N-CSR 1 f25728d1.htm MFS SERIES TRUST XII NCSR MFS Series Trust XII NCSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21780

MFS SERIES TRUST XII

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111Huntington Avenue Boston, Massachusetts 02199

(Name and address of agents for service)

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

Date of fiscal year end: April 30*

Date of reporting period: April 30, 2023

*Effective as of the close of business on August 5, 2022, MFS Lifetime 2020 Fund was reorganized into MFS Lifetime Income Fund. MFS Core Bond Fund commenced investment operations on June 22, 2022.

ITEM 1. REPORTS TO STOCKHOLDERS.

Item 1(a):


Annual Report
April 30, 2023
MFS® Lifetime® Funds
MFS® Lifetime® Income Fund
MFS® Lifetime® 2025 Fund
MFS® Lifetime® 2030 Fund
MFS® Lifetime® 2035 Fund
MFS® Lifetime® 2040 Fund
MFS® Lifetime® 2045 Fund
MFS® Lifetime® 2050 Fund
MFS® Lifetime® 2055 Fund
MFS® Lifetime® 2060 Fund
MFS® Lifetime® 2065 Fund
LTF-ANN
MFS® Lifetime® Funds
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE
Portfolio Composition 
MFS Lifetime Income Fund
Portfolio target allocation
Portfolio actual allocation
 
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 10.0%
MFS Global Opportunistic Bond Fund 7.0%
MFS Blended Research Mid Cap Equity Fund 2.9%
MFS Blended Research International Equity Fund 2.5%
MFS Global Real Estate Fund 2.0%
MFS Growth Fund 2.0%
MFS Research Fund 2.0%
MFS Blended Research Core Equity Fund 2.0%
MFS Blended Research Growth Equity Fund 2.0%
MFS High Income Fund 2.0%
MFS Blended Research Value Equity Fund 2.0%
MFS Value Fund 2.0%
MFS Commodity Strategy Fund 2.0%
MFS Mid Cap Value Fund 1.5%
MFS Research International Fund 1.5%
MFS Mid Cap Growth Fund 1.5%
MFS Emerging Markets Debt Fund 1.0%
MFS Emerging Markets Debt Local Currency Fund 1.0%
MFS Blended Research Small Cap Equity Fund 1.0%
MFS International Growth Fund 0.5%
MFS New Discovery Value Fund 0.5%
MFS International Intrinsic Value Fund 0.5%
MFS New Discovery 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 April 30, 2023.
The portfolio is actively managed and current holdings may be different.
1
Portfolio Composition - continued
MFS Lifetime 2025 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Total Return Bond Fund 17.5%
MFS Limited Maturity Fund 15.0%
MFS Government Securities Fund 10.0%
MFS Inflation-Adjusted Bond Fund 9.9%
MFS Global Opportunistic Bond Fund 7.0%
MFS Blended Research Mid Cap Equity Fund 3.5%
MFS Blended Research International Equity Fund 3.2%
MFS High Income Fund 3.0%
MFS Growth Fund 2.5%
MFS Research Fund 2.5%
MFS Blended Research Core Equity Fund 2.5%
MFS Blended Research Growth Equity Fund 2.5%
MFS Value Fund 2.5%
MFS Blended Research Value Equity Fund 2.5%
MFS Global Real Estate Fund 2.0%
MFS Commodity Strategy Fund 2.0%
MFS Research International Fund 1.8%
MFS Mid Cap Value Fund 1.7%
MFS Mid Cap Growth Fund 1.7%
MFS Emerging Markets Debt Local Currency Fund 1.5%
MFS Emerging Markets Debt Fund 1.5%
MFS Blended Research Small Cap Equity Fund 1.0%
MFS International Growth Fund 0.8%
MFS International Intrinsic Value Fund 0.7%
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 April 30, 2023.
The portfolio is actively managed and current holdings may be different.
2
Portfolio Composition - continued
MFS Lifetime 2030 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Total Return Bond Fund 12.1%
MFS Government Securities Fund 10.0%
MFS Inflation-Adjusted Bond Fund 8.5%
MFS Global Opportunistic Bond Fund 6.0%
MFS Blended Research Mid Cap Equity Fund 5.4%
MFS Limited Maturity Fund 5.1%
MFS Blended Research International Equity Fund 5.0%
MFS High Income Fund 4.0%
MFS Growth Fund 3.5%
MFS Research Fund 3.5%
MFS Blended Research Growth Equity Fund 3.5%
MFS Blended Research Core Equity Fund 3.5%
MFS Blended Research Value Equity Fund 3.5%
MFS Value Fund 3.5%
MFS Mid Cap Value Fund 2.8%
MFS Mid Cap Growth Fund 2.7%
MFS Global Real Estate Fund 2.5%
MFS Research International Fund 2.5%
MFS Emerging Markets Debt Fund 2.5%
MFS Commodity Strategy Fund 2.4%
MFS Emerging Markets Debt Local Currency Fund 2.0%
MFS International Growth Fund 1.3%
MFS International Intrinsic Value Fund 1.2%
MFS Blended Research Small Cap Equity Fund 1.2%
MFS New Discovery Fund 0.6%
MFS New Discovery Value Fund 0.6%
MFS International New Discovery 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 April 30, 2023.
The portfolio is actively managed and current holdings may be different.
3
Portfolio Composition - continued
MFS Lifetime 2035 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research Mid Cap Equity Fund 7.9%
MFS Blended Research International Equity Fund 7.2%
MFS Total Return Bond Fund 6.1%
MFS Inflation-Adjusted Bond Fund 6.0%
MFS Government Securities Fund 5.2%
MFS Growth Fund 4.5%
MFS Research Fund 4.5%
MFS Blended Research Core Equity Fund 4.5%
MFS Blended Research Growth Equity Fund 4.5%
MFS Blended Research Value Equity Fund 4.5%
MFS Value Fund 4.4%
MFS Global Opportunistic Bond Fund 4.0%
MFS High Income Fund 4.0%
MFS Mid Cap Value Fund 4.0%
MFS Mid Cap Growth Fund 4.0%
MFS Global Real Estate Fund 3.5%
MFS Commodity Strategy Fund 3.4%
MFS Research International Fund 3.3%
MFS Emerging Markets Debt Fund 3.0%
MFS Emerging Markets Debt Local Currency Fund 2.0%
MFS International Growth Fund 2.0%
MFS International Intrinsic Value Fund 2.0%
MFS Blended Research Small Cap Equity Fund 1.7%
MFS International New Discovery Fund 1.5%
MFS New Discovery Value Fund 0.9%
MFS New Discovery Fund 0.9%
MFS Emerging Markets Equity Fund 0.2%
MFS Blended Research Emerging Markets Equity 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 April 30, 2023.
The portfolio is actively managed and current holdings may be different.
4
Portfolio Composition - continued
MFS Lifetime 2040 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research Mid Cap Equity Fund 9.2%
MFS Blended Research International Equity Fund 9.1%
MFS Growth Fund 5.2%
MFS Blended Research Growth Equity Fund 5.1%
MFS Blended Research Value Equity Fund 5.1%
MFS Value Fund 5.1%
MFS Research Fund 5.0%
MFS Blended Research Core Equity Fund 5.0%
MFS Mid Cap Value Fund 4.6%
MFS Mid Cap Growth Fund 4.6%
MFS Inflation-Adjusted Bond Fund 4.4%
MFS Global Real Estate Fund 4.3%
MFS Commodity Strategy Fund 4.2%
MFS Research International Fund 3.6%
MFS High Income Fund 3.0%
MFS Total Return Bond Fund 2.9%
MFS International Growth Fund 2.8%
MFS International Intrinsic Value Fund 2.7%
MFS International New Discovery Fund 2.5%
MFS Emerging Markets Debt Fund 2.3%
MFS Global Opportunistic Bond Fund 2.3%
MFS Blended Research Small Cap Equity Fund 2.1%
MFS Emerging Markets Debt Local Currency Fund 1.5%
MFS New Discovery Value Fund 1.1%
MFS New Discovery Fund 1.1%
MFS Emerging Markets Equity Fund 0.6%
MFS Blended Research Emerging Markets Equity Fund 0.6%
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 April 30, 2023.
The portfolio is actively managed and current holdings may be different.
5
Portfolio Composition - continued
MFS Lifetime 2045 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 10.3%
MFS Blended Research Mid Cap Equity Fund 9.7%
MFS Growth Fund 5.4%
MFS Blended Research Growth Equity Fund 5.4%
MFS Blended Research Value Equity Fund 5.4%
MFS Value Fund 5.3%
MFS Research Fund 5.0%
MFS Blended Research Core Equity Fund 5.0%
MFS Mid Cap Value Fund 4.9%
MFS Mid Cap Growth Fund 4.8%
MFS Global Real Estate Fund 4.8%
MFS Commodity Strategy Fund 4.7%
MFS Research International Fund 3.9%
MFS International New Discovery Fund 3.5%
MFS International Growth Fund 3.2%
MFS International Intrinsic Value Fund 3.2%
MFS Inflation-Adjusted Bond Fund 3.1%
MFS Total Return Bond Fund 2.6%
MFS Blended Research Small Cap Equity Fund 2.4%
MFS New Discovery Value Fund 1.2%
MFS New Discovery Fund 1.2%
MFS High Income Fund 1.0%
MFS Emerging Markets Equity Fund 0.9%
MFS Blended Research Emerging Markets Equity Fund 0.9%
MFS Emerging Markets Debt Fund 0.8%
MFS Global Opportunistic Bond Fund 0.8%
MFS Emerging Markets Debt Local Currency 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 April 30, 2023.
The portfolio is actively managed and current holdings may be different.
6
Portfolio Composition - continued
MFS Lifetime 2050 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 10.9%
MFS Blended Research Mid Cap Equity Fund 9.9%
MFS Growth Fund 5.6%
MFS Blended Research Growth Equity Fund 5.5%
MFS Blended Research Value Equity Fund 5.5%
MFS Value Fund 5.5%
MFS Global Real Estate Fund 5.0%
MFS Research Fund 5.0%
MFS Blended Research Core Equity Fund 5.0%
MFS Mid Cap Value Fund 5.0%
MFS Mid Cap Growth Fund 5.0%
MFS Commodity Strategy Fund 5.0%
MFS International New Discovery Fund 4.0%
MFS Research International Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.5%
MFS Total Return Bond Fund 2.5%
MFS Inflation-Adjusted Bond Fund 2.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS New Discovery Value Fund 1.3%
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 April 30, 2023.
The portfolio is actively managed and current holdings may be different.
7
Portfolio Composition - continued
MFS Lifetime 2055 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 11.0%
MFS Blended Research Mid Cap Equity Fund 10.0%
MFS Growth Fund 5.5%
MFS Blended Research Growth Equity Fund 5.5%
MFS Blended Research Value Equity Fund 5.5%
MFS Value Fund 5.5%
MFS Global Real Estate Fund 5.0%
MFS Research Fund 5.0%
MFS Blended Research Core Equity Fund 5.0%
MFS Mid Cap Value Fund 5.0%
MFS Mid Cap Growth Fund 5.0%
MFS Commodity Strategy Fund 5.0%
MFS International New Discovery Fund 4.0%
MFS Research International Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.5%
MFS Total Return Bond Fund 2.5%
MFS Inflation-Adjusted 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 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 April 30, 2023.
The portfolio is actively managed and current holdings may be different.
8
Portfolio Composition - continued
MFS Lifetime 2060 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 11.0%
MFS Blended Research Mid Cap Equity Fund 10.0%
MFS Growth Fund 5.5%
MFS Blended Research Growth Equity Fund 5.5%
MFS Blended Research Value Equity Fund 5.5%
MFS Value Fund 5.5%
MFS Global Real Estate Fund 5.0%
MFS Research Fund 5.0%
MFS Blended Research Core Equity Fund 5.0%
MFS Mid Cap Value Fund 5.0%
MFS Mid Cap Growth Fund 5.0%
MFS Commodity Strategy Fund 5.0%
MFS International New Discovery Fund 4.0%
MFS Research International Fund 4.0%
MFS International Growth Fund 3.5%
MFS International Intrinsic Value Fund 3.5%
MFS 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 Value Fund 1.3%
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 (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.
From time to time Cash & Cash Equivalents may be negative due to timing of cash receipts and disbursements.
Percentages are based on net assets as of April 30, 2023.
The portfolio is actively managed and current holdings may be different.
9
Portfolio Composition - continued
MFS Lifetime 2065 Fund
Portfolio target allocation
Portfolio actual allocation
 
Portfolio holdings
MFS Blended Research International Equity Fund 11.1%
MFS Blended Research Mid Cap Equity Fund 10.0%
MFS Value Fund 5.5%
MFS Growth Fund 5.5%
MFS Blended Research Growth Equity Fund 5.5%
MFS Blended Research Value Equity Fund 5.5%
MFS Mid Cap Value Fund 5.0%
MFS Research Fund 5.0%
MFS Global Real Estate Fund 5.0%
MFS Mid Cap Growth Fund 5.0%
MFS Blended Research Core Equity 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 Inflation-Adjusted Bond Fund 2.5%
MFS Total Return Bond Fund 2.5%
MFS Blended Research Small Cap Equity Fund 2.5%
MFS New Discovery Fund 1.3%
MFS New Discovery Value Fund 1.3%
MFS Emerging Markets Equity Fund 1.0%
MFS Blended Research Emerging Markets Equity Fund 1.0%
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.
From time to time Cash & Cash Equivalents may be negative due to timing of cash receipts and disbursements.
Percentages are based on net assets as of April 30, 2023.
The portfolio is actively managed and current holdings may be different.
10
Management Review 
MFS Lifetime Funds
Market Environment
During the reporting period, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and the dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially, but the effects of a tighter monetary policy may not have been fully experienced yet, given that monetary policy works with long and variable lags. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional US banks, which suffered from deposit flight as depositors sought higher yields on their savings. Those shifts exposed an asset-liability mismatch that forced the closure of several institutions by regulators, setting the stage for a substantial drop in longer-term interest rates. Given the importance of small and mid-sized lenders to the provision of credit in the US, concerns were raised in the aftermath of the crisis that credit availability could become constrained, leading to slower economic growth. On a more upbeat note, China’s abandonment of its Zero-COVID policy helped unleash a substantial amount of pent-up demand in the world’s second-largest economy. In developed markets, consumer demand remained solid.
Policymakers find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, central banks remained focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to consider achieving their inflation mandates while using macroprudential tools to keep the banking system liquid, a potentially difficult balancing act. That juxtaposition suggests that we may be nearing peak monetary policy rates.
Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, signs that supply chains have generally normalized, the lifting of COVID restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels may have peaked were supportive factors for the macroeconomic backdrop.
MFS Lifetime Income Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime Income Fund (fund) provided a total return of -0.28%, at net asset value. This compares with a return of -0.43% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index. The fund’s other benchmark, the MFS Lifetime Income Fund Blended Index (Blended Index), generated a return of 0.19%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
Within the US stock funds segment, the fund's investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund and MFS Blended Research Value Equity Fund within their respective market segments.
Within international stock funds, the MFS Blended Research International Equity Fund held back relative results as the fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The fund outperformed its respective benchmark helping to offset the allocation drag on performance.
The fund’s investment selection within the fixed income segment was a notable contributor to relative performance. Here, the MFS Limited Maturity Fund aided relative results as short-term maturity issues performed well versus the broader fixed income market. Conversely, the fund’s holdings of the MFS Inflation-Adjusted Bond Fund held back relative performance.
MFS Lifetime 2025 Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime 2025 Fund (fund) provided a total return of -0.13%, at net asset value. This compares with a return of 2.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2025 Fund Blended Index (Blended Index), generated a return of 0.45%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
11
Management Review - continued
Factors Affecting Performance
Within the US stock funds segment, the fund's investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Value Fund within their respective market segments.
Within international stock funds, the MFS Blended Research International Equity Fund held back relative results as the fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The fund outperformed its respective benchmark helping to offset the allocation drag on performance.
The fund’s investment selection within the fixed income segment was a notable contributor to relative performance. Here, the MFS Limited Maturity Fund aided relative results as short-term maturity issues performed well versus the broader fixed income market. Conversely, the fund’s holdings of the MFS Inflation-Adjusted Bond Fund held back relative performance.
MFS Lifetime 2030 Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime 2030 Fund (fund) provided a total return of -0.02%, at net asset value. This compares with a return of 2.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2030 Fund Blended Index (Blended Index), generated a return of 0.94%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
Within the US stock funds segment, the fund's investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Value Fund within their respective market segments.
Within international stock funds, the MFS Blended Research International Equity Fund held back relative results as the fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The fund outperformed its respective benchmark helping to offset the allocation drag on performance.
The fund’s allocation to bond funds hindered relative performance. Here, the fund’s investment in the MFS Inflation-Adjusted Bond Fund weighed on relative returns as the strategy underperformed the broader fixed income market.
MFS Lifetime 2035 Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime 2035 Fund (fund) provided a total return of 0.27%, at net asset value. This compares with a return of 2.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2035 Fund Blended Index (Blended Index), generated a return of 1.46%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
Within the US stock funds segment, the fund's investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Value Fund within their respective market segments.
Within international stock funds, the MFS Blended Research International Equity Fund held back relative results as the fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The fund outperformed its respective benchmark helping to offset the allocation drag on performance.
The fund’s allocation to bond funds hindered relative performance. Here, the fund’s investment in the MFS Inflation-Adjusted Bond Fund weighed on relative returns as the strategy underperformed the broader fixed income market.
12
Management Review - continued
MFS Lifetime 2040 Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime 2040 Fund (fund) provided a total return of 0.39%, at net asset value. This compares with a return of 2.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2040 Fund Blended Index (Blended Index), generated a return of 1.88%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
Within the US stock funds segment, the fund's investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Value Fund within their respective market segments.
Within international stock funds, the MFS Blended Research International Equity Fund held back relative results as the fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The fund outperformed its respective benchmark helping to offset the allocation drag on performance.
The fund’s allocation to bond funds aided relative performance. Here, the fund’s investment in the MFS Inflation-Adjusted Bond Fund weakened relative returns as the strategy underperformed the broader fixed income market.
MFS Lifetime 2045 Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime 2045 Fund (fund) provided a total return of 0.37%, at net asset value. This compares with a return of 2.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2045 Fund Blended Index (Blended Index), generated a return of 2.09%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
Within the US stock funds segment, the fund's investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Value Fund within their respective market segments.
Within international stock funds, both the MFS Blended Research International Equity Fund and MFS International New Discovery Fund held back relative results as each fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The MFS International New Discovery Fund invests in international small- and mid-cap stocks which underperformed large-cap stocks over this period. Both funds outperformed their respective benchmarks helping to offset the allocation drag on performance.
The fund’s allocation to bond funds hindered relative performance. Here, the fund’s investment in the MFS Inflation-Adjusted Bond Fund weakened relative returns as the strategy underperformed the broader fixed income market.
MFS Lifetime 2050 Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime 2050 Fund (fund) provided a total return of 0.34%, at net asset value. This compares with a return of 2.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2050 Fund Blended Index (Blended Index), generated a return of 2.23%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
13
Management Review - continued
Factors Affecting Performance
Within the US stock funds segment, the fund’s investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Value Fund within their respective market segments.
Within international stock funds, both the MFS Blended Research International Equity Fund and MFS International New Discovery Fund held back relative results as each fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The MFS International New Discovery Fund invests in international small- and mid-cap stocks which underperformed large-cap stocks over this period. Both funds outperformed their respective benchmarks helping to offset the allocation drag on performance.
The fund’s allocation to bond funds hindered relative performance. Here, the fund’s investment in the MFS Inflation-Adjusted Bond Fund weakened relative returns as the strategy underperformed the broader fixed income market.
MFS Lifetime 2055 Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime 2055 Fund (fund) provided a total return of 0.36%, at net asset value. This compares with a return of 2.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2055 Fund Blended Index (Blended Index), generated a return of 2.23%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
Within the US stock funds segment, the fund's investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Value Fund within their respective market segments.
Within international stock funds, both the MFS Blended Research International Equity Fund and MFS International New Discovery Fund held back relative results as each fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The MFS International New Discovery Fund invests in international small- and mid-cap stocks which underperformed large-cap stocks over this period. Both funds outperformed their respective benchmarks helping to offset the allocation drag on performance.
The fund’s allocation to bond funds hindered relative performance. Here, the fund’s investment in the MFS Inflation-Adjusted Bond Fund weakened relative returns as the strategy underperformed the broader fixed income market.
MFS Lifetime 2060 Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime 2060 Fund (fund) provided a total return of 0.35%, at net asset value. This compares with a return of 2.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2060 Fund Blended Index (Blended Index), generated a return of 2.23%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
Within the US stock funds segment, the fund's investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Value Fund within their respective market segments.
14
Management Review - continued
Within international stock funds, both the MFS Blended Research International Equity Fund and MFS International New Discovery Fund held back relative results as each fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The MFS International New Discovery Fund invests in international small- and mid-cap stocks which underperformed large-cap stocks over this period. Both funds outperformed their respective benchmarks helping to offset the allocation drag on performance.
The fund’s allocation to bond funds hindered relative performance. Here, the fund’s investment in the MFS Inflation-Adjusted Bond Fund weakened relative returns as the strategy underperformed the broader fixed income market.
MFS Lifetime 2065 Fund
Summary of Results
For the twelve months ended April 30, 2023, Class A shares of the MFS Lifetime 2065 Fund (fund) provided a total return of 0.42%, at net asset value. This compares with a return of 2.66% for the fund’s benchmark, the Standard & Poor’s 500 Stock Index. The fund’s other benchmark, the MFS Lifetime 2065 Fund Blended Index (Blended Index), a return of 2.23%. The Blended Index reflects the blended returns of equity and fixed income market indices, with percentage allocations to each index designed to resemble the equity and fixed income allocations of the fund. The market indices and related percentage allocations used to compile the Blended Index are set forth in the Performance Summary.
Factors Affecting Performance
Within the US stock funds segment, the fund's investments in small-cap and mid-cap funds detracted from relative performance as smaller cap stocks generally underperformed larger cap stocks and outweighed the strong relative performance of the MFS Mid Cap Value Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Value Equity Fund and MFS Value Fund within their respective market segments.
Within international stock funds, both the MFS Blended Research International Equity Fund and MFS International New Discovery Fund held back relative results as each fund’s representative benchmark underperformed the international developed equity market. The MFS Blended Research International Equity Fund invests across both developed and emerging markets and emerging markets underperformed developed markets over this period. The MFS International New Discovery Fund invests in international small- and mid-cap stocks which underperformed large-cap stocks over this period. Both funds outperformed their respective benchmarks helping to offset the allocation drag on performance.
The fund’s allocation to bond funds hindered relative performance. Here, the fund’s investment in the MFS Inflation-Adjusted Bond Fund weakened relative returns as the strategy underperformed the broader fixed income market.
Respectfully,
Portfolio Manager(s)
Joseph Flaherty and Natalie Shapiro
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
15
Performance Summary THROUGH 4/30/23
The following charts illustrate a representative class of each fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
MFS Lifetime Income Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/05 (0.28)% 3.61% 3.50% N/A
B 9/29/05 (1.03)% 2.84% 2.73% N/A
C 9/29/05 (1.03)% 2.82% 2.72% N/A
I 9/29/05 (0.03)% 3.87% 3.75% N/A
R1 9/29/05 (0.94)% 2.86% 2.74% N/A
R2 9/29/05 (0.53)% 3.34% 3.23% N/A
R3 9/29/05 (0.28)% 3.61% 3.50% N/A
R4 9/29/05 (0.03)% 3.87% 3.75% N/A
R6 8/29/16 0.09% 3.96% N/A 4.01%
Comparative benchmark(s)
         
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% 1.18% 1.32% N/A
MFS Lifetime Income Fund Blended Index (f)(z) 0.19% 3.67% 3.81% N/A
Bloomberg Commodity Index (f) (16.60)% 4.67% (1.51)% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% 0.84% 1.94% N/A
MSCI EAFE Index (net div) (f) 8.42% 3.63% 4.76% N/A
Standard & Poor’s 500 Stock Index (f) 2.66% 11.45% 12.20% N/A
16
Performance Summary  - continued
With sales charge
  1-yr 5-yr 10-yr Life (t)
A
With Initial Sales Charge (4.25%) 		(4.52)% 2.72% 3.05% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(4.85)% 2.49% 2.73% N/A
C
With CDSC (1% for 12 months) (v) 		(1.98)% 2.82% 2.72% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
(z) The weights of the components of the blended benchmark (MFS Lifetime Income Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Bloomberg U.S. Aggregate Bond Index 71.00% 71.00%
Standard & Poor’s 500 Stock Index 20.00% 20.00%
MSCI EAFE Index (net div) 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.00% 2.00%
Bloomberg Commodity Index 2.00% 2.00%
17
Performance Summary  - continued
MFS Lifetime 2025 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 11/02/12 (0.13)% 4.27% 5.29% N/A
B 11/02/12 (0.95)% 3.49% 4.48% N/A
C 11/02/12 (0.88)% 3.49% 4.49% N/A
I 11/02/12 0.07% 4.52% 5.53% N/A
R1 11/02/12 (0.92)% 3.48% 4.48% N/A
R2 11/02/12 (0.48)% 4.00% 5.00% N/A
R3 11/02/12 (0.18)% 4.27% 5.27% N/A
R4 11/02/12 0.08% 4.51% 5.52% N/A
R6 8/29/16 0.24% 4.68% N/A 5.39%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 2.66% 11.45% 12.20% N/A
MFS Lifetime 2025 Fund Blended Index (f)(z) 0.45% 4.46% 5.47% N/A
Bloomberg Commodity Index (f) (16.60)% 4.67% (1.51)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% 1.18% 1.32% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% 0.84% 1.94% N/A
MSCI EAFE Index (net div) (f) 8.42% 3.63% 4.76% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		(5.87)% 3.04% 4.67% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(4.73)% 3.15% 4.48% N/A
C
With CDSC (1% for 12 months) (v) 		(1.82)% 3.49% 4.49% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
18
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2025 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Bloomberg U.S. Aggregate Bond Index 65.50% 63.30%
Standard & Poor's 500 Stock Index 24.00% 25.60%
MSCI EAFE Index (net div) 6.50% 7.10%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.00% 2.00%
Bloomberg Commodity Index 2.00% 2.00%
19
Performance Summary  - continued
MFS Lifetime 2030 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/05 (0.02)% 5.32% 6.55% N/A
B 9/29/05 (0.80)% 4.53% 5.75% N/A
C 9/29/05 (0.76)% 4.55% 5.75% N/A
I 9/29/05 0.23% 5.59% 6.79% N/A
R1 9/29/05 (0.73)% 4.54% 5.75% N/A
R2 9/29/05 (0.26)% 5.06% 6.28% N/A
R3 9/29/05 (0.01)% 5.33% 6.55% N/A
R4 9/29/05 0.24% 5.60% 6.81% N/A
R6 8/29/16 0.40% 5.74% N/A 6.91%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 2.66% 11.45% 12.20% N/A
MFS Lifetime 2030 Fund Blended Index (f)(z) 0.94% 5.85% 6.82% N/A
Bloomberg Commodity Index (f) (16.60)% 4.67% (1.51)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% 1.18% 1.32% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% 0.84% 1.94% N/A
MSCI EAFE Index (net div) (f) 8.42% 3.63% 4.76% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		(5.76)% 4.08% 5.92% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(4.57)% 4.20% 5.75% N/A
C
With CDSC (1% for 12 months) (v) 		(1.70)% 4.55% 5.75% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
20
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2030 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Bloomberg U.S. Aggregate Bond Index 50.00% 46.00%
Standard & Poor’s 500 Stock Index 34.50% 37.10%
MSCI EAFE Index (net div) 10.50% 11.50%
FTSE EPRA Nareit Developed Real Estate Index (net div) 2.50% 2.70%
Bloomberg Commodity Index 2.50% 2.70%
21
Performance Summary  - continued
MFS Lifetime 2035 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 11/02/12 0.27% 6.37% 7.46% N/A
B 11/02/12 (0.48)% 5.57% 6.65% N/A
C 11/02/12 (0.55)% 5.56% 6.65% N/A
I 11/02/12 0.48% 6.63% 7.69% N/A
R1 11/02/12 (0.50)% 5.54% 6.63% N/A
R2 11/02/12 (0.05)% 6.09% 7.18% N/A
R3 11/02/12 0.24% 6.35% 7.45% N/A
R4 11/02/12 0.44% 6.63% 7.72% N/A
R6 8/29/16 0.61% 6.78% N/A 8.09%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 2.66% 11.45% 12.20% N/A
MFS Lifetime 2035 Fund Blended Index (f)(z) 1.46% 7.13% 7.78% N/A
Bloomberg Commodity Index (f) (16.60)% 4.67% (1.51)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% 1.18% 1.32% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% 0.84% 1.94% N/A
MSCI EAFE Index (net div) (f) 8.42% 3.63% 4.76% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		(5.50)% 5.12% 6.82% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(4.26)% 5.25% 6.65% N/A
C
With CDSC (1% for 12 months) (v) 		(1.49)% 5.56% 6.65% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. The comparative benchmark performance information provided for the “life” period is from the inception date of the Class A shares. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
22
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2035 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Standard & Poor’s 500 Stock Index 46.50% 48.70%
Bloomberg U.S. Aggregate Bond Index 30.00% 26.00%
MSCI EAFE Index (net div) 16.50% 17.90%
Bloomberg Commodity Index 3.50% 3.70%
FTSE EPRA Nareit Developed Real Estate Index (net div) 3.50% 3.70%
23
Performance Summary  - continued
MFS Lifetime 2040 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/29/05 0.39% 6.69% 7.83% N/A
B 9/29/05 (0.40)% 5.89% 7.02% N/A
C 9/29/05 (0.30)% 5.90% 7.03% N/A
I 9/29/05 0.68% 6.96% 8.07% N/A
R1 9/29/05 (0.35)% 5.89% 7.02% N/A
R2 9/29/05 0.14% 6.42% 7.56% N/A
R3 9/29/05 0.39% 6.69% 7.83% N/A
R4 9/29/05 0.64% 6.96% 8.10% N/A
R6 8/29/16 0.80% 7.11% N/A 8.56%
Comparative benchmark(s)
         
