net asset value, beginning of period | $16.01 | $11.28 | $12.28 | $11.83 | $10.70 | $10.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.06) | $0.04 | $0.12 | $0.16 | $0.14 | $0.07 |
| Net realized and unrealized gain (loss) | 1.16 | 4.82 | (0.88) | 0.48 | 1.19 | 0.73 |
| Total from investment operations | $1.10 | $4.86 | $(0.76) | $0.64 | $1.33 | $0.80 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.04) | $(0.11) | $(0.14) | $(0.14) | $(0.10) |
| From net realized gain | — | (0.09) | (0.13) | (0.05) | (0.06) | — |
| Total distributions declared to shareholders | $— | $(0.13) | $(0.24) | $(0.19) | $(0.20) | $(0.10) |
| Net asset value, end of period (x) | $17.11 | $16.01 | $11.28 | $12.28 | $11.83 | $10.70 |
| Total return (%) (r)(s)(t)(x) | 6.87(n) | 43.20 | (6.46) | 5.69 | 12.41 | 8.08(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.57(a) | 1.83 | 2.65 | 5.04 | 12.02 | 15.88(a) |
| Expenses after expense reductions (f)(h) | 1.00(a) | 0.99 | 0.97 | 0.95 | 0.90 | 0.87(a) |
| Net investment income (loss) (l) | (0.74)(a) | 0.32 | 0.99 | 1.36 | 1.23 | 1.76(a) |
| Portfolio turnover | 15(n) | 21 | 9 | 34 | 37 | 2(n) |
| Net assets at end of period (000 omitted) | $92 | $86 | $60 | $64 | $61 | $54 |
See Notes to Financial
Statements
107
Financial
Highlights − continued
MFS LIFETIME 2060
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R2 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(c) |
| Net asset value, beginning of period | $15.97 | $11.25 | $12.25 | $11.84 | $10.72 | $10.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $(0.02) | $0.13 | $0.17 | $0.27 | $0.18 | $0.09 |
| Net realized and unrealized gain (loss) | 1.15 | 4.80 | (0.87) | 0.42 | 1.21 | 0.73 |
| Total from investment operations | $1.13 | $4.93 | $(0.70) | $0.69 | $1.39 | $0.82 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.12) | $(0.17) | $(0.23) | $(0.21) | $(0.10) |
| From net realized gain | — | (0.09) | (0.13) | (0.05) | (0.06) | — |
| Total distributions declared to shareholders | $— | $(0.21) | $(0.30) | $(0.28) | $(0.27) | $(0.10) |
| Net asset value, end of period (x) | $17.10 | $15.97 | $11.25 | $12.25 | $11.84 | $10.72 |
| Total return (%) (r)(s)(t)(x) | 7.08(n) | 43.97 | (6.03) | 6.29 | 12.92 | 8.32(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 1.07(a) | 1.33 | 2.13 | 4.31 | 10.36 | 15.38(a) |
| Expenses after expense reductions (f)(h) | 0.50(a) | 0.49 | 0.47 | 0.45 | 0.41 | 0.37(a) |
| Net investment income (loss) (l) | (0.24)(a) | 0.99 | 1.39 | 2.34 | 1.56 | 2.26(a) |
| Portfolio turnover | 15(n) | 21 | 9 | 34 | 37 | 2(n) |
| Net assets at end of period (000 omitted) | $1,797 | $1,580 | $980 | $797 | $151 | $54 |
|
Six months ended |
Year ended | |||||
| Class R3 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17(c) |
| Net asset value, beginning of period | $16.00 | $11.27 | $12.28 | $11.85 | $10.73 | $10.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.00(w) | $0.16 | $0.24 | $0.24 | $0.25 | $0.10 |
| Net realized and unrealized gain (loss) | 1.17 | 4.81 | (0.90) | 0.48 | 1.17 | 0.74 |
| Total from investment operations | $1.17 | $4.97 | $(0.66) | $0.72 | $1.42 | $0.84 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.15) | $(0.22) | $(0.24) | $(0.24) | $(0.11) |
| From net realized gain | — | (0.09) | (0.13) | (0.05) | (0.06) | — |
| Total distributions declared to shareholders | $— | $(0.24) | $(0.35) | $(0.29) | $(0.30) | $(0.11) |
| Net asset value, end of period (x) | $17.17 | $16.00 | $11.27 | $12.28 | $11.85 | $10.73 |
| Total return (%) (r)(s)(t)(x) | 7.31(n) | 44.28 | (5.78) | 6.48 | 13.21 | 8.45(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.82(a) | 1.07 | 1.80 | 4.15 | 9.15 | 14.31(a) |
| Expenses after expense reductions (f)(h) | 0.25(a) | 0.24 | 0.22 | 0.20 | 0.16 | 0.12(a) |
| Net investment income (loss) (l) | 0.01(a) | 1.12 | 1.99 | 2.04 | 2.11 | 2.41(a) |
| Portfolio turnover | 15(n) | 21 | 9 | 34 | 37 | 2(n) |
| Net assets at end of period (000 omitted) | $23,433 | $17,477 | $7,252 | $2,505 | $1,203 | $88 |
See Notes to Financial
Statements
108
Financial
Highlights − continued
MFS LIFETIME 2060
FUND − continued
|
Six months ended |
Year ended | |||||
| Class R4 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19
|
4/30/18 | 4/30/17(c) |
| Net asset value, beginning of period | $16.07 | $11.31 | $12.31 | $11.88 | $10.74 | $10.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.18 | $0.28 | $0.31 | $0.30 | $0.11 |
| Net realized and unrealized gain (loss) | 1.15 | 4.84 | (0.92) | 0.43 | 1.15 | 0.74 |
| Total from investment operations | $1.18 | $5.02 | $(0.64) | $0.74 | $1.45 | $0.85 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.17) | $(0.23) | $(0.26) | $(0.25) | $(0.11) |
| From net realized gain | — | (0.09) | (0.13) | (0.05) | (0.06) | — |
| Total distributions declared to shareholders | $— | $(0.26) | $(0.36) | $(0.31) | $(0.31) | $(0.11) |
| Net asset value, end of period (x) | $17.25 | $16.07 | $11.31 | $12.31 | $11.88 | $10.74 |
| Total return (%) (r)(s)(t)(x) | 7.34(n) | 44.61 | (5.55) | 6.72 | 13.51 | 8.57(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.57(a) | 0.83 | 1.55 | 3.79 | 8.82 | 14.88(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 0.31(a) | 1.33 | 2.29 | 2.63 | 2.54 | 2.75(a) |
| Portfolio turnover | 15(n) | 21 | 9 | 34 | 37 | 2(n) |
| Net assets at end of period (000 omitted) | $2,932 | $8,871 | $4,568 | $1,524 | $356 | $55 |
|
Six months ended |
Year ended | |||||
| Class R6 | 10/31/21
(unaudited) |
4/30/21 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17(c) |
| Net asset value, beginning of period | $16.11 | $11.33 | $12.33 | $11.88 | $10.74 | $10.00 |
| Income (loss) from investment operations | ||||||
| Net investment income (loss) (d)(l) | $0.03 | $0.21 | $0.27 | $0.29 | $0.25 | $0.11 |
| Net realized and unrealized gain (loss) | 1.17 | 4.85 | (0.90) | 0.48 | 1.20 | 0.74 |
| Total from investment operations | $1.20 | $5.06 | $(0.63) | $0.77 | $1.45 | $0.85 |
| Less distributions declared to shareholders | ||||||
| From net investment income | $— | $(0.19) | $(0.24) | $(0.27) | $(0.25) | $(0.11) |
| From net realized gain | — | (0.09) | (0.13) | (0.05) | (0.06) | — |
| Total distributions declared to shareholders | $— | $(0.28) | $(0.37) | $(0.32) | $(0.31) | $(0.11) |
| Net asset value, end of period (x) | $17.31 | $16.11 | $11.33 | $12.33 | $11.88 | $10.74 |
| Total return (%) (r)(s)(t)(x) | 7.45(n) | 44.87 | (5.50) | 6.95 | 13.51 | 8.57(n) |
| Ratios (%) (to average net assets) and Supplemental data: | ||||||
| Expenses before expense reductions (f)(h) | 0.43(a) | 0.69 | 1.48 | 3.80 | 10.10 | 14.87(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00(a) |
| Net investment income (loss) (l) | 0.40(a) | 1.49 | 2.21 | 2.43 | 2.18 | 2.76(a) |
| Portfolio turnover | 15(n) | 21 | 9 | 34 | 37 | 2(n) |
| Net assets at end of period (000 omitted) | $33,759 | $25,148 | $7,641 | $3,309 | $1,268 | $543 |
See Notes to Financial Statements
109
Financial
Highlights − continued
MFS LIFETIME 2060
FUND − continued
| (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. |
| (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
110
Financial
Highlights − continued
MFS LIFETIME 2065
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 | |
| Class A | 10/31/21(c)
(unaudited) |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d)(l) | $0.00(w) |
| Net realized and unrealized gain (loss) | 0.07 |
| Total from investment operations | $0.07 |
| Net asset value, end of period (x) | $10.07 |
| Total return (%) (r)(s)(t)(x) | 0.70(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f)(h) | 14.86(a) |
| Expenses after expense reductions (f)(h) | 0.12(a) |
| Net investment income (loss) (l) | 0.27(a) |
| Portfolio turnover | 1(n) |
| Net assets at end of period (000 omitted) | $50 |
| Six
months ended | |
| Class C | 10/31/21(c)
(unaudited) |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d)(l) | $(0.01) |
| Net realized and unrealized gain (loss) | 0.07 |
| Total from investment operations | $0.06 |
| Net asset value, end of period (x) | $10.06 |
| Total return (%) (r)(s)(t)(x) | 0.60(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f)(h) | 15.61(a) |
| Expenses after expense reductions (f)(h) | 0.87(a) |
| Net investment income (loss) (l) | (0.48)(a) |
| Portfolio turnover | 1(n) |
| Net assets at end of period (000 omitted) | $50 |
See Notes to Financial
Statements
111
Financial
Highlights − continued
MFS LIFETIME 2065
FUND − continued
| Six
months ended | |
| Class I | 10/31/21(c)
(unaudited) |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d)(l) | $0.01 |
| Net realized and unrealized gain (loss) | 0.07 |
| Total from investment operations | $0.08 |
| Net asset value, end of period (x) | $10.08 |
| Total return (%) (r)(s)(t)(x) | 0.80(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f)(h) | 14.61(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) |
| Net investment income (loss) (l) | 0.47(a) |
| Portfolio turnover | 1(n) |
| Net assets at end of period (000 omitted) | $50 |
| Six
months ended | |
| Class R1 | 10/31/21(c)
(unaudited) |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d)(l) | $(0.01) |
| Net realized and unrealized gain (loss) | 0.07 |
| Total from investment operations | $0.06 |
| Net asset value, end of period (x) | $10.06 |
| Total return (%) (r)(s)(t)(x) | 0.60(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f)(h) | 15.61(a) |
| Expenses after expense reductions (f)(h) | 0.87(a) |
| Net investment income (loss) (l) | (0.51)(a) |
| Portfolio turnover | 1(n) |
| Net assets at end of period (000 omitted) | $50 |
See Notes to Financial
Statements
112
Financial
Highlights − continued
MFS LIFETIME 2065
FUND − continued
| Six
months ended | |
| Class R2 | 10/31/21(c)
(unaudited) |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d)(l) | $(0.00)(w) |
| Net realized and unrealized gain (loss) | 0.07 |
| Total from investment operations | $0.07 |
| Net asset value, end of period (x) | $10.07 |
| Total return (%) (r)(s)(t)(x) | 0.70(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f)(h) | 15.11(a) |
| Expenses after expense reductions (f)(h) | 0.37(a) |
| Net investment income (loss) (l) | (0.07)(a) |
| Portfolio turnover | 1(n) |
| Net assets at end of period (000 omitted) | $58 |
| Six
months ended | |
| Class R3 | 10/31/21(c)
(unaudited) |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d)(l) | $0.00(w) |
| Net realized and unrealized gain (loss) | 0.07 |
| Total from investment operations | $0.07 |
| Net asset value, end of period (x) | $10.07 |
| Total return (%) (r)(s)(t)(x) | 0.70(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f)(h) | 14.86(a) |
| Expenses after expense reductions (f)(h) | 0.12(a) |
| Net investment income (loss) (l) | 0.24(a) |
| Portfolio turnover | 1(n) |
| Net assets at end of period (000 omitted) | $50 |
See Notes to Financial
Statements
113
Financial
Highlights − continued
MFS LIFETIME 2065
FUND − continued
| Six
months ended | |
| Class R4 | 10/31/21(c)
(unaudited) |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d)(l) | $0.01 |
| Net realized and unrealized gain (loss) | 0.07 |
| Total from investment operations | $0.08 |
| Net asset value, end of period (x) | $10.08 |
| Total return (%) (r)(s)(t)(x) | 0.80(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f)(h) | 14.61(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) |
| Net investment income (loss) (l) | 0.47(a) |
| Portfolio turnover | 1(n) |
| Net assets at end of period (000 omitted) | $50 |
| Six
months ended | |
| Class R6 | 10/31/21(c)
(unaudited) |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations | |
| Net investment income (loss) (d)(l) | $0.01 |
| Net realized and unrealized gain (loss) | 0.07 |
| Total from investment operations | $0.08 |
| Net asset value, end of period (x) | $10.08 |
| Total return (%) (r)(s)(t)(x) | 0.80(n) |
| Ratios (%) (to average net assets) and Supplemental data: | |
| Expenses before expense reductions (f)(h) | 14.60(a) |
| Expenses after expense reductions (f)(h) | 0.00(a) |
| Net investment income (loss) (l) | 0.50(a) |
| Portfolio turnover | 1(n) |
| Net assets at end of period (000 omitted) | $504 |
See Notes to Financial Statements
114
Financial
Highlights − continued
MFS LIFETIME 2065
FUND − continued
| (a) | Annualized. |
| (c) | For the period from the commencement of the fund’s investment operations, September 1, 2021, through the stated period end. |
| (d) | Per share data is based on average shares outstanding. |
| (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. |
| (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
115
Notes to
Financial Statements
(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, MFS Lifetime 2060 Fund, and MFS Lifetime 2065 Fund (the funds) are each a diversified
series of MFS Series Trust XII (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
Each fund is an investment company and accordingly follows
the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The
preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of
these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
Each fund is a “fund of funds”, which invests
the majority of its assets in other MFS mutual funds (hereafter referred to as “underlying affiliated funds” or “underlying funds”), which may have different fiscal year ends than the funds. The underlying funds, in turn, may
engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio in high-yield securities rated below investment grade. Investments in below investment grade quality securities
can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or
economy in general, than higher quality debt instruments. Certain underlying funds invest a significant portion of their assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on
the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult.
U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government
securities supported by the U.S. Treasury, such as those issued by Ginnie Mae. Certain underlying funds invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of
changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.
Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed
legal, regulatory, and accounting, and auditing 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.
Certain of each fund's investments, including its
investments in derivatives, as well as any debt issued by the fund and other contractual arrangements of the fund may be based on reference interest rates such as the London Interbank Offered Rate (“LIBOR”). In 2017, the regulatory
authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used
U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for
instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on each fund's performance. With respect to each fund's accounting for investments, including its investments in derivatives, as well as any
debt issued by the fund and other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference
Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to disregard the GAAP accounting requirements around certain contract modifications resulting from the LIBOR transition such that for contracts considered in scope, the fund can
account for those modified contracts as a continuation of the existing contracts. While still evaluating the impact to the funds of the June 30, 2023 discontinuation of the more commonly used U.S. dollar LIBOR settings, management has concluded that
the December 31, 2021 planned cessation of the one-week and two-month U.S. dollar LIBOR tenors along with certain other non-U.S. dollar denominated LIBOR settings will not have a material impact on the funds.
116
Notes to Financial
Statements (unaudited) - continued
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 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. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid
quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing
service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange
contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a
third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. 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,
117
Notes to Financial
Statements (unaudited) - continued
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, 2021 in valuing each fund's assets or liabilities:
| Level 1 | Level 2 | Level 3 | Total | |
| MFS Lifetime Income Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $681,595,944 | $— | $— | $681,595,944 |
| MFS Lifetime 2020 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $334,076,410 | $— | $— | $334,076,410 |
| MFS Lifetime 2025 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $464,409,573 | $— | $— | $464,409,573 |
| MFS Lifetime 2030 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $792,550,471 | $— | $— | $792,550,471 |
| MFS Lifetime 2035 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $507,545,979 | $— | $— | $507,545,979 |
| MFS Lifetime 2040 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $622,768,084 | $— | $— | $622,768,084 |
| MFS Lifetime 2045 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $362,846,675 | $— | $— | $362,846,675 |
| MFS Lifetime 2050 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $356,709,946 | $— | $— | $356,709,946 |
| MFS Lifetime 2055 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $207,455,392 | $— | $— | $207,455,392 |
| MFS Lifetime 2060 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $69,651,556 | $— | $— | $69,651,556 |
| MFS Lifetime 2065 Fund | ||||
| Financial Instruments | ||||
| Mutual Funds | $867,857 | $— | $— | $867,857 |
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.
118
Notes to Financial
Statements (unaudited) - continued
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.
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 made during the current
period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
| Year ended 4/30/21 | 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) | $14,200,058 | $8,278,306 | $9,900,724 | $12,288,450 | $7,093,260 |
| Long-term capital gains | 5,492,453 | 6,447,219 | 2,518,091 | 14,580,345 | 4,007,054 |
| Total distributions | $19,692,511 | $14,725,525 | $12,418,815 | $26,868,795 | $11,100,314 |
| Year ended 4/30/21 | 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) | $6,720,305 | $4,094,061 | $3,811,033 | $2,105,126 | $542,646 |
| Long-term capital gains | 8,797,683 | 3,132,026 | 3,263,863 | 1,563,035 | 235,017 |
| Total distributions | $15,517,988 | $7,226,087 | $7,074,896 | $3,668,161 | $777,663 |
The federal tax cost and the tax
basis components of distributable earnings were as follows:
| As of 10/31/21 | MFS
Lifetime Income Fund |
MFS
Lifetime 2020 Fund |
MFS
Lifetime 2025 Fund |
MFS
Lifetime 2030 Fund |
MFS
Lifetime 2035 Fund |
MFS
Lifetime 2040 Fund |
| Cost of investments | $570,197,017 | $276,730,351 | $381,259,912 | $570,551,932 | $359,533,677 | $382,759,253 |
| Gross appreciation | 111,399,087 | 57,346,059 | 83,199,464 | 222,275,983 | 148,470,737 | 240,344,060 |
| Gross depreciation | (160) | — | (49,803) | (277,444) | (458,435) | (335,229) |
| Net unrealized appreciation (depreciation) | $111,398,927 | $57,346,059 | $83,149,661 | $221,998,539 | $148,012,302 | $240,008,831 |
| As of 4/30/21 | ||||||
| Undistributed ordinary income | 666,474 | 1,922,106 | 3,586,370 | 3,623,588 | 1,416,369 | 560,843 |
| Undistributed long-term capital gain | 7,122,603 | 7,268,037 | 4,589,304 | 14,819,311 | 6,197,582 | 9,263,405 |
| Other temporary differences | (910,034) | — | — | — | — | — |
| Net unrealized appreciation (depreciation) | 106,624,201 | 57,295,406 | 78,499,186 | 206,107,242 | 127,767,058 | 214,844,732 |
119
Notes to Financial
Statements (unaudited) - continued
| As of 10/31/21 | MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund |
| Cost of investments | $235,544,718 | $227,594,030 | $140,466,190 | $53,517,826 | $862,029 |
| Gross appreciation | 127,391,376 | 129,115,916 | 66,989,202 | 16,133,730 | 9,179 |
| Gross depreciation | (89,419) | — | — | — | (3,351) |
| Net unrealized appreciation (depreciation) | $127,301,957 | $129,115,916 | $66,989,202 | $16,133,730 | $5,828 |
| As of 4/30/21 | |||||
| Undistributed ordinary income | 913,460 | 906,128 | 389,323 | 48,957 | — |
| Undistributed long-term capital gain | 4,542,592 | 4,498,889 | 2,388,006 | 597,464 | — |
| Net unrealized appreciation (depreciation) | 101,271,731 | 112,453,025 | 52,060,895 | 11,807,808 | — |
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 C shares will convert to Class A shares approximately eight years after purchase. Class 529B and Class 529C shares will convert to Class 529A shares approximately eight 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 Income Fund |
MFS
Lifetime 2020 Fund |
MFS
Lifetime 2025 Fund | |||||||||
| Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 | ||||||
| Class A | $1,301,846 | $4,440,952 | $— | $1,728,511 | $— | $715,288 | |||||
| Class B | 11,645 | 107,790 | — | 62,858 | — | 25,518 | |||||
| Class C | 309,643 | 1,988,334 | — | 177,876 | — | 81,093 | |||||
| Class I | 431,522 | 1,395,428 | — | 164,610 | — | 82,251 | |||||
| Class R1 | 7,929 | 43,668 | — | 50,050 | — | 3,842 | |||||
| Class R2 | 61,542 | 344,006 | — | 1,193,361 | — | 537,269 | |||||
| Class R3 | 588,171 | 2,294,730 | — | 3,382,396 | — | 2,922,888 | |||||
| Class R4 | 211,522 | 1,028,013 | — | 2,154,076 | — | 2,227,777 | |||||
| Class R6 | 860,401 | 2,570,522 | — | 5,811,787 | — | 5,822,889 | |||||
| Class 529A | 1,218,694 | 4,657,038 | — | — | — | — | |||||
| Class 529B | 26,401 | 114,498 | — | — | — | — | |||||
| Class 529C | 106,216 | 707,532 | — | — | — | — | |||||
| Total | $5,135,532 | $19,692,511 | $— | $14,725,525 | $— | $12,418,815 | |||||
| MFS
Lifetime 2030 Fund |
MFS
Lifetime 2035 Fund |
MFS
Lifetime 2040 Fund | |||||||||
| Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 | ||||||
| Class A | $— | $2,792,471 | $— | $655,847 | $— | $1,448,809 | |||||
| Class B | — | 185,248 | — | 28,814 | — | 70,942 | |||||
| Class C | — | 364,875 | — | 56,624 | — | 163,716 | |||||
| Class I | — | 180,296 | — | 27,954 | — | 90,494 | |||||
| Class R1 | — | 139,602 | — | 4,854 | — | 69,952 | |||||
| Class R2 | — | 1,956,246 | — | 431,793 | — | 1,240,248 | |||||
| Class R3 | — | 6,849,556 | — | 3,090,755 | — | 4,071,997 | |||||
| Class R4 | — | 4,423,985 | — | 2,078,985 | — | 2,804,411 | |||||
| Class R6 | — | 9,976,516 | — | 4,724,688 | — | 5,557,419 | |||||
| Total | $— | $26,868,795 | $— | $11,100,314 | $— | $15,517,988 | |||||
120
Notes to Financial
Statements (unaudited) - continued
| MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund | |||||||||
| Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 | ||||||
| Class A | $— | $372,428 | $— | $422,477 | $— | $251,988 | |||||
| Class B | — | 13,179 | — | 23,417 | — | 8,997 | |||||
| Class C | — | 25,637 | — | 52,386 | — | 31,625 | |||||
| Class I | — | 36,305 | — | 17,631 | — | 6,828 | |||||
| Class R1 | — | 5,546 | — | 6,487 | — | 6,086 | |||||
| Class R2 | — | 278,472 | — | 482,437 | — | 267,226 | |||||
| Class R3 | — | 2,157,912 | — | 2,127,815 | — | 1,167,617 | |||||
| Class R4 | — | 1,480,617 | — | 1,465,957 | — | 763,015 | |||||
| Class R6 | — | 2,855,991 | — | 2,476,289 | — | 1,164,779 | |||||
| Total | $— | $7,226,087 | $— | $7,074,896 | $— | $3,668,161 | |||||
| MFS
Lifetime 2060 Fund | |||
| Six
Months Ended 10/31/21 |
Year
Ended 4/30/21 | ||
| Class A | $— | $67,510 | |
| Class B | — | 1,543 | |
| Class C | — | 6,317 | |
| Class I | — | 3,010 | |
| Class R1 | — | 686 | |
| Class R2 | — | 23,658 | |
| Class R3 | — | 221,980 | |
| Class R4 | — | 115,208 | |
| Class R6 | — | 337,751 | |
| Total | $— | $777,663 | |
(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, 2021, 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 |
| $626,404 | $317,895 | $336,252 | $539,222 | $375,987 | $463,086 |
| MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund |
| $321,966 | $343,201 | $266,876 | $168,047 | $20,717 |
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 31,2022. 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.
121
Notes to Financial
Statements (unaudited) - continued
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, 2021, 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 | $4,449 | $5,200 |
| MFS Lifetime 2020 Fund | 3,030 | — |
| MFS Lifetime 2025 Fund | 4,543 | — |
| MFS Lifetime 2030 Fund | 11,796 | — |
| MFS Lifetime 2035 Fund | 7,833 | — |
| MFS Lifetime 2040 Fund | 9,524 | — |
| MFS Lifetime 2045 Fund | 5,801 | — |
| MFS Lifetime 2050 Fund | 7,630 | — |
| MFS Lifetime 2055 Fund | 5,166 | — |
| MFS Lifetime 2060 Fund | 6,202 | — |
| MFS Lifetime 2065 Fund | — | — |
The Board of Trustees has
adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
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
Distribution Plan (d) |
Annual
Effective Rate (e) |
Distribution
and Service Fee | |
| MFS Lifetime Income Fund | — | 0.25% | 0.25% | 0.25% | $213,266 |
| MFS Lifetime 2020 Fund | — | 0.25% | 0.25% | 0.25% | 59,185 |
| MFS Lifetime 2025 Fund | — | 0.25% | 0.25% | 0.25% | 38,576 |
| MFS Lifetime 2030 Fund | — | 0.25% | 0.25% | 0.25% | 106,095 |
| MFS Lifetime 2035 Fund | — | 0.25% | 0.25% | 0.25% | 36,760 |
| MFS Lifetime 2040 Fund | — | 0.25% | 0.25% | 0.25% | 72,565 |
| MFS Lifetime 2045 Fund | — | 0.25% | 0.25% | 0.25% | 25,191 |
| MFS Lifetime 2050 Fund | — | 0.25% | 0.25% | 0.25% | 30,176 |
| MFS Lifetime 2055 Fund | — | 0.25% | 0.25% | 0.25% | 19,505 |
| MFS Lifetime 2060 Fund | — | 0.25% | 0.25% | 0.25% | 7,524 |
| MFS Lifetime 2065 Fund | — | 0.25% | 0.25% | 0.25% | 21 |
| 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% | $14,780 |
| MFS Lifetime 2020 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 9,737 |
| MFS Lifetime 2025 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 7,207 |
| MFS Lifetime 2030 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 31,983 |
| MFS Lifetime 2035 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 7,969 |
| MFS Lifetime 2040 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 17,530 |
| MFS Lifetime 2045 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 4,777 |
| MFS Lifetime 2050 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 8,591 |
| MFS Lifetime 2055 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 3,704 |
| MFS Lifetime 2060 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 991 |
122
Notes to Financial
Statements (unaudited) - continued
| 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% | $393,247 |
| MFS Lifetime 2020 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 31,062 |
| MFS Lifetime 2025 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 22,789 |
| MFS Lifetime 2030 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 64,440 |
| MFS Lifetime 2035 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 18,313 |
| MFS Lifetime 2040 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 44,544 |
| MFS Lifetime 2045 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 10,527 |
| MFS Lifetime 2050 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 19,984 |
| MFS Lifetime 2055 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 12,944 |
| MFS Lifetime 2060 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 4,151 |
| MFS Lifetime 2065 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 83 |
| 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% | $10,084 |
| MFS Lifetime 2020 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 8,781 |
| MFS Lifetime 2025 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,893 |
| MFS Lifetime 2030 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 27,199 |
| MFS Lifetime 2035 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2,484 |
| MFS Lifetime 2040 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 21,032 |
| MFS Lifetime 2045 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2,292 |
| MFS Lifetime 2050 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 3,764 |
| MFS Lifetime 2055 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 3,559 |
| MFS Lifetime 2060 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 456 |
| MFS Lifetime 2065 Fund | 0.75% | 0.25% | 1.00% | 1.00% | 83 |
| 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% | $24,020 |
| MFS Lifetime 2020 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 74,090 |
| MFS Lifetime 2025 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 51,100 |
| MFS Lifetime 2030 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 148,804 |
| MFS Lifetime 2035 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 49,606 |
| MFS Lifetime 2040 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 127,066 |
| MFS Lifetime 2045 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 31,626 |
| MFS Lifetime 2050 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 56,770 |
| MFS Lifetime 2055 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 27,907 |
| MFS Lifetime 2060 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 4,179 |
| MFS Lifetime 2065 Fund | 0.25% | 0.25% | 0.50% | 0.50% | 45 |
123
Notes to Financial
Statements (unaudited) - continued
| 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% | $96,330 |
| MFS Lifetime 2020 Fund | — | 0.25% | 0.25% | 0.25% | 107,700 |
| MFS Lifetime 2025 Fund | — | 0.25% | 0.25% | 0.25% | 149,343 |
| MFS Lifetime 2030 Fund | — | 0.25% | 0.25% | 0.25% | 261,821 |
| MFS Lifetime 2035 Fund | — | 0.25% | 0.25% | 0.25% | 191,534 |
| MFS Lifetime 2040 Fund | — | 0.25% | 0.25% | 0.25% | 211,821 |
| MFS Lifetime 2045 Fund | — | 0.25% | 0.25% | 0.25% | 148,395 |
| MFS Lifetime 2050 Fund | — | 0.25% | 0.25% | 0.25% | 153,931 |
| MFS Lifetime 2055 Fund | — | 0.25% | 0.25% | 0.25% | 90,498 |
| MFS Lifetime 2060 Fund | — | 0.25% | 0.25% | 0.25% | 26,757 |
| MFS Lifetime 2065 Fund | — | 0.25% | 0.25% | 0.25% | 21 |
| 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% | $204,176 |
| 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% | 0.24% | $4,425 |
| 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% | $143,269 |
| MFS
Lifetime Income Fund |
MFS
Lifetime 2020 Fund |
MFS
Lifetime 2025 Fund |
MFS
Lifetime 2030 Fund |
MFS
Lifetime 2035 Fund |
MFS
Lifetime 2040 Fund | |
| Total Distribution and Service Fees | $1,103,597 | $290,555 | $270,908 | $640,342 | $306,666 | $494,558 |
| MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund | |
| Total Distribution and Service Fees | $222,808 | $273,216 | $158,117 | $44,058 | $253 |
| (d) | In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
| (e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended October 31, 2021 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the six months ended October 31, 2021, 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 |
MFS
Lifetime 2040 Fund | |
| Class A | $— | $6 | $4 | $23 | $1 | $39 |
| Class B | — | — | — | 5 | 5 | 20 |
| Class C | 105 | — | 11 | 3 | 6 | 14 |
| Class R2 | 100 | 11 | — | 255 | — | 59 |
| Class R3 | 3 | — | 1 | 16 | 60 | 238 |
| Class 529A | 13,939 | N/A | N/A | N/A | N/A | N/A |
| Class 529B | 208 | N/A | N/A | N/A | N/A | N/A |
| Class 529C | 1,639 | N/A | N/A | N/A | N/A | N/A |
124
Notes to Financial
Statements (unaudited) - continued
| MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund | |
| Class A | $— | $3 | $2 | $— | $— |
| Class C | — | 4 | — | 4 | — |
| Class R3 | — | 147 | 22 | — | — |
| For the MFS Lifetime Income Fund, for the six months ended October 31, 2021, the 0.75% distribution fee was not imposed for Class 529B shares due to the sales charge limitations contained in Financial Industry Regulatory Authority (“FINRA”) Rule 2341. |
Certain Class A shares are
subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B 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, 2021, 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 |
MFS
Lifetime 2040 Fund |
| Class A | $18,803 | $29 | $10 | $97 | $29 | $584 |
| Class B | 759 | 2,067 | 118 | 189 | 756 | 818 |
| Class C | 1,514 | 59 | 83 | 405 | 310 | 277 |
| Class 529B | — | N/A | N/A | N/A | N/A | N/A |
| Class 529C | 66 | N/A | N/A | N/A | N/A | N/A |
| CDSC Imposed | MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund |
| Class A | $226 | $279 | $221 | $96 | $— |
| Class B | 280 | — | — | — | N/A |
| Class C | 65 | 82 | 330 | 161 | — |
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, 2021, were as follows:
| Fee | |
| Class 529A | $40,835 |
| Class 529B | 887 |
| Class 529C | 7,164 |
| Total Program Manager Fees | $48,886 |
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, 2021, 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 |
MFS
Lifetime 2040 Fund | |
| Expenses paid | $107,174 | $13,155 | $11,972 | $26,837 | $15,211 | $24,532 |
| Percentage of average daily net assets | 0.0305% | 0.0075% | 0.0050% | 0.0067% | 0.0060% | 0.0079% |
| MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund | |
| Expenses paid | $14,686 | $17,781 | $16,536 | $8,194 | $32 |
| Percentage of average daily net assets | 0.0081% | 0.0097% | 0.0161% | 0.0249% | 0.0226% |
125
Notes to Financial
Statements (unaudited) - continued
MFSC also receives reimbursement from each fund for
out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the six months ended October 31, 2021, 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 |
| $310,288 | $170,502 | $193,049 | $348,522 | $225,323 | $292,268 |
| MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund |
| $176,908 | $195,118 | $124,657 | $42,371 | $53 |
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, 2021 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 |
MFS
Lifetime 2040 Fund | |
| Percentage of average daily net assets | 0.0025% | 0.0050% | 0.0037% | 0.0022% | 0.0035% | 0.0028% |
| MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund | |
| Percentage of average daily net assets | 0.0048% | 0.0048% | 0.0086% | 0.0268% | 2.0671% |
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. The funds do not
pay compensation directly to Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to each fund. Certain officers and Trustees of each fund are officers or
directors of MFS, MFD, and MFSC.