Standard & Poor's 500 Stock Index (f) 2.66% 11.45% 12.20% N/A
MFS Lifetime 2040 Fund Blended Index (f)(z) 1.88% 7.58% 8.18% N/A
Bloomberg Commodity Index (f) (16.60)% 4.67% (1.51)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% 1.18% 1.32% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% 0.84% 1.94% N/A
MSCI EAFE Index (net div) (f) 8.42% 3.63% 4.76% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		(5.39)% 5.44% 7.20% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(4.18)% 5.57% 7.02% N/A
C
With CDSC (1% for 12 months) (v) 		(1.25)% 5.90% 7.03% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
24
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2040 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Standard & Poor's 500 Stock Index 53.25% 53.75%
MSCI EAFE Index (net div) 22.00% 22.80%
Bloomberg U.S. Aggregate Bond Index 16.25% 14.75%
Bloomberg Commodity Index 4.25% 4.35%
FTSE EPRA Nareit Developed Real Estate Index (net div) 4.25% 4.35%
25
Performance Summary  - continued
MFS Lifetime 2045 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 11/02/12 0.37% 6.95% 8.02% N/A
B 11/02/12 (0.36)% 6.15% 7.20% N/A
C 11/02/12 (0.38)% 6.16% 7.20% N/A
I 11/02/12 0.66% 7.22% 8.29% N/A
R1 11/02/12 (0.36)% 6.15% 7.18% N/A
R2 11/02/12 0.09% 6.67% 7.73% N/A
R3 11/02/12 0.39% 6.95% 8.00% N/A
R4 11/02/12 0.64% 7.22% 8.27% N/A
R6 8/29/16 0.82% 7.38% N/A 8.83%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 2.66% 11.45% 12.20% N/A
MFS Lifetime 2045 Fund Blended Index (f)(z) 2.09% 7.95% 8.43% N/A
Bloomberg Commodity Index (f) (16.60)% 4.67% (1.51)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% 1.18% 1.32% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% 0.84% 1.94% N/A
MSCI EAFE Index (net div) (f) 8.42% 3.63% 4.76% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		(5.40)% 5.69% 7.38% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(4.14)% 5.83% 7.20% N/A
C
With CDSC (1% for 12 months) (v) 		(1.32)% 6.16% 7.20% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
26
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2045 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Standard & Poor’s 500 Stock Index 55.75% 56.25%
MSCI EAFE Index (net div) 26.00% 26.80%
Bloomberg U.S. Aggregate Bond Index 8.75% 7.25%
Bloomberg Commodity Index 4.75% 4.85%
FTSE EPRA Nareit Developed Real Estate Index (net div) 4.75% 4.85%
27
Performance Summary  - continued
MFS Lifetime 2050 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/15/10 0.34% 6.96% 8.01% N/A
B 9/15/10 (0.37)% 6.16% 7.20% N/A
C 9/15/10 (0.37)% 6.16% 7.20% N/A
I 9/15/10 0.60% 7.21% 8.28% N/A
R1 9/15/10 (0.37)% 6.16% 7.20% N/A
R2 9/15/10 0.07% 6.69% 7.74% N/A
R3 9/15/10 0.37% 6.96% 8.01% N/A
R4 9/15/10 0.57% 7.21% 8.27% N/A
R6 8/29/16 0.74% 7.39% N/A 8.83%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 2.66% 11.45% 12.20% N/A
MFS Lifetime 2050 Fund Blended Index (f)(z) 2.23% 8.02% 8.47% N/A
Bloomberg Commodity Index (f) (16.60)% 4.67% (1.51)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% 1.18% 1.32% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% 0.84% 1.94% N/A
MSCI EAFE Index (net div) (f) 8.42% 3.63% 4.76% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		(5.43)% 5.70% 7.37% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(4.15)% 5.84% 7.20% N/A
C
With CDSC (1% for 12 months) (v) 		(1.31)% 6.16% 7.20% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
28
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2050 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Standard & Poor’s 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg Commodity Index 5.00% 5.00%
Bloomberg U.S. Aggregate Bond Index 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 5.00% 5.00%
29
Performance Summary  - continued
MFS Lifetime 2055 Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 11/02/12 0.36% 6.97% 8.01% N/A
B 11/02/12 (0.41)% 6.16% 7.20% N/A
C 11/02/12 (0.43)% 6.16% 7.20% N/A
I 11/02/12 0.62% 7.23% 8.23% N/A
R1 11/02/12 (0.42)% 6.18% 7.20% N/A
R2 11/02/12 0.10% 6.71% 7.74% N/A
R3 11/02/12 0.34% 6.97% 8.01% N/A
R4 11/02/12 0.58% 7.23% 8.28% N/A
R6 8/29/16 0.75% 7.40% N/A 8.83%
Comparative benchmark(s)
         
Standard & Poor’s 500 Stock Index (f) 2.66% 11.45% 12.20% N/A
MFS Lifetime 2055 Fund Blended Index (f)(z) 2.23% 8.02% 8.47% N/A
Bloomberg Commodity Index (f) (16.60)% 4.67% (1.51)% N/A
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% 1.18% 1.32% N/A
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% 0.84% 1.94% N/A
MSCI EAFE Index (net div) (f) 8.42% 3.63% 4.76% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (5.75%) 		(5.41)% 5.71% 7.37% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(4.20)% 5.84% 7.20% N/A
C
With CDSC (1% for 12 months) (v) 		(1.38)% 6.16% 7.20% N/A
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
30
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2055 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Standard & Poor’s 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg U.S. Aggregate Bond Index 5.00% 5.00%
Bloomberg Commodity Index 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 5.00% 5.00%
31
Performance Summary  - continued
MFS Lifetime 2060 Fund
Growth of a Hypothetical $10,000 Investment (t)
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr Life (t)
A 12/06/16 0.35% 6.99% 8.85%
B 12/06/16 (0.41)% 6.20% 8.04%
C 12/06/16 (0.40)% 6.21% 8.05%
I 12/06/16 0.64% 7.27% 9.13%
R1 12/06/16 0.09% 6.30% 8.13%
R2 12/06/16 0.04% 6.73% 8.58%
R3 12/06/16 0.36% 7.00% 8.86%
R4 12/06/16 0.57% 7.23% 9.10%
R6 12/06/16 0.77% 7.40% 9.24%
Comparative benchmark(s)
       
Standard & Poor's 500 Stock Index (f) 2.66% 11.45% 12.47%
MFS Lifetime 2060 Fund Blended Index (f)(z) 2.23% 8.02% 9.60%
Bloomberg Commodity Index (f) (16.60)% 4.67% 4.10%
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% 1.18% 1.15%
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% 0.84% 2.29%
MSCI EAFE Index (net div) (f) 8.42% 3.63% 7.08%
Average annual with sales charge
       
A
With Initial Sales Charge (5.75%) 		(5.42)% 5.73% 7.84%
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(4.23)% 5.89% 8.04%
C
With CDSC (1% for 12 months) (v) 		(1.35)% 6.21% 8.05%
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
32
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2060 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Standard & Poor’s 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg U.S. Aggregate Bond Index 5.00% 5.00%
Bloomberg Commodity Index 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 5.00% 5.00%
33
Performance Summary  - continued
MFS Lifetime 2065 Fund
Growth of a Hypothetical $10,000 Investment (t)
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class Inception Date 1-yr Life (t)
A 9/01/21 0.42% (5.61)%
C 9/01/21 (0.42)% (6.32)%
I 9/01/21 0.59% (5.37)%
R1 9/01/21 (0.37)% (6.29)%
R2 9/01/21 0.18% (5.82)%
R3 9/01/21 0.36% (5.61)%
R4 9/01/21 0.59% (5.37)%
R6 9/01/21 0.72% (5.36)%
Comparative benchmark(s)
     
Standard & Poor's 500 Stock Index (f) 2.66% (3.26)%
MFS Lifetime 2065 Fund Blended Index (f)(z) 2.23% (3.08)%
Bloomberg Commodity Index (f) (16.60)% 7.44%
Bloomberg U.S. Aggregate Bond Index (f) (0.43)% (6.55)%
FTSE EPRA Nareit Developed Real Estate Index (net div) (f) (15.28)% (12.67)%
MSCI EAFE Index (net div) (f) 8.42% (2.95)%
Average annual with sales charge
     