Other — Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a
management fee to MFS but does incur investment and operating costs.
On June 18, 2021, MFS Lifetime 2060 Fund redeemed 5,587
shares shares of Class R1 for an aggregate amount of $90,174.
On August 31, 2021, MFS purchased the following fund shares
as an initial investment in the fund:
| Fund | Class | Shares | Amount |
| MFS Lifetime 2065 Fund | Class A | 5,000 | $50,000 |
| MFS Lifetime 2065 Fund | Class C | 5,000 | 50,000 |
| MFS Lifetime 2065 Fund | Class I | 5,000 | 50,000 |
| MFS Lifetime 2065 Fund | Class R1 | 5,000 | 50,000 |
| MFS Lifetime 2065 Fund | Class R2 | 5,000 | 50,000 |
| MFS Lifetime 2065 Fund | Class R3 | 5,000 | 50,000 |
| MFS Lifetime 2065 Fund | Class R4 | 5,000 | 50,000 |
| MFS Lifetime 2065 Fund | Class R6 | 50,000 | 500,000 |
At October 31, 2021, MFS held
100% of the outstanding shares of Class R1 of the MFS Lifetime 2060 Fund. Also, MFS held approximately 86% of the outstanding shares of Class R2 and 100% of the outstanding shares of Class A, Class C, Class I, Class R1, Class R3, Class R4, and Class
R6 of the MFS Lifetime 2065 Fund.
(4) Portfolio Securities
For the six months ended October 31, 2021, 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 |
MFS
Lifetime 2040 Fund | |
| Purchases | $23,569,761 | $15,132,918 | $30,603,623 | $46,754,087 | $43,264,133 | $39,267,501 |
| Sales | $59,517,769 | $55,182,401 | $69,265,836 | $87,650,263 | $59,806,252 | $72,128,464 |
126
Notes to Financial
Statements (unaudited) - continued
| MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund | |
| Purchases | $29,841,286 | $27,860,338 | $21,577,600 | $14,939,087 | $867,041 |
| Sales | $51,099,055 | $62,341,450 | $29,915,720 | $9,946,570 | $5,834 |
(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 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 1,309,034 | $18,347,572 | 3,636,158 | $48,469,993 | 122,664 | $1,761,217 | 701,173 | $9,662,663 | |||
| Class B | 22 | 322 | 19,461 | 262,138 | — | — | 12,251 | 168,657 | |||
| Class C | 167,676 | 2,350,611 | 577,844 | 7,662,531 | 26,477 | 373,517 | 67,465 | 909,461 | |||
| Class I | 320,703 | 4,504,805 | 1,066,700 | 14,171,151 | 9,981 | 145,365 | 169,971 | 2,293,150 | |||
| Class R1 | 22,283 | 313,247 | 26,121 | 346,607 | 5,108 | 73,799 | 34,272 | 463,292 | |||
| Class R2 | 55,485 | 777,820 | 231,204 | 3,040,908 | 135,258 | 1,932,500 | 667,514 | 9,094,252 | |||
| Class R3 | 754,955 | 10,563,115 | 1,624,394 | 21,441,159 | 655,066 | 9,464,353 | 2,157,321 | 29,453,146 | |||
| Class R4 | 134,140 | 1,866,689 | 454,730 | 6,046,824 | 307,063 | 4,483,481 | 669,411 | 9,152,737 | |||
| Class R6 | 609,708 | 8,559,538 | 4,258,235 | 55,728,831 | 918,830 | 13,354,201 | 7,448,955 | 101,625,866 | |||
| Class 529A | 4,043,908 | 46,333,227 | 8,110,431 | 88,375,981 | — | — | — | — | |||
| Class 529B | 82,807 | 949,719 | 161,581 | 1,765,607 | — | — | — | — | |||
| Class 529C | 622,533 | 7,130,845 | 1,742,326 | 18,884,800 | — | — | — | — | |||
| 8,123,254 | $101,697,510 | 21,909,185 | $266,196,530 | 2,180,447 | $31,588,433 | 11,928,333 | $162,823,224 | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | 88,837 | $1,249,296 | 318,893 | $4,280,753 | — | $— | 116,164 | $1,600,746 | |||
| Class B | 789 | 11,095 | 7,819 | 104,999 | — | — | 4,394 | 60,503 | |||
| Class C | 21,859 | 307,175 | 146,646 | 1,969,078 | — | — | 12,992 | 176,429 | |||
| Class I | 26,373 | 371,031 | 87,998 | 1,181,508 | — | — | 10,868 | 150,842 | |||
| Class R1 | 563 | 7,929 | 3,246 | 43,609 | — | — | 3,614 | 50,050 | |||
| Class R2 | 4,055 | 57,017 | 24,075 | 322,382 | — | — | 84,987 | 1,165,168 | |||
| Class R3 | 41,769 | 587,330 | 170,980 | 2,294,119 | — | — | 245,457 | 3,382,396 | |||
| Class R4 | 14,745 | 207,043 | 75,073 | 1,004,029 | — | — | 155,190 | 2,154,040 | |||
| Class R6 | 56,742 | 800,431 | 176,635 | 2,380,343 | — | — | 402,613 | 5,580,218 | |||
| Class 529A | 101,894 | 1,167,872 | 414,483 | 4,539,550 | — | — | — | — | |||
| Class 529B | 2,244 | 25,728 | 10,303 | 113,199 | — | — | — | — | |||
| Class 529C | 8,916 | 102,126 | 62,718 | 687,706 | — | — | — | — | |||
| 368,786 | $4,894,073 | 1,498,869 | $18,921,275 | — | $— | 1,036,279 | $14,320,392 | ||||
127
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime Income Fund − continued | MFS Lifetime 2020 Fund − continued | ||||||||||
| Six
Months Ended 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares reacquired | |||||||||||
| Class A | (1,133,870) | $(15,922,171) | (2,197,366) | $(29,109,181) | (203,673) | $(2,940,437) | (712,792) | $(9,753,409) | |||
| Class B | (62,166) | (869,795) | (255,203) | (3,396,374) | (31,548) | (453,709) | (64,615) | (874,448) | |||
| Class C | (881,593) | (12,363,707) | (2,830,092) | (37,895,044) | (82,227) | (1,165,217) | (465,741) | (6,277,817) | |||
| Class I | (266,837) | (3,752,887) | (570,253) | (7,567,944) | (24,192) | (351,993) | (75,504) | (1,062,224) | |||
| Class R1 | (14,715) | (205,358) | (92,522) | (1,222,699) | (5,130) | (74,141) | (181,996) | (2,475,615) | |||
| Class R2 | (209,977) | (2,941,385) | (633,352) | (8,428,551) | (367,057) | (5,252,729) | (1,494,725) | (20,439,669) | |||
| Class R3 | (1,341,430) | (18,783,857) | (1,781,121) | (23,699,084) | (1,317,578) | (19,059,650) | (3,214,364) | (43,812,124) | |||
| Class R4 | (1,188,545) | (16,736,853) | (1,682,034) | (21,651,258) | (1,600,503) | (23,329,149) | (3,452,292) | (46,587,015) | |||
| Class R6 | (439,523) | (6,192,410) | (1,525,219) | (20,290,999) | (1,290,199) | (18,745,768) | (3,163,122) | (43,915,360) | |||
| Class 529A | (4,152,489) | (47,573,536) | (7,073,411) | (76,954,898) | — | — | — | — | |||
| Class 529B | (141,183) | (1,616,849) | (292,301) | (3,174,647) | — | — | — | — | |||
| Class 529C | (816,551) | (9,355,310) | (2,353,738) | (25,623,632) | — | — | — | — | |||
| (10,648,879) | $(136,314,118) | (21,286,612) | $(259,014,311) | (4,922,107) | $(71,372,793) | (12,825,151) | $(175,197,681) | ||||
| Net change | |||||||||||
| Class A | 264,001 | $3,674,697 | 1,757,685 | $23,641,565 | (81,009) | $(1,179,220) | 104,545 | $1,510,000 | |||
| Class B | (61,355) | (858,378) | (227,923) | (3,029,237) | (31,548) | (453,709) | (47,970) | (645,288) | |||
| Class C | (692,058) | (9,705,921) | (2,105,602) | (28,263,435) | (55,750) | (791,700) | (385,284) | (5,191,927) | |||
| Class I | 80,239 | 1,122,949 | 584,445 | 7,784,715 | (14,211) | (206,628) | 105,335 | 1,381,768 | |||
| Class R1 | 8,131 | 115,818 | (63,155) | (832,483) | (22) | (342) | (144,110) | (1,962,273) | |||
| Class R2 | (150,437) | (2,106,548) | (378,073) | (5,065,261) | (231,799) | (3,320,229) | (742,224) | (10,180,249) | |||
| Class R3 | (544,706) | (7,633,412) | 14,253 | 36,194 | (662,512) | (9,595,297) | (811,586) | (10,976,582) | |||
| Class R4 | (1,039,660) | (14,663,121) | (1,152,231) | (14,600,405) | (1,293,440) | (18,845,668) | (2,627,691) | (35,280,238) | |||
| Class R6 | 226,927 | 3,167,559 | 2,909,651 | 37,818,175 | (371,369) | (5,391,567) | 4,688,446 | 63,290,724 | |||
| Class 529A | (6,687) | (72,437) | 1,451,503 | 15,960,633 | — | — | — | — | |||
| Class 529B | (56,132) | (641,402) | (120,417) | (1,295,841) | — | — | — | — | |||
| Class 529C | (185,102) | (2,122,339) | (548,694) | (6,051,126) | — | — | — | — | |||
| (2,156,839) | $(29,722,535) | 2,121,442 | $26,103,494 | (2,741,660) | $(39,784,360) | 139,461 | $1,945,935 | ||||
| MFS Lifetime 2025 Fund | MFS Lifetime 2030 Fund | ||||||||||
| Six
Months Ended 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 184,788 | $2,827,775 | 497,756 | $7,072,342 | 290,867 | $5,431,760 | 983,482 | $16,584,993 | |||
| Class B | — | — | 1,458 | 20,633 | 269 | 5,000 | 7,323 | 122,224 | |||
| Class C | 17,479 | 263,670 | 88,660 | 1,231,556 | 52,036 | 946,242 | 106,359 | 1,740,251 | |||
| Class I | 5,241 | 79,714 | 171,587 | 2,354,963 | 95,481 | 1,797,139 | 222,204 | 3,742,891 | |||
| Class R1 | 2,118 | 32,411 | 57,823 | 790,122 | 17,992 | 334,600 | 101,115 | 1,640,693 | |||
| Class R2 | 90,030 | 1,370,952 | 412,008 | 5,737,076 | 230,448 | 4,263,419 | 895,051 | 14,692,350 | |||
| Class R3 | 1,123,841 | 17,156,864 | 2,716,144 | 38,181,386 | 1,761,883 | 32,773,467 | 3,471,275 | 57,344,243 | |||
| Class R4 | 494,142 | 7,609,125 | 1,378,393 | 19,453,637 | 474,929 | 8,911,474 | 1,569,210 | 26,066,191 | |||
| Class R6 | 1,907,072 | 29,285,765 | 12,443,825 | 172,384,366 | 1,888,272 | 35,495,553 | 11,080,399 | 181,702,653 | |||
| 3,824,711 | $58,626,276 | 17,767,654 | $247,226,081 | 4,812,177 | $89,958,654 | 18,436,418 | $303,636,489 | ||||
128
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2025 Fund − continued | MFS Lifetime 2030 Fund − continued | ||||||||||
| Six
Months Ended 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | — | $— | 45,895 | $661,785 | — | $— | 153,806 | $2,628,550 | |||
| Class B | — | — | 1,778 | 25,518 | — | — | 10,706 | 180,936 | |||
| Class C | — | — | 5,656 | 80,651 | — | — | 21,062 | 353,624 | |||
| Class I | — | — | 5,684 | 82,251 | — | — | 10,083 | 173,127 | |||
| Class R1 | — | — | 265 | 3,842 | — | — | 8,217 | 139,602 | |||
| Class R2 | — | — | 37,034 | 532,918 | — | — | 114,205 | 1,935,774 | |||
| Class R3 | — | — | 202,837 | 2,922,888 | — | — | 401,969 | 6,849,556 | |||
| Class R4 | — | — | 152,678 | 2,213,831 | — | — | 254,616 | 4,379,397 | |||
| Class R6 | — | — | 384,951 | 5,577,938 | — | — | 528,702 | 9,088,395 | |||
| — | $— | 836,778 | $12,101,622 | — | $— | 1,503,366 | $25,728,961 | ||||
| Shares reacquired | |||||||||||
| Class A | (217,624) | $(3,351,951) | (633,824) | $(8,897,164) | (199,947) | $(3,736,928) | (1,233,043) | $(20,528,783) | |||
| Class B | (5,582) | (84,387) | (35,188) | (487,399) | (34,751) | (640,495) | (112,680) | (1,837,131) | |||
| Class C | (37,743) | (568,516) | (88,356) | (1,229,683) | (83,925) | (1,522,092) | (349,948) | (5,808,846) | |||
| Class I | (40) | (624) | (82,279) | (1,136,459) | (28,699) | (531,313) | (52,505) | (887,011) | |||
| Class R1 | (3,944) | (61,157) | (183,544) | (2,604,981) | (51,418) | (946,402) | (292,561) | (4,915,712) | |||
| Class R2 | (342,647) | (5,216,206) | (1,074,138) | (15,101,323) | (504,194) | (9,305,259) | (2,246,271) | (36,980,574) | |||
| Class R3 | (927,021) | (14,192,845) | (2,849,931) | (40,298,459) | (1,609,629) | (29,993,490) | (3,921,515) | (65,225,940) | |||
| Class R4 | (3,106,636) | (48,028,678) | (4,300,393) | (59,347,439) | (3,387,125) | (63,972,746) | (6,155,369) | (97,025,823) | |||
| Class R6 | (1,661,864) | (25,603,232) | (2,798,408) | (40,117,273) | (1,045,083) | (19,735,964) | (3,139,765) | (52,909,852) | |||
| (6,303,101) | $(97,107,596) | (12,046,061) | $(169,220,180) | (6,944,771) | $(130,384,689) | (17,503,657) | $(286,119,672) | ||||
| Net change | |||||||||||
| Class A | (32,836) | $(524,176) | (90,173) | $(1,163,037) | 90,920 | $1,694,832 | (95,755) | $(1,315,240) | |||
| Class B | (5,582) | (84,387) | (31,952) | (441,248) | (34,482) | (635,495) | (94,651) | (1,533,971) | |||
| Class C | (20,264) | (304,846) | 5,960 | 82,524 | (31,889) | (575,850) | (222,527) | (3,714,971) | |||
| Class I | 5,201 | 79,090 | 94,992 | 1,300,755 | 66,782 | 1,265,826 | 179,782 | 3,029,007 | |||
| Class R1 | (1,826) | (28,746) | (125,456) | (1,811,017) | (33,426) | (611,802) | (183,229) | (3,135,417) | |||
| Class R2 | (252,617) | (3,845,254) | (625,096) | (8,831,329) | (273,746) | (5,041,840) | (1,237,015) | (20,352,450) | |||
| Class R3 | 196,820 | 2,964,019 | 69,050 | 805,815 | 152,254 | 2,779,977 | (48,271) | (1,032,141) | |||
| Class R4 | (2,612,494) | (40,419,553) | (2,769,322) | (37,679,971) | (2,912,196) | (55,061,272) | (4,331,543) | (66,580,235) | |||
| Class R6 | 245,208 | 3,682,533 | 10,030,368 | 137,845,031 | 843,189 | 15,759,589 | 8,469,336 | 137,881,196 | |||
| (2,478,390) | $(38,481,320) | 6,558,371 | $90,107,523 | (2,132,594) | $(40,426,035) | 2,436,127 | $43,245,778 | ||||
| MFS Lifetime 2035 Fund | MFS Lifetime 2040 Fund | ||||||||||
| Six
Months Ended 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 148,480 | $2,851,850 | 339,710 | $5,553,068 | 144,766 | $3,038,119 | 591,419 | $10,490,702 | |||
| Class B | 1,050 | 20,000 | 60 | 1,100 | 402 | 8,417 | 2,396 | 45,739 | |||
| Class C | 13,192 | 249,632 | 41,441 | 663,579 | 20,342 | 419,982 | 60,508 | 1,033,581 | |||
| Class I | 9,785 | 186,854 | 46,504 | 744,741 | 48,468 | 1,030,106 | 129,571 | 2,281,878 | |||
| Class R1 | 3,058 | 57,947 | 45,049 | 693,289 | 16,232 | 337,112 | 99,898 | 1,688,768 | |||
| Class R2 | 101,410 | 1,941,162 | 404,612 | 6,424,466 | 188,759 | 3,945,571 | 686,851 | 11,893,883 | |||
| Class R3 | 1,153,532 | 22,168,135 | 2,740,280 | 44,293,043 | 1,242,991 | 26,076,484 | 2,991,484 | 51,820,833 | |||
| Class R4 | 360,429 | 6,944,161 | 1,070,121 | 17,587,005 | 321,456 | 6,801,329 | 1,206,230 | 21,025,505 | |||
| Class R6 | 1,743,938 | 33,661,750 | 7,729,866 | 122,474,591 | 1,506,881 | 31,984,377 | 6,923,997 | 120,413,821 | |||