A
With Initial Sales Charge (5.75%) 		(5.36)% (8.91)%
C
With CDSC (1% for 12 months) (v) 		(1.38)% (6.32)%
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
34
Performance Summary  - continued
(z) The weights of the components of the blended benchmark (MFS Lifetime 2065 Fund Blended Index) (a custom index) are designed to change systematically over time on a preset schedule. The table below depicts the individual component weights (in percent) at the beginning and at the end of the reporting period:
  4/30/23 4/30/22
Standard & Poor's 500 Stock Index 57.00% 57.00%
MSCI EAFE Index (net div) 28.00% 28.00%
Bloomberg U.S. Aggregate Bond Index 5.00% 5.00%
Bloomberg Commodity Index 5.00% 5.00%
FTSE EPRA Nareit Developed Real Estate Index (net div) 5.00% 5.00%
Benchmark Definition(s)
Bloomberg Commodity Index(a) – a highly liquid and diversified benchmark for the commodity futures market. The index tracks trades on futures contracts for physical commodities, such as energy (petroleum, gas), precious metals (gold, silver), industrial metals (zinc, copper), grains (corn, wheat), livestock (pork bellies), among others, and are traded in a variety of currencies.
Bloomberg U.S. Aggregate Bond Index(a) – a market capitalization-weighted index that measures the performance of the U.S. investment-grade, fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with at least one year to final maturity.
FTSE EPRA Nareit Developed Real Estate Index(c) (net div) – measures the performance of eligible real estate equities worldwide that generate a majority of their revenue and income through the ownership, disposure and development of income-producing real estate.
MSCI EAFE (Europe, Australasia, Far East) Index(e) (net div) – a market capitalization-weighted index that is designed to measure equity market performance in the developed markets, excluding the U.S. and Canada.
Standard & Poor's 500 Stock Index(g) – a market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
It is not possible to invest directly in an index.
(a) Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
(c) FTSE International Limited (“FTSE”)© FTSE 2019. “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “FT-SE®”, “FOOTSIE®” and “FTSE4GOOD®” are trademarks of the London Stock Exchange Group companies. “Nareit®” is a trademark of the National Association of Real Estate Investment Trusts (“Nareit”) and “EPRA®” is a trademark of the European Public Real Estate Association (“EPRA”) and all are used by FTSE under license. The FTSE EPRA Nareit Developed Real Estate Index is calculated by FTSE. Neither FTSE, Euronext N.V., Nareit, nor EPRA sponsor, endorse, or promote this product and are not in any way connected to it and do not accept any liability. All intellectual property rights in the index values and constituent list vests in FTSE, Euronext N.V., Nareit, and EPRA. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.
(e) Morgan Stanley Capital International (“MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.
(g) “Standard & Poor's®” and “S&P®” are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500® is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS's product(s) is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in such product(s).
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life periods, for certain classes for certain funds.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers each fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
35
Performance Summary  - continued
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
From time to time the funds may receive proceeds from litigation settlements, without which performance would be lower.
36
Expense Tables 
Fund expenses borne by the shareholders during the period,
November 1, 2022 through April 30, 2023
As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Because the underlying funds have varied expenses and fee levels and each fund may own different proportions of the underlying funds at different times, the amount of fees and expenses incurred indirectly by each fund will vary. If these transactional and indirect costs were included, your costs would have been higher.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.
Actual Expenses
The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
37
Expense Tables - continued
MFS LIFETIME INCOME FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.25% $1,000.00 $1,062.32 $1.28
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,058.40 $5.10
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,058.44 $5.10
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,063.63 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,059.22 $5.11
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.49% $1,000.00 $1,061.01 $2.50
Hypothetical (h) 0.49% $1,000.00 $1,022.36 $2.46
R3 Actual 0.25% $1,000.00 $1,062.32 $1.28
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,063.63 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,064.98 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $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 181/365 (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.
38
Expense Tables - continued
MFS LIFETIME 2025 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.26% $1,000.00 $1,067.34 $1.33
Hypothetical (h) 0.26% $1,000.00 $1,023.51 $1.30
B Actual 1.01% $1,000.00 $1,062.47 $5.16
Hypothetical (h) 1.01% $1,000.00 $1,019.79 $5.06
C Actual 1.01% $1,000.00 $1,062.86 $5.17
Hypothetical (h) 1.01% $1,000.00 $1,019.79 $5.06
I Actual 0.01% $1,000.00 $1,067.49 $0.05
Hypothetical (h) 0.01% $1,000.00 $1,024.74 $0.05
R1 Actual 1.01% $1,000.00 $1,062.79 $5.17
Hypothetical (h) 1.01% $1,000.00 $1,019.79 $5.06
R2 Actual 0.51% $1,000.00 $1,064.56 $2.61
Hypothetical (h) 0.51% $1,000.00 $1,022.27 $2.56
R3 Actual 0.26% $1,000.00 $1,066.77 $1.33
Hypothetical (h) 0.26% $1,000.00 $1,023.51 $1.30
R4 Actual 0.01% $1,000.00 $1,067.32 $0.05
Hypothetical (h) 0.01% $1,000.00 $1,024.74 $0.05
R6 Actual 0.00% $1,000.00 $1,069.09 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $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 181/365 (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 2025 Fund, expense ratios include approximately 0.01% of interest expenses that are outside of the expense limitation arrangement (See Note 3 of the Notes to Financial Statements).
39
Expense Tables - continued
MFS LIFETIME 2030 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.25% $1,000.00 $1,073.51 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,069.00 $5.13
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,069.46 $5.13
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,075.03 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,069.47 $5.13
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,072.39 $2.57
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,073.78 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,074.80 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,075.20 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $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 181/365 (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.
40
Expense Tables - continued
MFS LIFETIME 2035 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.25% $1,000.00 $1,080.67 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,076.63 $5.15
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,076.53 $5.15
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,081.24 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,076.09 $5.15
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,078.61 $2.58
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,080.22 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,081.06 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,082.22 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $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 181/365 (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.
41
Expense Tables - continued
MFS LIFETIME 2040 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.25% $1,000.00 $1,085.10 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,080.43 $5.16
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,081.56 $5.16
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,086.36 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,080.79 $5.16
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,083.72 $2.58
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,085.21 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,086.77 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,087.28 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $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 181/365 (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.
42
Expense Tables - continued
MFS LIFETIME 2045 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.25% $1,000.00 $1,087.81 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,083.15 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,083.48 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,089.10 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,084.11 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,085.75 $2.59
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,087.47 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,088.83 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,090.13 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $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 181/365 (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.
43
Expense Tables - continued
MFS LIFETIME 2050 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.25% $1,000.00 $1,088.77 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,084.78 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,084.86 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,089.49 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,084.46 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,086.93 $2.59
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,088.27 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,089.58 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,090.97 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $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 181/365 (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.
44
Expense Tables - continued
MFS LIFETIME 2055 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.25% $1,000.00 $1,088.70 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,084.58 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,084.53 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,090.08 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 1.00% $1,000.00 $1,084.89 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
R2 Actual 0.50% $1,000.00 $1,087.24 $2.59
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,089.02 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,090.26 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,090.81 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $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 181/365 (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.
45
Expense Tables - continued
MFS LIFETIME 2060 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.25% $1,000.00 $1,088.89 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
B Actual 1.00% $1,000.00 $1,084.80 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
C Actual 1.00% $1,000.00 $1,084.83 $5.17
Hypothetical (h) 1.00% $1,000.00 $1,019.84 $5.01
I Actual 0.00% $1,000.00 $1,090.52 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 0.25% $1,000.00 $1,089.10 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R2 Actual 0.50% $1,000.00 $1,087.27 $2.59
Hypothetical (h) 0.50% $1,000.00 $1,022.32 $2.51
R3 Actual 0.25% $1,000.00 $1,088.91 $1.29
Hypothetical (h) 0.25% $1,000.00 $1,023.55 $1.25
R4 Actual 0.00% $1,000.00 $1,089.87 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,090.96 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $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 181/365 (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 2060 Fund, for the period from November 1, 2022 through April 30, 2023, the distribution fee for Class R1 was not imposed. Had the distribution fee been imposed throughout the entire six month period, the annualized expense ratio, the actual expenses paid during the period, and the hypothetical expenses paid during the period would have been approximately 1.00%, $5.18, and $5.01 for Class R1. See Note 3 in the Notes to Financial Statements for additional information.
46
Expense Tables - continued
MFS LIFETIME 2065 FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.17% $1,000.00 $1,089.51 $0.88
Hypothetical (h) 0.17% $1,000.00 $1,023.95 $0.85
C Actual 0.91% $1,000.00 $1,084.64 $4.70
Hypothetical (h) 0.91% $1,000.00 $1,020.28 $4.56
I Actual 0.00% $1,000.00 $1,091.19 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R1 Actual 0.91% $1,000.00 $1,085.13 $4.70
Hypothetical (h) 0.91% $1,000.00 $1,020.28 $4.56
R2 Actual 0.41% $1,000.00 $1,088.27 $2.12
Hypothetical (h) 0.41% $1,000.00 $1,022.76 $2.06
R3 Actual 0.18% $1,000.00 $1,088.82 $0.93
Hypothetical (h) 0.18% $1,000.00 $1,023.90 $0.90
R4 Actual 0.00% $1,000.00 $1,091.18 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
R6 Actual 0.00% $1,000.00 $1,091.32 $0.00
Hypothetical (h) 0.00% $1,000.00 $1,024.79 $0.00
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the fund invests.  If these indirect costs were included, your costs would have been higher.
47
Portfolio of Investments 
4/30/23
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS Lifetime Income Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 70.9%
MFS Emerging Markets Debt Fund - Class R6     552,647 $6,383,067
MFS Emerging Markets Debt Local Currency Fund - Class R6     1,134,229 6,374,369
MFS Global Opportunistic Bond Fund - Class R6     5,589,716 44,494,136
MFS Government Securities Fund - Class R6     7,150,310 63,637,758
MFS High Income Fund - Class R6     4,273,260 12,734,315
MFS Inflation-Adjusted Bond Fund - Class R6     6,625,265 63,337,536
MFS Limited Maturity Fund - Class R6     22,200,427 126,986,442
MFS Total Return Bond Fund - Class R6     13,319,999 127,339,190
        $451,286,813
International Stock Funds – 5.0%
MFS Blended Research International Equity Fund - Class R6     1,334,639 $15,855,510
MFS International Growth Fund - Class R6     78,637 3,177,724
MFS International Intrinsic Value Fund - Class R6     79,082 3,167,247
MFS Research International Fund - Class R6     437,316 9,529,108
        $31,729,589
Specialty Funds – 4.0%
MFS Commodity Strategy Fund - Class R6     3,514,628 $12,582,368
MFS Global Real Estate Fund - Class R6     793,180 12,817,794
        $25,400,162
U.S. Stock Funds – 19.9%
MFS Blended Research Core Equity Fund - Class R6     456,294 $12,753,411
MFS Blended Research Growth Equity Fund - Class R6     810,070 12,750,500
MFS Blended Research Mid Cap Equity Fund - Class R6     1,635,517 18,955,645
MFS Blended Research Small Cap Equity Fund - Class R6     487,764 6,331,179
MFS Blended Research Value Equity Fund - Class R6     918,235 12,717,549
MFS Growth Fund - Class R6     85,101 12,799,178
MFS Mid Cap Growth Fund - Class R6 (a)     369,824 9,478,592
MFS Mid Cap Value Fund - Class R6     334,261 9,546,504
MFS New Discovery Fund - Class R6     116,238 3,166,334
MFS New Discovery Value Fund - Class R6     187,374 3,170,373
MFS Research Fund - Class R6     258,477 12,773,916
MFS Value Fund - Class R6     268,111 12,703,076
        $127,146,257
Money Market Funds – 0.2%  
MFS Institutional Money Market Portfolio, 4.59% (v)     1,185,202 $1,185,439
Total Investment Companies (Identified Cost, $584,935,779) $636,748,260
Other Assets, Less Liabilities – (0.0)%   (130,006)
Net Assets – 100.0% $636,618,254
See Portfolio Footnotes and Notes to Financial Statements
48
Portfolio of Investments – continued
MFS Lifetime 2025 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.1%
Bond Funds – 65.4%
MFS Emerging Markets Debt Fund - Class R6     438,477 $5,064,411
MFS Emerging Markets Debt Local Currency Fund - Class R6     901,642 5,067,227
MFS Global Opportunistic Bond Fund - Class R6     2,988,317 23,787,007
MFS Government Securities Fund - Class R6     3,823,300 34,027,368
MFS High Income Fund - Class R6     3,394,194 10,114,699
MFS Inflation-Adjusted Bond Fund - Class R6     3,542,900 33,870,126
MFS Limited Maturity Fund - Class R6     8,963,766 51,272,740
MFS Total Return Bond Fund - Class R6     6,253,533 59,783,776
        $222,987,354
International Stock Funds – 6.5%
MFS Blended Research International Equity Fund - Class R6     928,101 $11,025,832
MFS International Growth Fund - Class R6     63,210 2,554,329
MFS International Intrinsic Value Fund - Class R6     63,613 2,547,706
MFS Research International Fund - Class R6     274,161 5,973,975
        $22,101,842
Specialty Funds – 4.0%
MFS Commodity Strategy Fund - Class R6     1,867,908 $6,687,111
MFS Global Real Estate Fund - Class R6     423,193 6,838,795
        $13,525,906
U.S. Stock Funds – 23.9%
MFS Blended Research Core Equity Fund - Class R6     303,837 $8,492,247
MFS Blended Research Growth Equity Fund - Class R6     539,525 8,492,130
MFS Blended Research Mid Cap Equity Fund - Class R6     1,014,709 11,760,480
MFS Blended Research Small Cap Equity Fund - Class R6     260,270 3,378,300
MFS Blended Research Value Equity Fund - Class R6     611,618 8,470,913
MFS Growth Fund - Class R6     56,732 8,532,516
MFS Mid Cap Growth Fund - Class R6 (a)     230,403 5,905,229
MFS Mid Cap Value Fund - Class R6     207,936 5,938,656
MFS New Discovery Fund - Class R6     62,168 1,693,447
MFS New Discovery Value Fund - Class R6     100,074 1,693,248
MFS Research Fund - Class R6     172,083 8,504,333
MFS Value Fund - Class R6     178,850 8,473,904
        $81,335,403
Money Market Funds – 0.3%  
MFS Institutional Money Market Portfolio, 4.59% (v)     951,709 $951,899
Total Investment Companies (Identified Cost, $321,832,683) $340,902,404
Other Assets, Less Liabilities – (0.1)%   (205,950)
Net Assets – 100.0% $340,696,454
See Portfolio Footnotes and Notes to Financial Statements
49
Portfolio of Investments – continued
MFS Lifetime 2030 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 50.2%
MFS Emerging Markets Debt Fund - Class R6     1,494,550 $17,262,057
MFS Emerging Markets Debt Local Currency Fund - Class R6     2,466,123 13,859,609
MFS Global Opportunistic Bond Fund - Class R6     5,228,837 41,621,545
MFS Government Securities Fund - Class R6     7,771,910 69,170,001
MFS High Income Fund - Class R6     9,290,390 27,685,361
MFS Inflation-Adjusted Bond Fund - Class R6     6,156,378 58,854,970
MFS Limited Maturity Fund - Class R6     6,189,118 35,401,757
MFS Total Return Bond Fund - Class R6     8,741,922 83,572,771
        $347,428,071
International Stock Funds – 10.5%
MFS Blended Research International Equity Fund - Class R6     2,891,994 $34,356,888
MFS International Growth Fund - Class R6     214,832 8,681,370
MFS International Intrinsic Value Fund - Class R6     215,812 8,643,267
MFS International New Discovery Fund - Class R6     109,308 3,443,196
MFS Research International Fund - Class R6     795,265 17,328,831
        $72,453,552
Specialty Funds – 4.9%
MFS Commodity Strategy Fund - Class R6     4,745,966 $16,990,558
MFS Global Real Estate Fund - Class R6     1,074,882 17,370,095
        $34,360,653
U.S. Stock Funds – 34.3%
MFS Blended Research Core Equity Fund - Class R6     865,796 $24,199,011
MFS Blended Research Growth Equity Fund - Class R6     1,537,674 24,202,990
MFS Blended Research Mid Cap Equity Fund - Class R6     3,236,817 37,514,705
MFS Blended Research Small Cap Equity Fund - Class R6     658,911 8,552,667
MFS Blended Research Value Equity Fund - Class R6     1,740,249 24,102,443
MFS Growth Fund - Class R6     162,002 24,365,037
MFS Mid Cap Growth Fund - Class R6 (a)     732,731 18,779,895
MFS Mid Cap Value Fund - Class R6     662,956 18,934,027
MFS New Discovery Fund - Class R6     157,325 4,285,537
MFS New Discovery Value Fund - Class R6     253,124 4,282,850
MFS Research Fund - Class R6     490,894 24,259,980
MFS Value Fund - Class R6     508,118 24,074,652
        $237,553,794
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 4.59% (v)     861,038 $861,210
Total Investment Companies (Identified Cost, $600,665,730) $692,657,280
Other Assets, Less Liabilities – (0.0)%   (110,953)
Net Assets – 100.0% $692,546,327
See Portfolio Footnotes and Notes to Financial Statements
50
Portfolio of Investments – continued
MFS Lifetime 2035 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 30.3%
MFS Emerging Markets Debt Fund - Class R6     1,213,717 $14,018,435
MFS Emerging Markets Debt Local Currency Fund - Class R6     1,661,524 9,337,763
MFS Global Opportunistic Bond Fund - Class R6     2,353,980 18,737,685
MFS Government Securities Fund - Class R6     2,687,328 23,917,217
MFS High Income Fund - Class R6     6,257,388 18,647,015
MFS Inflation-Adjusted Bond Fund - Class R6     2,930,593 28,016,468
MFS Total Return Bond Fund - Class R6     2,963,886 28,334,754
        $141,009,337
International Stock Funds – 16.4%
MFS Blended Research Emerging Markets Equity Fund - Class R6     92,335 $1,131,106
MFS Blended Research International Equity Fund - Class R6     2,818,262 33,480,954
MFS Emerging Markets Equity Fund - Class R6     36,187 1,136,619
MFS International Growth Fund - Class R6     229,176 9,261,015
MFS International Intrinsic Value Fund - Class R6     230,446 9,229,352
MFS International New Discovery Fund - Class R6     220,466 6,944,688
MFS Research International Fund - Class R6     692,405 15,087,510
        $76,271,244
Specialty Funds – 6.9%
MFS Commodity Strategy Fund - Class R6     4,476,169 $16,024,683
MFS Global Real Estate Fund - Class R6     1,011,666 16,348,531
        $32,373,214
U.S. Stock Funds – 46.3%
MFS Blended Research Core Equity Fund - Class R6     748,951 $20,933,184
MFS Blended Research Growth Equity Fund - Class R6     1,329,311 20,923,361
MFS Blended Research Mid Cap Equity Fund - Class R6     3,176,407 36,814,562
MFS Blended Research Small Cap Equity Fund - Class R6     620,708 8,056,788
MFS Blended Research Value Equity Fund - Class R6     1,505,894 20,856,626
MFS Growth Fund - Class R6     139,699 21,010,721
MFS Mid Cap Growth Fund - Class R6 (a)     719,184 18,432,674
MFS Mid Cap Value Fund - Class R6     648,844 18,530,981
MFS New Discovery Fund - Class R6     148,091 4,033,999
MFS New Discovery Value Fund - Class R6     238,628 4,037,581
MFS Research Fund - Class R6     424,367 20,972,227
MFS Value Fund - Class R6     439,430 20,820,185
        $215,422,889
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 4.59% (v)     405,210 $405,291
Total Investment Companies (Identified Cost, $406,129,288) $465,481,975
Other Assets, Less Liabilities – (0.0)%   (68,757)
Net Assets – 100.0% $465,413,218
See Portfolio Footnotes and Notes to Financial Statements
51
Portfolio of Investments – continued
MFS Lifetime 2040 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 16.4%
MFS Emerging Markets Debt Fund - Class R6     1,210,539 $13,981,720
MFS Emerging Markets Debt Local Currency Fund - Class R6     1,655,113 9,301,734
MFS Global Opportunistic Bond Fund - Class R6     1,748,968 13,921,788
MFS High Income Fund - Class R6     6,234,117 18,577,669
MFS Inflation-Adjusted Bond Fund - Class R6     2,812,689 26,889,307
MFS Total Return Bond Fund - Class R6     1,848,802 17,674,550
        $100,346,768
International Stock Funds – 21.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6     310,923 $3,808,808
MFS Blended Research International Equity Fund - Class R6     4,689,330 55,709,237
MFS Emerging Markets Equity Fund - Class R6     122,018 3,832,575
MFS International Growth Fund - Class R6     416,217 16,819,326
MFS International Intrinsic Value Fund - Class R6     419,019 16,781,719
MFS International New Discovery Fund - Class R6     485,811 15,303,063
MFS Research International Fund - Class R6     1,018,273 22,188,167
        $134,442,895
Specialty Funds – 8.5%
MFS Commodity Strategy Fund - Class R6     7,202,270 $25,784,128
MFS Global Real Estate Fund - Class R6     1,626,960 26,291,662
        $52,075,790
U.S. Stock Funds – 53.2%
MFS Blended Research Core Equity Fund - Class R6     1,100,819 $30,767,881
MFS Blended Research Growth Equity Fund - Class R6     2,002,761 31,523,456
MFS Blended Research Mid Cap Equity Fund - Class R6     4,861,917 56,349,616
MFS Blended Research Small Cap Equity Fund - Class R6     997,527 12,947,903
MFS Blended Research Value Equity Fund - Class R6     2,266,066 31,385,022
MFS Growth Fund - Class R6     210,456 31,652,657
MFS Mid Cap Growth Fund - Class R6 (a)     1,100,303 28,200,760
MFS Mid Cap Value Fund - Class R6     991,457 28,316,001
MFS New Discovery Fund - Class R6     237,839 6,478,737
MFS New Discovery Value Fund - Class R6     383,263 6,484,807
MFS Research Fund - Class R6     623,895 30,832,881
MFS Value Fund - Class R6     661,377 31,336,060
        $326,275,781
Money Market Funds – 0.0%  
MFS Institutional Money Market Portfolio, 4.59% (v)     351,387 $351,457
Total Investment Companies (Identified Cost, $485,457,367) $613,492,691
Other Assets, Less Liabilities – (0.0)%   (84,469)
Net Assets – 100.0% $613,408,222
See Portfolio Footnotes and Notes to Financial Statements
52
Portfolio of Investments – continued
MFS Lifetime 2045 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 8.8%
MFS Emerging Markets Debt Fund - Class R6     262,009 $3,026,203
MFS Emerging Markets Debt Local Currency Fund - Class R6     358,539 2,014,988
MFS Global Opportunistic Bond Fund - Class R6     378,982 3,016,700
MFS High Income Fund - Class R6     1,350,897 4,025,673
MFS Inflation-Adjusted Bond Fund - Class R6     1,285,468 12,289,077
MFS Total Return Bond Fund - Class R6     1,079,508 10,320,093
        $34,692,734
International Stock Funds – 25.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6     278,237 $3,408,397
MFS Blended Research International Equity Fund - Class R6     3,402,428 40,420,848
MFS Emerging Markets Equity Fund - Class R6     109,113 3,427,247
MFS International Growth Fund - Class R6     314,031 12,689,973
MFS International Intrinsic Value Fund - Class R6     316,004 12,655,946
MFS International New Discovery Fund - Class R6     434,479 13,686,098
MFS Research International Fund - Class R6     694,523 15,133,658
        $101,422,167
Specialty Funds – 9.5%
MFS Commodity Strategy Fund - Class R6     5,133,944 $18,379,520
MFS Global Real Estate Fund - Class R6     1,158,803 18,726,248
        $37,105,768
U.S. Stock Funds – 55.7%
MFS Blended Research Core Equity Fund - Class R6     702,419 $19,632,616
MFS Blended Research Growth Equity Fund - Class R6     1,340,199 21,094,731
MFS Blended Research Mid Cap Equity Fund - Class R6     3,270,857 37,909,235
MFS Blended Research Small Cap Equity Fund - Class R6     711,983 9,241,536
MFS Blended Research Value Equity Fund - Class R6     1,516,951 21,009,775
MFS Growth Fund - Class R6     140,776 21,172,671
MFS Mid Cap Growth Fund - Class R6 (a)     740,149 18,970,013
MFS Mid Cap Value Fund - Class R6     667,162 19,054,141
MFS New Discovery Fund - Class R6     169,716 4,623,068
MFS New Discovery Value Fund - Class R6     273,603 4,629,365
MFS Research Fund - Class R6     397,764 19,657,516
MFS Value Fund - Class R6     442,655 20,972,991
        $217,967,658
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 4.59% (v)     375,033 $375,108
Total Investment Companies (Identified Cost, $338,065,860) $391,563,435
Other Assets, Less Liabilities – (0.0)%   (67,609)
Net Assets – 100.0% $391,495,826
See Portfolio Footnotes and Notes to Financial Statements
53
Portfolio of Investments – continued
MFS Lifetime 2050 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6     1,079,971 $10,324,520
MFS Total Return Bond Fund - Class R6     1,083,864 10,361,745
        $20,686,265
International Stock Funds – 27.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6     337,042 $4,128,768
MFS Blended Research International Equity Fund - Class R6     3,817,058 45,346,647
MFS Emerging Markets Equity Fund - Class R6     132,087 4,148,839
MFS International Growth Fund - Class R6     357,868 14,461,454
MFS International Intrinsic Value Fund - Class R6     360,388 14,433,531
MFS International New Discovery Fund - Class R6     526,176 16,574,557
MFS Research International Fund - Class R6     758,029 16,517,452
        $115,611,248
Specialty Funds – 10.0%
MFS Commodity Strategy Fund - Class R6     5,727,871 $20,505,776
MFS Global Real Estate Fund - Class R6     1,290,666 20,857,165
        $41,362,941
U.S. Stock Funds – 57.0%
MFS Blended Research Core Equity Fund - Class R6     741,645 $20,728,991
MFS Blended Research Growth Equity Fund - Class R6     1,449,432 22,814,064
MFS Blended Research Mid Cap Equity Fund - Class R6     3,549,800 41,142,181
MFS Blended Research Small Cap Equity Fund - Class R6     793,471 10,299,249
MFS Blended Research Value Equity Fund - Class R6     1,640,096 22,715,330
MFS Growth Fund - Class R6     152,341 22,912,045
MFS Mid Cap Growth Fund - Class R6 (a)     803,344 20,589,702
MFS Mid Cap Value Fund - Class R6     723,130 20,652,603
MFS New Discovery Fund - Class R6     189,148 5,152,398
MFS New Discovery Value Fund - Class R6     304,728 5,156,000
MFS Research Fund - Class R6     420,186 20,765,590
MFS Value Fund - Class R6     478,793 22,685,207
        $235,613,360
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 4.59% (v)     357,008 $357,079
Total Investment Companies (Identified Cost, $350,869,517) $413,630,893
Other Assets, Less Liabilities – (0.0)%   (78,542)
Net Assets – 100.0% $413,552,351
See Portfolio Footnotes and Notes to Financial Statements
54
Portfolio of Investments – continued
MFS Lifetime 2055 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6     685,091 $6,549,471
MFS Total Return Bond Fund - Class R6     686,583 6,563,734
        $13,113,205
International Stock Funds – 27.9%
MFS Blended Research Emerging Markets Equity Fund - Class R6     214,022 $2,621,764
MFS Blended Research International Equity Fund - Class R6     2,422,999 28,785,226
MFS Emerging Markets Equity Fund - Class R6     83,882 2,634,737
MFS International Growth Fund - Class R6     227,007 9,173,361
MFS International Intrinsic Value Fund - Class R6     228,705 9,159,636
MFS International New Discovery Fund - Class R6     333,351 10,500,569
MFS Research International Fund - Class R6     480,921 10,479,261
        $73,354,554
Specialty Funds – 10.0%
MFS Commodity Strategy Fund - Class R6     3,642,190 $13,039,040
MFS Global Real Estate Fund - Class R6     818,158 13,221,431
        $26,260,471
U.S. Stock Funds – 57.0%
MFS Blended Research Core Equity Fund - Class R6     470,400 $13,147,678
MFS Blended Research Growth Equity Fund - Class R6     919,864 14,478,656
MFS Blended Research Mid Cap Equity Fund - Class R6     2,255,964 26,146,623
MFS Blended Research Small Cap Equity Fund - Class R6     504,234 6,544,952
MFS Blended Research Value Equity Fund - Class R6     1,040,773 14,414,706
MFS Growth Fund - Class R6     96,719 14,546,504
MFS Mid Cap Growth Fund - Class R6 (a)     510,387 13,081,214
MFS Mid Cap Value Fund - Class R6     458,987 13,108,669
MFS New Discovery Fund - Class R6     120,160 3,273,165
MFS New Discovery Value Fund - Class R6     193,548 3,274,842
MFS Research Fund - Class R6     266,412 13,166,095
MFS Value Fund - Class R6     303,957 14,401,466
        $149,584,570
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 4.59% (v)     250,162 $250,212
Total Investment Companies (Identified Cost, $238,337,916) $262,563,012
Other Assets, Less Liabilities – (0.0)%   (63,079)
Net Assets – 100.0% $262,499,933
See Portfolio Footnotes and Notes to Financial Statements
55
Portfolio of Investments – continued
MFS Lifetime 2060 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.0%
Bond Funds – 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6     330,693 $3,161,427
MFS Total Return Bond Fund - Class R6     330,949 3,163,867
        $6,325,294