| 3,534,874 | $68,081,491 | 12,417,643 | $198,434,882 | 3,490,297 | $73,641,497 | 12,692,354 | $220,694,710 | ||||
129
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2035 Fund − continued | MFS Lifetime 2040 Fund − continued | ||||||||||
| Six
Months Ended 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | — | $— | 30,694 | $523,647 | — | $— | 65,837 | $1,215,349 | |||
| Class B | — | — | 1,697 | 28,814 | — | — | 3,795 | 69,751 | |||
| Class C | — | — | 3,325 | 56,129 | — | — | 8,968 | 162,680 | |||
| Class I | — | — | 1,523 | 26,034 | — | — | 4,530 | 84,166 | |||
| Class R1 | — | — | 284 | 4,854 | — | — | 3,818 | 69,952 | |||
| Class R2 | — | — | 25,302 | 431,653 | — | — | 66,388 | 1,218,884 | |||
| Class R3 | — | — | 181,064 | 3,090,755 | — | — | 220,704 | 4,071,997 | |||
| Class R4 | — | — | 120,293 | 2,064,233 | — | — | 149,713 | 2,790,654 | |||
| Class R6 | — | — | 247,186 | 4,241,704 | — | — | 259,476 | 4,834,033 | |||
| — | $— | 611,368 | $10,467,823 | — | $— | 783,229 | $14,517,466 | ||||
| Shares reacquired | |||||||||||
| Class A | (120,086) | $(2,313,832) | (357,938) | $(6,062,515) | (275,514) | $(5,803,452) | (710,268) | $(12,479,327) | |||
| Class B | (6,090) | (115,027) | (16,687) | (287,064) | (13,914) | (287,295) | (75,198) | (1,334,292) | |||
| Class C | (12,774) | (241,890) | (46,870) | (743,908) | (37,046) | (761,131) | (267,027) | (4,657,076) | |||
| Class I | (11,615) | (220,827) | (31,937) | (503,329) | (6,795) | (144,326) | (25,835) | (483,686) | |||
| Class R1 | (2,543) | (48,242) | (153,929) | (2,531,903) | (9,980) | (209,264) | (190,967) | (3,394,158) | |||
| Class R2 | (269,639) | (5,162,589) | (1,246,545) | (20,208,795) | (534,420) | (11,111,814) | (1,398,212) | (24,443,982) | |||
| Class R3 | (637,864) | (12,255,121) | (2,306,373) | (37,044,494) | (726,385) | (15,267,471) | (2,577,092) | (45,257,451) | |||
| Class R4 | (2,733,269) | (53,053,269) | (5,123,963) | (77,951,339) | (2,829,094) | (60,285,663) | (5,846,735) | (94,872,112) | |||
| Class R6 | (568,430) | (10,998,213) | (1,447,461) | (24,142,863) | (578,500) | (12,248,210) | (1,610,914) | (29,123,547) | |||
| (4,362,310) | $(84,409,010) | (10,731,703) | $(169,476,210) | (5,011,648) | $(106,118,626) | (12,702,248) | $(216,045,631) | ||||
| Net change | |||||||||||
| Class A | 28,394 | $538,018 | 12,466 | $14,200 | (130,748) | $(2,765,333) | (53,012) | $(773,276) | |||
| Class B | (5,040) | (95,027) | (14,930) | (257,150) | (13,512) | (278,878) | (69,007) | (1,218,802) | |||
| Class C | 418 | 7,742 | (2,104) | (24,200) | (16,704) | (341,149) | (197,551) | (3,460,815) | |||
| Class I | (1,830) | (33,973) | 16,090 | 267,446 | 41,673 | 885,780 | 108,266 | 1,882,358 | |||
| Class R1 | 515 | 9,705 | (108,596) | (1,833,760) | 6,252 | 127,848 | (87,251) | (1,635,438) | |||
| Class R2 | (168,229) | (3,221,427) | (816,631) | (13,352,676) | (345,661) | (7,166,243) | (644,973) | (11,331,215) | |||
| Class R3 | 515,668 | 9,913,014 | 614,971 | 10,339,304 | 516,606 | 10,809,013 | 635,096 | 10,635,379 | |||
| Class R4 | (2,372,840) | (46,109,108) | (3,933,549) | (58,300,101) | (2,507,638) | (53,484,334) | (4,490,792) | (71,055,953) | |||
| Class R6 | 1,175,508 | 22,663,537 | 6,529,591 | 102,573,432 | 928,381 | 19,736,167 | 5,572,559 | 96,124,307 | |||
| (827,436) | $(16,327,519) | 2,297,308 | $39,426,495 | (1,521,351) | $(32,477,129) | 773,335 | $19,166,545 | ||||
| MFS Lifetime 2045 Fund | MFS Lifetime 2050 Fund | ||||||||||
| Six
Months Ended 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 84,118 | $1,724,790 | 308,154 | $5,272,970 | 105,803 | $2,630,251 | 275,350 | $5,648,674 | |||
| Class B | 1,088 | 22,886 | — | — | — | — | 1,823 | 35,778 | |||
| Class C | 12,348 | 249,444 | 20,126 | 334,778 | 10,727 | 259,370 | 31,908 | 645,449 | |||
| Class I | 13,527 | 273,469 | 84,960 | 1,423,288 | 9,027 | 224,093 | 27,511 | 566,087 | |||
| Class R1 | 2,345 | 47,730 | 25,476 | 403,334 | 4,146 | 100,878 | 31,807 | 616,235 | |||
| Class R2 | 77,084 | 1,568,388 | 295,923 | 4,850,770 | 100,685 | 2,463,490 | 395,923 | 7,935,350 | |||
| Class R3 | 859,506 | 17,566,292 | 2,155,702 | 36,083,420 | 819,750 | 20,144,911 | 1,902,345 | 38,381,188 | |||
| Class R4 | 241,605 | 4,960,331 | 1,053,258 | 17,901,754 | 194,697 | 4,802,924 | 960,256 | 19,396,295 | |||
| Class R6 | 1,262,702 | 25,957,463 | 5,386,589 | 88,896,158 | 1,060,907 | 26,226,507 | 3,439,436 | 68,293,004 | |||
| 2,554,323 | $52,370,793 | 9,330,188 | $155,166,472 | 2,305,742 | $56,852,424 | 7,066,359 | $141,518,060 | ||||
130
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2045 Fund − continued | MFS Lifetime 2050 Fund − continued | ||||||||||
| Six
Months Ended 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | — | $— | 15,821 | $282,716 | — | $— | 17,999 | $388,597 | |||
| Class B | — | — | 740 | 13,179 | — | — | 1,098 | 23,417 | |||
| Class C | — | — | 1,447 | 25,637 | — | — | 2,471 | 52,386 | |||
| Class I | — | — | 2,024 | 36,305 | — | — | 818 | 17,631 | |||
| Class R1 | — | — | 311 | 5,546 | — | — | 305 | 6,487 | |||
| Class R2 | — | — | 15,630 | 278,370 | — | — | 22,575 | 482,197 | |||
| Class R3 | — | — | 120,891 | 2,157,912 | — | — | 99,338 | 2,127,811 | |||
| Class R4 | — | — | 82,150 | 1,473,762 | — | — | 67,416 | 1,453,486 | |||
| Class R6 | — | — | 146,152 | 2,620,498 | — | — | 104,708 | 2,255,406 | |||
| — | $— | 385,166 | $6,893,925 | — | $— | 316,728 | $6,807,418 | ||||
| Shares reacquired | |||||||||||
| Class A | (64,975) | $(1,342,800) | (177,348) | $(3,121,075) | (68,477) | $(1,701,308) | (188,749) | $(3,907,668) | |||
| Class B | (2,888) | (59,237) | (5,242) | (90,666) | (6,310) | (153,733) | (10,964) | (225,424) | |||
| Class C | (8,630) | (177,269) | (63,474) | (1,045,380) | (21,067) | (514,007) | (50,292) | (1,048,689) | |||
| Class I | (1,740) | (35,493) | (7,280) | (134,100) | (4,363) | (108,835) | (6,031) | (126,349) | |||
| Class R1 | (12,603) | (258,046) | (69,050) | (1,173,975) | (2,945) | (73,499) | (73,693) | (1,499,110) | |||
| Class R2 | (291,125) | (5,892,005) | (780,101) | (12,998,494) | (508,764) | (12,352,859) | (785,572) | (15,706,596) | |||
| Class R3 | (522,026) | (10,707,439) | (1,689,659) | (28,693,615) | (701,255) | (17,267,921) | (1,424,218) | (28,692,617) | |||
| Class R4 | (2,223,439) | (46,018,320) | (4,098,720) | (65,092,848) | (2,023,396) | (50,353,248) | (2,529,134) | (47,651,570) | |||
| Class R6 | (433,596) | (8,956,878) | (1,137,118) | (19,790,335) | (345,079) | (8,554,088) | (1,093,693) | (22,722,746) | |||
| (3,561,022) | $(73,447,487) | (8,027,992) | $(132,140,488) | (3,681,656) | $(91,079,498) | (6,162,346) | $(121,580,769) | ||||
| Net change | |||||||||||
| Class A | 19,143 | $381,990 | 146,627 | $2,434,611 | 37,326 | $928,943 | 104,600 | $2,129,603 | |||
| Class B | (1,800) | (36,351) | (4,502) | (77,487) | (6,310) | (153,733) | (8,043) | (166,229) | |||
| Class C | 3,718 | 72,175 | (41,901) | (684,965) | (10,340) | (254,637) | (15,913) | (350,854) | |||
| Class I | 11,787 | 237,976 | 79,704 | 1,325,493 | 4,664 | 115,258 | 22,298 | 457,369 | |||
| Class R1 | (10,258) | (210,316) | (43,263) | (765,095) | 1,201 | 27,379 | (41,581) | (876,388) | |||
| Class R2 | (214,041) | (4,323,617) | (468,548) | (7,869,354) | (408,079) | (9,889,369) | (367,074) | (7,289,049) | |||
| Class R3 | 337,480 | 6,858,853 | 586,934 | 9,547,717 | 118,495 | 2,876,990 | 577,465 | 11,816,382 | |||
| Class R4 | (1,981,834) | (41,057,989) | (2,963,312) | (45,717,332) | (1,828,699) | (45,550,324) | (1,501,462) | (26,801,789) | |||
| Class R6 | 829,106 | 17,000,585 | 4,395,623 | 71,726,321 | 715,828 | 17,672,419 | 2,450,451 | 47,825,664 | |||
| (1,006,699) | $(21,076,694) | 1,687,362 | $29,919,909 | (1,375,914) | $(34,227,074) | 1,220,741 | $26,744,709 | ||||
| MFS Lifetime 2055 Fund | MFS Lifetime 2060 Fund | ||||||||||
| Six
Months Ended 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares sold | |||||||||||
| Class A | 101,268 | $2,142,727 | 264,759 | $4,677,948 | 64,559 | $1,068,995 | 145,816 | $2,018,504 | |||
| Class C | 11,169 | 234,048 | 21,912 | 375,882 | 8,658 | 141,745 | 18,380 | 245,665 | |||
| Class I | 11,694 | 249,128 | 16,089 | 279,413 | 3,019 | 50,491 | 5,267 | 73,651 | |||
| Class R1 | 5,146 | 107,536 | 45,394 | 748,164 | 251 | 4,095 | — | — | |||
| Class R2 | 80,994 | 1,689,509 | 336,104 | 5,741,394 | 36,044 | 596,702 | 74,005 | 1,009,775 | |||
| Class R3 | 624,550 | 13,186,939 | 1,614,159 | 27,991,257 | 451,217 | 7,457,305 | 719,026 | 9,900,593 | |||
| Class R4 | 186,758 | 3,945,966 | 718,896 | 12,652,515 | 95,009 | 1,574,613 | 315,827 | 4,361,535 | |||
| Class R6 | 1,090,694 | 23,113,494 | 1,974,317 | 33,919,276 | 577,071 | 9,613,753 | 1,504,954 | 20,393,163 | |||
| 2,112,273 | $44,669,347 | 4,991,630 | $86,385,849 | 1,235,828 | $20,507,699 | 2,783,275 | $38,002,886 | ||||
131
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2055 Fund − continued | MFS Lifetime 2060 Fund − continued | ||||||||||
| Six
Months Ended 10/31/21 |
Year
ended 4/30/21 |
Six
Months Ended 10/31/21 |
Year
ended 4/30/21 | ||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
| Shares
issued to shareholders in reinvestment of distributions |
|||||||||||
| Class A | — | $— | 11,281 | $207,460 | — | $— | 4,689 | $67,477 | |||
| Class B | — | — | 491 | 8,997 | — | — | 107 | 1,543 | |||
| Class C | — | — | 1,724 | 31,378 | — | — | 441 | 6,317 | |||
| Class I | — | — | 371 | 6,828 | — | — | 208 | 3,010 | |||
| Class R1 | — | — | 333 | 6,086 | — | — | 48 | 686 | |||
| Class R2 | — | — | 14,544 | 266,729 | — | — | 1,645 | 23,658 | |||
| Class R3 | — | — | 63,492 | 1,167,617 | — | — | 15,415 | 221,980 | |||
| Class R4 | — | — | 40,767 | 753,781 | — | — | 7,973 | 115,208 | |||
| Class R6 | — | — | 55,408 | 1,025,057 | — | — | 20,084 | 290,820 | |||
| — | $— | 188,411 | $3,473,933 | — | $— | 50,610 | $730,699 | ||||
| Shares reacquired | |||||||||||
| Class A | (39,375) | $(832,080) | (109,397) | $(1,979,925) | (48,025) | $(803,427) | (57,074) | $(798,677) | |||
| Class B | (198) | (4,130) | (1,296) | (21,611) | (120) | (1,972) | (343) | (4,811) | |||
| Class C | (16,954) | (350,032) | (44,268) | (722,786) | (3,946) | (64,411) | (9,507) | (124,725) | |||
| Class I | (10,392) | (228,653) | (2,029) | (35,059) | (1,067) | (17,444) | (168) | (2,511) | |||
| Class R1 | (4,686) | (100,228) | (124,641) | (2,186,371) | (251) | (4,211) | — | — | |||
| Class R2 | (511,748) | (10,636,972) | (701,522) | (12,031,752) | (29,962) | (492,293) | (63,853) | (899,029) | |||
| Class R3 | (365,088) | (7,728,441) | (1,000,062) | (17,476,103) | (178,244) | (2,967,968) | (285,733) | (3,958,103) | |||
| Class R4 | (1,312,391) | (27,989,034) | (1,482,284) | (24,718,469) | (476,945) | (7,963,001) | (175,874) | (2,248,614) | |||
| Class R6 | (232,772) | (4,969,430) | (526,337) | (9,462,775) | (188,329) | (3,129,187) | (638,384) | (8,560,856) | |||
| (2,493,604) | $(52,839,000) | (3,991,836) | $(68,634,851) | (926,889) | $(15,443,914) | (1,230,936) | $(16,597,326) | ||||
| Net change | |||||||||||
| Class A | 61,893 | $1,310,647 | 166,643 | $2,905,483 | 16,534 | $265,568 | 93,431 | $1,287,304 | |||
| Class B | (198) | (4,130) | (805) | (12,614) | (120) | (1,972) | (236) | (3,268) | |||
| Class C | (5,785) | (115,984) | (20,632) | (315,526) | 4,712 | 77,334 | 9,314 | 127,257 | |||
| Class I | 1,302 | 20,475 | 14,431 | 251,182 | 1,952 | 33,047 | 5,307 | 74,150 | |||
| Class R1 | 460 | 7,308 | (78,914) | (1,432,121) | — | (116) | 48 | 686 | |||
| Class R2 | (430,754) | (8,947,463) | (350,874) | (6,023,629) | 6,082 | 104,409 | 11,797 | 134,404 | |||
| Class R3 | 259,462 | 5,458,498 | 677,589 | 11,682,771 | 272,973 | 4,489,337 | 448,708 | 6,164,470 | |||
| Class R4 | (1,125,633) | (24,043,068) | (722,621) | (11,312,173) | (381,936) | (6,388,388) | 147,926 | 2,228,129 | |||
| Class R6 | 857,922 | 18,144,064 | 1,503,388 | 25,481,558 | 388,742 | 6,484,566 | 886,654 | 12,123,127 | |||
| (381,331) | $(8,169,653) | 1,188,205 | $21,224,931 | 308,939 | $5,063,785 | 1,602,949 | $22,136,259 | ||||
| MFS Lifetime 2065 Fund | ||
| Six
months ended 10/31/21 (c) | ||
| Shares | Amount | |
| Shares sold | ||
| Class A | 5,000 | $50,000 |
| Class C | 5,000 | 50,000 |
| Class I | 5,000 | 50,000 |
| Class R1 | 5,000 | 50,000 |
| Class R2 | 5,802 | 57,924 |
| Class R3 | 5,000 | 50,000 |
| Class R4 | 5,000 | 50,000 |
| Class R6 | 50,000 | 500,000 |
| 85,802 | $857,924 | |
132
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2065 Fund − continued | ||
| Six
months ended 10/31/21 (c) | ||
| Shares | Amount | |
| Net change | ||
| Class A | 5,000 | $50,000 |
| Class C | 5,000 | 50,000 |
| Class I | 5,000 | 50,000 |
| Class R1 | 5,000 | 50,000 |
| Class R2 | 5,802 | 57,924 |
| Class R3 | 5,000 | 50,000 |
| Class R4 | 5,000 | 50,000 |
| Class R6 | 50,000 | 500,000 |
| 85,802 | $857,924 | |
| (c) | For the period from the commencement of the fund’s investment operations, September 1, 2021, through the stated period end. |