International Stock Funds – 28.0%
MFS Blended Research Emerging Markets Equity Fund - Class R6     103,324 $1,265,721
MFS Blended Research International Equity Fund - Class R6     1,170,536 13,905,966
MFS Emerging Markets Equity Fund - Class R6     40,485 1,271,630
MFS International Growth Fund - Class R6     109,530 4,426,105
MFS International Intrinsic Value Fund - Class R6     110,449 4,423,467
MFS International New Discovery Fund - Class R6     160,655 5,060,646
MFS Research International Fund - Class R6     232,100 5,057,463
        $35,410,998
Specialty Funds – 10.0%
MFS Commodity Strategy Fund - Class R6     1,763,392 $6,312,944
MFS Global Real Estate Fund - Class R6     393,575 6,360,165
        $12,673,109
U.S. Stock Funds – 57.0%
MFS Blended Research Core Equity Fund - Class R6     226,561 $6,332,387
MFS Blended Research Growth Equity Fund - Class R6     443,213 6,976,170
MFS Blended Research Mid Cap Equity Fund - Class R6     1,090,872 12,643,201
MFS Blended Research Small Cap Equity Fund - Class R6     243,667 3,162,803
MFS Blended Research Value Equity Fund - Class R6     502,425 6,958,583
MFS Growth Fund - Class R6     46,629 7,012,940
MFS Mid Cap Growth Fund - Class R6 (a)     246,677 6,322,339
MFS Mid Cap Value Fund - Class R6     221,545 6,327,327
MFS New Discovery Fund - Class R6     58,049 1,581,251
MFS New Discovery Value Fund - Class R6     93,487 1,581,803
MFS Research Fund - Class R6     128,188 6,335,064
MFS Value Fund - Class R6     146,818 6,956,260
        $72,190,128
Money Market Funds – 0.0%  
MFS Institutional Money Market Portfolio, 4.59% (v)     32,066 $32,073
Total Investment Companies (Identified Cost, $123,705,346) $126,631,602
Other Assets, Less Liabilities – (0.0)%   (40,617)
Net Assets – 100.0% $126,590,985
See Portfolio Footnotes and Notes to Financial Statements
56
Portfolio of Investments – continued
MFS Lifetime 2065 Fund
Issuer     Shares/Par Value ($)
Investment Companies (h) – 100.4%
Bond Funds – 5.0%
MFS Inflation-Adjusted Bond Fund - Class R6     16,948 $162,020
MFS Total Return Bond Fund - Class R6     16,947 162,019
        $324,039
International Stock Funds – 28.1%
MFS Blended Research Emerging Markets Equity Fund - Class R6     5,290 $64,808
MFS Blended Research International Equity Fund - Class R6     60,007 712,885
MFS Emerging Markets Equity Fund - Class R6     2,063 64,808
MFS International Growth Fund - Class R6     5,613 226,827
MFS International Intrinsic Value Fund - Class R6     5,664 226,827
MFS International New Discovery Fund - Class R6     8,230 259,231
MFS Research International Fund - Class R6     11,897 259,231
        $1,814,617
Specialty Funds – 10.0%
MFS Commodity Strategy Fund - Class R6     90,513 $324,038
MFS Global Real Estate Fund - Class R6     20,052 324,039
        $648,077
U.S. Stock Funds – 57.1%
MFS Blended Research Core Equity Fund - Class R6     11,593 $324,039
MFS Blended Research Growth Equity Fund - Class R6     22,646 356,442
MFS Blended Research Mid Cap Equity Fund - Class R6     55,917 648,077
MFS Blended Research Small Cap Equity Fund - Class R6     12,482 162,019
MFS Blended Research Value Equity Fund - Class R6     25,736 356,442
MFS Growth Fund - Class R6     2,370 356,442
MFS Mid Cap Growth Fund - Class R6 (a)     12,643 324,039
MFS Mid Cap Value Fund - Class R6     11,346 324,039
MFS New Discovery Fund - Class R6     2,974 81,010
MFS New Discovery Value Fund - Class R6     4,788 81,010
MFS Research Fund - Class R6     6,557 324,039
MFS Value Fund - Class R6     7,523 356,443
        $3,694,041
Money Market Funds – 0.2%  
MFS Institutional Money Market Portfolio, 4.59% (v)     15,659 $15,662
Total Investment Companies (Identified Cost, $6,529,387) $6,496,436
Other Assets, Less Liabilities – (0.4)%   (25,996)
Net Assets – 100.0% $6,470,440
Portfolio Footnotes:
(a) Non-income producing security.
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of each fund’s investments in affiliated issuers were as follows:
  Affiliated Issuers
MFS Lifetime Income Fund $636,748,260
MFS Lifetime 2025 Fund 340,902,404
MFS Lifetime 2030 Fund 692,657,280
MFS Lifetime 2035 Fund 465,481,975
MFS Lifetime 2040 Fund 613,492,691
MFS Lifetime 2045 Fund 391,563,435
MFS Lifetime 2050 Fund 413,630,893
MFS Lifetime 2055 Fund 262,563,012
MFS Lifetime 2060 Fund 126,631,602
MFS Lifetime 2065 Fund 6,496,436
57
Portfolio of Investments – continued
(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
See Notes to Financial Statements
58
Financial Statements
Statements of Assets and Liabilities
At 4/30/23
These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund
Assets      
Investments in affiliated issuers, at value (identified cost, $584,935,779, $321,832,683, and $600,665,730, respectively) $636,748,260 $340,902,404 $692,657,280
Receivables for      
Investments sold 300,800 745,868 —
Fund shares sold 926,525 317,490 1,196,064
Receivable from investment adviser 98,370 77,592 115,998
Other assets 1,829 1,107 1,901
Total assets $638,075,784 $342,044,461 $693,971,243
Liabilities      
Payables for      
Distributions $53,384 $— $—
Investments purchased 542,534 253,891 1,018,944
Fund shares reacquired 595,383 959,238 180,028
Payable to affiliates      
Administrative services fee 190 190 190
Shareholder servicing costs 179,025 79,611 159,035
Distribution and service fees 14,481 4,662 11,642
Payable for independent Trustees' compensation 11 14 13
Accrued expenses and other liabilities 72,522 50,401 55,064
Total liabilities $1,457,530 $1,348,007 $1,424,916
Net assets $636,618,254 $340,696,454 $692,546,327
Net assets consist of      
Paid-in capital $606,883,142 $328,904,766 $610,458,152
Total distributable earnings (loss) 29,735,112 11,791,688 82,088,175
Net assets $636,618,254 $340,696,454 $692,546,327
59
Statements of Assets and Liabilities – continued
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund
Net assets      
Class A $190,943,873 $23,748,405 $78,198,494
Class B 1,646,520 798,896 3,104,184
Class C 39,243,811 3,478,177 8,024,759
Class I 43,461,707 2,723,968 6,145,709
Class R1 2,791,869 346,756 3,347,291
Class R2 27,336,873 14,322,162 46,255,791
Class R3 120,217,615 100,311,623 199,271,476
Class R4 26,707,476 36,418,704 59,569,619
Class R6 184,268,509 158,547,763 288,629,004
Total net assets $636,618,254 $340,696,454 $692,546,327
Shares of beneficial interest outstanding      
Class A 15,994,049 1,877,858 5,184,903
Class B 137,899 63,503 208,125
Class C 3,288,789 279,205 543,020
Class I 3,639,456 214,620 405,054
Class R1 233,510 27,305 223,615
Class R2 2,289,510 1,135,351 3,095,513
Class R3 10,069,679 7,944,293 13,258,508
Class R4 2,237,513 2,860,081 3,913,951
Class R6 15,387,199 12,459,233 18,986,404
Total shares of beneficial interest outstanding 53,277,604 26,861,449 45,819,093
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$11.94 $12.65 $15.08
Offering price per share (100 / 95.75 x net asset value per share) $12.47 $— $—
Offering price per share (100 / 94.25 x net asset value per share) $— $13.42 $16.00
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$11.94 $12.58 $14.92
Class C shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$11.93 $12.46 $14.78
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$11.94 $12.69 $15.17
Class R1 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$11.96 $12.70 $14.97
Class R2 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$11.94 $12.61 $14.94
Class R3 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$11.94 $12.63 $15.03
Class R4 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$11.94 $12.73 $15.22
60
Statements of Assets and Liabilities – continued
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$11.98 $12.73 $15.20
On sales of $100,000 or more, the maximum offering price of Class A shares is reduced for the MFS Lifetime Income Fund. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced for all other funds. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
61
Statements of Assets and Liabilities – continued
At 4/30/23 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, $406,129,288, $485,457,367, $338,065,860, and $350,869,517, respectively) $465,481,975 $613,492,691 $391,563,435 $413,630,893
Receivables for        
Investments sold 177,486 — 77,058 —
Fund shares sold 831,128 1,396,409 730,993 1,197,828
Receivable from investment adviser 96,308 119,378 83,927 88,974
Other assets 1,795 1,534 1,085 1,082
Total assets $466,588,692 $615,010,012 $392,456,498 $414,918,777
Liabilities        
Payables for        
Investments purchased $593,429 $1,316,953 $609,569 $1,089,362
Fund shares reacquired 419,970 75,725 202,259 116,238
Payable to affiliates        
Administrative services fee 190 190 190 190
Shareholder servicing costs 102,290 138,357 87,864 92,869
Distribution and service fees 6,188 9,655 5,131 5,586
Payable for independent Trustees' compensation 15 15 10 12
Accrued expenses and other liabilities 53,392 60,895 55,649 62,169
Total liabilities $1,175,474 $1,601,790 $960,672 $1,366,426
Net assets $465,413,218 $613,408,222 $391,495,826 $413,552,351
Net assets consist of        
Paid-in capital $416,067,520 $494,577,534 $346,213,550 $356,954,120
Total distributable earnings (loss) 49,345,698 118,830,688 45,282,276 56,598,231
Net assets $465,413,218 $613,408,222 $391,495,826 $413,552,351
62
Statements of Assets and Liabilities – continued
  MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund
Net assets        
Class A $32,420,731 $51,442,794 $23,664,574 $27,752,183
Class B 1,067,423 1,972,048 675,872 986,689
Class C 4,272,164 6,747,283 2,642,488 3,521,337
Class I 1,953,298 7,845,721 3,190,287 2,424,832
Class R1 998,071 3,063,339 521,673 680,032
Class R2 14,659,487 40,810,133 10,412,527 18,388,345
Class R3 140,851,241 176,070,238 129,497,100 121,059,916
Class R4 45,520,944 51,695,409 23,492,175 44,972,467
Class R6 223,669,859 273,761,257 197,399,130 193,766,550
Total net assets $465,413,218 $613,408,222 $391,495,826 $413,552,351
Shares of beneficial interest outstanding        
Class A 2,069,320 3,024,409 1,414,333 1,381,395
Class B 68,485 116,449 40,613 49,844
Class C 277,035 405,587 160,229 179,402
Class I 124,240 457,541 189,483 120,612
Class R1 63,942 181,876 31,282 34,492
Class R2 934,720 2,414,153 624,085 925,803
Class R3 8,974,584 10,355,807 7,745,022 6,079,780
Class R4 2,878,481 2,998,889 1,393,553 2,236,978
Class R6 14,152,763 15,900,033 11,725,249 9,650,052
Total shares of beneficial interest outstanding 29,543,570 35,854,744 23,323,849 20,658,358
Class A shares        
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$15.67 $17.01 $16.73 $20.09
Offering price per share (100 / 94.25 x net asset value per share) $16.63 $18.05 $17.75 $21.32
Class B shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$15.59 $16.93 $16.64 $19.80
Class C shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$15.42 $16.64 $16.49 $19.63
Class I shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$15.72 $17.15 $16.84 $20.10
Class R1 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$15.61 $16.84 $16.68 $19.72
Class R2 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$15.68 $16.90 $16.68 $19.86
Class R3 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$15.69 $17.00 $16.72 $19.91
Class R4 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$15.81 $17.24 $16.86 $20.10
63
Statements of Assets and Liabilities – continued
  MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund 		MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund
Class R6 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$15.80 $17.22 $16.84 $20.08
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
64
Statements of Assets and Liabilities – continued
At 4/30/23 MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Assets      
Investments in affiliated issuers, at value (identified cost, $238,337,916, $123,705,346, and $6,529,387, respectively) $262,563,012 $126,631,602 $6,496,436
Receivables for      
Fund shares sold 949,135 714,317 174,561
Receivable from investment adviser 71,542 45,040 11,429
Other assets 1,061 1,232 52
Total assets $263,584,750 $127,392,191 $6,682,478
Liabilities      
Payables for      
Investments purchased $930,303 $701,095 $174,140
Fund shares reacquired 29,068 13,970 24
Payable to affiliates      
Administrative services fee 190 190 190
Shareholder servicing costs 66,691 32,023 1,614
Distribution and service fees 3,537 1,728 82
Payable for independent Trustees' compensation 13 10 14
Accrued expenses and other liabilities 55,015 52,190 35,974
Total liabilities $1,084,817 $801,206 $212,038
Net assets $262,499,933 $126,590,985 $6,470,440
Net assets consist of      
Paid-in capital $240,929,372 $125,278,555 $6,549,932
Total distributable earnings (loss) 21,570,561 1,312,430 (79,492)
Net assets $262,499,933 $126,590,985 $6,470,440
65
Statements of Assets and Liabilities – continued
  MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Net assets      
Class A $19,429,113 $11,315,913 $539,201
Class B 501,918 168,479 —
Class C 2,588,276 1,090,873 88,931
Class I 1,313,897 396,428 64,418
Class R1 1,069,677 82,442 52,943
Class R2 9,002,948 2,203,274 102,316
Class R3 76,725,809 43,119,445 1,728,874
Class R4 18,659,877 7,986,936 536,179
Class R6 133,208,418 60,227,195 3,357,578
Total net assets $262,499,933 $126,590,985 $6,470,440
Shares of beneficial interest outstanding      
Class A 1,123,022 815,971 64,302
Class B 29,093 12,150 —
Class C 151,706 79,393 10,625
Class I 75,822 28,346 7,660
Class R1 62,482 5,911 6,320
Class R2 520,435 158,923 12,200
Class R3 4,432,489 3,105,189 206,114
Class R4 1,068,251 571,706 63,785
Class R6 7,628,552 4,299,158 399,325
Total shares of beneficial interest outstanding 15,091,852 9,076,747 770,331
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$17.30 $13.87 $8.39
Offering price per share (100 / 94.25 x net asset value per share) $18.36 $14.72 $8.90
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$17.25 $13.87 $—
Class C shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$17.06 $13.74 $8.37
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$17.33 $13.99 $8.41
Class R1 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$17.12 $13.95 $8.38
Class R2 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$17.30 $13.86 $8.39
Class R3 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$17.31 $13.89 $8.39
Class R4 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$17.47 $13.97 $8.41
66
Statements of Assets and Liabilities – continued
  MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$17.46 $14.01 $8.41
On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
67
Financial Statements
Statements of Operations
Year ended 4/30/23
These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Net investment income (loss)          
Dividends from affiliated issuers $19,332,732 $11,571,198 $20,161,892 $13,043,807 $15,131,244
Other 78 57 89 60 73
Excess expense reimbursement from investment adviser 189,612 274,746 412,935 341,273 354,659
Total investment income $19,522,422 $11,846,001 $20,574,916 $13,385,140 $15,485,976
Expenses          
Distribution and service fees $1,366,818 $443,466 $1,069,961 $556,263 $876,086
Shareholder servicing costs 651,656 323,213 649,926 407,408 558,156
Program manager fees 5,181 — — — —
Administrative services fee 17,500 17,500 17,500 17,500 17,500
Independent Trustees' compensation 11,229 8,276 13,191 9,518 11,092
Custodian fee 35,315 9,874 14,675 11,070 12,649
Shareholder communications 16,182 10,033 12,050 11,295 12,449
Audit and tax fees 47,094 44,814 45,531 44,817 45,526
Legal fees 10,557 1,942 3,264 2,360 2,582
Registration fees 142,506 134,288 141,897 141,239 149,299
NASDAQ fee 7,200 7,200 7,200 7,200 7,200
N-CEN/N-PORT preparation fees 11,000 11,000 11,000 11,000 11,000
Miscellaneous 23,457 23,889 28,248 25,055 24,561
Total expenses $2,345,695 $1,035,495 $2,014,443 $1,244,725 $1,728,100
Reduction of expenses by investment adviser and distributor (985,072) (581,504) (939,062) (677,652) (842,777)
Net expenses $1,360,623 $453,991 $1,075,381 $567,073 $885,323
Net investment income (loss) $18,161,799 $11,392,010 $19,499,535 $12,818,067 $14,600,653
Realized and unrealized gain (loss)          
Realized gain (loss) (identified cost basis)          
Investments in affiliated issuers $(7,387,591) $(9,094,640) $(10,651,362) $(14,180,288) $(14,455,490)
Capital gain distributions from affiliated issuers 7,287,073 5,390,516 13,569,353 12,570,263 17,500,382
Net realized gain (loss) $(100,518) $(3,704,124) $2,917,991 $(1,610,025) $3,044,892
Change in unrealized appreciation or depreciation          
Affiliated issuers $(22,937,228) $(10,090,882) $(23,165,272) $(9,512,686) $(12,416,154)
Net realized and unrealized gain (loss) $(23,037,746) $(13,795,006) $(20,247,281) $(11,122,711) $(9,371,262)
Change in net assets from operations $(4,875,947) $(2,402,996) $(747,746) $1,695,356 $5,229,391
See Notes to Financial Statements
68
Statements of Operations – continued
Year ended 4/30/23 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Net investment income (loss)          
Dividends from affiliated issuers $9,315,096 $9,107,022 $5,467,210 $2,443,442 $60,689
Other 48 48 32 16 2
Excess expense reimbursement from investment adviser 267,163 238,658 156,535 63,230 2,050
Total investment income $9,582,307 $9,345,728 $5,623,777 $2,506,688 $62,741
Expenses          
Distribution and service fees $448,362 $490,148 $309,136 $129,043 $3,751
Shareholder servicing costs 344,523 383,976 262,992 125,318 6,181
Administrative services fee 17,500 17,500 17,500 17,500 17,500
Independent Trustees' compensation 7,774 7,808 5,587 3,660 3,015
Custodian fee 9,440 9,257 6,987 4,977 8,642
Shareholder communications 11,481 13,898 13,015 14,047 5,531
Audit and tax fees 44,812 44,866 44,806 44,007 32,726
Legal fees 1,786 1,807 1,098 512 61
Registration fees 143,789 144,781 136,057 128,516 109,169
NASDAQ fee 7,200 7,200 7,200 7,200 6,400
N-CEN/N-PORT preparation fees 11,000 11,000 11,000 11,000 11,000
Miscellaneous 20,947 20,725 13,732 12,559 9,094
Total expenses $1,068,614 $1,152,966 $829,110 $498,339 $213,070
Reduction of expenses by investment adviser and distributor (612,556) (656,203) (518,889) (369,604) (210,318)
Net expenses $456,058 $496,763 $310,221 $128,735 $2,752
Net investment income (loss) $9,126,249 $8,848,965 $5,313,556 $2,377,953 $59,989
Realized and unrealized gain (loss)          
Realized gain (loss) (identified cost basis)          
Investments in affiliated issuers $(12,710,636) $(12,044,829) $(5,882,655) $(3,661,079) $(124,824)
Capital gain distributions from affiliated issuers 12,231,990 12,378,003 7,479,282 3,328,596 80,282
Net realized gain (loss) $(478,646) $333,174 $1,596,627 $(332,483) $(44,542)
Change in unrealized appreciation or depreciation          
Affiliated issuers $(4,200,943) $(5,006,500) $(2,947,026) $367,905 $151,974
Net realized and unrealized gain (loss) $(4,679,589) $(4,673,326) $(1,350,399) $35,422 $107,432
Change in net assets from operations $4,446,660 $4,175,639 $3,963,157 $2,413,375 $167,421
See Notes to Financial Statements
69
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
Year ended 4/30/23 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Change in net assets          
From operations          
Net investment income (loss) $18,161,799 $11,392,010 $19,499,535 $12,818,067 $14,600,653
Net realized gain (loss) (100,518) (3,704,124) 2,917,991 (1,610,025) 3,044,892
Net unrealized gain (loss) (22,937,228) (10,090,882) (23,165,272) (9,512,686) (12,416,154)
Change in net assets from operations $(4,875,947) $(2,402,996) $(747,746) $1,695,356 $5,229,391
Total distributions to shareholders $(26,416,631) $(22,163,547) $(43,316,412) $(30,687,283) $(36,688,668)
Change in net assets from fund share transactions $61,492,028 $(48,121,454) $10,039,828 $20,701,169 $74,127,286
Total change in net assets $30,199,450 $(72,687,997) $(34,024,330) $(8,290,758) $42,668,009
Net assets          
At beginning of period 606,418,804 413,384,451 726,570,657 473,703,976 570,740,213
At end of period $636,618,254 $340,696,454 $692,546,327 $465,413,218 $613,408,222
Year ended 4/30/23 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Change in net assets          
From operations          
Net investment income (loss) $9,126,249 $8,848,965 $5,313,556 $2,377,953 $59,989
Net realized gain (loss) (478,646) 333,174 1,596,627 (332,483) (44,542)
Net unrealized gain (loss) (4,200,943) (5,006,500) (2,947,026) 367,905 151,974
Change in net assets from operations $4,446,660 $4,175,639 $3,963,157 $2,413,375 $167,421
Total distributions to shareholders $(23,863,536) $(23,051,323) $(13,845,443) $(5,283,991) $(97,000)
Change in net assets from fund share transactions $59,452,667 $93,914,153 $68,216,706 $50,255,215 $5,202,100
Total change in net assets $40,035,791 $75,038,469 $58,334,420 $47,384,599 $5,272,521
Net assets          
At beginning of period 351,460,035 338,513,882 204,165,513 79,206,386 1,197,919
At end of period $391,495,826 $413,552,351 $262,499,933 $126,590,985 $6,470,440
See Notes to Financial Statements
70
Statements of Changes in Net Assets – continued
Year ended 4/30/22 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Change in net assets          
From operations          
Net investment income (loss) $21,615,542 $16,761,168 $31,615,206 $23,018,018 $29,003,785
Net realized gain (loss) 23,761,719 22,019,488 47,377,296 28,995,513 40,211,853
Net unrealized gain (loss) (73,559,442) (55,472,776) (108,414,506) (68,863,615) (88,442,373)
Change in net assets from operations $(28,182,181) $(16,692,120) $(29,422,004) $(16,850,084) $(19,226,735)
Total distributions to shareholders $(39,012,229) $(31,208,353) $(64,361,664) $(37,038,214) $(50,946,535)
Change in net assets from fund share transactions $(21,995,852) $(23,248,616) $27,408,064 $35,091,421 $27,265,836
Total change in net assets $(89,190,262) $(71,149,089) $(66,375,604) $(18,796,877) $(42,907,434)
Net assets          
At beginning of period 695,609,066 484,533,540 792,946,261 492,500,853 613,647,647
At end of period $606,418,804 $413,384,451 $726,570,657 $473,703,976 $570,740,213
Year ended 4/30/22 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) $17,513,448 $16,945,910 $9,898,339 $3,479,950 $41,545
Net realized gain (loss) 22,209,834 24,551,475 12,057,674 3,191,124 34,864
Net unrealized gain (loss) (50,689,207) (51,421,231) (28,453,984) (10,062,604) (184,925)
Change in net assets from operations $(10,965,925) $(9,923,846) $(6,497,971) $(3,391,530) $(108,516)
Total distributions to shareholders $(28,358,269) $(29,748,163) $(15,367,066) $(4,367,018) $(41,175)
Change in net assets from fund share transactions $32,558,781 $13,133,764 $25,039,958 $27,035,263 $1,347,610
Total change in net assets $(6,765,413) $(26,538,245) $3,174,921 $19,276,715 $1,197,919
Net assets          
At beginning of period 358,225,448 365,052,127 200,990,592 59,929,671 —
At end of period $351,460,035 $338,513,882 $204,165,513 $79,206,386 $1,197,919
(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
71
Financial Statements
Financial Highlights
MFS LIFETIME INCOME FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $12.48 $13.84 $12.29 $12.39 $12.25
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.35 $0.45 $0.23 $0.30 $0.31
Net realized and unrealized gain (loss) (0.40) (1.01) 1.72 0.05 0.30
Total from investment operations $(0.05) $(0.56) $1.95 $0.35 $0.61
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.45) $(0.27) $(0.31) $(0.32)
From net realized gain (0.20) (0.35) (0.13) (0.14) (0.15)
Total distributions declared to shareholders $(0.49) $(0.80) $(0.40) $(0.45) $(0.47)
Net asset value, end of period (x) $11.94 $12.48 $13.84 $12.29 $12.39
Total return (%) (r)(s)(t)(x) (0.28) (4.52) 16.01 2.78 5.18
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.44 0.43 0.43 0.45 0.45
Expenses after expense reductions (h) 0.25 0.23 0.23 0.23 0.23
Net investment income (loss) (l) 2.90 3.28 1.77 2.37 2.57
Portfolio turnover 16 7 12 15 10
Net assets at end of period (000 omitted) $190,944 $166,307 $164,096 $124,123 $111,591
See Notes to Financial Statements
72
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class B 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $12.48 $13.84 $12.29 $12.40 $12.25
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.27 $0.33 $0.15 $0.20 $0.22
Net realized and unrealized gain (loss) (0.41) (1.00) 1.70 0.04 0.31
Total from investment operations $(0.14) $(0.67) $1.85 $0.24 $0.53
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.34) $(0.17) $(0.21) $(0.23)
From net realized gain (0.20) (0.35) (0.13) (0.14) (0.15)
Total distributions declared to shareholders $(0.40) $(0.69) $(0.30) $(0.35) $(0.38)
Net asset value, end of period (x) $11.94 $12.48 $13.84 $12.29 $12.40
Total return (%) (r)(s)(t)(x) (1.03) (5.24) 15.16 1.93 4.48
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.19 1.18 1.19 1.20 1.20
Expenses after expense reductions (h) 1.00 0.98 0.98 0.98 0.99
Net investment income (loss) (l) 2.26 2.39 1.15 1.61 1.81
Portfolio turnover 16 7 12 15 10
Net assets at end of period (000 omitted) $1,647 $1,914 $3,347 $5,774 $9,111
  Year ended
Class C 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $12.47 $13.83 $12.28 $12.39 $12.25
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.34 $0.15 $0.20 $0.22
Net realized and unrealized gain (loss) (0.39) (1.01) 1.70 0.04 0.30
Total from investment operations $(0.14) $(0.67) $1.85 $0.24 $0.52
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.34) $(0.17) $(0.21) $(0.23)
From net realized gain (0.20) (0.35) (0.13) (0.14) (0.15)
Total distributions declared to shareholders $(0.40) $(0.69) $(0.30) $(0.35) $(0.38)
Net asset value, end of period (x) $11.93 $12.47 $13.83 $12.28 $12.39
Total return (%) (r)(s)(t)(x) (1.03) (5.24) 15.17 1.93 4.40
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.20 1.18 1.19 1.20 1.20
Expenses after expense reductions (h) 1.00 0.98 0.98 0.98 0.99
Net investment income (loss) (l) 2.07 2.47 1.16 1.60 1.80
Portfolio turnover 16 7 12 15 10
Net assets at end of period (000 omitted) $39,244 $55,415 $81,542 $98,286 $112,773
See Notes to Financial Statements
73
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class I 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $12.48 $13.84 $12.29 $12.40 $12.25
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.37 $0.49 $0.28 $0.33 $0.34
Net realized and unrealized gain (loss) (0.39) (1.02) 1.70 0.04 0.31
Total from investment operations $(0.02) $(0.53) $1.98 $0.37 $0.65
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.48) $(0.30) $(0.34) $(0.35)
From net realized gain (0.20) (0.35) (0.13) (0.14) (0.15)
Total distributions declared to shareholders $(0.52) $(0.83) $(0.43) $(0.48) $(0.50)
Net asset value, end of period (x) $11.94 $12.48 $13.84 $12.29 $12.40
Total return (%) (r)(s)(t)(x) (0.03) (4.28) 16.30 2.96 5.53
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.19 0.18 0.18 0.20 0.20
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.11 3.58 2.14 2.61 2.82
Portfolio turnover 16 7 12 15 10
Net assets at end of period (000 omitted) $43,462 $45,108 $46,956 $34,513 $34,654
  Year ended
Class R1 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $12.49 $13.85 $12.30 $12.41 $12.26
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.27 $0.36 $0.14 $0.20 $0.21
Net realized and unrealized gain (loss) (0.40) (1.03) 1.71 0.04 0.32
Total from investment operations $(0.13) $(0.67) $1.85 $0.24 $0.53
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.34) $(0.17) $(0.21) $(0.23)
From net realized gain (0.20) (0.35) (0.13) (0.14) (0.15)
Total distributions declared to shareholders $(0.40) $(0.69) $(0.30) $(0.35) $(0.38)
Net asset value, end of period (x) $11.96 $12.49 $13.85 $12.30 $12.41
Total return (%) (r)(s)(t)(x) (0.94) (5.23) 15.15 1.93 4.48
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.19 1.18 1.19 1.20 1.20
Expenses after expense reductions (h) 1.00 0.98 0.98 0.98 0.98
Net investment income (loss) (l) 2.22 2.61 1.08 1.58 1.72
Portfolio turnover 16 7 12 15 10
Net assets at end of period (000 omitted) $2,792 $1,779 $1,932 $2,493 $3,977
See Notes to Financial Statements
74
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class R2 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $12.48 $13.84 $12.29 $12.40 $12.26
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.34 $0.40 $0.21 $0.26 $0.28
Net realized and unrealized gain (loss) (0.42) (1.00) 1.71 0.05 0.30
Total from investment operations $(0.08) $(0.60) $1.92 $0.31 $0.58
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.41) $(0.24) $(0.28) $(0.29)
From net realized gain (0.20) (0.35) (0.13) (0.14) (0.15)
Total distributions declared to shareholders $(0.46) $(0.76) $(0.37) $(0.42) $(0.44)
Net asset value, end of period (x) $11.94 $12.48 $13.84 $12.29 $12.40
Total return (%) (r)(s)(t)(x) (0.53) (4.76) 15.73 2.44 4.92
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.69 0.68 0.69 0.70 0.70
Expenses after expense reductions (h) 0.50 0.48 0.48 0.48 0.49
Net investment income (loss) (l) 2.88 2.92 1.60 2.07 2.30
Portfolio turnover 16 7 12 15 10
Net assets at end of period (000 omitted) $27,337 $7,981 $10,823 $14,259 $19,458
  Year ended
Class R3 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $12.48 $13.84 $12.29 $12.40 $12.25
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $0.43 $0.25 $0.30 $0.31
Net realized and unrealized gain (loss) (0.41) (0.99) 1.70 0.04 0.31
Total from investment operations $(0.05) $(0.56) $1.95 $0.34 $0.62
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.45) $(0.27) $(0.31) $(0.32)
From net realized gain (0.20) (0.35) (0.13) (0.14) (0.15)
Total distributions declared to shareholders $(0.49) $(0.80) $(0.40) $(0.45) $(0.47)
Net asset value, end of period (x) $11.94 $12.48 $13.84 $12.29 $12.40
Total return (%) (r)(s)(t)(x) (0.28) (4.52) 16.01 2.70 5.26
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.44 0.43 0.43 0.45 0.45
Expenses after expense reductions (h) 0.25 0.23 0.23 0.23 0.24
Net investment income (loss) (l) 3.00 3.13 1.90 2.39 2.57
Portfolio turnover 16 7 12 15 10
Net assets at end of period (000 omitted) $120,218 $61,647 $75,909 $67,237 $54,540
See Notes to Financial Statements
75
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
  Year ended
Class R4 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $12.48 $13.84 $12.29 $12.39 $12.25
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.40 $0.45 $0.28 $0.33 $0.34
Net realized and unrealized gain (loss) (0.42) (0.98) 1.70 0.05 0.30
Total from investment operations $(0.02) $(0.53) $1.98 $0.38 $0.64
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.48) $(0.30) $(0.34) $(0.35)
From net realized gain (0.20) (0.35) (0.13) (0.14) (0.15)
Total distributions declared to shareholders $(0.52) $(0.83) $(0.43) $(0.48) $(0.50)
Net asset value, end of period (x) $11.94 $12.48 $13.84 $12.29 $12.39
Total return (%) (r)(s)(t)(x) (0.03) (4.28) 16.30 3.04 5.44
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.19 0.18 0.19 0.20 0.20
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.36 3.28 2.14 2.61 2.82
Portfolio turnover 16 7 12 15 10
Net assets at end of period (000 omitted) $26,707 $11,700 $31,138 $41,807 $47,906
  Year ended
Class R6 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $12.52 $13.88 $12.32 $12.43 $12.29
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.42 $0.50 $0.30 $0.34 $0.35
Net realized and unrealized gain (loss) (0.43) (1.02) 1.71 0.04 0.30
Total from investment operations $(0.01) $(0.52) $2.01 $0.38 $0.65
Less distributions declared to shareholders          
From net investment income $(0.33) $(0.49) $(0.32) $(0.35) $(0.36)
From net realized gain (0.20) (0.35) (0.13) (0.14) (0.15)
Total distributions declared to shareholders $(0.53) $(0.84) $(0.45) $(0.49) $(0.51)
Net asset value, end of period (x) $11.98 $12.52 $13.88 $12.32 $12.43
Total return (%) (r)(s)(t)(x) 0.09 (4.18) 16.44 3.04 5.52
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.08 0.09 0.10 0.12 0.12
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.54 3.61 2.24 2.69 2.84
Portfolio turnover 16 7 12 15 10
Net assets at end of period (000 omitted) $184,269 $81,457 $87,750 $42,065 $33,595
    
See Notes to Financial Statements
76
Financial Highlights − continued
MFS LIFETIME INCOME FUND − continued
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
77
Financial Highlights − continued
MFS LIFETIME 2025 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $13.38 $15.00 $12.75 $13.03 $12.83
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.35 $0.51 $0.25 $0.30 $0.33
Net realized and unrealized gain (loss) (0.40) (1.09) 2.38 (0.11) 0.35
Total from investment operations $(0.05) $(0.58) $2.63 $0.19 $0.68
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.53) $(0.26) $(0.28) $(0.31)
From net realized gain (0.36) (0.51) (0.12) (0.19) (0.17)
Total distributions declared to shareholders $(0.68) $(1.04) $(0.38) $(0.47) $(0.48)
Net asset value, end of period (x) $12.65 $13.38 $15.00 $12.75 $13.03
Total return (%) (r)(s)(t)(x) (0.13) (4.47) 20.70 1.25 5.70
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.48 0.46 0.47 0.51 0.52
Expenses after expense reductions (h) 0.25 0.25 0.25 0.23 0.22
Net investment income (loss) (l) 2.74 3.41 1.77 2.25 2.62
Portfolio turnover 18 14 24 18 14
Net assets at end of period (000 omitted) $23,748 $26,794 $29,637 $26,335 $19,689
  Year ended
Class B 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $13.29 $14.89 $12.64 $12.93 $12.72
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.40 $0.14 $0.20 $0.23
Net realized and unrealized gain (loss) (0.40) (1.09) 2.36 (0.12) 0.36
Total from investment operations $(0.15) $(0.69) $2.50 $0.08 $0.59
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.40) $(0.13) $(0.18) $(0.21)
From net realized gain (0.36) (0.51) (0.12) (0.19) (0.17)
Total distributions declared to shareholders $(0.56) $(0.91) $(0.25) $(0.37) $(0.38)
Net asset value, end of period (x) $12.58 $13.29 $14.89 $12.64 $12.93
Total return (%) (r)(s)(t)(x) (0.95) (5.15) 19.83 0.48 4.96
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.21 1.22 1.26 1.27
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 0.97
Net investment income (loss) (l) 1.97 2.71 1.00 1.49 1.82
Portfolio turnover 18 14 24 18 14
Net assets at end of period (000 omitted) $799 $1,156 $1,447 $1,632 $1,501
See Notes to Financial Statements
78
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class C 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $13.20 $14.80 $12.58 $12.86 $12.66
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.40 $0.14 $0.19 $0.22
Net realized and unrealized gain (loss) (0.40) (1.09) 2.35 (0.11) 0.37
Total from investment operations $(0.14) $(0.69) $2.49 $0.08 $0.59
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.40) $(0.15) $(0.17) $(0.22)
From net realized gain (0.36) (0.51) (0.12) (0.19) (0.17)
Total distributions declared to shareholders $(0.60) $(0.91) $(0.27) $(0.36) $(0.39)
Net asset value, end of period (x) $12.46 $13.20 $14.80 $12.58 $12.86
Total return (%) (r)(s)(t)(x) (0.88) (5.19) 19.86 0.45 4.94
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.21 1.22 1.26 1.27
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 0.99
Net investment income (loss) (l) 2.07 2.74 1.03 1.46 1.78
Portfolio turnover 18 14 24 18 14
Net assets at end of period (000 omitted) $3,478 $3,571 $4,618 $3,852 $4,186
  Year ended
Class I 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $13.43 $15.06 $12.79 $13.08 $12.87
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.38 $0.55 $0.30 $0.33 $0.41
Net realized and unrealized gain (loss) (0.40) (1.10) 2.38 (0.12) 0.32
Total from investment operations $(0.02) $(0.55) $2.68 $0.21 $0.73
Less distributions declared to shareholders          
From net investment income $(0.36) $(0.57) $(0.29) $(0.31) $(0.35)
From net realized gain (0.36) (0.51) (0.12) (0.19) (0.17)
Total distributions declared to shareholders $(0.72) $(1.08) $(0.41) $(0.50) $(0.52)
Net asset value, end of period (x) $12.69 $13.43 $15.06 $12.79 $13.08
Total return (%) (r)(s)(t)(x) 0.07 (4.26) 21.10 1.38 6.05
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.23 0.21 0.22 0.26 0.27
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.99 3.68 2.08 2.49 3.23
Portfolio turnover 18 14 24 18 14
Net assets at end of period (000 omitted) $2,724 $4,104 $3,131 $1,445 $1,228
See Notes to Financial Statements
79
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class R1 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $13.44 $15.04 $12.65 $12.95 $12.76
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.39 $0.09 $0.19 $0.22
Net realized and unrealized gain (loss) (0.41) (1.09) 2.42 (0.12) 0.37
Total from investment operations $(0.15) $(0.70) $2.51 $0.07 $0.59
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.39) $— $(0.18) $(0.23)
From net realized gain (0.36) (0.51) (0.12) (0.19) (0.17)
Total distributions declared to shareholders $(0.59) $(0.90) $(0.12) $(0.37) $(0.40)
Net asset value, end of period (x) $12.70 $13.44 $15.04 $12.65 $12.95
Total return (%) (r)(s)(t)(x) (0.92) (5.19) 19.86 0.37 4.97
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.23 1.21 1.23 1.26 1.27
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 0.99
Net investment income (loss) (l) 2.02 2.61 0.67 1.46 1.76
Portfolio turnover 18 14 24 18 14
Net assets at end of period (000 omitted) $347 $310 $374 $1,902 $1,578
  Year ended
Class R2 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $13.35 $14.95 $12.69 $12.96 $12.74
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.32 $0.47 $0.21 $0.25 $0.28
Net realized and unrealized gain (loss) (0.41) (1.08) 2.37 (0.11) 0.37
Total from investment operations $(0.09) $(0.61) $2.58 $0.14 $0.65
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.48) $(0.20) $(0.22) $(0.26)
From net realized gain (0.36) (0.51) (0.12) (0.19) (0.17)
Total distributions declared to shareholders $(0.65) $(0.99) $(0.32) $(0.41) $(0.43)
Net asset value, end of period (x) $12.61 $13.35 $14.95 $12.69 $12.96
Total return (%) (r)(s)(t)(x) (0.48) (4.64) 20.43 0.93 5.48
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.73 0.71 0.73 0.76 0.77
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.49
Net investment income (loss) (l) 2.51 3.15 1.49 1.89 2.21
Portfolio turnover 18 14 24 18 14
Net assets at end of period (000 omitted) $14,322 $16,771 $21,994 $26,607 $36,121
See Notes to Financial Statements
80
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class R3 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $13.37 $14.98 $12.73 $13.02 $12.81
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.35 $0.51 $0.25 $0.30 $0.33
Net realized and unrealized gain (loss) (0.41) (1.08) 2.38 (0.12) 0.36
Total from investment operations $(0.06) $(0.57) $2.63 $0.18 $0.69
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.53) $(0.26) $(0.28) $(0.31)
From net realized gain (0.36) (0.51) (0.12) (0.19) (0.17)
Total distributions declared to shareholders $(0.68) $(1.04) $(0.38) $(0.47) $(0.48)
Net asset value, end of period (x) $12.63 $13.37 $14.98 $12.73 $13.02
Total return (%) (r)(s)(t)(x) (0.18) (4.41) 20.74 1.17 5.75
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.48 0.46 0.47 0.51 0.52
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.24
Net investment income (loss) (l) 2.75 3.43 1.80 2.25 2.56
Portfolio turnover 18 14 24 18 14
Net assets at end of period (000 omitted) $100,312 $109,420 $112,826 $95,013 $76,112
  Year ended
Class R4 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $13.47 $15.09 $12.81 $13.10 $12.88
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.38 $0.52 $0.28 $0.33 $0.36
Net realized and unrealized gain (loss) (0.40) (1.08) 2.40 (0.12) 0.37
Total from investment operations $(0.02) $(0.56) $2.68 $0.21 $0.73
Less distributions declared to shareholders          
From net investment income $(0.36) $(0.55) $(0.28) $(0.31) $(0.34)
From net realized gain (0.36) (0.51) (0.12) (0.19) (0.17)
Total distributions declared to shareholders $(0.72) $(1.06) $(0.40) $(0.50) $(0.51)
Net asset value, end of period (x) $12.73 $13.47 $15.09 $12.81 $13.10
Total return (%) (r)(s)(t)(x) 0.08 (4.26) 21.06 1.37 6.06
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.23 0.21 0.23 0.26 0.27
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.99 3.43 2.00 2.49 2.82
Portfolio turnover 18 14 24 18 14
Net assets at end of period (000 omitted) $36,419 $34,089 $82,037 $105,160 $105,032
See Notes to Financial Statements
81
Financial Highlights − continued
MFS LIFETIME 2025 FUND − continued
  Year ended
Class R6 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $13.47 $15.09 $12.82 $13.10 $12.88
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.43 $0.58 $0.32 $0.35 $0.38
Net realized and unrealized gain (loss) (0.43) (1.10) 2.38 (0.12) 0.37
Total from investment operations $0.00 $(0.52) $2.70 $0.23 $0.75
Less distributions declared to shareholders          
From net investment income $(0.38) $(0.59) $(0.31) $(0.32) $(0.36)
From net realized gain (0.36) (0.51) (0.12) (0.19) (0.17)
Total distributions declared to shareholders $(0.74) $(1.10) $(0.43) $(0.51) $(0.53)
Net asset value, end of period (x) $12.73 $13.47 $15.09 $12.82 $13.10
Total return (%) (r)(s)(t)(x) 0.24 (4.06) 21.17 1.57 6.21
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.09 0.07 0.08 0.12 0.14
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.34 3.88 2.22 2.63 2.93
Portfolio turnover 18 14 24 18 14
Net assets at end of period (000 omitted) $158,548 $217,171 $228,469 $65,523 $47,026
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
82
Financial Highlights − continued
MFS LIFETIME 2030 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.03 $18.20 $14.61 $15.59 $15.48
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.40 $0.72 $0.26 $0.32 $0.37
Net realized and unrealized gain (loss) (0.45) (1.34) 3.96 (0.46) 0.49
Total from investment operations $(0.05) $(0.62) $4.22 $(0.14) $0.86
Less distributions declared to shareholders          
From net investment income $(0.37) $(0.73) $(0.27) $(0.32) $(0.36)
From net realized gain (0.53) (0.82) (0.36) (0.52) (0.39)
Total distributions declared to shareholders $(0.90) $(1.55) $(0.63) $(0.84) $(0.75)
Net asset value, end of period (x) $15.08 $16.03 $18.20 $14.61 $15.59
Total return (%) (r)(s)(t)(x) (0.02) (4.25) 29.17 (1.36) 6.24
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.45 0.44 0.44 0.46 0.46
Expenses after expense reductions (h) 0.25 0.25 0.24 0.24 0.23
Net investment income (loss) (l) 2.62 3.95 1.56 2.07 2.40
Portfolio turnover 18 15 27 18 18
Net assets at end of period (000 omitted) $78,198 $78,464 $81,398 $66,732 $63,579
  Year ended
Class B 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $15.82 $17.96 $14.41 $15.37 $15.26
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.27 $0.55 $0.13 $0.20 $0.25
Net realized and unrealized gain (loss) (0.43) (1.30) 3.91 (0.46) 0.50
Total from investment operations $(0.16) $(0.75) $4.04 $(0.26) $0.75
Less distributions declared to shareholders          
From net investment income $(0.21) $(0.57) $(0.13) $(0.18) $(0.25)
From net realized gain (0.53) (0.82) (0.36) (0.52) (0.39)
Total distributions declared to shareholders $(0.74) $(1.39) $(0.49) $(0.70) $(0.64)
Net asset value, end of period (x) $14.92 $15.82 $17.96 $14.41 $15.37
Total return (%) (r)(s)(t)(x) (0.74) (4.98) 28.24 (2.07) 5.44
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.20 1.19 1.19 1.21 1.21
Expenses after expense reductions (h) 1.00 1.00 0.99 0.99 0.99
Net investment income (loss) (l) 1.82 3.09 0.82 1.29 1.67
Portfolio turnover 18 15 27 18 18
Net assets at end of period (000 omitted) $3,104 $4,398 $6,394 $6,495 $8,727
See Notes to Financial Statements
83
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class C 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $15.69 $17.84 $14.31 $15.27 $15.16
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.56 $0.14 $0.19 $0.25
Net realized and unrealized gain (loss) (0.42) (1.30) 3.87 (0.44) 0.49
Total from investment operations $(0.16) $(0.74) $4.01 $(0.25) $0.74
Less distributions declared to shareholders          
From net investment income $(0.22) $(0.59) $(0.12) $(0.19) $(0.24)
From net realized gain (0.53) (0.82) (0.36) (0.52) (0.39)
Total distributions declared to shareholders $(0.75) $(1.41) $(0.48) $(0.71) $(0.63)
Net asset value, end of period (x) $14.78 $15.69 $17.84 $14.31 $15.27
Total return (%) (r)(s)(t)(x) (0.76) (4.97) 28.24 (2.05) 5.46
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.20 1.19 1.19 1.21 1.21
Expenses after expense reductions (h) 1.00 1.00 0.99 0.99 0.99
Net investment income (loss) (l) 1.78 3.15 0.85 1.26 1.63
Portfolio turnover 18 15 27 18 18
Net assets at end of period (000 omitted) $8,025 $10,573 $12,826 $13,474 $15,790
  Year ended
Class I 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.12 $18.30 $14.69 $15.66 $15.55
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.43 $0.85 $0.31 $0.36 $0.42
Net realized and unrealized gain (loss) (0.45) (1.43) 3.98 (0.46) 0.48
Total from investment operations $(0.02) $(0.58) $4.29 $(0.10) $0.90
Less distributions declared to shareholders          
From net investment income $(0.40) $(0.78) $(0.32) $(0.35) $(0.40)
From net realized gain (0.53) (0.82) (0.36) (0.52) (0.39)
Total distributions declared to shareholders $(0.93) $(1.60) $(0.68) $(0.87) $(0.79)
Net asset value, end of period (x) $15.17 $16.12 $18.30 $14.69 $15.66
Total return (%) (r)(s)(t)(x) 0.23 (4.02) 29.48 (1.07) 6.50
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.20 0.19 0.19 0.21 0.21
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.81 4.65 1.86 2.29 2.70
Portfolio turnover 18 15 27 18 18
Net assets at end of period (000 omitted) $6,146 $6,552 $6,274 $2,395 $2,282
See Notes to Financial Statements
84
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class R1 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $15.89 $18.05 $14.43 $15.42 $15.32
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.58 $0.11 $0.21 $0.26
Net realized and unrealized gain (loss) (0.44) (1.34) 3.94 (0.46) 0.48
Total from investment operations $(0.16) $(0.76) $4.05 $(0.25) $0.74
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.58) $(0.07) $(0.22) $(0.25)
From net realized gain (0.53) (0.82) (0.36) (0.52) (0.39)
Total distributions declared to shareholders $(0.76) $(1.40) $(0.43) $(0.74) $(0.64)
Net asset value, end of period (x) $14.97 $15.89 $18.05 $14.43 $15.42
Total return (%) (r)(s)(t)(x) (0.73) (5.00) 28.21 (2.06) 5.42
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.20 1.19 1.20 1.21 1.21
Expenses after expense reductions (h) 1.00 1.00 0.99 1.00 0.99
Net investment income (loss) (l) 1.83 3.21 0.66 1.38 1.69
Portfolio turnover 18 15 27 18 18
Net assets at end of period (000 omitted) $3,347 $4,148 $5,636 $7,150 $7,423
  Year ended
Class R2 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $15.88 $18.04 $14.47 $15.43 $15.32
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.35 $0.65 $0.20 $0.28 $0.33
Net realized and unrealized gain (loss) (0.44) (1.31) 3.94 (0.46) 0.49
Total from investment operations $(0.09) $(0.66) $4.14 $(0.18) $0.82
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.68) $(0.21) $(0.26) $(0.32)
From net realized gain (0.53) (0.82) (0.36) (0.52) (0.39)
Total distributions declared to shareholders $(0.85) $(1.50) $(0.57) $(0.78) $(0.71)
Net asset value, end of period (x) $14.94 $15.88 $18.04 $14.47 $15.43
Total return (%) (r)(s)(t)(x) (0.26) (4.50) 28.84 (1.60) 6.00
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.70 0.69 0.70 0.71 0.71
Expenses after expense reductions (h) 0.50 0.50 0.49 0.49 0.49
Net investment income (loss) (l) 2.33 3.64 1.24 1.78 2.17
Portfolio turnover 18 15 27 18 18
Net assets at end of period (000 omitted) $46,256 $51,968 $60,402 $66,342 $78,171
See Notes to Financial Statements
85
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class R3 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $15.98 $18.15 $14.57 $15.54 $15.44
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.39 $0.69 $0.26 $0.32 $0.37
Net realized and unrealized gain (loss) (0.44) (1.31) 3.95 (0.45) 0.49
Total from investment operations $(0.05) $(0.62) $4.21 $(0.13) $0.86
Less distributions declared to shareholders          
From net investment income $(0.37) $(0.73) $(0.27) $(0.32) $(0.37)
From net realized gain (0.53) (0.82) (0.36) (0.52) (0.39)
Total distributions declared to shareholders $(0.90) $(1.55) $(0.63) $(0.84) $(0.76)
Net asset value, end of period (x) $15.03 $15.98 $18.15 $14.57 $15.54
Total return (%) (r)(s)(t)(x) (0.01) (4.27) 29.18 (1.31) 6.21
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.45 0.44 0.44 0.46 0.46
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.24
Net investment income (loss) (l) 2.59 3.84 1.58 2.06 2.44
Portfolio turnover 18 15 27 18 18
Net assets at end of period (000 omitted) $199,271 $196,297 $196,178 $158,189 $146,737
  Year ended
Class R4 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.17 $18.34 $14.70 $15.68 $15.56
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.44 $0.71 $0.30 $0.37 $0.40
Net realized and unrealized gain (loss) (0.46) (1.29) 4.01 (0.48) 0.51
Total from investment operations $(0.02) $(0.58) $4.31 $(0.11) $0.91
Less distributions declared to shareholders          
From net investment income $(0.40) $(0.77) $(0.31) $(0.35) $(0.40)
From net realized gain (0.53) (0.82) (0.36) (0.52) (0.39)
Total distributions declared to shareholders $(0.93) $(1.59) $(0.67) $(0.87) $(0.79)
Net asset value, end of period (x) $15.22 $16.17 $18.34 $14.70 $15.68
Total return (%) (r)(s)(t)(x) 0.24 (4.03) 29.58 (1.14) 6.56
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.20 0.19 0.20 0.21 0.21
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.83 3.87 1.80 2.32 2.61
Portfolio turnover 18 15 27 18 18
Net assets at end of period (000 omitted) $59,570 $58,095 $123,740 $162,913 $158,288
See Notes to Financial Statements
86
Financial Highlights − continued
MFS LIFETIME 2030 FUND − continued
  Year ended
Class R6 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.15 $18.33 $14.70 $15.68 $15.56
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.49 $0.79 $0.34 $0.38 $0.44
Net realized and unrealized gain (loss) (0.48) (1.35) 3.98 (0.47) 0.49
Total from investment operations $0.01 $(0.56) $4.32 $(0.09) $0.93
Less distributions declared to shareholders          
From net investment income $(0.43) $(0.80) $(0.33) $(0.37) $(0.42)
From net realized gain (0.53) (0.82) (0.36) (0.52) (0.39)
Total distributions declared to shareholders $(0.96) $(1.62) $(0.69) $(0.89) $(0.81)
Net asset value, end of period (x) $15.20 $16.15 $18.33 $14.70 $15.68
Total return (%) (r)(s)(t)(x) 0.40 (3.92) 29.71 (1.02) 6.71
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.06 0.05 0.06 0.08 0.08
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.17 4.34 2.01 2.44 2.86
Portfolio turnover 18 15 27 18 18
Net assets at end of period (000 omitted) $288,629 $316,077 $300,098 $116,212 $108,358
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
87
Financial Highlights − continued
MFS LIFETIME 2035 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.63 $18.63 $13.79 $14.94 $14.61
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.38 $0.88 $0.23 $0.29 $0.34
Net realized and unrealized gain (loss) (0.40) (1.44) 5.04 (0.85) 0.52
Total from investment operations $(0.02) $(0.56) $5.27 $(0.56) $0.86
Less distributions declared to shareholders          
From net investment income $(0.37) $(0.86) $(0.23) $(0.29) $(0.32)
From net realized gain (0.57) (0.58) (0.20) (0.30) (0.21)
Total distributions declared to shareholders $(0.94) $(1.44) $(0.43) $(0.59) $(0.53)
Net asset value, end of period (x) $15.67 $16.63 $18.63 $13.79 $14.94
Total return (%) (r)(s)(t)(x) 0.27 (3.84) 38.48 (4.23) 6.50
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.47 0.47 0.48 0.52 0.54
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.24
Net investment income (loss) (l) 2.44 4.67 1.41 1.96 2.36
Portfolio turnover 24 18 28 13 12
Net assets at end of period (000 omitted) $32,421 $29,272 $27,770 $20,382 $16,563
  Year ended
Class B 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.52 $18.50 $13.70 $14.84 $14.49
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.69 $0.11 $0.17 $0.22
Net realized and unrealized gain (loss) (0.39) (1.39) 4.99 (0.85) 0.54
Total from investment operations $(0.13) $(0.70) $5.10 $(0.68) $0.76
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.70) $(0.10) $(0.16) $(0.20)
From net realized gain (0.57) (0.58) (0.20) (0.30) (0.21)
Total distributions declared to shareholders $(0.80) $(1.28) $(0.30) $(0.46) $(0.41)
Net asset value, end of period (x) $15.59 $16.52 $18.50 $13.70 $14.84
Total return (%) (r)(s)(t)(x) (0.48) (4.53) 37.44 (4.98) 5.71
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.22 1.22 1.23 1.27 1.29
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.66 3.72 0.65 1.12 1.55
Portfolio turnover 24 18 28 13 12
Net assets at end of period (000 omitted) $1,067 $1,370 $1,597 $1,387 $1,650
See Notes to Financial Statements
88
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class C 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.40 $18.38 $13.62 $14.78 $14.45
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.27 $0.69 $0.10 $0.19 $0.22
Net realized and unrealized gain (loss) (0.41) (1.37) 4.97 (0.87) 0.53
Total from investment operations $(0.14) $(0.68) $5.07 $(0.68) $0.75
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.72) $(0.11) $(0.18) $(0.21)
From net realized gain (0.57) (0.58) (0.20) (0.30) (0.21)
Total distributions declared to shareholders $(0.84) $(1.30) $(0.31) $(0.48) $(0.42)
Net asset value, end of period (x) $15.42 $16.40 $18.38 $13.62 $14.78
Total return (%) (r)(s)(t)(x) (0.55) (4.50) 37.40 (4.97) 5.69
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.22 1.22 1.23 1.27 1.29
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 0.99
Net investment income (loss) (l) 1.74 3.72 0.63 1.26 1.54
Portfolio turnover 24 18 28 13 12
Net assets at end of period (000 omitted) $4,272 $3,413 $3,514 $2,632 $2,730
  Year ended
Class I 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.69 $18.68 $13.82 $14.97 $14.64
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.45 $0.88 $0.27 $0.32 $0.37
Net realized and unrealized gain (loss) (0.44) (1.38) 5.05 (0.85) 0.53
Total from investment operations $0.01 $(0.50) $5.32 $(0.53) $0.90
Less distributions declared to shareholders          
From net investment income $(0.41) $(0.91) $(0.26) $(0.32) $(0.36)
From net realized gain (0.57) (0.58) (0.20) (0.30) (0.21)
Total distributions declared to shareholders $(0.98) $(1.49) $(0.46) $(0.62) $(0.57)
Net asset value, end of period (x) $15.72 $16.69 $18.68 $13.82 $14.97
Total return (%) (r)(s)(t)(x) 0.48 (3.55) 38.83 (4.03) 6.76
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.22 0.22 0.23 0.27 0.29
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.83 4.69 1.66 2.17 2.55
Portfolio turnover 24 18 28 13 12
Net assets at end of period (000 omitted) $1,953 $1,365 $1,267 $714 $843
See Notes to Financial Statements
89
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class R1 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.59 $18.59 $13.70 $14.83 $14.50
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.72 $(0.01) $0.15 $0.22
Net realized and unrealized gain (loss) (0.40) (1.42) 5.10 (0.84) 0.54
Total from investment operations $(0.14) $(0.70) $5.09 $(0.69) $0.76
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.72) $— $(0.14) $(0.22)
From net realized gain (0.57) (0.58) (0.20) (0.30) (0.21)
Total distributions declared to shareholders $(0.84) $(1.30) $(0.20) $(0.44) $(0.43)
Net asset value, end of period (x) $15.61 $16.59 $18.59 $13.70 $14.83
Total return (%) (r)(s)(t)(x) (0.50) (4.52) 37.27 (5.01) 5.72
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.22 1.22 1.24 1.27 1.29
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.64 3.84 (0.05) 1.00 1.55
Portfolio turnover 24 18 28 13 12
Net assets at end of period (000 omitted) $998 $932 $470 $1,835 $2,535
  Year ended
Class R2 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.64 $18.61 $13.75 $14.89 $14.54
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.34 $0.75 $0.16 $0.23 $0.27
Net realized and unrealized gain (loss) (0.41) (1.35) 5.04 (0.84) 0.56
Total from investment operations $(0.07) $(0.60) $5.20 $(0.61) $0.83
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.79) $(0.14) $(0.23) $(0.27)
From net realized gain (0.57) (0.58) (0.20) (0.30) (0.21)
Total distributions declared to shareholders $(0.89) $(1.37) $(0.34) $(0.53) $(0.48)
Net asset value, end of period (x) $15.68 $16.64 $18.61 $13.75 $14.89
Total return (%) (r)(s)(t)(x) (0.05) (4.01) 38.06 (4.50) 6.23
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.72 0.72 0.74 0.77 0.79
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 2.19 4.01 0.97 1.58 1.84
Portfolio turnover 24 18 28 13 12
Net assets at end of period (000 omitted) $14,659 $17,075 $20,783 $26,572 $32,592
See Notes to Financial Statements
90
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class R3 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.65 $18.64 $13.80 $14.96 $14.63
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.38 $0.83 $0.23 $0.30 $0.34
Net realized and unrealized gain (loss) (0.40) (1.38) 5.04 (0.87) 0.52
Total from investment operations $(0.02) $(0.55) $5.27 $(0.57) $0.86
Less distributions declared to shareholders          
From net investment income $(0.37) $(0.86) $(0.23) $(0.29) $(0.32)
From net realized gain (0.57) (0.58) (0.20) (0.30) (0.21)
Total distributions declared to shareholders $(0.94) $(1.44) $(0.43) $(0.59) $(0.53)
Net asset value, end of period (x) $15.69 $16.65 $18.64 $13.80 $14.96
Total return (%) (r)(s)(t)(x) 0.24 (3.81) 38.44 (4.27) 6.46
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.47 0.47 0.48 0.52 0.54
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.41 4.41 1.40 2.00 2.31
Portfolio turnover 24 18 28 13 12
Net assets at end of period (000 omitted) $140,851 $142,758 $141,555 $96,287 $71,027
  Year ended
Class R4 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.78 $18.76 $13.87 $15.02 $14.69
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.42 $0.78 $0.25 $0.33 $0.38
Net realized and unrealized gain (loss) (0.41) (1.29) 5.09 (0.86) 0.52
Total from investment operations $0.01 $(0.51) $5.34 $(0.53) $0.90
Less distributions declared to shareholders          
From net investment income $(0.41) $(0.89) $(0.25) $(0.32) $(0.36)
From net realized gain (0.57) (0.58) (0.20) (0.30) (0.21)
Total distributions declared to shareholders $(0.98) $(1.47) $(0.45) $(0.62) $(0.57)
Net asset value, end of period (x) $15.81 $16.78 $18.76 $13.87 $15.02
Total return (%) (r)(s)(t)(x) 0.44 (3.56) 38.82 (4.01) 6.73
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.22 0.22 0.23 0.27 0.29
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.65 4.12 1.56 2.22 2.58
Portfolio turnover 24 18 28 13 12
Net assets at end of period (000 omitted) $45,521 $39,766 $89,097 $120,415 $115,939
See Notes to Financial Statements
91
Financial Highlights − continued
MFS LIFETIME 2035 FUND − continued
  Year ended
Class R6 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $16.77 $18.76 $13.87 $15.02 $14.69
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.50 $0.94 $0.31 $0.35 $0.39
Net realized and unrealized gain (loss) (0.47) (1.42) 5.07 (0.86) 0.53