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 of which $1 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may
be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 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 financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. The MFS Lifetime 2065 Fund did not participate in these
agreements during the six months ended October 31, 2021. The fund will be added to these agreements beginning in March 2022. For the six months ended October 31, 2021, 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 |
MFS
Lifetime 2040 Fund | |
| Commitment Fee | $1,321 | $703 | $922 | $1,487 | $916 | $1,100 |
| Interest Expense | — | — | — | — | — | — |
| MFS
Lifetime 2045 Fund |
MFS
Lifetime 2050 Fund |
MFS
Lifetime 2055 Fund |
MFS
Lifetime 2060 Fund |
MFS
Lifetime 2065 Fund | |
| Commitment Fee | $656 | $677 | $369 | $106 | N/A |
| Interest Expense | — | — | — | — | N/A |
133
Notes to Financial
Statements (unaudited) - continued
(7) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the
fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| 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 | $14,344,326 | $158,864 | $1,994,191 | $649,102 | $610,311 | $13,768,412 |
| MFS Blended Research Growth Equity Fund | 14,273,533 | 286,575 | 2,475,941 | 1,143,665 | 670,404 | 13,898,236 |
| MFS Blended Research International Equity Fund | 17,429,696 | 236,187 | 1,232,923 | 276,672 | 199,453 | 16,909,085 |
| MFS Blended Research Mid Cap Equity Fund | 21,528,529 | 244,403 | 2,798,949 | 952,650 | 571,671 | 20,498,304 |
| MFS Blended Research Small Cap Equity Fund | 7,063,270 | 123,941 | 772,038 | 255,355 | 149,687 | 6,820,215 |
| MFS Blended Research Value Equity Fund | 14,330,111 | 205,387 | 1,659,960 | 493,607 | 299,855 | 13,669,000 |
| MFS Commodity Strategy Fund | 14,476,327 | 179,837 | 3,287,891 | 411,148 | 1,626,850 | 13,406,271 |
| MFS Emerging Markets Debt Fund | 13,766,878 | 202,227 | 7,145,992 | 180,593 | (199,074) | 6,804,632 |
| MFS Emerging Markets Debt Local Currency Fund | 6,818,147 | 313,737 | 98,777 | (10,332) | (312,829) | 6,709,946 |
| MFS Global Opportunistic Bond Fund | 34,249,746 | 14,150,569 | 572,226 | (22,495) | (474,839) | 47,330,755 |
| MFS Global Real Estate Fund | 14,349,953 | 168,329 | 2,266,395 | 603,234 | 770,837 | 13,625,958 |
| MFS Government Securities Fund | 68,491,534 | 1,844,379 | 2,181,620 | (69,679) | (129,533) | 67,955,081 |
| MFS Growth Fund | 14,277,190 | 383,166 | 2,575,487 | 1,722,030 | 67,930 | 13,874,829 |
| MFS High Income Fund | 20,775,151 | 371,115 | 7,470,238 | 48,364 | (163,915) | 13,560,477 |
| MFS Inflation-Adjusted Bond Fund | 69,169,767 | 1,954,031 | 4,537,136 | 64,412 | 1,179,480 | 67,830,554 |
| MFS Institutional Money Market Portfolio | 1,058,335 | 16,216,024 | 16,195,279 | — | — | 1,079,080 |
| MFS International Growth Fund | 3,481,962 | 59,018 | 288,082 | 121,915 | 34,646 | 3,409,459 |
| MFS International Intrinsic Value Fund | 3,477,076 | 67,906 | 309,905 | 118,370 | 80,574 | 3,434,021 |
| MFS Limited Maturity Fund | 137,302,541 | 3,559,424 | 4,013,807 | (28,979) | (1,106,377) | 135,712,802 |
| MFS Mid Cap Growth Fund | 10,568,874 | 228,071 | 1,521,629 | 1,012,023 | 123,764 | 10,411,103 |
| MFS Mid Cap Value Fund | 10,795,458 | 106,150 | 1,234,734 | 689,659 | (168,291) | 10,188,242 |
| MFS New Discovery Fund | 3,487,542 | 113,905 | 353,249 | 119,769 | 68,106 | 3,436,073 |
| MFS New Discovery Value Fund | 3,566,978 | 89,913 | 460,154 | 200,078 | 11,865 | 3,408,680 |
| MFS Research Fund | 14,376,335 | 159,889 | 2,046,249 | 1,115,346 | 160,620 | 13,765,941 |
| MFS Research International Fund | 10,443,882 | 126,058 | 991,655 | 354,160 | 303,722 | 10,236,167 |
| MFS Total Return Bond Fund | 137,291,563 | 3,758,827 | 5,420,837 | (81,676) | 601,412 | 136,149,289 |
| MFS Value Fund | 14,320,648 | 275,465 | 1,807,705 | 777,775 | 137,149 | 13,703,332 |
| $695,515,352 | $45,583,397 | $75,713,049 | $11,096,766 | $5,113,478 | $681,595,944 | |
134
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 | 173,770 | — |
| MFS Emerging Markets Debt Local Currency Fund | 146,893 | — |
| MFS Global Opportunistic Bond Fund | 391,176 | — |
| MFS Global Real Estate Fund | — | — |
| MFS Government Securities Fund | 456,018 | — |
| MFS Growth Fund | — | 57,261 |
| MFS High Income Fund | 348,697 | — |
| MFS Inflation-Adjusted Bond Fund | 1,449,269 | — |
| MFS Institutional Money Market Portfolio | 182 | — |
| MFS International Growth Fund | — | — |
| MFS International Intrinsic Value Fund | — | — |
| MFS Limited Maturity Fund | 1,126,325 | — |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | — | — |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 20,454 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 1,516,005 | — |
| MFS Value Fund | 111,742 | — |
| $5,740,531 | $57,261 | |
135
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 | $7,257,880 | $362,630 | $1,455,393 | $389,723 | $246,242 | $6,801,082 |
| MFS Blended Research Growth Equity Fund | 7,224,805 | 440,859 | 1,714,835 | 710,157 | 205,197 | 6,866,183 |
| MFS Blended Research International Equity Fund | 8,979,763 | 489,537 | 1,373,782 | 265,029 | (16,264) | 8,344,283 |
| MFS Blended Research Mid Cap Equity Fund | 10,806,386 | 621,682 | 2,064,595 | 543,147 | 225,049 | 10,131,669 |
| MFS Blended Research Small Cap Equity Fund | 3,590,496 | 242,334 | 676,471 | 170,179 | 33,015 | 3,359,553 |
| MFS Blended Research Value Equity Fund | 7,269,760 | 363,887 | 1,299,238 | 320,062 | 81,440 | 6,735,911 |
| MFS Commodity Strategy Fund | 7,272,978 | 443,915 | 2,136,406 | 314,106 | 707,206 | 6,601,799 |
| MFS Emerging Markets Debt Fund | 7,285,979 | 140,871 | 4,079,202 | 232,212 | (244,028) | 3,335,832 |
| MFS Emerging Markets Debt Local Currency Fund | 3,623,458 | 193,115 | 358,938 | (5,441) | (152,712) | 3,299,482 |
| MFS Global Opportunistic Bond Fund | 18,162,314 | 5,997,851 | 722,215 | (7,395) | (236,639) | 23,193,916 |
| MFS Global Real Estate Fund | 7,265,031 | 352,450 | 1,586,459 | 406,060 | 293,350 | 6,730,432 |
| MFS Government Securities Fund | 36,340,148 | 846,846 | 3,827,471 | (95,192) | 16,196 | 33,280,527 |
| MFS Growth Fund | 7,212,066 | 452,329 | 1,710,302 | 1,069,073 | (168,135) | 6,855,031 |
| MFS High Income Fund | 10,922,615 | 272,668 | 4,500,991 | 126,947 | (183,429) | 6,637,810 |
| MFS Inflation-Adjusted Bond Fund | 36,289,143 | 1,247,333 | 4,863,880 | 184,911 | 469,807 | 33,327,314 |
| MFS Institutional Money Market Portfolio | 245,192 | 3,225,939 | 3,470,344 | — | — | 787 |
| MFS International Growth Fund | 1,790,111 | 89,417 | 276,867 | 140,641 | (59,538) | 1,683,764 |
| MFS International Intrinsic Value Fund | 1,792,673 | 90,463 | 297,756 | 174,456 | (71,930) | 1,687,906 |
| MFS Limited Maturity Fund | 72,693,652 | 1,689,647 | 7,431,217 | 2,810 | (557,181) | 66,397,711 |
| MFS Mid Cap Growth Fund | 5,392,952 | 306,898 | 1,147,056 | 714,790 | (144,032) | 5,123,552 |
| MFS Mid Cap Value Fund | 5,447,296 | 319,877 | 999,071 | 502,995 | (241,172) | 5,029,925 |
| MFS New Discovery Fund | 1,793,674 | 123,228 | 320,476 | 162,696 | (67,927) | 1,691,195 |
| MFS New Discovery Value Fund | 1,810,704 | 132,064 | 369,798 | 131,072 | (23,778) | 1,680,264 |
| MFS Research Fund | 7,266,209 | 313,467 | 1,423,267 | 727,040 | (82,899) | 6,800,550 |
| MFS Research International Fund | 5,384,165 | 233,205 | 904,706 | 338,237 | (3,156) | 5,047,745 |
| MFS Total Return Bond Fund | 72,729,997 | 1,904,179 | 8,274,730 | (22,135) | 346,581 | 66,683,892 |
| MFS Value Fund | 7,282,134 | 372,769 | 1,367,278 | 613,761 | (153,091) | 6,748,295 |
| $363,131,581 | $21,269,460 | $58,652,744 | $8,109,941 | $218,172 | $334,076,410 | |
136
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 | 80,285 | — |
| MFS Emerging Markets Debt Local Currency Fund | 74,240 | — |
| MFS Global Opportunistic Bond Fund | 195,259 | — |
| MFS Global Real Estate Fund | — | — |
| MFS Government Securities Fund | 231,103 | — |
| MFS Growth Fund | — | 28,894 |
| MFS High Income Fund | 171,203 | — |
| MFS Inflation-Adjusted Bond Fund | 726,987 | — |
| MFS Institutional Money Market Portfolio | 37 | — |
| MFS International Growth Fund | — | — |
| MFS International Intrinsic Value Fund | — | — |
| MFS Limited Maturity Fund | 570,620 | — |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | — | — |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 10,112 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 765,841 | — |
| MFS Value Fund | 56,061 | — |
| $2,881,748 | $28,894 | |
137
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 | $14,044,909 | $283,663 | $2,369,077 | $687,483 | $542,250 | $13,189,228 |
| MFS Blended Research Growth Equity Fund | 13,989,571 | 547,570 | 2,976,359 | 1,113,182 | 678,791 | 13,352,755 |
| MFS Blended Research International Equity Fund | 18,425,687 | 427,766 | 2,279,825 | 482,800 | 14,845 | 17,071,273 |
| MFS Blended Research Mid Cap Equity Fund | 18,883,225 | 366,702 | 2,800,242 | 904,231 | 420,507 | 17,774,423 |
| MFS Blended Research Small Cap Equity Fund | 4,839,880 | 216,169 | 672,489 | 176,740 | 95,580 | 4,655,880 |
| MFS Blended Research Value Equity Fund | 14,100,407 | 409,990 | 2,220,598 | 549,303 | 219,073 | 13,058,175 |
| MFS Commodity Strategy Fund | 9,907,228 | 365,015 | 2,479,637 | 388,634 | 1,000,822 | 9,182,062 |
| MFS Emerging Markets Debt Fund | 13,999,564 | 270,879 | 5,964,296 | 102,202 | (146,998) | 8,261,351 |
| MFS Emerging Markets Debt Local Currency Fund | 9,130,279 | 354,980 | 921,691 | (53,441) | (343,559) | 8,166,568 |
| MFS Global Opportunistic Bond Fund | 24,112,574 | 10,963,136 | 2,693,587 | (47,942) | (262,639) | 32,071,542 |
| MFS Global Real Estate Fund | 9,772,955 | 302,655 | 1,658,223 | 382,576 | 564,735 | 9,364,698 |
| MFS Government Securities Fund | 48,192,028 | 2,558,366 | 4,631,741 | (115,438) | 2,438 | 46,005,653 |
| MFS Growth Fund | 14,004,515 | 737,218 | 3,172,458 | 1,653,715 | 114,882 | 13,337,872 |
| MFS High Income Fund | 23,144,947 | 654,656 | 7,200,479 | 61,514 | (196,440) | 16,464,198 |
| MFS Inflation-Adjusted Bond Fund | 48,414,411 | 2,506,713 | 5,703,520 | 92,750 | 790,059 | 46,100,413 |
| MFS Institutional Money Market Portfolio | 781,292 | 4,191,229 | 4,204,587 | — | — | 767,934 |
| MFS International Growth Fund | 4,534,296 | 82,955 | 629,238 | 184,824 | 17,578 | 4,190,415 |
| MFS International Intrinsic Value Fund | 4,521,158 | 149,365 | 706,929 | 145,370 | 115,062 | 4,224,026 |
| MFS Limited Maturity Fund | 53,467,744 | 6,172,169 | 3,729,024 | (16,004) | (436,169) | 55,458,716 |
| MFS Mid Cap Growth Fund | 9,392,104 | 388,565 | 1,721,166 | 848,981 | 156,221 | 9,064,705 |
| MFS Mid Cap Value Fund | 9,510,573 | 339,127 | 1,460,750 | 454,232 | (9,209) | 8,833,973 |
| MFS New Discovery Fund | 2,424,352 | 156,169 | 350,168 | 61,275 | 68,174 | 2,359,802 |
| MFS New Discovery Value Fund | 2,437,080 | 126,215 | 373,306 | 109,091 | 33,779 | 2,332,859 |
| MFS Research Fund | 14,094,163 | 284,574 | 2,433,132 | 747,790 | 499,759 | 13,193,154 |
| MFS Research International Fund | 9,338,968 | 233,957 | 1,283,853 | 321,717 | 257,989 | 8,868,778 |
| MFS Total Return Bond Fund | 75,050,407 | 5,100,295 | 6,506,679 | (73,575) | 388,063 | 73,958,511 |
| MFS Value Fund | 14,108,105 | 434,987 | 2,327,366 | 528,170 | 356,713 | 13,100,609 |
| $484,622,422 | $38,625,085 | $73,470,420 | $9,690,180 | $4,942,306 | $464,409,573 | |
138
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 | 195,630 | — |
| MFS Emerging Markets Debt Local Currency Fund | 186,525 | — |
| MFS Global Opportunistic Bond Fund | 273,017 | — |
| MFS Global Real Estate Fund | — | — |
| MFS Government Securities Fund | 314,154 | — |
| MFS Growth Fund | — | 57,128 |
| MFS High Income Fund | 418,564 | — |
| MFS Inflation-Adjusted Bond Fund | 993,641 | — |
| MFS Institutional Money Market Portfolio | 128 | — |
| MFS International Growth Fund | — | — |
| MFS International Intrinsic Value Fund | — | — |
| MFS Limited Maturity Fund | 447,622 | — |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | — | — |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 13,578 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 822,024 | — |
| MFS Value Fund | 108,352 | — |
| $3,773,235 | $57,128 | |
139
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 | $30,897,194 | $733,659 | $3,648,297 | $1,037,778 | $1,727,948 | $30,748,282 |
| MFS Blended Research Growth Equity Fund | 30,745,945 | 993,355 | 4,504,020 | 1,820,544 | 2,200,236 | 31,256,060 |
| MFS Blended Research International Equity Fund | 45,451,362 | 1,190,121 | 3,718,534 | 661,303 | 548,234 | 44,132,486 |
| MFS Blended Research Mid Cap Equity Fund | 53,035,020 | 960,648 | 6,525,378 | 2,056,481 | 1,693,559 | 51,220,330 |
| MFS Blended Research Small Cap Equity Fund | 11,502,345 | 269,422 | 1,365,106 | 424,412 | 220,637 | 11,051,710 |