Total from investment operations $0.03 $(0.48) $5.38 $(0.51) $0.92
Less distributions declared to shareholders          
From net investment income $(0.43) $(0.93) $(0.29) $(0.34) $(0.38)
From net realized gain (0.57) (0.58) (0.20) (0.30) (0.21)
Total distributions declared to shareholders $(1.00) $(1.51) $(0.49) $(0.64) $(0.59)
Net asset value, end of period (x) $15.80 $16.77 $18.76 $13.87 $15.02
Total return (%) (r)(s)(t)(x) 0.61 (3.42) 39.08 (3.90) 6.90
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.07 0.07 0.09 0.12 0.15
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.13 4.97 1.86 2.35 2.67
Portfolio turnover 24 18 28 13 12
Net assets at end of period (000 omitted) $223,670 $237,753 $206,449 $62,093 $44,655
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
92
Financial Highlights − continued
MFS LIFETIME 2040 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.03 $20.33 $14.79 $16.46 $16.38
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.39 $0.94 $0.21 $0.30 $0.35
Net realized and unrealized gain (loss) (0.39) (1.48) 5.86 (1.02) 0.57
Total from investment operations $0.00(w) $(0.54) $6.07 $(0.72) $0.92
Less distributions declared to shareholders          
From net investment income $(0.39) $(0.97) $(0.22) $(0.30) $(0.36)
From net realized gain (0.63) (0.79) (0.31) (0.65) (0.48)
Total distributions declared to shareholders $(1.02) $(1.76) $(0.53) $(0.95) $(0.84)
Net asset value, end of period (x) $17.01 $18.03 $20.33 $14.79 $16.46
Total return (%) (r)(s)(t)(x) 0.39 (3.60) 41.38 (5.08) 6.45
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.46 0.45 0.46 0.49 0.48
Expenses after expense reductions (h) 0.25 0.25 0.24 0.24 0.24
Net investment income (loss) (l) 2.29 4.60 1.21 1.86 2.15
Portfolio turnover 18 14 27 13 17
Net assets at end of period (000 omitted) $51,443 $50,245 $56,524 $41,909 $36,747
  Year ended
Class B 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.92 $20.20 $14.68 $16.34 $16.23
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.78 $0.08 $0.17 $0.22
Net realized and unrealized gain (loss) (0.39) (1.48) 5.81 (1.01) 0.59
Total from investment operations $(0.13) $(0.70) $5.89 $(0.84) $0.81
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.79) $(0.06) $(0.17) $(0.22)
From net realized gain (0.63) (0.79) (0.31) (0.65) (0.48)
Total distributions declared to shareholders $(0.86) $(1.58) $(0.37) $(0.82) $(0.70)
Net asset value, end of period (x) $16.93 $17.92 $20.20 $14.68 $16.34
Total return (%) (r)(s)(t)(x) (0.40) (4.34) 40.36 (5.80) 5.66
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.21 1.20 1.21 1.24 1.23
Expenses after expense reductions (h) 1.00 1.00 0.99 0.99 0.99
Net investment income (loss) (l) 1.52 3.85 0.44 1.05 1.39
Portfolio turnover 18 14 27 13 17
Net assets at end of period (000 omitted) $1,972 $2,641 $3,527 $3,577 $4,588
See Notes to Financial Statements
93
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class C 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.64 $19.94 $14.48 $16.13 $16.03
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.77 $0.08 $0.16 $0.21
Net realized and unrealized gain (loss) (0.37) (1.46) 5.73 (0.99) 0.58
Total from investment operations $(0.11) $(0.69) $5.81 $(0.83) $0.79
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.82) $(0.04) $(0.17) $(0.21)
From net realized gain (0.63) (0.79) (0.31) (0.65) (0.48)
Total distributions declared to shareholders $(0.89) $(1.61) $(0.35) $(0.82) $(0.69)
Net asset value, end of period (x) $16.64 $17.64 $19.94 $14.48 $16.13
Total return (%) (r)(s)(t)(x) (0.30) (4.40) 40.39 (5.79) 5.65
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.21 1.20 1.22 1.24 1.23
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 0.99
Net investment income (loss) (l) 1.57 3.84 0.48 1.03 1.35
Portfolio turnover 18 14 27 13 17
Net assets at end of period (000 omitted) $6,747 $7,809 $8,727 $9,202 $10,994
  Year ended
Class I 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.17 $20.49 $14.91 $16.57 $16.47
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.47 $1.04 $0.28 $0.32 $0.42
Net realized and unrealized gain (loss) (0.42) (1.54) 5.88 (1.00) 0.55
Total from investment operations $0.05 $(0.50) $6.16 $(0.68) $0.97
Less distributions declared to shareholders          
From net investment income $(0.44) $(1.03) $(0.27) $(0.33) $(0.39)
From net realized gain (0.63) (0.79) (0.31) (0.65) (0.48)
Total distributions declared to shareholders $(1.07) $(1.82) $(0.58) $(0.98) $(0.87)
Net asset value, end of period (x) $17.15 $18.17 $20.49 $14.91 $16.57
Total return (%) (r)(s)(t)(x) 0.68 (3.41) 41.67 (4.81) 6.75
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.21 0.20 0.21 0.24 0.23
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.75 5.06 1.57 1.92 2.55
Portfolio turnover 18 14 27 13 17
Net assets at end of period (000 omitted) $7,846 $5,129 $3,870 $1,201 $1,432
See Notes to Financial Statements
94
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class R1 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.82 $20.13 $14.61 $16.27 $16.16
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.79 $0.05 $0.16 $0.21
Net realized and unrealized gain (loss) (0.37) (1.48) 5.81 (1.00) 0.60
Total from investment operations $(0.12) $(0.69) $5.86 $(0.84) $0.81
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.83) $(0.03) $(0.17) $(0.22)
From net realized gain (0.63) (0.79) (0.31) (0.65) (0.48)
Total distributions declared to shareholders $(0.86) $(1.62) $(0.34) $(0.82) $(0.70)
Net asset value, end of period (x) $16.84 $17.82 $20.13 $14.61 $16.27
Total return (%) (r)(s)(t)(x) (0.35) (4.36) 40.32 (5.80) 5.71
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.21 1.20 1.22 1.24 1.23
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 0.99
Net investment income (loss) (l) 1.46 3.90 0.29 1.01 1.32
Portfolio turnover 18 14 27 13 17
Net assets at end of period (000 omitted) $3,063 $4,001 $3,965 $4,153 $4,958
  Year ended
Class R2 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.91 $20.21 $14.70 $16.34 $16.24
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.34 $0.87 $0.16 $0.24 $0.31
Net realized and unrealized gain (loss) (0.38) (1.46) 5.82 (0.99) 0.57
Total from investment operations $(0.04) $(0.59) $5.98 $(0.75) $0.88
Less distributions declared to shareholders          
From net investment income $(0.34) $(0.92) $(0.16) $(0.24) $(0.30)
From net realized gain (0.63) (0.79) (0.31) (0.65) (0.48)
Total distributions declared to shareholders $(0.97) $(1.71) $(0.47) $(0.89) $(0.78)
Net asset value, end of period (x) $16.90 $17.91 $20.21 $14.70 $16.34
Total return (%) (r)(s)(t)(x) 0.14 (3.89) 40.98 (5.30) 6.23
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.71 0.70 0.72 0.74 0.73
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.49
Net investment income (loss) (l) 2.00 4.26 0.90 1.49 1.92
Portfolio turnover 18 14 27 13 17
Net assets at end of period (000 omitted) $40,810 $44,155 $53,097 $48,086 $59,429
See Notes to Financial Statements
95
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class R3 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.02 $20.33 $14.80 $16.46 $16.37
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.39 $0.94 $0.22 $0.30 $0.36
Net realized and unrealized gain (loss) (0.39) (1.48) 5.84 (1.01) 0.56
Total from investment operations $0.00(w) $(0.54) $6.06 $(0.71) $0.92
Less distributions declared to shareholders          
From net investment income $(0.39) $(0.98) $(0.22) $(0.30) $(0.35)
From net realized gain (0.63) (0.79) (0.31) (0.65) (0.48)
Total distributions declared to shareholders $(1.02) $(1.77) $(0.53) $(0.95) $(0.83)
Net asset value, end of period (x) $17.00 $18.02 $20.33 $14.80 $16.46
Total return (%) (r)(s)(t)(x) 0.39 (3.63) 41.32 (5.02) 6.45
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.46 0.45 0.46 0.49 0.48
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.24
Net investment income (loss) (l) 2.27 4.60 1.26 1.82 2.20
Portfolio turnover 18 14 27 13 17
Net assets at end of period (000 omitted) $176,070 $171,589 $156,544 $104,521 $89,830
  Year ended
Class R4 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.26 $20.56 $14.94 $16.61 $16.51
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.43 $0.91 $0.25 $0.34 $0.39
Net realized and unrealized gain (loss) (0.39) (1.40) 5.93 (1.02) 0.58
Total from investment operations $0.04 $(0.49) $6.18 $(0.68) $0.97
Less distributions declared to shareholders          
From net investment income $(0.43) $(1.02) $(0.25) $(0.34) $(0.39)
From net realized gain (0.63) (0.79) (0.31) (0.65) (0.48)
Total distributions declared to shareholders $(1.06) $(1.81) $(0.56) $(0.99) $(0.87)
Net asset value, end of period (x) $17.24 $18.26 $20.56 $14.94 $16.61
Total return (%) (r)(s)(t)(x) 0.64 (3.38) 41.74 (4.84) 6.73
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.21 0.20 0.22 0.24 0.23
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.50 4.36 1.40 2.07 2.36
Portfolio turnover 18 14 27 13 17
Net assets at end of period (000 omitted) $51,695 $41,621 $105,822 $144,006 $143,534
See Notes to Financial Statements
96
Financial Highlights − continued
MFS LIFETIME 2040 FUND − continued
  Year ended
Class R6 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.24 $20.55 $14.94 $16.61 $16.51
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.51 $1.06 $0.31 $0.36 $0.43
Net realized and unrealized gain (loss) (0.44) (1.52) 5.89 (1.02) 0.56
Total from investment operations $0.07 $(0.46) $6.20 $(0.66) $0.99
Less distributions declared to shareholders          
From net investment income $(0.46) $(1.06) $(0.28) $(0.36) $(0.41)
From net realized gain (0.63) (0.79) (0.31) (0.65) (0.48)
Total distributions declared to shareholders $(1.09) $(1.85) $(0.59) $(1.01) $(0.89)
Net asset value, end of period (x) $17.22 $18.24 $20.55 $14.94 $16.61
Total return (%) (r)(s)(t)(x) 0.80 (3.24) 41.92 (4.72) 6.89
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.07 0.06 0.08 0.10 0.10
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.98 5.12 1.69 2.20 2.62
Portfolio turnover 18 14 27 13 17
Net assets at end of period (000 omitted) $273,761 $243,550 $221,571 $77,824 $75,378
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(w) Per share amount was less than $0.01.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
97
Financial Highlights − continued
MFS LIFETIME 2045 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.72 $19.84 $14.08 $15.53 $15.15
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $0.97 $0.19 $0.28 $0.32
Net realized and unrealized gain (loss) (0.36) (1.46) 5.97 (1.12) 0.57
Total from investment operations $0.00 $(0.49) $6.16 $(0.84) $0.89
Less distributions declared to shareholders          
From net investment income $(0.36) $(0.98) $(0.19) $(0.27) $(0.31)
From net realized gain (0.63) (0.65) (0.21) (0.34) (0.20)
Total distributions declared to shareholders $(0.99) $(1.63) $(0.40) $(0.61) $(0.51)
Net asset value, end of period (x) $16.73 $17.72 $19.84 $14.08 $15.53
Total return (%) (r)(s)(t)(x) 0.37 (3.41) 44.10 (5.93) 6.45
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.50 0.49 0.51 0.57 0.60
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.14 4.83 1.09 1.78 2.13
Portfolio turnover 23 18 30 8 12
Net assets at end of period (000 omitted) $23,665 $19,763 $18,980 $11,409 $8,749
  Year ended
Class B 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.60 $19.71 $14.00 $15.43 $15.03
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.79 $0.05 $0.14 $0.20
Net realized and unrealized gain (loss) (0.35) (1.44) 5.93 (1.10) 0.59
Total from investment operations $(0.12) $(0.65) $5.98 $(0.96) $0.79
Less distributions declared to shareholders          
From net investment income $(0.21) $(0.81) $(0.06) $(0.13) $(0.19)
From net realized gain (0.63) (0.65) (0.21) (0.34) (0.20)
Total distributions declared to shareholders $(0.84) $(1.46) $(0.27) $(0.47) $(0.39)
Net asset value, end of period (x) $16.64 $17.60 $19.71 $14.00 $15.43
Total return (%) (r)(s)(t)(x) (0.36) (4.13) 42.95 (6.62) 5.71
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.25 1.24 1.26 1.32 1.35
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.39 3.98 0.30 0.89 1.31
Portfolio turnover 23 18 30 8 12
Net assets at end of period (000 omitted) $676 $736 $930 $724 $919
See Notes to Financial Statements
98
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class C 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.50 $19.62 $13.91 $15.35 $14.97
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.25 $0.78 $0.05 $0.16 $0.20
Net realized and unrealized gain (loss) (0.38) (1.42) 5.90 (1.11) 0.58
Total from investment operations $(0.13) $(0.64) $5.95 $(0.95) $0.78
Less distributions declared to shareholders          
From net investment income $(0.25) $(0.83) $(0.03) $(0.15) $(0.20)
From net realized gain (0.63) (0.65) (0.21) (0.34) (0.20)
Total distributions declared to shareholders $(0.88) $(1.48) $(0.24) $(0.49) $(0.40)
Net asset value, end of period (x) $16.49 $17.50 $19.62 $13.91 $15.35
Total return (%) (r)(s)(t)(x) (0.38) (4.13) 43.01 (6.60) 5.70
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.25 1.24 1.27 1.32 1.35
Expenses after expense reductions (h) 1.00 1.00 0.99 0.97 0.99
Net investment income (loss) (l) 1.52 3.93 0.30 1.02 1.37
Portfolio turnover 23 18 30 8 12
Net assets at end of period (000 omitted) $2,642 $2,027 $1,943 $1,960 $2,301
  Year ended
Class I 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.82 $19.94 $14.15 $15.60 $15.22
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.39 $1.01 $0.24 $0.31 $0.36
Net realized and unrealized gain (loss) (0.35) (1.45) 6.00 (1.12) 0.57
Total from investment operations $0.04 $(0.44) $6.24 $(0.81) $0.93
Less distributions declared to shareholders          
From net investment income $(0.39) $(1.03) $(0.24) $(0.30) $(0.35)
From net realized gain (0.63) (0.65) (0.21) (0.34) (0.20)
Total distributions declared to shareholders $(1.02) $(1.68) $(0.45) $(0.64) $(0.55)
Net asset value, end of period (x) $16.84 $17.82 $19.94 $14.15 $15.60
Total return (%) (r)(s)(t)(x) 0.66 (3.17) 44.43 (5.72) 6.75
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.25 0.24 0.25 0.32 0.35
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.32 5.03 1.37 2.01 2.40
Portfolio turnover 23 18 30 8 12
Net assets at end of period (000 omitted) $3,190 $2,458 $2,145 $395 $296
See Notes to Financial Statements
99
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class R1 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.67 $19.74 $13.97 $15.41 $15.06
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.69 $(0.04) $0.15 $0.23
Net realized and unrealized gain (loss) (0.35) (1.34) 6.02 (1.11) 0.55
Total from investment operations $(0.12) $(0.65) $5.98 $(0.96) $0.78
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.77) $— $(0.14) $(0.23)
From net realized gain (0.63) (0.65) (0.21) (0.34) (0.20)
Total distributions declared to shareholders $(0.87) $(1.42) $(0.21) $(0.48) $(0.43)
Net asset value, end of period (x) $16.68 $17.67 $19.74 $13.97 $15.41
Total return (%) (r)(s)(t)(x) (0.36) (4.13) 42.98 (6.67) 5.70
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.25 1.24 1.28 1.32 1.35
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.39 3.47 (0.25) 0.98 1.54
Portfolio turnover 23 18 30 8 12
Net assets at end of period (000 omitted) $522 $398 $552 $995 $1,093
  Year ended
Class R2 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.66 $19.75 $14.00 $15.42 $15.04
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.31 $0.84 $0.11 $0.20 $0.25
Net realized and unrealized gain (loss) (0.36) (1.38) 5.96 (1.07) 0.59
Total from investment operations $(0.05) $(0.54) $6.07 $(0.87) $0.84
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.90) $(0.11) $(0.21) $(0.26)
From net realized gain (0.63) (0.65) (0.21) (0.34) (0.20)
Total distributions declared to shareholders $(0.93) $(1.55) $(0.32) $(0.55) $(0.46)
Net asset value, end of period (x) $16.68 $17.66 $19.75 $14.00 $15.42
Total return (%) (r)(s)(t)(x) 0.09 (3.62) 43.65 (6.12) 6.15
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.75 0.74 0.77 0.82 0.85
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 1.84 4.21 0.67 1.31 1.65
Portfolio turnover 23 18 30 8 12
Net assets at end of period (000 omitted) $10,413 $11,276 $15,161 $17,299 $21,895
See Notes to Financial Statements
100
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class R3 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.70 $19.82 $14.07 $15.52 $15.14
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $0.92 $0.18 $0.27 $0.32
Net realized and unrealized gain (loss) (0.36) (1.41) 5.97 (1.11) 0.57
Total from investment operations $0.00 $(0.49) $6.15 $(0.84) $0.89
Less distributions declared to shareholders          
From net investment income $(0.35) $(0.98) $(0.19) $(0.27) $(0.31)
From net realized gain (0.63) (0.65) (0.21) (0.34) (0.20)
Total distributions declared to shareholders $(0.98) $(1.63) $(0.40) $(0.61) $(0.51)
Net asset value, end of period (x) $16.72 $17.70 $19.82 $14.07 $15.52
Total return (%) (r)(s)(t)(x) 0.39 (3.42) 44.05 (5.93) 6.49
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.50 0.49 0.51 0.57 0.60
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.13 4.61 1.08 1.77 2.10
Portfolio turnover 23 18 30 8 12
Net assets at end of period (000 omitted) $129,497 $127,223 $109,034 $69,136 $53,767
  Year ended
Class R4 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.84 $19.94 $14.14 $15.58 $15.20
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.40 $0.85 $0.21 $0.32 $0.35
Net realized and unrealized gain (loss) (0.36) (1.30) 6.02 (1.12) 0.57
Total from investment operations $0.04 $(0.45) $6.23 $(0.80) $0.92
Less distributions declared to shareholders          
From net investment income $(0.39) $(1.00) $(0.22) $(0.30) $(0.34)
From net realized gain (0.63) (0.65) (0.21) (0.34) (0.20)
Total distributions declared to shareholders $(1.02) $(1.65) $(0.43) $(0.64) $(0.54)
Net asset value, end of period (x) $16.86 $17.84 $19.94 $14.14 $15.58
Total return (%) (r)(s)(t)(x) 0.64 (3.17) 44.39 (5.67) 6.73
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.25 0.24 0.27 0.32 0.35
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.38 4.18 1.23 2.04 2.33
Portfolio turnover 23 18 30 8 12
Net assets at end of period (000 omitted) $23,492 $20,668 $68,489 $90,453 $83,824
See Notes to Financial Statements
101
Financial Highlights − continued
MFS LIFETIME 2045 FUND − continued
  Year ended
Class R6 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $17.82 $19.93 $14.14 $15.58 $15.20
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.50 $1.05 $0.27 $0.33 $0.36
Net realized and unrealized gain (loss) (0.43) (1.46) 5.98 (1.11) 0.59
Total from investment operations $0.07 $(0.41) $6.25 $(0.78) $0.95
Less distributions declared to shareholders          
From net investment income $(0.42) $(1.05) $(0.25) $(0.32) $(0.37)
From net realized gain (0.63) (0.65) (0.21) (0.34) (0.20)
Total distributions declared to shareholders $(1.05) $(1.70) $(0.46) $(0.66) $(0.57)
Net asset value, end of period (x) $16.84 $17.82 $19.93 $14.14 $15.58
Total return (%) (r)(s)(t)(x) 0.82 (2.99) 44.58 (5.55) 6.91
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.10 0.09 0.11 0.17 0.21
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.99 5.23 1.56 2.14 2.42
Portfolio turnover 23 18 30 8 12
Net assets at end of period (000 omitted) $197,399 $166,911 $140,992 $37,856 $26,219
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
102
Financial Highlights − continued
MFS LIFETIME 2050 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $21.30 $23.98 $16.99 $18.80 $18.30
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.43 $1.17 $0.22 $0.32 $0.38
Net realized and unrealized gain (loss) (0.44) (1.73) 7.23 (1.33) 0.71
Total from investment operations $(0.01) $(0.56) $7.45 $(1.01) $1.09
Less distributions declared to shareholders          
From net investment income $(0.44) $(1.18) $(0.23) $(0.32) $(0.37)
From net realized gain (0.76) (0.94) (0.23) (0.48) (0.22)
Total distributions declared to shareholders $(1.20) $(2.12) $(0.46) $(0.80) $(0.59)
Net asset value, end of period (x) $20.09 $21.30 $23.98 $16.99 $18.80
Total return (%) (r)(s)(t)(x) 0.34 (3.36) 44.17 (5.93) 6.47
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.50 0.50 0.51 0.57 0.57
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.12 4.85 1.08 1.74 2.11
Portfolio turnover 21 17 24 8 24
Net assets at end of period (000 omitted) $27,752 $22,761 $22,708 $14,315 $12,791
  Year ended
Class B 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $20.96 $23.62 $16.75 $18.55 $18.07
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.95 $0.06 $0.18 $0.25
Net realized and unrealized gain (loss) (0.40) (1.70) 7.11 (1.32) 0.70
Total from investment operations $(0.14) $(0.75) $7.17 $(1.14) $0.95
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.97) $(0.07) $(0.18) $(0.25)
From net realized gain (0.76) (0.94) (0.23) (0.48) (0.22)
Total distributions declared to shareholders $(1.02) $(1.91) $(0.30) $(0.66) $(0.47)
Net asset value, end of period (x) $19.80 $20.96 $23.62 $16.75 $18.55
Total return (%) (r)(s)(t)(x) (0.37) (4.11) 43.04 (6.61) 5.67
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.25 1.25 1.26 1.32 1.32
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.30 3.98 0.32 0.97 1.39
Portfolio turnover 21 17 24 8 24
Net assets at end of period (000 omitted) $987 $1,265 $1,727 $1,359 $1,630
See Notes to Financial Statements
103
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class C 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $20.83 $23.49 $16.65 $18.45 $17.96
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.28 $0.91 $0.06 $0.17 $0.23
Net realized and unrealized gain (loss) (0.43) (1.65) 7.08 (1.31) 0.72
Total from investment operations $(0.15) $(0.74) $7.14 $(1.14) $0.95
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.98) $(0.07) $(0.18) $(0.24)
From net realized gain (0.76) (0.94) (0.23) (0.48) (0.22)
Total distributions declared to shareholders $(1.05) $(1.92) $(0.30) $(0.66) $(0.46)
Net asset value, end of period (x) $19.63 $20.83 $23.49 $16.65 $18.45
Total return (%) (r)(s)(t)(x) (0.37) (4.11) 43.12 (6.66) 5.67
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.25 1.25 1.26 1.32 1.32
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.42 3.85 0.31 0.94 1.31
Portfolio turnover 21 17 24 8 24
Net assets at end of period (000 omitted) $3,521 $3,223 $3,898 $3,029 $3,344
  Year ended
Class I 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $21.27 $23.95 $16.97 $18.78 $18.29
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.60 $1.18 $0.28 $0.41 $0.50
Net realized and unrealized gain (loss) (0.56) (1.68) 7.21 (1.37) 0.62
Total from investment operations $0.04 $(0.50) $7.49 $(0.96) $1.12
Less distributions declared to shareholders          
From net investment income $(0.45) $(1.24) $(0.28) $(0.37) $(0.41)
From net realized gain (0.76) (0.94) (0.23) (0.48) (0.22)
Total distributions declared to shareholders $(1.21) $(2.18) $(0.51) $(0.85) $(0.63)
Net asset value, end of period (x) $20.10 $21.27 $23.95 $16.97 $18.78
Total return (%) (r)(s)(t)(x) 0.60 (3.14) 44.49 (5.71) 6.70
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.25 0.25 0.26 0.32 0.32
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 3.00 4.92 1.36 2.23 2.73
Portfolio turnover 21 17 24 8 24
Net assets at end of period (000 omitted) $2,425 $1,445 $1,033 $354 $213
See Notes to Financial Statements
104
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class R1 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $20.91 $23.59 $16.67 $18.46 $17.97
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.29 $0.95 $(0.04) $0.16 $0.25
Net realized and unrealized gain (loss) (0.44) (1.69) 7.20 (1.30) 0.69
Total from investment operations $(0.15) $(0.74) $7.16 $(1.14) $0.94
Less distributions declared to shareholders          
From net investment income $(0.28) $(1.00) $— $(0.17) $(0.23)
From net realized gain (0.76) (0.94) (0.24) (0.48) (0.22)
Total distributions declared to shareholders $(1.04) $(1.94) $(0.24) $(0.65) $(0.45)
Net asset value, end of period (x) $19.72 $20.91 $23.59 $16.67 $18.46
Total return (%) (r)(s)(t)(x) (0.37) (4.08) 43.08 (6.64) 5.65
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.25 1.25 1.28 1.32 1.32
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.49 4.02 (0.21) 0.90 1.42
Portfolio turnover 21 17 24 8 24
Net assets at end of period (000 omitted) $680 $731 $695 $1,184 $1,322
  Year ended
Class R2 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $21.06 $23.70 $16.79 $18.55 $18.07
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $1.00 $0.15 $0.26 $0.34
Net realized and unrealized gain (loss) (0.42) (1.62) 7.15 (1.30) 0.69
Total from investment operations $(0.06) $(0.62) $7.30 $(1.04) $1.03
Less distributions declared to shareholders          
From net investment income $(0.38) $(1.08) $(0.15) $(0.24) $(0.33)
From net realized gain (0.76) (0.94) (0.24) (0.48) (0.22)
Total distributions declared to shareholders $(1.14) $(2.02) $(0.39) $(0.72) $(0.55)
Net asset value, end of period (x) $19.86 $21.06 $23.70 $16.79 $18.55
Total return (%) (r)(s)(t)(x) 0.07 (3.59) 43.72 (6.12) 6.18
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.75 0.75 0.77 0.82 0.82
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 1.82 4.18 0.72 1.41 1.92
Portfolio turnover 21 17 24 8 24
Net assets at end of period (000 omitted) $18,388 $19,078 $28,781 $26,545 $28,575
See Notes to Financial Statements
105
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class R3 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $21.11 $23.79 $16.86 $18.67 $18.18
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.42 $1.10 $0.22 $0.33 $0.38
Net realized and unrealized gain (loss) (0.42) (1.67) 7.17 (1.33) 0.70
Total from investment operations $0.00 $(0.57) $7.39 $(1.00) $1.08
Less distributions declared to shareholders          
From net investment income $(0.44) $(1.17) $(0.23) $(0.33) $(0.37)
From net realized gain (0.76) (0.94) (0.23) (0.48) (0.22)
Total distributions declared to shareholders $(1.20) $(2.11) $(0.46) $(0.81) $(0.59)
Net asset value, end of period (x) $19.91 $21.11 $23.79 $16.86 $18.67
Total return (%) (r)(s)(t)(x) 0.37 (3.41) 44.16 (5.96) 6.48
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.50 0.50 0.51 0.57 0.57
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.09 4.60 1.08 1.77 2.10
Portfolio turnover 21 17 24 8 24
Net assets at end of period (000 omitted) $121,060 $118,076 $113,346 $70,610 $54,561
  Year ended
Class R4 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $21.31 $23.97 $16.97 $18.77 $18.28
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.45 $0.94 $0.26 $0.37 $0.42
Net realized and unrealized gain (loss) (0.41) (1.46) 7.24 (1.33) 0.70
Total from investment operations $0.04 $(0.52) $7.50 $(0.96) $1.12
Less distributions declared to shareholders          
From net investment income $(0.49) $(1.20) $(0.26) $(0.36) $(0.41)
From net realized gain (0.76) (0.94) (0.24) (0.48) (0.22)
Total distributions declared to shareholders $(1.25) $(2.14) $(0.50) $(0.84) $(0.63)
Net asset value, end of period (x) $20.10 $21.31 $23.97 $16.97 $18.77
Total return (%) (r)(s)(t)(x) 0.57 (3.16) 44.52 (5.69) 6.71
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.25 0.25 0.27 0.32 0.32