| MFS Blended Research Value Equity Fund | 31,047,535 | 1,078,302 | 3,607,361 | 854,530 | 875,056 | 30,248,062 |
| MFS Commodity Strategy Fund | 23,409,565 | 569,565 | 5,700,170 | 873,864 | 2,453,714 | 21,606,538 |
| MFS Emerging Markets Debt Fund | 23,721,114 | 747,353 | 2,479,833 | 109 | (233,041) | 21,755,702 |
| MFS Emerging Markets Debt Local Currency Fund | 15,777,220 | 1,184,551 | 811,719 | (65,500) | (679,135) | 15,405,417 |
| MFS Global Opportunistic Bond Fund | 39,419,469 | 5,259,943 | 2,426,405 | (60,370) | (345,977) | 41,846,660 |
| MFS Global Real Estate Fund | 22,933,137 | 331,210 | 2,964,876 | 833,437 | 1,400,700 | 22,533,608 |
| MFS Government Securities Fund | 78,875,980 | 5,137,216 | 6,112,902 | (187,126) | (20,513) | 77,692,655 |
| MFS Growth Fund | 30,879,287 | 1,129,464 | 4,782,536 | 2,649,298 | 1,322,646 | 31,198,159 |
| MFS High Income Fund | 39,547,879 | 1,432,074 | 9,739,312 | 55,000 | (296,165) | 30,999,476 |
| MFS Inflation-Adjusted Bond Fund | 58,072,059 | 4,960,023 | 4,702,963 | 36,340 | 1,019,458 | 59,384,917 |
| MFS Institutional Money Market Portfolio | 839,311 | 5,239,527 | 5,237,270 | — | — | 841,568 |
| MFS International Growth Fund | 11,327,255 | 274,030 | 913,809 | 338,048 | 170,077 | 11,195,601 |
| MFS International Intrinsic Value Fund | 11,282,234 | 286,667 | 1,038,310 | 250,459 | 396,174 | 11,177,224 |
| MFS International New Discovery Fund | 6,966,334 | 36,706 | 984,197 | 388,653 | (155,359) | 6,252,137 |
| MFS Limited Maturity Fund | 8,770,031 | 7,272,722 | — | — | (118,670) | 15,924,083 |
| MFS Mid Cap Growth Fund | 26,323,191 | 565,290 | 3,495,611 | 1,993,831 | 839,029 | 26,225,730 |
| MFS Mid Cap Value Fund | 26,727,924 | 767,545 | 3,313,822 | 1,382,440 | (114,234) | 25,449,853 |
| MFS New Discovery Fund | 5,753,834 | 130,681 | 565,411 | 178,052 | 121,613 | 5,618,769 |
| MFS New Discovery Value Fund | 5,765,521 | 231,638 | 770,846 | 285,545 | 54,926 | 5,566,784 |
| MFS Research Fund | 31,023,676 | 613,827 | 3,663,881 | 1,191,169 | 1,612,975 | 30,777,766 |
| MFS Research International Fund | 22,674,216 | 372,634 | 2,111,636 | 614,611 | 800,446 | 22,350,271 |
| MFS Total Return Bond Fund | 69,364,551 | 14,088,737 | 3,996,251 | (54,222) | 295,257 | 79,698,072 |
| MFS Value Fund | 30,939,428 | 1,169,098 | 3,707,075 | 1,291,996 | 699,104 | 30,392,551 |
| $793,072,617 | $57,026,008 | $92,887,531 | $18,850,682 | $16,488,695 | $792,550,471 | |
140
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 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 | 441,010 | — |
| MFS Emerging Markets Debt Local Currency Fund | 336,986 | — |
| MFS Global Opportunistic Bond Fund | 362,989 | — |
| MFS Global Real Estate Fund | — | — |
| MFS Government Securities Fund | 522,229 | — |
| MFS Growth Fund | — | 126,667 |
| MFS High Income Fund | 779,347 | — |
| MFS Inflation-Adjusted Bond Fund | 1,243,827 | — |
| MFS Institutional Money Market Portfolio | 133 | — |
| MFS International Growth Fund | — | — |
| MFS International Intrinsic Value Fund | — | — |
| MFS International New Discovery Fund | — | — |
| MFS Limited Maturity Fund | 98,498 | — |
| MFS Mid Cap Growth Fund | — | — |
| MFS Mid Cap Value Fund | — | — |
| MFS New Discovery Fund | — | — |
| MFS New Discovery Value Fund | 32,617 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 842,324 | — |
| MFS Value Fund | 245,901 | — |
| $4,905,861 | $126,667 | |
141
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 | $19,682,194 | $4,803,764 | $1,969,805 | $56,634 | $2,056,529 | $24,629,316 |
| MFS Blended Research Emerging Markets Equity Fund | 2,172,619 | 109,003 | 238,876 | 32,381 | (97,667) | 1,977,460 |
| MFS Blended Research Growth Equity Fund | 26,341,948 | 1,070,262 | 5,842,203 | 1,558,802 | 1,753,382 | 24,882,191 |
| MFS Blended Research International Equity Fund | 40,001,586 | 2,148,377 | 3,160,405 | 258,501 | 827,777 | 40,075,836 |
| MFS Blended Research Mid Cap Equity Fund | 43,322,218 | 1,554,915 | 4,212,049 | 906,340 | 2,230,858 | 43,802,282 |
| MFS Blended Research Small Cap Equity Fund | 9,560,540 | 405,239 | 829,970 | 131,164 | 419,482 | 9,686,455 |
| MFS Blended Research Value Equity Fund | 26,384,554 | 561,825 | 3,927,039 | 1,011,983 | 387,065 | 24,418,388 |
| MFS Commodity Strategy Fund | 19,746,636 | 773,292 | 3,711,439 | 538,009 | 2,316,361 | 19,662,859 |
| MFS Emerging Markets Debt Fund | 14,703,695 | 1,439,571 | 1,110,717 | (16,240) | (151,347) | 14,864,962 |
| MFS Emerging Markets Debt Local Currency Fund | 9,782,816 | 1,069,462 | 565,778 | (41,079) | (426,928) | 9,818,493 |
| MFS Emerging Markets Equity Fund | 2,155,534 | 135,541 | 184,820 | 2,793 | (125,993) | 1,983,055 |
| MFS Global Opportunistic Bond Fund | 11,419,102 | 5,935,460 | 343,024 | (12,034) | (166,808) | 16,832,696 |
| MFS Global Real Estate Fund | 19,309,181 | 730,542 | 2,630,143 | 595,766 | 1,295,946 | 19,301,292 |
| MFS Government Securities Fund | 5,476,708 | 4,734,589 | — | — | (48,465) | 10,162,832 |
| MFS Growth Fund | 26,394,288 | 1,191,271 | 5,997,990 | 1,801,732 | 1,464,269 | 24,853,570 |
| MFS High Income Fund | 24,524,272 | 1,203,507 | 5,702,086 | 42,108 | (193,881) | 19,873,920 |
| MFS Inflation-Adjusted Bond Fund | 25,626,221 | 2,959,310 | 2,076,376 | 27,931 | 439,349 | 26,976,435 |
| MFS Institutional Money Market Portfolio | 397,610 | 3,247,582 | 3,246,168 | — | — | 399,024 |
| MFS International Growth Fund | 11,615,933 | 586,202 | 1,102,745 | 108,593 | 420,653 | 11,628,636 |
| MFS International Intrinsic Value Fund | 11,575,911 | 646,004 | 1,262,992 | 90,449 | 579,338 | 11,628,710 |
| MFS International New Discovery Fund | 9,172,434 | 401,233 | 945,285 | 59,344 | 246,007 | 8,933,733 |
| MFS Mid Cap Growth Fund | 21,562,823 | 1,202,374 | 2,873,796 | 378,318 | 1,992,460 | 22,262,179 |
| MFS Mid Cap Value Fund | 21,781,210 | 852,365 | 1,815,160 | 282,131 | 783,019 | 21,883,565 |
| MFS New Discovery Fund | 4,804,711 | 270,568 | 507,523 | 29,725 | 227,057 | 4,824,538 |
| MFS New Discovery Value Fund | 4,804,365 | 222,109 | 423,119 | 84,064 | 206,074 | 4,893,493 |
| MFS Research Fund | 19,752,619 | 4,727,250 | 2,011,591 | 64,599 | 2,078,731 | 24,611,608 |
| MFS Research International Fund | 16,738,792 | 883,485 | 1,493,654 | 77,893 | 981,950 | 17,188,466 |
| MFS Total Return Bond Fund | 17,425,922 | 4,323,575 | 807,573 | (11,036) | 59,879 | 20,990,767 |
| MFS Value Fund | 26,360,812 | 590,810 | 4,060,095 | 917,544 | 690,147 | 24,499,218 |
| $492,597,254 | $48,779,487 | $63,052,421 | $8,976,415 | $20,245,244 | $507,545,979 | |
142
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 | 286,607 | — |
| MFS Emerging Markets Debt Local Currency Fund | 210,216 | — |
| MFS Emerging Markets Equity Fund | — | — |
| MFS Global Opportunistic Bond Fund | 133,675 | — |
| MFS Global Real Estate Fund | — | — |
| MFS Government Securities Fund | 49,943 | — |
| MFS Growth Fund | — | 105,397 |
| MFS High Income Fund | 491,234 | — |
| MFS Inflation-Adjusted Bond Fund | 553,938 | — |
| MFS Institutional Money Market Portfolio | 64 | — |
| 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 | 27,112 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 211,106 | — |
| MFS Value Fund | 198,545 | — |
| $2,162,440 | $105,397 | |
143
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 | $24,651,658 | $5,490,662 | $1,285,186 | $22,878 | $2,614,917 | $31,494,929 |
| MFS Blended Research Emerging Markets Equity Fund | 4,403,343 | 262,381 | 261,204 | 1,620 | (142,864) | 4,263,276 |
| MFS Blended Research Growth Equity Fund | 35,231,183 | 1,283,850 | 7,886,155 | 2,501,942 | 1,916,660 | 33,047,480 |
| MFS Blended Research International Equity Fund | 58,332,551 | 2,517,136 | 3,981,114 | 338,211 | 1,231,791 | 58,438,575 |
| MFS Blended Research Mid Cap Equity Fund | 58,052,744 | 2,092,424 | 5,587,424 | 1,481,850 | 2,730,813 | 58,770,407 |
| MFS Blended Research Small Cap Equity Fund | 13,598,174 | 446,133 | 1,157,772 | 223,122 | 554,720 | 13,664,377 |
| MFS Blended Research Value Equity Fund | 35,420,206 | 1,082,264 | 5,963,691 | 1,705,313 | 177,614 | 32,421,706 |
| MFS Commodity Strategy Fund | 27,740,271 | 913,537 | 5,631,790 | 821,154 | 3,189,654 | 27,032,826 |
| MFS Emerging Markets Debt Fund | 10,131,545 | 1,514,218 | 434,985 | (10,015) | (120,407) | 11,080,356 |
| MFS Emerging Markets Debt Local Currency Fund | 6,752,333 | 1,059,962 | 155,976 | (12,164) | (330,631) | 7,313,524 |
| MFS Emerging Markets Equity Fund | 4,361,653 | 378,973 | 201,703 | (8,604) | (249,823) | 4,280,496 |
| MFS Global Opportunistic Bond Fund | 6,733,222 | 4,429,472 | 3,951 | (190) | (126,465) | 11,032,088 |
| MFS Global Real Estate Fund | 27,471,423 | 858,537 | 3,661,268 | 846,319 | 1,836,875 | 27,351,886 |
| MFS Growth Fund | 35,261,598 | 1,435,625 | 8,074,100 | 3,275,259 | 1,072,912 | 32,971,294 |
| MFS High Income Fund | 16,887,532 | 1,358,195 | 3,385,032 | 14,655 | (129,524) | 14,745,826 |
| MFS Inflation-Adjusted Bond Fund | 23,694,004 | 2,360,200 | 1,903,300 | 23,701 | 408,013 | 24,582,618 |
| MFS Institutional Money Market Portfolio | 345,236 | 3,730,586 | 3,720,021 | — | — | 355,801 |
| MFS International Growth Fund | 17,890,815 | 730,511 | 1,453,784 | 116,865 | 691,988 | 17,976,395 |
| MFS International Intrinsic Value Fund | 17,837,118 | 831,909 | 1,716,100 | 116,359 | 908,765 | 17,978,051 |
| MFS International New Discovery Fund | 17,513,035 | 641,407 | 1,672,045 | 106,055 | 477,128 | 17,065,580 |
| MFS Mid Cap Growth Fund | 28,919,785 | 1,124,792 | 3,387,761 | 448,537 | 2,702,517 | 29,807,870 |
| MFS Mid Cap Value Fund | 29,295,977 | 1,156,041 | 2,616,899 | 704,918 | 735,183 | 29,275,220 |
| MFS New Discovery Fund | 6,805,078 | 247,642 | 552,745 | 31,729 | 324,315 | 6,856,019 |
| MFS New Discovery Value Fund | 6,877,810 | 314,051 | 716,987 | 206,361 | 209,191 | 6,890,426 |
| MFS Research Fund | 24,706,252 | 5,402,208 | 1,309,988 | 28,500 | 2,638,991 | 31,465,963 |
| MFS Research International Fund | 22,569,140 | 774,946 | 1,835,905 | 126,261 | 1,291,656 | 22,926,098 |
| MFS Total Return Bond Fund | 16,879,831 | 1,476,810 | 1,258,181 | (15,540) | 82,332 | 17,165,252 |
| MFS Value Fund | 35,387,133 | 1,005,112 | 6,033,417 | 1,509,566 | 645,351 | 32,513,745 |
| $613,750,650 | $44,919,584 | $75,848,484 | $14,604,662 | $25,341,672 | $622,768,084 | |
144
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 | 203,999 | — |
| MFS Emerging Markets Debt Local Currency Fund | 149,674 | — |
| MFS Emerging Markets Equity Fund | — | — |
| MFS Global Opportunistic Bond Fund | 82,771 | — |
| MFS Global Real Estate Fund | — | — |
| MFS Growth Fund | — | 141,926 |
| MFS High Income Fund | 347,792 | — |
| MFS Inflation-Adjusted Bond Fund | 504,304 | — |
| MFS Institutional Money Market Portfolio | 55 | — |
| 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 | 38,587 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 186,104 | — |
| MFS Value Fund | 266,343 | — |
| $1,779,629 | $141,926 | |
145
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 | $14,353,748 | $4,540,107 | $2,286,320 | $79,701 | $1,531,615 | $18,218,851 |
| MFS Blended Research Emerging Markets Equity Fund | 3,461,673 | 326,006 | 311,038 | (1,498) | (113,137) | 3,362,006 |
| MFS Blended Research Growth Equity Fund | 21,345,959 | 722,973 | 4,717,733 | 1,052,400 | 1,610,215 | 20,013,814 |
| MFS Blended Research International Equity Fund | 38,679,603 | 2,729,050 | 3,983,748 | 80,887 | 936,256 | 38,442,048 |
| MFS Blended Research Mid Cap Equity Fund | 35,523,999 | 2,212,506 | 4,396,882 | 669,899 | 1,916,905 | 35,926,427 |
| MFS Blended Research Small Cap Equity Fund | 8,815,639 | 640,916 | 1,061,007 | 43,872 | 455,528 | 8,894,948 |
| MFS Blended Research Value Equity Fund | 21,502,349 | 435,852 | 3,333,729 | 740,444 | 399,083 | 19,743,999 |
| MFS Commodity Strategy Fund | 17,896,194 | 825,987 | 3,191,749 | 425,728 | 2,170,343 | 18,126,503 |
| MFS Emerging Markets Debt Fund | 613,236 | 542,314 | 26,381 | (675) | (15,144) | 1,113,350 |
| MFS Emerging Markets Debt Local Currency Fund | 408,155 | 372,590 | 11,277 | (895) | (32,404) | 736,169 |
| MFS Emerging Markets Equity Fund | 3,453,371 | 419,749 | 286,796 | (10,680) | (198,456) | 3,377,188 |
| MFS Global Opportunistic Bond Fund | 407,994 | 454,275 | 18,517 | (769) | (7,610) | 835,373 |
| MFS Global Real Estate Fund | 17,791,648 | 729,864 | 2,592,414 | 497,458 | 1,245,703 | 17,672,259 |
| MFS Growth Fund | 21,340,933 | 809,314 | 4,789,625 | 1,123,072 | 1,498,295 | 19,981,989 |
| MFS High Income Fund | 1,022,568 | 859,303 | 46,167 | (10) | (16,973) | 1,818,721 |
| MFS Inflation-Adjusted Bond Fund | 9,477,379 | 1,330,858 | 1,104,288 | 14,852 | 160,432 | 9,879,233 |
| MFS Institutional Money Market Portfolio | 366,634 | 1,712,315 | 1,727,702 | — | — | 351,247 |
| MFS International Growth Fund | 12,243,064 | 800,494 | 1,357,276 | 59,454 | 492,033 | 12,237,769 |
| MFS International Intrinsic Value Fund | 12,219,884 | 811,798 | 1,494,349 | 73,780 | 627,181 | 12,238,294 |