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.24 3.88 1.28 2.01 2.30
Portfolio turnover 21 17 24 8 24
Net assets at end of period (000 omitted) $44,972 $24,207 $71,368 $76,018 $69,834
See Notes to Financial Statements
106
Financial Highlights − continued
MFS LIFETIME 2050 FUND − continued
  Year ended
Class R6 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $21.29 $23.96 $16.97 $18.76 $18.27
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.57 $1.26 $0.32 $0.39 $0.44
Net realized and unrealized gain (loss) (0.50) (1.72) 7.20 (1.31) 0.71
Total from investment operations $0.07 $(0.46) $7.52 $(0.92) $1.15
Less distributions declared to shareholders          
From net investment income $(0.52) $(1.27) $(0.30) $(0.39) $(0.44)
From net realized gain (0.76) (0.94) (0.23) (0.48) (0.22)
Total distributions declared to shareholders $(1.28) $(2.21) $(0.53) $(0.87) $(0.66)
Net asset value, end of period (x) $20.08 $21.29 $23.96 $16.97 $18.76
Total return (%) (r)(s)(t)(x) 0.74 (2.97) 44.70 (5.52) 6.89
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.10 0.09 0.12 0.17 0.18
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.85 5.23 1.54 2.11 2.44
Portfolio turnover 21 17 24 8 24
Net assets at end of period (000 omitted) $193,767 $147,729 $121,495 $44,463 $39,175
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
107
Financial Highlights − continued
MFS LIFETIME 2055 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.30 $20.42 $14.47 $15.93 $15.45
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.37 $1.02 $0.19 $0.28 $0.32
Net realized and unrealized gain (loss) (0.37) (1.52) 6.15 (1.14) 0.60
Total from investment operations $0.00 $(0.50) $6.34 $(0.86) $0.92
Less distributions declared to shareholders          
From net investment income $(0.36) $(1.02) $(0.20) $(0.27) $(0.31)
From net realized gain (0.64) (0.60) (0.19) (0.33) (0.13)
Total distributions declared to shareholders $(1.00) $(1.62) $(0.39) $(0.60) $(0.44)
Net asset value, end of period (x) $17.30 $18.30 $20.42 $14.47 $15.93
Total return (%) (r)(s)(t)(x) 0.36 (3.35) 44.11 (5.87) 6.46
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.56 0.56 0.61 0.72 0.81
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.12 4.94 1.09 1.78 2.08
Portfolio turnover 13 19 24 11 20
Net assets at end of period (000 omitted) $19,429 $15,144 $14,314 $7,729 $5,866
  Year ended
Class B 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.22 $20.33 $14.41 $15.87 $15.39
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.22 $0.82 $0.05 $0.15 $0.21
Net realized and unrealized gain (loss) (0.35) (1.48) 6.13 (1.14) 0.60
Total from investment operations $(0.13) $(0.66) $6.18 $(0.99) $0.81
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.85) $(0.07) $(0.14) $(0.20)
From net realized gain (0.64) (0.60) (0.19) (0.33) (0.13)
Total distributions declared to shareholders $(0.84) $(1.45) $(0.26) $(0.47) $(0.33)
Net asset value, end of period (x) $17.25 $18.22 $20.33 $14.41 $15.87
Total return (%) (r)(s)(t)(x) (0.41) (4.09) 43.06 (6.61) 5.65
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.31 1.31 1.36 1.48 1.56
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.30 3.96 0.31 0.93 1.34
Portfolio turnover 13 19 24 11 20
Net assets at end of period (000 omitted) $502 $590 $713 $517 $605
See Notes to Financial Statements
108
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class C 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.06 $20.17 $14.29 $15.75 $15.28
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.82 $0.05 $0.14 $0.20
Net realized and unrealized gain (loss) (0.36) (1.47) 6.08 (1.11) 0.60
Total from investment operations $(0.13) $(0.65) $6.13 $(0.97) $0.80
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.86) $(0.06) $(0.16) $(0.20)
From net realized gain (0.64) (0.60) (0.19) (0.33) (0.13)
Total distributions declared to shareholders $(0.87) $(1.46) $(0.25) $(0.49) $(0.33)
Net asset value, end of period (x) $17.06 $18.06 $20.17 $14.29 $15.75
Total return (%) (r)(s)(t)(x) (0.43) (4.06) 43.08 (6.59) 5.63
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.31 1.31 1.36 1.48 1.56
Expenses after expense reductions (h) 1.00 1.00 1.00 0.99 1.00
Net investment income (loss) (l) 1.35 4.03 0.29 0.92 1.32
Portfolio turnover 13 19 24 11 20
Net assets at end of period (000 omitted) $2,588 $2,426 $2,585 $2,126 $2,179
  Year ended
Class I 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.33 $20.45 $14.49 $15.94 $15.46
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $1.00 $0.25 $0.32 $0.35
Net realized and unrealized gain (loss) (0.32) (1.45) 6.14 (1.14) 0.61
Total from investment operations $0.04 $(0.45) $6.39 $(0.82) $0.96
Less distributions declared to shareholders          
From net investment income $(0.40) $(1.07) $(0.24) $(0.30) $(0.35)
From net realized gain (0.64) (0.60) (0.19) (0.33) (0.13)
Total distributions declared to shareholders $(1.04) $(1.67) $(0.43) $(0.63) $(0.48)
Net asset value, end of period (x) $17.33 $18.33 $20.45 $14.49 $15.94
Total return (%) (r)(s)(t)(x) 0.62 (3.13) 44.42 (5.65) 6.74
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.31 0.31 0.35 0.48 0.56
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.10 4.85 1.39 1.99 2.29
Portfolio turnover 13 19 24 11 20
Net assets at end of period (000 omitted) $1,314 $512 $434 $98 $156
See Notes to Financial Statements
109
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class R1 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.14 $20.26 $14.30 $15.76 $15.32
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.81 $(0.06) $0.14 $0.20
Net realized and unrealized gain (loss) (0.36) (1.46) 6.21 (1.12) 0.60
Total from investment operations $(0.13) $(0.65) $6.15 $(0.98) $0.80
Less distributions declared to shareholders          
From net investment income $(0.25) $(0.87) $— $(0.15) $(0.23)
From net realized gain (0.64) (0.60) (0.19) (0.33) (0.13)
Total distributions declared to shareholders $(0.89) $(1.47) $(0.19) $(0.48) $(0.36)
Net asset value, end of period (x) $17.12 $18.14 $20.26 $14.30 $15.76
Total return (%) (r)(s)(t)(x) (0.42) (4.07) 43.16 (6.60) 5.65
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.31 1.31 1.39 1.48 1.56
Expenses after expense reductions (h) 1.00 1.00 1.00 1.00 1.00
Net investment income (loss) (l) 1.37 3.95 (0.34) 0.93 1.32
Portfolio turnover 13 19 24 11 20
Net assets at end of period (000 omitted) $1,070 $701 $663 $1,597 $1,523
  Year ended
Class R2 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.29 $20.35 $14.39 $15.84 $15.36
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.31 $0.83 $0.11 $0.22 $0.26
Net realized and unrealized gain (loss) (0.35) (1.38) 6.16 (1.12) 0.62
Total from investment operations $(0.04) $(0.55) $6.27 $(0.90) $0.88
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.91) $(0.12) $(0.22) $(0.27)
From net realized gain (0.64) (0.60) (0.19) (0.33) (0.13)
Total distributions declared to shareholders $(0.95) $(1.51) $(0.31) $(0.55) $(0.40)
Net asset value, end of period (x) $17.30 $18.29 $20.35 $14.39 $15.84
Total return (%) (r)(s)(t)(x) 0.10 (3.56) 43.78 (6.12) 6.19
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.81 0.81 0.87 0.98 1.06
Expenses after expense reductions (h) 0.50 0.50 0.50 0.50 0.50
Net investment income (loss) (l) 1.80 4.02 0.64 1.39 1.73
Portfolio turnover 13 19 24 11 20
Net assets at end of period (000 omitted) $9,003 $8,981 $17,589 $17,485 $18,695
See Notes to Financial Statements
110
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class R3 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.31 $20.42 $14.47 $15.93 $15.45
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.36 $0.97 $0.19 $0.27 $0.32
Net realized and unrealized gain (loss) (0.36) (1.46) 6.15 (1.13) 0.60
Total from investment operations $0.00 $(0.49) $6.34 $(0.86) $0.92
Less distributions declared to shareholders          
From net investment income $(0.36) $(1.02) $(0.20) $(0.27) $(0.31)
From net realized gain (0.64) (0.60) (0.19) (0.33) (0.13)
Total distributions declared to shareholders $(1.00) $(1.62) $(0.39) $(0.60) $(0.44)
Net asset value, end of period (x) $17.31 $18.31 $20.42 $14.47 $15.93
Total return (%) (r)(s)(t)(x) 0.34 (3.33) 44.10 (5.88) 6.46
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.56 0.56 0.61 0.73 0.81
Expenses after expense reductions (h) 0.25 0.25 0.25 0.25 0.25
Net investment income (loss) (l) 2.09 4.69 1.09 1.73 2.07
Portfolio turnover 13 19 24 11 20
Net assets at end of period (000 omitted) $76,726 $73,743 $65,613 $36,674 $27,658
  Year ended
Class R4 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.47 $20.56 $14.55 $16.01 $15.53
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.41 $0.80 $0.22 $0.32 $0.36
Net realized and unrealized gain (loss) (0.37) (1.25) 6.21 (1.14) 0.60
Total from investment operations $0.04 $(0.45) $6.43 $(0.82) $0.96
Less distributions declared to shareholders          
From net investment income $(0.40) $(1.04) $(0.23) $(0.31) $(0.35)
From net realized gain (0.64) (0.60) (0.19) (0.33) (0.13)
Total distributions declared to shareholders $(1.04) $(1.64) $(0.42) $(0.64) $(0.48)
Net asset value, end of period (x) $17.47 $18.47 $20.56 $14.55 $16.01
Total return (%) (r)(s)(t)(x) 0.58 (3.09) 44.49 (5.67) 6.71
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.31 0.31 0.36 0.47 0.56
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.34 3.86 1.27 2.04 2.31
Portfolio turnover 13 19 24 11 20
Net assets at end of period (000 omitted) $18,660 $14,606 $38,374 $37,665 $30,137
See Notes to Financial Statements
111
Financial Highlights − continued
MFS LIFETIME 2055 FUND − continued
  Year ended
Class R6 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $18.46 $20.58 $14.56 $16.01 $15.53
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.49 $1.11 $0.28 $0.34 $0.37
Net realized and unrealized gain (loss) (0.42) (1.53) 6.18 (1.13) 0.61
Total from investment operations $0.07 $(0.42) $6.46 $(0.79) $0.98
Less distributions declared to shareholders          
From net investment income $(0.43) $(1.10) $(0.25) $(0.33) $(0.37)
From net realized gain (0.64) (0.60) (0.19) (0.33) (0.13)
Total distributions declared to shareholders $(1.07) $(1.70) $(0.44) $(0.66) $(0.50)
Net asset value, end of period (x) $17.46 $18.46 $20.58 $14.56 $16.01
Total return (%) (r)(s)(t)(x) 0.75 (2.99) 44.75 (5.50) 6.88
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.15 0.15 0.21 0.33 0.42
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.82 5.32 1.54 2.16 2.40
Portfolio turnover 13 19 24 11 20
Net assets at end of period (000 omitted) $133,208 $87,462 $60,705 $21,065 $16,579
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
112
Financial Highlights − continued
MFS LIFETIME 2060 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $14.54 $15.99 $11.25 $12.26 $11.85
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.78 $0.15 $0.22 $0.41
Net realized and unrealized gain (loss) (0.30) (1.22) 4.82 (0.89) 0.30
Total from investment operations $0.00(w) $(0.44) $4.97 $(0.67) $0.71
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.79) $(0.14) $(0.21) $(0.25)
From net realized gain (0.39) (0.22) (0.09) (0.13) (0.05)
Total distributions declared to shareholders $(0.67) $(1.01) $(0.23) $(0.34) $(0.30)
Net asset value, end of period (x) $13.87 $14.54 $15.99 $11.25 $12.26
Total return (%) (r)(s)(t)(x) 0.35 (3.51) 44.39 (5.83) 6.47
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.70 0.79 1.08 1.84 4.01
Expenses after expense reductions (h) 0.25 0.25 0.24 0.22 0.20
Net investment income (loss) (l) 2.17 4.80 1.06 1.81 3.49
Portfolio turnover 14 18 21 9 34
Net assets at end of period (000 omitted) $11,316 $8,023 $5,584 $2,879 $1,362
  Year ended
Class B 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $14.52 $15.95 $11.24 $12.25 $11.82
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.19 $0.65 $0.04 $0.12 $0.17
Net realized and unrealized gain (loss) (0.29) (1.21) 4.80 (0.89) 0.48
Total from investment operations $(0.10) $(0.56) $4.84 $(0.77) $0.65
Less distributions declared to shareholders          
From net investment income $(0.16) $(0.65) $(0.04) $(0.11) $(0.17)
From net realized gain (0.39) (0.22) (0.09) (0.13) (0.05)
Total distributions declared to shareholders $(0.55) $(0.87) $(0.13) $(0.24) $(0.22)
Net asset value, end of period (x) $13.87 $14.52 $15.95 $11.24 $12.25
Total return (%) (r)(s)(t)(x) (0.41) (4.15) 43.16 (6.53) 5.78
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.45 1.54 1.83 2.65 4.98
Expenses after expense reductions (h) 1.00 1.00 0.99 0.97 0.95
Net investment income (loss) (l) 1.35 4.02 0.33 0.99 1.44
Portfolio turnover 14 18 21 9 34
Net assets at end of period (000 omitted) $168 $179 $191 $137 $149
See Notes to Financial Statements
113
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class C 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $14.41 $15.86 $11.18 $12.21 $11.81
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.19 $0.67 $0.05 $0.13 $0.20
Net realized and unrealized gain (loss) (0.29) (1.23) 4.78 (0.89) 0.44
Total from investment operations $(0.10) $(0.56) $4.83 $(0.76) $0.64
Less distributions declared to shareholders          
From net investment income $(0.18) $(0.67) $(0.06) $(0.14) $(0.19)
From net realized gain (0.39) (0.22) (0.09) (0.13) (0.05)
Total distributions declared to shareholders $(0.57) $(0.89) $(0.15) $(0.27) $(0.24)
Net asset value, end of period (x) $13.74 $14.41 $15.86 $11.18 $12.21
Total return (%) (r)(s)(t)(x) (0.40) (4.20) 43.28 (6.53) 5.75
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 1.45 1.54 1.83 2.61 4.88
Expenses after expense reductions (h) 1.00 1.00 0.99 0.96 0.95
Net investment income (loss) (l) 1.38 4.14 0.34 1.11 1.68
Portfolio turnover 14 18 21 9 34
Net assets at end of period (000 omitted) $1,091 $891 $761 $432 $283
  Year ended
Class I 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $14.65 $16.09 $11.32 $12.32 $11.88
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.33 $0.85 $0.19 $0.23 $0.28
Net realized and unrealized gain (loss) (0.29) (1.25) 4.84 (0.87) 0.47
Total from investment operations $0.04 $(0.40) $5.03 $(0.64) $0.75
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.82) $(0.17) $(0.23) $(0.26)
From net realized gain (0.39) (0.22) (0.09) (0.13) (0.05)
Total distributions declared to shareholders $(0.70) $(1.04) $(0.26) $(0.36) $(0.31)
Net asset value, end of period (x) $13.99 $14.65 $16.09 $11.32 $12.32
Total return (%) (r)(s)(t)(x) 0.64 (3.25) 44.66 (5.58) 6.76
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.45 0.54 0.82 1.60 4.04
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.38 5.20 1.33 1.86 2.37
Portfolio turnover 14 18 21 9 34
Net assets at end of period (000 omitted) $396 $295 $232 $103 $66
See Notes to Financial Statements
114
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class R1 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $14.57 $16.01 $11.28 $12.28 $11.83
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.26 $0.65 $0.04 $0.12 $0.16
Net realized and unrealized gain (loss) (0.29) (1.22) 4.82 (0.88) 0.48
Total from investment operations $(0.03) $(0.57) $4.86 $(0.76) $0.64
Less distributions declared to shareholders          
From net investment income $(0.20) $(0.65) $(0.04) $(0.11) $(0.14)
From net realized gain (0.39) (0.22) (0.09) (0.13) (0.05)
Total distributions declared to shareholders $(0.59) $(0.87) $(0.13) $(0.24) $(0.19)
Net asset value, end of period (x) $13.95 $14.57 $16.01 $11.28 $12.28
Total return (%) (r)(s)(t)(x) 0.09 (4.20) 43.20 (6.46) 5.69
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.96 1.54 1.83 2.65 5.04
Expenses after expense reductions (h) 0.50 1.00 0.99 0.97 0.95
Net investment income (loss) (l) 1.85 3.99 0.32 0.99 1.36
Portfolio turnover 14 18 21 9 34
Net assets at end of period (000 omitted) $82 $82 $86 $60 $64
  Year ended
Class R2 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $14.52 $15.97 $11.25 $12.25 $11.84
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.23 $0.75 $0.13 $0.17 $0.27
Net realized and unrealized gain (loss) (0.27) (1.23) 4.80 (0.87) 0.42
Total from investment operations $(0.04) $(0.48) $4.93 $(0.70) $0.69
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.75) $(0.12) $(0.17) $(0.23)
From net realized gain (0.39) (0.22) (0.09) (0.13) (0.05)
Total distributions declared to shareholders $(0.62) $(0.97) $(0.21) $(0.30) $(0.28)
Net asset value, end of period (x) $13.86 $14.52 $15.97 $11.25 $12.25
Total return (%) (r)(s)(t)(x) 0.04 (3.73) 43.97 (6.03) 6.29
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.96 1.04 1.33 2.13 4.31
Expenses after expense reductions (h) 0.50 0.50 0.49 0.47 0.45
Net investment income (loss) (l) 1.66 4.62 0.99 1.39 2.34
Portfolio turnover 14 18 21 9 34
Net assets at end of period (000 omitted) $2,203 $2,107 $1,580 $980 $797
See Notes to Financial Statements
115
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class R3 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $14.56 $16.00 $11.27 $12.28 $11.85
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.30 $0.77 $0.16 $0.24 $0.24
Net realized and unrealized gain (loss) (0.30) (1.21) 4.81 (0.90) 0.48
Total from investment operations $0.00(w) $(0.44) $4.97 $(0.66) $0.72
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.78) $(0.15) $(0.22) $(0.24)
From net realized gain (0.39) (0.22) (0.09) (0.13) (0.05)
Total distributions declared to shareholders $(0.67) $(1.00) $(0.24) $(0.35) $(0.29)
Net asset value, end of period (x) $13.89 $14.56 $16.00 $11.27 $12.28
Total return (%) (r)(s)(t)(x) 0.36 (3.46) 44.28 (5.78) 6.48
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.70 0.79 1.07 1.80 4.15
Expenses after expense reductions (h) 0.25 0.25 0.24 0.22 0.20
Net investment income (loss) (l) 2.17 4.74 1.12 1.99 2.04
Portfolio turnover 14 18 21 9 34
Net assets at end of period (000 omitted) $43,119 $28,505 $17,477 $7,252 $2,505
  Year ended
Class R4 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $14.64 $16.07 $11.31 $12.31 $11.88
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.32 $0.57 $0.18 $0.28 $0.31
Net realized and unrealized gain (loss) (0.29) (0.98) 4.84 (0.92) 0.43
Total from investment operations $0.03 $(0.41) $5.02 $(0.64) $0.74
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.80) $(0.17) $(0.23) $(0.26)
From net realized gain (0.39) (0.22) (0.09) (0.13) (0.05)
Total distributions declared to shareholders $(0.70) $(1.02) $(0.26) $(0.36) $(0.31)
Net asset value, end of period (x) $13.97 $14.64 $16.07 $11.31 $12.31
Total return (%) (r)(s)(t)(x) 0.57 (3.31) 44.61 (5.55) 6.72
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.45 0.55 0.83 1.55 3.79
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.29 3.51 1.33 2.29 2.63
Portfolio turnover 14 18 21 9 34
Net assets at end of period (000 omitted) $7,987 $3,227 $8,871 $4,568 $1,524
See Notes to Financial Statements
116
Financial Highlights − continued
MFS LIFETIME 2060 FUND − continued
  Year ended
Class R6 4/30/23 4/30/22 4/30/21 4/30/20 4/30/19
Net asset value, beginning of period $14.67 $16.11 $11.33 $12.33 $11.88
Income (loss) from investment operations          
Net investment income (loss) (d)(l) $0.40 $0.88 $0.21 $0.27 $0.29
Net realized and unrealized gain (loss) (0.34) (1.26) 4.85 (0.90) 0.48
Total from investment operations $0.06 $(0.38) $5.06 $(0.63) $0.77
Less distributions declared to shareholders          
From net investment income $(0.33) $(0.84) $(0.19) $(0.24) $(0.27)
From net realized gain (0.39) (0.22) (0.09) (0.13) (0.05)
Total distributions declared to shareholders $(0.72) $(1.06) $(0.28) $(0.37) $(0.32)
Net asset value, end of period (x) $14.01 $14.67 $16.11 $11.33 $12.33
Total return (%) (r)(s)(t)(x) 0.77 (3.15) 44.87 (5.50) 6.95
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (h) 0.31 0.40 0.69 1.48 3.80
Expenses after expense reductions (h) 0.00 0.00 0.00 0.00 0.00
Net investment income (loss) (l) 2.87 5.38 1.49 2.21 2.43
Portfolio turnover 14 18 21 9 34
Net assets at end of period (000 omitted) $60,227 $35,897 $25,148 $7,641 $3,309
(d) Per share data is based on average shares outstanding.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(w) Per share amount was less than $0.01.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
117
Financial Highlights − continued
MFS LIFETIME 2065 FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.68 $10.00
Income (loss) from investment operations    
Net investment income (loss) (d)(l) $0.18 $0.21
Net realized and unrealized gain (loss) (0.17)(g) (1.12)
Total from investment operations $0.01 $(0.91)
Less distributions declared to shareholders    
From net investment income $(0.18) $(0.41)
From net realized gain (0.12) —
Total distributions declared to shareholders $(0.30) $(0.41)
Net asset value, end of period (x) $8.39 $8.68
Total return (%) (r)(s)(t)(x) 0.42 (9.56)(n)
Ratios (%) (to average net assets) and Supplemental data:    
Expenses before expense reductions (h) 10.09 11.82(a)
Expenses after expense reductions (h) 0.15 0.12(a)
Net investment income (loss) (l) 2.24 3.44(a)
Portfolio turnover 15 4(n)
Net assets at end of period (000 omitted) $539 $240
  Year ended
Class C 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.67 $10.00
Income (loss) from investment operations    
Net investment income (loss) (d)(l) $0.12 $0.40
Net realized and unrealized gain (loss) (0.18)(g) (1.35)
Total from investment operations $(0.06) $(0.95)
Less distributions declared to shareholders    
From net investment income $(0.12) $(0.38)
From net realized gain (0.12) —
Total distributions declared to shareholders $(0.24) $(0.38)
Net asset value, end of period (x) $8.37 $8.67
Total return (%) (r)(s)(t)(x) (0.42) (9.93)(n)
Ratios (%) (to average net assets) and Supplemental data:    
Expenses before expense reductions (h) 11.64 13.66(a)
Expenses after expense reductions (h) 0.89 0.87(a)
Net investment income (loss) (l) 1.51 6.35(a)
Portfolio turnover 15 4(n)
Net assets at end of period (000 omitted) $89 $52
See Notes to Financial Statements
118
Financial Highlights − continued
MFS LIFETIME 2065 FUND − continued
  Year ended
Class I 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.70 $10.00
Income (loss) from investment operations    
Net investment income (loss) (d)(l) $0.23 $0.48
Net realized and unrealized gain (loss) (0.21)(g) (1.37)
Total from investment operations $0.02 $(0.89)
Less distributions declared to shareholders    
From net investment income $(0.19) $(0.41)
From net realized gain (0.12) —
Total distributions declared to shareholders $(0.31) $(0.41)
Net asset value, end of period (x) $8.41 $8.70
Total return (%) (r)(s)(t)(x) 0.59 (9.32)(n)
Ratios (%) (to average net assets) and Supplemental data:    
Expenses before expense reductions (h) 10.51 12.75(a)
Expenses after expense reductions (h) 0.00 0.00(a)
Net investment income (loss) (l) 2.75 7.56(a)
Portfolio turnover 15 4(n)
Net assets at end of period (000 omitted) $64 $46
  Year ended
Class R1 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.67 $10.00
Income (loss) from investment operations    
Net investment income (loss) (d)(l) $0.13 $0.42
Net realized and unrealized gain (loss) (0.18)(g) (1.37)
Total from investment operations $(0.05) $(0.95)
Less distributions declared to shareholders    
From net investment income $(0.12) $(0.38)
From net realized gain (0.12) —
Total distributions declared to shareholders $(0.24) $(0.38)
Net asset value, end of period (x) $8.38 $8.67
Total return (%) (r)(s)(t)(x) (0.37) (9.93)(n)
Ratios (%) (to average net assets) and Supplemental data:    
Expenses before expense reductions (h) 12.20 13.76(a)
Expenses after expense reductions (h) 0.89 0.87(a)
Net investment income (loss) (l) 1.59 6.58(a)
Portfolio turnover 15 4(n)
Net assets at end of period (000 omitted) $53 $45
See Notes to Financial Statements
119
Financial Highlights − continued
MFS LIFETIME 2065 FUND − continued
  Year ended
Class R2 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.68 $10.00
Income (loss) from investment operations    
Net investment income (loss) (d)(l) $0.17 $0.44
Net realized and unrealized gain (loss) (0.18)(g) (1.36)
Total from investment operations $(0.01) $(0.92)
Less distributions declared to shareholders    
From net investment income $(0.16) $(0.40)
From net realized gain (0.12) —
Total distributions declared to shareholders $(0.28) $(0.40)
Net asset value, end of period (x) $8.39 $8.68
Total return (%) (r)(s)(t)(x) 0.18 (9.67)(n)
Ratios (%) (to average net assets) and Supplemental data:    
Expenses before expense reductions (h) 10.75 13.14(a)
Expenses after expense reductions (h) 0.40 0.37(a)
Net investment income (loss) (l) 2.09 7.00(a)
Portfolio turnover 15 4(n)
Net assets at end of period (000 omitted) $102 $60
  Year ended
Class R3 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.69 $10.00
Income (loss) from investment operations    
Net investment income (loss) (d)(l) $0.11 $0.47
Net realized and unrealized gain (loss) (0.11)(g) (1.37)
Total from investment operations $0.00 $(0.90)
Less distributions declared to shareholders    
From net investment income $(0.18) $(0.41)
From net realized gain (0.12) —
Total distributions declared to shareholders $(0.30) $(0.41)
Net asset value, end of period (x) $8.39 $8.69
Total return (%) (r)(s)(t)(x) 0.36 (9.50)(n)
Ratios (%) (to average net assets) and Supplemental data:    
Expenses before expense reductions (h) 6.43 13.01(a)
Expenses after expense reductions (h) 0.17 0.12(a)
Net investment income (loss) (l) 1.39 7.33(a)
Portfolio turnover 15 4(n)
Net assets at end of period (000 omitted) $1,729 $45
See Notes to Financial Statements
120
Financial Highlights − continued
MFS LIFETIME 2065 FUND − continued
  Year ended
Class R4 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.70 $10.00
Income (loss) from investment operations    
Net investment income (loss) (d)(l) $0.17 $0.48
Net realized and unrealized gain (loss) (0.15)(g) (1.37)
Total from investment operations $0.02 $(0.89)
Less distributions declared to shareholders    
From net investment income $(0.19) $(0.41)
From net realized gain (0.12) —
Total distributions declared to shareholders $(0.31) $(0.41)
Net asset value, end of period (x) $8.41 $8.70
Total return (%) (r)(s)(t)(x) 0.59 (9.32)(n)
Ratios (%) (to average net assets) and Supplemental data:    
Expenses before expense reductions (h) 9.06 12.76(a)
Expenses after expense reductions (h) 0.00 0.00(a)
Net investment income (loss) (l) 2.06 7.58(a)
Portfolio turnover 15 4(n)
Net assets at end of period (000 omitted) $536 $45
  Year ended
Class R6 4/30/23 4/30/22(c)
Net asset value, beginning of period $8.69 $10.00
Income (loss) from investment operations    
Net investment income (loss) (d)(l) $0.23 $0.43
Net realized and unrealized gain (loss) (0.20)(g) (1.32)
Total from investment operations $0.03 $(0.89)
Less distributions declared to shareholders    
From net investment income $(0.19) $(0.42)
From net realized gain (0.12) —
Total distributions declared to shareholders $(0.31) $(0.42)
Net asset value, end of period (x) $8.41 $8.69
Total return (%) (r)(s)(t)(x) 0.72 (9.42)(n)
Ratios (%) (to average net assets) and Supplemental data:    
Expenses before expense reductions (h) 7.93 12.42(a)
Expenses after expense reductions (h) 0.00 0.00(a)
Net investment income (loss) (l) 2.78 6.79(a)
Portfolio turnover 15 4(n)
Net assets at end of period (000 omitted) $3,358 $664
    