| MFS International New Discovery Fund | 13,822,643 | 912,070 | 1,692,215 | 58,634 | 397,981 | 13,499,113 |
| MFS Mid Cap Growth Fund | 17,731,328 | 1,190,307 | 2,736,214 | 267,486 | 1,700,717 | 18,153,624 |
| MFS Mid Cap Value Fund | 17,888,147 | 1,303,382 | 2,083,999 | 201,499 | 667,260 | 17,976,289 |
| MFS New Discovery Fund | 4,407,358 | 347,418 | 564,370 | 31,815 | 205,838 | 4,428,059 |
| MFS New Discovery Value Fund | 4,433,734 | 320,918 | 516,992 | 45,656 | 217,754 | 4,501,070 |
| MFS Research Fund | 14,392,606 | 4,471,742 | 2,302,979 | 86,366 | 1,549,767 | 18,197,502 |
| MFS Research International Fund | 14,138,300 | 854,268 | 1,669,325 | 61,209 | 820,062 | 14,204,514 |
| MFS Total Return Bond Fund | 9,055,287 | 1,068,761 | 1,027,678 | (10,896) | 50,706 | 9,136,180 |
| MFS Value Fund | 21,521,486 | 449,123 | 3,495,991 | 661,236 | 644,282 | 19,780,136 |
| $358,314,919 | $32,194,260 | $52,826,761 | $6,250,025 | $18,914,232 | $362,846,675 | |
146
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2045 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 | 16,403 | — |
| MFS Emerging Markets Debt Local Currency Fund | 14,881 | — |
| MFS Emerging Markets Equity Fund | — | — |
| MFS Global Opportunistic Bond Fund | 2,112 | — |
| MFS Global Real Estate Fund | — | — |
| MFS Growth Fund | — | 85,303 |
| MFS High Income Fund | 32,131 | — |
| MFS Inflation-Adjusted Bond Fund | 204,323 | — |
| MFS Institutional Money Market Portfolio | 60 | — |
| 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 | 24,995 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 99,800 | — |
| MFS Value Fund | 160,705 | — |
| $555,410 | $85,303 | |
147
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 | $14,622,735 | $4,351,349 | $2,615,073 | $73,853 | $1,515,683 | $17,948,547 |
| MFS Blended Research Emerging Markets Equity Fund | 3,633,026 | 362,025 | 380,442 | (1,727) | (115,915) | 3,496,967 |
| MFS Blended Research Growth Equity Fund | 21,841,452 | 819,893 | 5,356,511 | 1,328,341 | 1,371,178 | 20,004,353 |
| MFS Blended Research International Equity Fund | 39,937,686 | 2,573,198 | 4,775,796 | 248,359 | 795,303 | 38,778,750 |
| MFS Blended Research Mid Cap Equity Fund | 36,415,187 | 2,238,746 | 5,650,881 | 958,694 | 1,629,350 | 35,591,096 |
| MFS Blended Research Small Cap Equity Fund | 9,090,041 | 678,203 | 1,387,498 | 226,418 | 276,990 | 8,884,154 |
| MFS Blended Research Value Equity Fund | 22,021,029 | 837,988 | 4,440,063 | 934,864 | 204,526 | 19,558,344 |
| MFS Commodity Strategy Fund | 18,454,495 | 1,075,531 | 4,673,315 | 734,519 | 1,922,959 | 17,514,189 |
| MFS Emerging Markets Equity Fund | 3,623,677 | 467,155 | 372,602 | (17,073) | (199,278) | 3,501,879 |
| MFS Global Real Estate Fund | 18,328,906 | 693,326 | 3,027,011 | 563,357 | 1,216,436 | 17,775,014 |
| MFS Growth Fund | 21,854,383 | 893,386 | 5,432,803 | 1,558,654 | 1,098,351 | 19,971,971 |
| MFS Inflation-Adjusted Bond Fund | 9,153,654 | 990,636 | 1,470,806 | 17,974 | 149,544 | 8,841,002 |
| MFS Institutional Money Market Portfolio | 337,934 | 2,282,937 | 2,269,966 | — | — | 350,905 |
| MFS International Growth Fund | 12,684,547 | 721,798 | 1,543,273 | 82,781 | 485,313 | 12,431,166 |
| MFS International Intrinsic Value Fund | 12,654,555 | 809,606 | 1,642,325 | 95,196 | 633,105 | 12,550,137 |
| MFS International New Discovery Fund | 14,503,816 | 976,130 | 1,842,962 | 66,101 | 412,855 | 14,115,940 |
| MFS Mid Cap Growth Fund | 18,176,637 | 1,130,455 | 3,151,962 | 345,569 | 1,633,423 | 18,134,122 |
| MFS Mid Cap Value Fund | 18,339,521 | 1,322,829 | 2,813,938 | 442,126 | 418,793 | 17,709,331 |
| MFS New Discovery Fund | 4,545,695 | 315,286 | 626,825 | 29,565 | 210,556 | 4,474,277 |
| MFS New Discovery Value Fund | 4,571,262 | 328,501 | 727,870 | 140,317 | 125,320 | 4,437,530 |
| MFS Research Fund | 14,667,091 | 4,258,378 | 2,596,274 | 79,202 | 1,533,962 | 17,942,359 |
| MFS Research International Fund | 14,511,326 | 677,058 | 1,864,098 | 114,248 | 779,549 | 14,218,083 |
| MFS Total Return Bond Fund | 9,147,142 | 1,030,473 | 1,356,802 | (16,329) | 58,611 | 8,863,095 |
| MFS Value Fund | 22,029,238 | 871,822 | 4,592,322 | 801,720 | 506,277 | 19,616,735 |
| $365,145,035 | $30,706,709 | $64,611,418 | $8,806,729 | $16,662,891 | $356,709,946 | |
148
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2050 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 Equity Fund | — | — |
| MFS Global Real Estate Fund | — | — |
| MFS Growth Fund | — | 87,197 |
| MFS Inflation-Adjusted Bond Fund | 188,912 | — |
| MFS Institutional Money Market Portfolio | 55 | — |
| 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 | 25,240 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 98,531 | — |
| MFS Value Fund | 163,577 | — |
| $476,315 | $87,197 | |
149
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 | $8,031,381 | $2,781,961 | $1,320,295 | $46,831 | $863,666 | $10,403,544 |
| MFS Blended Research Emerging Markets Equity Fund | 2,001,921 | 331,875 | 225,484 | (1,418) | (64,527) | 2,042,367 |
| MFS Blended Research Growth Equity Fund | 12,015,475 | 657,455 | 2,631,886 | 522,875 | 993,459 | 11,557,378 |
| MFS Blended Research International Equity Fund | 21,973,135 | 2,572,225 | 2,531,043 | 31,548 | 551,077 | 22,596,942 |
| MFS Blended Research Mid Cap Equity Fund | 20,060,582 | 1,743,516 | 2,580,881 | 312,700 | 1,157,905 | 20,693,822 |
| MFS Blended Research Small Cap Equity Fund | 5,015,933 | 483,566 | 614,405 | 19,293 | 268,322 | 5,172,709 |
| MFS Blended Research Value Equity Fund | 12,100,795 | 469,325 | 1,835,647 | 348,590 | 296,514 | 11,379,577 |
| MFS Commodity Strategy Fund | 10,237,051 | 647,869 | 1,968,843 | 244,732 | 1,259,745 | 10,420,554 |
| MFS Emerging Markets Equity Fund | 19,959,903 | 366,043 | 193,584 | (7,363) | (18,078,575) | 2,046,424 |
| MFS Global Real Estate Fund | 10,094,599 | 680,560 | 1,443,930 | 246,248 | 749,622 | 10,327,099 |
| MFS Growth Fund | 12,031,872 | 672,813 | 2,667,523 | 507,089 | 987,770 | 11,532,021 |
| MFS Inflation-Adjusted Bond Fund | 5,028,984 | 678,640 | 654,376 | 9,996 | 83,089 | 5,146,333 |
| MFS Institutional Money Market Portfolio | 201,255 | 1,415,201 | 1,374,011 | — | — | 242,445 |
| MFS International Growth Fund | 6,984,408 | 756,939 | 833,001 | 28,500 | 289,571 | 7,226,417 |
| MFS International Intrinsic Value Fund | 6,973,665 | 817,087 | 946,556 | 42,945 | 363,107 | 7,250,248 |
| MFS International New Discovery Fund | 7,983,446 | 1,005,694 | 1,048,006 | 28,155 | 237,156 | 8,206,445 |
| MFS Mid Cap Growth Fund | 10,022,486 | 988,816 | 1,653,978 | 134,972 | 991,721 | 10,484,017 |
| MFS Mid Cap Value Fund | 10,091,131 | 1,002,823 | 1,249,728 | 86,462 | 409,213 | 10,339,901 |
| MFS New Discovery Fund | 2,517,049 | 276,577 | 342,063 | 15,413 | 122,892 | 2,589,868 |
| MFS New Discovery Value Fund | 2,516,434 | 265,261 | 328,959 | 25,296 | 126,590 | 2,604,622 |
| MFS Research Fund | 8,062,100 | 2,727,068 | 1,316,214 | 50,932 | 874,188 | 10,398,074 |
| MFS Research International Fund | 7,984,921 | 778,381 | 1,009,573 | 29,767 | 472,067 | 8,255,563 |
| MFS Total Return Bond Fund | 5,022,655 | 710,349 | 605,526 | (5,860) | 27,942 | 5,149,560 |
| MFS Value Fund | 12,084,327 | 479,331 | 1,914,217 | 323,440 | 416,581 | 11,389,462 |
| $218,995,508 | $23,309,375 | $31,289,729 | $3,041,143 | $(6,600,905) | $207,455,392 | |
150
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2055 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 Equity Fund | — | — |
| MFS Global Real Estate Fund | — | — |
| MFS Growth Fund | — | 48,512 |
| MFS Inflation-Adjusted Bond Fund | 106,637 | — |
| MFS Institutional Money Market Portfolio | 38 | — |
| 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 | 14,216 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 55,511 | — |
| MFS Value Fund | 91,700 | — |
| $268,102 | $48,512 | |
151
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 | $2,396,121 | $1,246,274 | $458,428 | $13,839 | $284,703 | $3,482,509 |
| MFS Blended Research Emerging Markets Equity Fund | 597,580 | 209,018 | 91,251 | (1,680) | (20,986) | 692,681 |
| MFS Blended Research Growth Equity Fund | 3,589,899 | 419,576 | 610,227 | 65,030 | 405,956 | 3,870,234 |
| MFS Blended Research International Equity Fund | 6,575,704 | 1,803,721 | 923,114 | (10,268) | 183,172 | 7,629,215 |
| MFS Blended Research Mid Cap Equity Fund | 5,981,319 | 1,352,987 | 857,302 | 9,271 | 469,651 | 6,955,926 |
| MFS Blended Research Small Cap Equity Fund | 1,494,537 | 398,323 | 248,025 | (2,417) | 96,851 | 1,739,269 |
| MFS Blended Research Value Equity Fund | 3,607,069 | 614,518 | 606,111 | 13,259 | 194,597 | 3,823,332 |
| MFS Commodity Strategy Fund | 3,033,544 | 660,683 | 704,510 | 38,088 | 438,371 | 3,466,176 |
| MFS Emerging Markets Equity Fund | 597,102 | 218,780 | 81,859 | (4,187) | (37,092) | 692,744 |
| MFS Global Real Estate Fund | 3,000,739 | 656,568 | 501,314 | 23,419 | 291,008 | 3,470,420 |
| MFS Growth Fund | 3,589,678 | 440,668 | 634,342 | 65,045 | 401,114 | 3,862,163 |
| MFS Inflation-Adjusted Bond Fund | 1,502,428 | 488,152 | 281,476 | 1,537 | 27,229 | 1,737,870 |
| MFS Institutional Money Market Portfolio | 34,567 | 1,002,462 | 998,217 | — | — | 38,812 |
| MFS International Growth Fund | 2,090,153 | 541,307 | 297,567 | 340 | 97,333 | 2,431,566 |
| MFS International Intrinsic Value Fund | 2,089,537 | 531,059 | 304,580 | 4,526 | 123,242 | 2,443,784 |
| MFS International New Discovery Fund | 2,390,193 | 671,665 | 368,304 | 2,968 | 79,616 | 2,776,138 |
| MFS Mid Cap Growth Fund | 2,988,481 | 686,692 | 546,634 | 24,624 | 348,970 | 3,502,133 |
| MFS Mid Cap Value Fund | 3,003,275 | 768,280 | 460,398 | (6,439) | 167,718 | 3,472,436 |
| MFS New Discovery Fund | 747,433 | 218,441 | 141,101 | 2,222 | 44,881 | 871,876 |
| MFS New Discovery Value Fund | 748,973 | 200,404 | 128,522 | (2,456) | 50,256 | 868,655 |
| MFS Research Fund | 2,400,760 | 1,238,612 | 463,005 | 15,390 | 288,776 | 3,480,533 |
| MFS Research International Fund | 2,390,698 | 578,356 | 348,927 | 963 | 157,079 | 2,778,169 |
| MFS Total Return Bond Fund | 1,504,776 | 503,026 | 273,435 | (3,004) | 9,491 | 1,740,854 |
| MFS Value Fund | 3,607,674 | 592,643 | 616,138 | 15,896 | 223,986 | 3,824,061 |
| $59,962,240 | $16,042,215 | $10,944,787 | $265,966 | $4,325,922 | $69,651,556 | |
152
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2060 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 Equity Fund | — | — |
| MFS Global Real Estate Fund | — | — |
| MFS Growth Fund | — | 14,576 |
| MFS Inflation-Adjusted Bond Fund | 34,423 | — |
| MFS Institutional Money Market Portfolio | 6 | — |
| 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 | 4,623 | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 17,825 | — |
| MFS Value Fund | 29,218 | — |
| $86,095 | $14,576 | |
153
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2065 Fund | ||||||
| Affiliated Issuers | Beginning
Value |
Purchases | Sales
Proceeds |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation or Depreciation |
Ending
Value |
| MFS Blended Research Core Equity Fund | $— | $43,489 | $181 | $(1) | $484 | $43,791 |
| MFS Blended Research Emerging Markets Equity Fund | — | 8,771 | 24 | (1) | (282) | 8,464 |
| MFS Blended Research Growth Equity Fund | — | 48,583 | 269 | (3) | 356 | 48,667 |
| MFS Blended Research International Equity Fund | — | 94,844 | 125 | (1) | (671) | 94,047 |
| MFS Blended Research Mid Cap Equity Fund | — | 86,185 | 129 | (4) | 1,018 | 87,070 |
| MFS Blended Research Small Cap Equity Fund | — | 21,359 | 118 | (1) | 313 | 21,553 |
| MFS Blended Research Value Equity Fund | — | 47,474 | 142 | (2) | 460 | 47,790 |
| MFS Commodity Strategy Fund | — | 42,500 | 3,067 | 214 | 3,162 | 42,809 |
| MFS Emerging Markets Equity Fund | — | 8,729 | 39 | — | (236) | 8,454 |
| MFS Global Real Estate Fund | — | 43,643 | 151 | — | (180) | 43,312 |
| MFS Growth Fund | — | 48,332 | 286 | (1) | 533 | 48,578 |
| MFS Inflation-Adjusted Bond Fund | — | 21,728 | 190 | (4) | (198) | 21,336 |
| MFS Institutional Money Market Portfolio | — | 16,973 | 16,837 | — | — | 136 |
| MFS International Growth Fund | — | 30,383 | 27 | — | (74) | 30,282 |
| MFS International Intrinsic Value Fund | — | 30,935 | 4 | — | (415) | 30,516 |
| MFS International New Discovery Fund | — | 35,042 | — | — | (909) | 34,133 |
| MFS Mid Cap Growth Fund | — | 43,653 | 155 | (1) | 709 | 44,206 |
| MFS Mid Cap Value Fund | — | 42,516 | 187 | (2) | 948 | 43,275 |
| MFS New Discovery Fund | — | 10,914 | — | — | (63) | 10,851 |
| MFS New Discovery Value Fund | — | 10,639 | 97 | (1) | 332 | 10,873 |
| MFS Research Fund | — | 43,520 | 149 | (1) | 429 | 43,799 |
| MFS Research International Fund | — | 34,812 | 96 | (1) | (83) | 34,632 |
| MFS Total Return Bond Fund | — | 21,735 | 155 | (2) | (240) | 21,338 |
| MFS Value Fund | — | 47,756 | 243 | (3) | 435 | 47,945 |
| $— | $884,515 | $22,671 | $185 | $5,828 | $867,857 | |
154
Notes to Financial
Statements (unaudited) - continued
| MFS Lifetime 2065 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 Equity Fund | — | — |
| MFS Global Real Estate Fund | — | — |
| MFS Growth Fund | — | — |
| MFS Inflation-Adjusted Bond Fund | 247 | — |
| MFS Institutional Money Market Portfolio | — | — |
| 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 | — | — |
| MFS Research Fund | — | — |
| MFS Research International Fund | — | — |
| MFS Total Return Bond Fund | 74 | — |
| MFS Value Fund | 180 | — |
| $501 | $— | |
(8) Impacts of
COVID-19
The pandemic related to the global spread of
novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance
of individual companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create
uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of each fund's investments and each fund's performance.
155
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 by
videoconference (in accordance with Securities and Exchange Commission relief) over the course of three months beginning in May and ending in July, 2021 (“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 an independent consultant who was retained by and reported 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, 2020 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 I
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I 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 I shares was in the 2nd quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2020 relative to the Broadridge performance universe.
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Board Review of Investment
Advisory Agreement - continued
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 I
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I shares was in the 4th 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 I shares was in the 4th quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2020 relative to the Broadridge performance universe.
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 I
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I shares was in the 4th 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 I shares was in the 4th quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2020 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 I
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I 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 I shares was in the 4th quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2020 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 I
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I 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 I shares was in the 4th quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2020 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 I
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I 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 I shares was in the 4th quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2020 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 I
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I 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 I shares was in the 4th quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2020 relative to the Broadridge performance universe.
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Board Review of Investment
Advisory Agreement - continued
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 I
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I 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 I shares was in the 4th quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2020 relative to the Broadridge performance universe.
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 I
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I 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 I shares was in the 4th quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2020 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 various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s Class I
shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s Class I shares was in the 3rd quintile relative to the other funds in the universe for the three-year period and was in the 4th quintile relative to the other funds in the universe for the 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; therefore, no performance data for the five-year period 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”).
In assessing the reasonableness of
the Funds’ expenses, the Trustees considered, among other information, the total expense ratios of the Funds’ Class I 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 considered that MFS currently observes an expense limitation for each Fund, which may not be changed without the Trustees’ approval. 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), 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 2050 Fund, MFS Lifetime 2055 Fund, and MFS Lifetime 2060 was lower than 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.
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Board Review of Investment
Advisory Agreement - continued
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.
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 MFS discontinued its historic practice of obtaining investment research from portfolio brokerage
commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses 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, 2021.
159
Board
Approval of Investment Advisory Agreement
MFS Lifetime
2065 Fund
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, initially approve the Fund’s investment advisory agreement with MFS (the “Agreement”) and,
beginning on the second anniversary of the initial effective date of the Agreement, annually approve the continuation of the Agreement. In June and July 2021, the Board met by videoconference (in accordance with Securities and Exchange Commission
relief) to consider the initial approval of the Agreement (“the initial review meetings”). The independent Trustees were assisted in their evaluation of the Agreement by independent legal counsel, from whom they received separate legal
advice and with whom they met separately from MFS.
In connection with their deliberations regarding the
initial approval of the Agreement, 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. As
described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services to be performed by MFS under the Agreement and other arrangements with the Fund.
In connection with their initial 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 Fund’s proposed 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”), and (ii) information as to whether and to what
extent applicable expense waivers and reimbursements would be observed for the Fund. In addition, in connection with the independent Trustees’ meetings in May, June and July 2021 for the purpose of considering whether to approve the
continuation of the investment advisory agreements for the other investment companies that the Board oversees (the “MFS Funds”), the independent Trustees received: (i) information regarding MFS’ financial results and financial
condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the MFS Funds as a whole, and compared to MFS’ institutional business, (ii) MFS’ views regarding the outlook for the
mutual fund industry and the strategic business plans of MFS, (iii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (iv) information regarding the overall
organization of MFS, including information about MFS’ senior management and other personnel that would provide investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative 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 initial approval
of the Agreement 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. Because the Fund is newly organized and had not yet commenced investment operations at the time of
the initial review meetings, the Fund had no investment performance for the Trustees to review.
The Trustees considered that MFS will not charge advisory
fees for providing investment advisory services to the Fund, but that the Fund will pay a pro rata share of the advisory fees paid by the underlying funds in which it invests (the “Underlying Funds”). The Trustees also considered that
MFS will observe an expense limitation for the Fund, which may not be changed without the Trustees’ approval.
In assessing the reasonableness of the Fund’s
expenses the Trustees considered, among other information, the estimated total expense ratio of the Fund’s Class I shares as a percentage of average daily net assets and the total expense ratios of peer groups of funds based on information
provided by Broadridge, noting that the Fund’s total expense ratio was expected to be relatively low because, as noted above, the Fund does not bear advisory expenses. The Trustees considered that, according to the data provided by Broadridge
(which takes into account any proposed fee reductions or expense limitations for the Fund), the Fund’s total expense ratio would be lower than the Broadridge expense group median.
Because the Fund will not pay an advisory fee, 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 Fund shareholders, or the fees paid by similar funds to other investment
advisers or by similar clients of MFS.
The Trustees
did not consider MFS’ costs and profits with respect to the Fund because the Fund had not yet commenced operations. The Trustees considered information prepared by MFS relating to MFS’ costs and profits with respect to 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 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 Fund. 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 Fund of having an adviser that also serves other investment companies as well as other
accounts.
160
Board Approval of Investment
Advisory Agreement - continued
The Trustees also considered the nature, quality, cost,
and extent of administrative, transfer agency, and distribution services to be provided to the Fund by MFS and its affiliates under agreements and plans other than the Agreement, including any 12b-1 fees the Fund will pay to MFS Fund Distributors,
Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund’s 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 to be provided by MFS and its
affiliates on behalf of the Fund were satisfactory.
Additionally, 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 MFS discontinued its historic practice of obtaining investment research from portfolio
brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses 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 Fund’s Agreement with MFS should be approved for an initial two-year period, commencing
upon its effective date, as set forth in the Agreement.
161
Proxy
Voting Policies and Information
MFS votes proxies on
behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s
Web site at http://www.sec.gov.
Information regarding how each fund voted proxies relating
to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site
at http://www.sec.gov.
Quarterly Portfolio Disclosure
Each fund files a complete schedule of portfolio holdings
with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund's Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. A
shareholder can obtain the portfolio holdings report for the first and third quarters of each fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the
“Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about
each fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at
mfs.com/openendfunds by choosing each fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
Each fund has entered into contractual arrangements with an
investment adviser, administrator, distributor, shareholder servicing agent, 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.
162
Item 1(b):
Not applicable
| 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(a) of this Form N-CSR.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to the Registrant.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
| (b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the Registrant.
| ITEM 13. | 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. |
Notice
A copy of the Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): MFS SERIES TRUST XII
| By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
| David L. DiLorenzo, President |
Date: December 15, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
| David L. DiLorenzo, President (Principal Executive Officer) |
Date: December 15, 2021
| By (Signature and Title)* | /S/ JAMES O. YOST | |
| James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: December 15, 2021
| * | Print name and title of each signing officer under his or her signature. |