See Notes to Financial Statements
121
Financial Highlights − continued
MFS LIFETIME 2065 FUND − continued
(a) Annualized.
(c) For the period from the commencement of the fund’s investment operations, September 1, 2021, through the stated period end.
(d) Per share data is based on average shares outstanding.
(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.
(h) In addition to the fees and expenses which the fund bears directly, the fund indirectly bears a pro rata share of the fees and expenses of the underlying affiliated funds in which the fund invests. Accordingly, the expense ratio for the fund reflects only those fees and expenses borne directly by the fund. Because the underlying affiliated funds have varied expense and fee levels and the fund may own different proportions of the underlying affiliated funds at different times, the amount of fees and expenses incurred indirectly by the fund will vary.
(l) The ratios and per share amounts do not include net investment income of the underlying affiliated funds in which the fund invests.
(n) Not annualized.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
122
Notes to Financial Statements 
(1)  Business and Organization
MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund, and MFS Lifetime 2065 Fund (the funds) are each a diversified series of MFS Series Trust XII (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
Each fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2)  Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
Each fund is a “fund of funds”, which invests the majority of its assets in other MFS mutual funds (hereafter referred to as “underlying affiliated funds” or “underlying funds”), which may have different fiscal year ends than the funds. The underlying funds, in turn, may engage in a number of investment techniques and practices, which involve certain risks. Certain underlying funds invest their portfolio in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments. Certain underlying funds invest a significant portion of their assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae. Certain underlying funds invest in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments in emerging markets can involve additional and greater risks than the risks associated with investments in developed foreign markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, accounting, and auditing systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, and economic instability than developed markets.
The accounting policies of the underlying funds in which each fund invests are outlined in the underlying funds’ shareholder reports, which are available without charge by calling 1-800-225-2606, at mfs.com and on the Securities and Exchange Commission (SEC) web site at http://www.sec.gov. The underlying funds' shareholder reports are not covered by this report.
Investment Valuations — Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, “fund” also refers to the underlying funds in which the fund-of-funds invests.
Subject to its oversight, the funds' Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund’s investments to MFS as the funds' adviser, pursuant to each fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of each fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under each fund's valuation policy and procedures, equity securities, including restricted equity securities and equity securities sold short, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Equity securities sold short, for which there were no sales reported that day, are generally valued at the last quoted daily ask quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Debt instruments sold short are generally valued at an evaluated or composite mean as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options
123
Notes to Financial Statements  - continued
are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under each fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of each fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating each fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine each fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which each fund determines its net asset value per share.
Various inputs are used in determining the value of each fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Each fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of April 30, 2023 in valuing each fund's assets and liabilities:
  Level 1 Level 2 Level 3 Total
MFS Lifetime Income Fund        
Financial Instruments        
Mutual Funds $636,748,260 $— $— $636,748,260
MFS Lifetime 2025 Fund        
Financial Instruments        
Mutual Funds $340,902,404 $— $— $340,902,404
MFS Lifetime 2030 Fund        
Financial Instruments        
Mutual Funds $692,657,280 $— $— $692,657,280
MFS Lifetime 2035 Fund        
Financial Instruments        
Mutual Funds $465,481,975 $— $— $465,481,975
124
Notes to Financial Statements  - continued
  Level 1 Level 2 Level 3 Total
MFS Lifetime 2040 Fund        
Financial Instruments        
Mutual Funds $613,492,691 $— $— $613,492,691
MFS Lifetime 2045 Fund        
Financial Instruments        
Mutual Funds $391,563,435 $— $— $391,563,435
MFS Lifetime 2050 Fund        
Financial Instruments        
Mutual Funds $413,630,893 $— $— $413,630,893
MFS Lifetime 2055 Fund        
Financial Instruments        
Mutual Funds $262,563,012 $— $— $262,563,012
MFS Lifetime 2060 Fund        
Financial Instruments        
Mutual Funds $126,631,602 $— $— $126,631,602
MFS Lifetime 2065 Fund        
Financial Instruments        
Mutual Funds $6,496,436 $— $— $6,496,436
For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds’ shareholder reports for further information regarding the levels used in valuing the underlying funds’ assets and liabilities.
Derivatives — Each fund does not invest in derivatives directly. Each fund does invest in underlying funds that may use derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the underlying funds use derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
Indemnifications — Under each fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each fund. Additionally, in the normal course of business, each fund enters into agreements with service providers that may contain indemnification clauses. Each fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against each fund that have not yet occurred.
Investment Transactions and Income — 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.
125
Notes to Financial Statements  - continued
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to wash sale loss deferrals and treating a portion of the proceeds from redemptions as a distribution for tax purposes.
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
Year ended 4/30/23 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Ordinary income (including any short-term capital gains) $15,441,704 $11,357,402 $18,576,383 $13,094,415 $14,871,553
Long-term capital gains 10,974,927 10,806,145 24,740,029 17,592,868 21,817,115
Total distributions $26,416,631 $22,163,547 $43,316,412 $30,687,283 $36,688,668
Year ended 4/30/23 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Ordinary income (including any short-term capital gains) $9,359,451 $8,968,255 $5,462,444 $2,325,996 $58,250
Long-term capital gains 14,504,085 14,083,068 8,382,999 2,957,995 38,750
Total distributions $23,863,536 $23,051,323 $13,845,443 $5,283,991 $97,000
Year ended 4/30/22 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Ordinary income (including any short-term capital gains) $22,090,828 $18,622,133 $33,162,261 $25,561,088 $31,745,852
Long-term capital gains 16,921,401 12,586,220 31,199,403 11,477,126 19,200,683
Total distributions $39,012,229 $31,208,353 $64,361,664 $37,038,214 $50,946,535
Year ended 4/30/22 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund (c)
Ordinary income (including any short-term capital gains) $21,180,190 $21,192,108 $11,791,033 $3,768,650 $41,175
Long-term capital gains 7,178,079 8,556,055 3,576,033 598,368 —
Total distributions $28,358,269 $29,748,163 $15,367,066 $4,367,018 $41,175
(c) For the period from the commencement of the fund’s investment operations, September 1, 2021, through the stated period end.
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 4/30/23 MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Cost of investments $608,281,382 $330,511,876 $620,992,866 $420,677,167 $507,174,518
Gross appreciation 54,882,904 26,017,138 101,689,399 58,092,411 119,043,741
Gross depreciation (26,416,026) (15,626,610) (30,024,985) (13,287,603) (12,725,568)
Net unrealized appreciation (depreciation) $28,466,878 $10,390,528 $71,664,414 $44,804,808 $106,318,173
Undistributed ordinary income 3,457,872 2,441,513 3,875,668 1,441,998 1,002,568
Undistributed long-term capital gain — — 6,548,093 3,098,892 11,509,947
Capital loss carryforwards (934,279) (1,040,353) — — —
Other temporary differences (1,255,359) — — — —
Total distributable earnings (loss) $29,735,112 $11,791,688 $82,088,175 $49,345,698 $118,830,688
126
Notes to Financial Statements  - continued
As of 4/30/23 MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Cost of investments $353,462,293 $366,220,526 $247,190,025 $128,049,437 $6,657,446
Gross appreciation 43,916,863 52,424,967 20,870,379 2,820,977 171,970
Gross depreciation (5,815,721) (5,014,600) (5,497,392) (4,238,812) (332,980)
Net unrealized appreciation (depreciation) $38,101,142 $47,410,367 $15,372,987 $(1,417,835) $(161,010)
Undistributed ordinary income 342,724 210,367 185,097 51,957 2,494
Undistributed long-term capital gain 6,838,410 8,977,497 6,012,477 2,678,308 79,024
Total distributable earnings (loss) $45,282,276 $56,598,231 $21,570,561 $1,312,430 $(79,492)
As of April 30, 2023, the following funds had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund
Short-Term $(934,279) $(611,524)
Long-Term — (428,829)
Total $(934,279) $(1,040,353)
Multiple Classes of Shares of Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution, service, and program manager fees. For the MFS Lifetime Income Fund, income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. For the MFS Lifetime Income Fund, realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. For all other funds, income, realized and unrealized gain (loss), and common expenses are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. Effective March 21, 2022, all Class 529B and Class 529C shares were converted into Class 529A shares. Effective May 20, 2022, all Class 529A shares were redeemed. Each fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  MFS Lifetime
Income Fund 		  MFS Lifetime
2025 Fund 		  MFS Lifetime
2030 Fund
  Year Ended
4/30/23 		  Year Ended
4/30/22 		  Year Ended
4/30/23 		  Year Ended
4/30/22 		  Year Ended
4/30/23 		  Year Ended
4/30/22
Class A $7,658,936   $9,807,685   $1,264,356   $1,985,756   $4,469,769   $7,032,486
Class B 72,364   118,063   40,256   80,251   167,329   419,626
Class C 1,513,442   3,422,376   177,154   247,400   401,191   940,949
Class I 1,937,482   2,936,897   170,985   243,332   411,170   676,119
Class R1 89,304   102,365   14,785   20,049   183,073   392,788
Class R2 970,048   483,548   778,630   1,206,479   2,578,672   4,512,901
Class R3 4,488,151   3,817,424   5,317,471   7,706,830   11,153,148   16,429,472
Class R4 1,333,712   1,034,446   1,750,011   3,010,853   3,223,628   6,112,707
Class R6 8,178,656   5,476,938   12,649,899   16,707,403   20,728,432   27,844,616
Class 529A 174,536   10,204,625   —   —   —   —
Class 529B —   189,988   —   —   —   —
Class 529C —   1,417,874   —   —   —   —
Total $26,416,631   $39,012,229   $22,163,547   $31,208,353   $43,316,412   $64,361,664
127
Notes to Financial Statements  - continued
  MFS Lifetime
2035 Fund 		  MFS Lifetime
2040 Fund 		  MFS Lifetime
2045 Fund
  Year Ended
4/30/23 		  Year Ended
4/30/22 		  Year Ended
4/30/23 		  Year Ended
4/30/22 		  Year Ended
4/30/23 		  Year Ended
4/30/22
Class A $1,833,455   $2,320,230   $2,874,116   $4,665,291   $1,260,866   $1,610,443
Class B 59,407   103,003   110,378   239,217   34,388   65,242
Class C 205,622   246,316   387,440   662,292   131,064   154,889
Class I 120,757   108,427   487,481   443,211   159,746   205,037
Class R1 45,789   34,032   164,288   327,198   22,090   26,093
Class R2 897,002   1,258,518   2,234,676   3,858,573   562,607   852,143
Class R3 7,968,371   10,933,795   9,870,855   14,205,982   7,153,536   9,293,873
Class R4 2,366,563   3,492,794   2,460,142   4,836,677   1,214,593   2,461,266
Class R6 17,190,317   18,541,099   18,099,292   21,708,094   13,324,646   13,689,283
Total $30,687,283   $37,038,214   $36,688,668   $50,946,535   $23,863,536   $28,358,269
  MFS Lifetime
2050 Fund 		  MFS Lifetime
2055 Fund 		  MFS Lifetime
2060 Fund
  Year Ended
4/30/23 		  Year Ended
4/30/22 		  Year Ended
4/30/23 		  Year Ended
4/30/22 		  Year Ended
4/30/23 		  Year Ended
4/30/22
Class A $1,432,956   $2,107,096   $972,563   $1,258,975   $469,628   $455,356
Class B 54,886   124,989   25,204   47,582   6,556   10,248
Class C 176,827   292,874   121,684   180,306   39,581   47,868
Class I 347,085   103,644   41,667   41,450   16,731   18,437
Class R1 36,156   60,077   42,431   49,193   3,344   4,654
Class R2 977,549   1,642,015   471,625   650,149   80,011   111,001
Class R3 6,826,023   10,063,249   4,225,102   5,387,396   1,707,057   1,429,297
Class R4 1,427,668   2,509,146   892,610   1,232,418   192,059   184,859
Class R6 11,772,173   12,845,073   7,052,557   6,519,597   2,769,024   2,105,298
Total $23,051,323   $29,748,163   $13,845,443   $15,367,066   $5,283,991   $4,367,018
  MFS Lifetime
2065 Fund
  Year Ended
4/30/23 		  Year Ended
4/30/22 (c)
Class A $13,148   $5,464
Class C 1,908   1,913
Class I 2,318   2,074
Class R1 1,477   1,908
Class R2 2,772   2,355
Class R3 13,541   2,033
Class R4 2,062   2,075
Class R6 59,774   23,353
Total $97,000   $41,175
(c) For the period from the commencement of the fund’s investment operations, September 1, 2021, through the stated period end.
(3)  Transactions with Affiliates
Note regarding references to Class 529A shares in this “Note (3) Transactions with Affiliates”: Effective May 20, 2022, all Class 529A shares were redeemed. Accordingly, information with respect to Class 529A shares is for the period ending May 20, 2022.
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.
128
Notes to Financial Statements  - continued
For classes other than Class R6 shares, the investment adviser has agreed in writing to pay all of each fund’s operating expenses, excluding distribution and service fees, 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 year ended April 30, 2023, this reduction amounted to the following for each fund and is included in the reduction of total expenses in the Statements of Operations:
MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
$982,733 $581,500 $938,484 $677,527 $842,124
MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
$612,517 $656,104 $518,820 $369,601 $210,317
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 (0.14)% annually of average daily net assets for all funds except for the MFS Lifetime Income Fund. For the period from May 1, 2022 through August 5, 2022, for Class R6 shares of the MFS Lifetime Income Fund, the investment adviser had agreed to bear the fund’s expenses, or make payment to such fund, such that the “Other Expenses” of the class did not exceed (0.10)% annually of average daily net assets of the MFS Lifetime Income Fund. Effective August 6, 2022, for Class R6 shares of the MFS Lifetime Income Fund, the investment adviser has agreed to bear the fund’s expenses, or make payment to such fund, such that the “Other Expenses” of the class do not exceed (0.12)% annually of average daily net assets of the MFS Lifetime Income Fund. These written agreements will continue until modified by the funds’ Board of Trustees, but such agreements will continue at least until August 31, 2023. Payments made to certain classes of the funds to further reduce “Other Expenses” below 0.00% annually of average daily net assets are included in “Excess expense reimbursement from investment adviser” in the Statements of Operations.
In addition to the fees and expenses which each fund bears directly, each fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which each fund invests. Accordingly, the expense ratio for each fund reflects only those fees and expenses borne directly by each fund.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended April 30, 2023, 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 $3,550 $504
MFS Lifetime 2025 Fund 7,942 —
MFS Lifetime 2030 Fund 18,932 —
MFS Lifetime 2035 Fund 10,226 —
MFS Lifetime 2040 Fund 21,348 —
MFS Lifetime 2045 Fund 15,974 —
MFS Lifetime 2050 Fund 18,231 —
MFS Lifetime 2055 Fund 12,394 —
MFS Lifetime 2060 Fund 17,282 —
MFS Lifetime 2065 Fund 1,097 —
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.
129
Notes to Financial Statements  - continued
Distribution Plan Fee Table:
  Class A
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund — 0.25% 0.25% 0.25% $457,750
MFS Lifetime 2025 Fund — 0.25% 0.25% 0.25% 61,268
MFS Lifetime 2030 Fund — 0.25% 0.25% 0.25% 190,599
MFS Lifetime 2035 Fund — 0.25% 0.25% 0.25% 75,440
MFS Lifetime 2040 Fund — 0.25% 0.25% 0.25% 121,892
MFS Lifetime 2045 Fund — 0.25% 0.25% 0.25% 52,363
MFS Lifetime 2050 Fund — 0.25% 0.25% 0.25% 59,992
MFS Lifetime 2055 Fund — 0.25% 0.25% 0.25% 41,616
MFS Lifetime 2060 Fund — 0.25% 0.25% 0.25% 23,280
MFS Lifetime 2065 Fund — 0.25% 0.25% 0.25% 859
  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% $21,118
MFS Lifetime 2025 Fund 0.75% 0.25% 1.00% 1.00% 9,906
MFS Lifetime 2030 Fund 0.75% 0.25% 1.00% 1.00% 36,573
MFS Lifetime 2035 Fund 0.75% 0.25% 1.00% 1.00% 11,977
MFS Lifetime 2040 Fund 0.75% 0.25% 1.00% 1.00% 22,778
MFS Lifetime 2045 Fund 0.75% 0.25% 1.00% 1.00% 6,921
MFS Lifetime 2050 Fund 0.75% 0.25% 1.00% 1.00% 11,206
MFS Lifetime 2055 Fund 0.75% 0.25% 1.00% 1.00% 5,407
MFS Lifetime 2060 Fund 0.75% 0.25% 1.00% 1.00% 1,674
  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% $472,001
MFS Lifetime 2025 Fund 0.75% 0.25% 1.00% 1.00% 35,401
MFS Lifetime 2030 Fund 0.75% 0.25% 1.00% 1.00% 85,132
MFS Lifetime 2035 Fund 0.75% 0.25% 1.00% 1.00% 37,127
MFS Lifetime 2040 Fund 0.75% 0.25% 1.00% 1.00% 73,329
MFS Lifetime 2045 Fund 0.75% 0.25% 1.00% 1.00% 22,683
MFS Lifetime 2050 Fund 0.75% 0.25% 1.00% 1.00% 32,369
MFS Lifetime 2055 Fund 0.75% 0.25% 1.00% 1.00% 24,063
MFS Lifetime 2060 Fund 0.75% 0.25% 1.00% 1.00% 9,314
MFS Lifetime 2065 Fund 0.75% 0.25% 1.00% 1.00% 627
130
Notes to Financial Statements  - continued
  Class R1
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
MFS Lifetime Income Fund 0.75% 0.25% 1.00% 1.00% $24,639
MFS Lifetime 2025 Fund 0.75% 0.25% 1.00% 1.00% 3,189
MFS Lifetime 2030 Fund 0.75% 0.25% 1.00% 1.00% 36,946
MFS Lifetime 2035 Fund 0.75% 0.25% 1.00% 1.00% 9,022
MFS Lifetime 2040 Fund 0.75% 0.25% 1.00% 1.00% 34,203
MFS Lifetime 2045 Fund 0.75% 0.25% 1.00% 1.00% 4,281
MFS Lifetime 2050 Fund 0.75% 0.25% 1.00% 1.00% 6,815
MFS Lifetime 2055 Fund 0.75% 0.25% 1.00% 1.00% 8,088
MFS Lifetime 2060 Fund 0.75% 0.25% 1.00% 0.50% 399
MFS Lifetime 2065 Fund 0.75% 0.25% 1.00% 1.00% 489
  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% $110,642
MFS Lifetime 2025 Fund 0.25% 0.25% 0.50% 0.50% 79,182
MFS Lifetime 2030 Fund 0.25% 0.25% 0.50% 0.50% 238,634
MFS Lifetime 2035 Fund 0.25% 0.25% 0.50% 0.50% 79,788
MFS Lifetime 2040 Fund 0.25% 0.25% 0.50% 0.50% 201,798
MFS Lifetime 2045 Fund 0.25% 0.25% 0.50% 0.50% 52,120
MFS Lifetime 2050 Fund 0.25% 0.25% 0.50% 0.50% 89,394
MFS Lifetime 2055 Fund 0.25% 0.25% 0.50% 0.50% 44,640
MFS Lifetime 2060 Fund 0.25% 0.25% 0.50% 0.50% 9,808
MFS Lifetime 2065 Fund 0.25% 0.25% 0.50% 0.50% 374
  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% $254,761
MFS Lifetime 2025 Fund — 0.25% 0.25% 0.25% 254,520
MFS Lifetime 2030 Fund — 0.25% 0.25% 0.25% 482,077
MFS Lifetime 2035 Fund — 0.25% 0.25% 0.25% 342,909
MFS Lifetime 2040 Fund — 0.25% 0.25% 0.25% 422,086
MFS Lifetime 2045 Fund — 0.25% 0.25% 0.25% 309,994
MFS Lifetime 2050 Fund — 0.25% 0.25% 0.25% 290,372
MFS Lifetime 2055 Fund — 0.25% 0.25% 0.25% 185,322
MFS Lifetime 2060 Fund — 0.25% 0.25% 0.25% 84,568
MFS Lifetime 2065 Fund — 0.25% 0.25% 0.25% 1,402
  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% $25,907
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Total Distribution and Service Fees $1,366,818 $443,466 $1,069,961 $556,263 $876,086
131
Notes to Financial Statements  - continued
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Total Distribution and Service Fees $448,362 $490,148 $309,136 $129,043 $3,751
(d) In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.
(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended April 30, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the year ended April 30, 2023, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Class A $24 $2 $41 $— $15
Class B 3 — — — —
Class C 8 — — — 1
Class R2 202 — 499 — 108
Class R3 9 2 38 125 529
Class 529A 2,093 N/A N/A N/A N/A
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Class A $16 $1 $3 $2 $1
Class C — 1 — 1 —
Class R3 23 97 66 — —
For the MFS Lifetime 2060 Fund, for the period from September 1, 2022 through April 30, 2023, the 0.75% distribution fee was not imposed for Class R1 shares due to the sales charge limitations contained in Financial Industry Regulatory Authority (“FINRA”) Rule 2341.
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase.  All contingent deferred sales charges are paid to MFD and during the year ended April 30, 2023, were as follows:
CDSC Imposed MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Class A $1,311 $792 $976 $182 $741
Class B 2,394 559 988 120 362
Class C 2,662 732 581 652 1,005
CDSC Imposed MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Class A $699 $569 $299 $172 $20
Class B — 169 105 8 N/A
Class C 586 403 356 323 51
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. As described above, all Class 529A shares were redeemed on or before May 20, 2022. Accordingly, the foregoing agreement between the fund and MFD was terminated effective May 20, 2022. 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 year ended April 30, 2023, were as follows:
  Fee
Class 529A $5,181
132
Notes to Financial Statements  - continued
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended April 30, 2023, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net assets:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Expenses paid $94,493 $21,167 $52,476 $28,843 $50,750
Annual percentage of average daily net assets 0.0157% 0.0057% 0.0076% 0.0063% 0.0089%
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Expenses paid $30,655 $39,903 $36,322 $25,032 $2,770
Annual percentage of average daily net assets 0.0086% 0.0110% 0.0165% 0.0262% 0.1069%
MFSC also receives reimbursement from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended April 30, 2023, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:
MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
$557,163 $302,046 $597,450 $378,565 $507,406
MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
$313,868 $344,073 $226,670 $100,286 $3,411
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 year ended April 30, 2023 was equivalent to the following annual effective rates of each fund's average daily net assets:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Percentage of average daily net assets 0.0029% 0.0047% 0.0025% 0.0038% 0.0031%
  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 0.0049% 0.0048% 0.0080% 0.0183% 0.6754%
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 redeemed the following fund shares:
Fund Class Shares Amount
MFS Lifetime 2060 Fund Class A 5,555 $89,153
MFS Lifetime 2060 Fund Class R2 5,505 88,187
MFS Lifetime 2060 Fund Class R4 5,587 90,174
133
Notes to Financial Statements  - continued
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
On August 3, 2022, MFS purchased the following fund shares:
Fund Class Shares Amount
MFS Lifetime 2065 Fund Class I 699 $6,000
MFS Lifetime 2065 Fund Class R1 937 8,000
MFS Lifetime 2065 Fund Class R4 815 7,000
At April 30, 2023, MFS held 100% of the outstanding shares of Class R1 of the MFS Lifetime 2060 Fund. Also, MFS held approximately 51% and 80% of the outstanding shares of Class C and Class I, respectively, and 100% of the outstanding shares of Class R1 of the MFS Lifetime 2065 Fund.
(4)  Portfolio Securities
For the year ended April 30, 2023, purchases and sales of shares of underlying funds, excluding the MFS Institutional Money Market Portfolio, aggregated to the following:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Purchases $96,620,641 $65,177,828 $119,909,687 $109,121,647 $141,411,686
Sales $293,489,097 $135,629,417 $153,843,267 $119,313,581 $104,494,773
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Purchases $117,469,479 $148,535,497 $83,641,401 $58,395,106 $5,501,367
Sales $82,047,801 $77,909,736 $29,414,503 $13,482,444 $413,252
134
Notes to Financial Statements  - continued
(5)  Shares of Beneficial Interest
Each fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  MFS Lifetime Income Fund   MFS Lifetime 2025 Fund
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A   1,939,043 $  23,081,811     2,936,702 $  40,058,978       386,169 $   4,922,186       430,550 $   6,355,462
Class B       9,190       108,855         1,642        21,697            —           —         2,519        34,202
Class C     253,264     3,026,937       297,217     4,097,934        72,046       904,804        35,343       519,570
Class I     843,785    10,123,736       764,329    10,436,927        38,312       483,592        92,075     1,322,459
Class R1      51,608       616,153        73,584       985,960         5,569        71,520         3,924        58,622
Class R2     365,356     4,351,884       128,678     1,763,836       244,098     3,113,185       208,574     3,047,245
Class R3   2,059,654    24,480,194     1,826,018    24,825,448     1,687,674    21,414,360     2,638,787    38,972,441
Class R4   1,489,589    18,131,500       187,548     2,578,863       892,389    11,413,620       664,421    10,072,796
Class R6   8,240,043    99,193,242     1,170,180    16,004,181     5,174,368    65,971,483     3,924,237    58,102,536
Class 529A     248,093     2,495,454    10,660,485   116,626,233            —           —            —           —
Class 529B          —           —       103,719     1,177,862            —           —            —           —
Class 529C          —           —       994,778   11,228,950            —           —            —           —
   15,499,625  $185,609,766    19,144,880  $229,806,869     8,500,625  $108,294,750     8,000,430  $118,485,333
Shares issued in connection with
acquisition of MFS Lifetime 2020 Fund 		                     
Class A   3,049,968 $  37,667,110                  
Class B      95,301     1,176,967                  
Class C     312,197     3,852,508                  
Class I     265,139     3,274,471                  
Class R1      84,922     1,050,490                  
Class R2   1,809,715    22,349,976                  
Class R3   4,949,814    61,130,203                  
Class R4   1,478,497    18,259,440                  
Class R6   6,629,463   82,139,036                  
   18,675,016  $230,900,201                  
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     630,080 $   7,370,558       689,857 $   9,419,979       102,267 $   1,234,363       132,057 $   1,933,315
Class B       6,092        70,958         8,328       113,846         3,344        40,256         5,508        80,251
Class C     128,674     1,500,466       248,765     3,397,857        14,862       177,154        17,086       247,400
Class I     142,961     1,675,593       186,728     2,550,053        14,131       170,985        16,570       243,250
Class R1       7,655        89,275         7,486       102,357         1,217        14,785         1,360        20,049
Class R2      81,717       951,792        32,909       449,634        64,547       777,796        82,392     1,203,748
Class R3     384,042     4,484,557       277,602     3,793,525       441,284     5,317,471       527,143     7,706,830
Class R4     113,782     1,327,703        74,556     1,020,508       142,750     1,732,989       202,854     2,988,038
Class R6     655,172     7,674,124       370,055     5,069,546       975,307    11,830,480     1,057,427    15,554,744
Class 529A          —           —       886,980     9,822,798            —           —            —           —
Class 529B          —           —        16,690       185,729            —           —            —           —
Class 529C          —           —       123,651    1,372,374            —           —            —           —
    2,150,175   $25,145,026     2,923,607   $37,298,206     1,759,709   $21,296,279     2,042,397   $29,977,625
135
Notes to Financial Statements  - continued
  MFS Lifetime Income Fund − continued   MFS Lifetime 2025 Fund − continued
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares reacquired                      
Class A  (2,952,373) $ (35,215,392)    (2,157,843) $ (29,606,727)      (612,701) $  (7,828,647)      (536,436) $  (7,945,279)
Class B    (126,048)    (1,492,382)       (98,490)   (1,355,317)       (26,841)      (335,916)       (18,211)      (264,868)
Class C  (1,848,073)   (22,025,488)    (1,998,702)  (27,273,041)       (78,202)      (973,918)       (94,069)    (1,384,791)
Class I  (1,226,165)   (14,545,947)      (729,666)   (9,874,183)      (143,298)    (1,861,480)       (11,130)      (158,823)
Class R1     (53,033)      (633,153)       (78,201)   (1,040,745)        (2,528)       (32,292)        (7,134)      (107,589)
Class R2    (606,610)    (7,176,513)      (304,094)   (4,198,716)      (429,857)    (5,366,293)      (505,389)    (7,496,808)
Class R3  (2,264,031)   (26,893,818)    (2,649,414)  (36,350,168)    (2,371,659)   (30,129,331)    (2,510,547)  (37,409,023)
Class R4  (1,782,203)   (21,306,179)    (1,574,635)  (21,845,808)      (705,124)    (9,088,190)    (3,774,324)  (57,600,980)
Class R6  (6,645,922)   (78,064,102)    (1,354,687)  (18,330,604)    (9,815,696) (122,096,416)    (3,999,012)  (59,343,413)
Class 529A (17,366,010) (172,809,991)    (8,564,743)  (94,605,539)            —           —            —           —
Class 529B          —           —      (459,429)   (4,980,248)            —           —            —           —
Class 529C          —           —    (3,678,567)  (39,639,831)            —           —            —           —
  (34,870,468) $(380,162,965)   (23,648,471) $(289,100,927)   (14,185,906) $(177,712,483)   (11,456,252) $(171,711,574)
Net change                      
Class A   2,666,718 $  32,904,087     1,468,716 $  19,872,230      (124,265) $  (1,672,098)        26,171 $     343,498
Class B     (15,465)      (135,602)       (88,520)   (1,219,774)       (23,497)      (295,660)       (10,184)      (150,415)
Class C  (1,153,938)   (13,645,577)    (1,452,720)  (19,777,250)         8,706       108,040       (41,640)      (617,821)
Class I      25,720       527,853       221,391     3,112,797       (90,855)    (1,206,903)        97,515     1,406,886
Class R1      91,152     1,122,765         2,869        47,572         4,258        54,013        (1,850)       (28,918)
Class R2   1,650,178    20,477,139      (142,507)   (1,985,246)      (121,212)    (1,475,312)      (214,423)    (3,245,815)
Class R3   5,129,479    63,201,136      (545,794)   (7,731,195)      (242,701)    (3,397,500)       655,383     9,270,248
Class R4   1,299,665    16,412,464    (1,312,531)  (18,246,437)       330,015     4,058,419    (2,907,049)  (44,540,146)
Class R6   8,878,756   110,942,300       185,548     2,743,123    (3,666,021)   (44,294,453)       982,652    14,313,867
Class 529A (17,117,917) (170,314,537)     2,982,722    31,843,492            —           —            —           —
Class 529B          —           —      (339,020)   (3,616,657)            —           —            —           —
Class 529C          —           —    (2,560,138)  (27,038,507)            —           —            —           —
    1,454,348   $61,492,028    (1,579,984)  $(21,995,852)    (3,925,572)  $(48,121,454)    (1,413,425)  $(23,248,616)
  MFS Lifetime 2030 Fund   MFS Lifetime 2035 Fund
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     634,470 $   9,625,569       826,763 $  14,694,261       396,735 $   6,240,446       476,912 $   8,872,004
Class B          26           381         2,065        35,716             8           132         1,731        31,681
Class C      88,213     1,308,553       105,073     1,863,284        87,644     1,368,091        33,896       621,545
Class I     289,608     4,580,850       205,174     3,755,925        67,567     1,068,723        28,791       543,880
Class R1      33,857       509,895        69,206     1,197,444        17,097       261,966        35,265       596,340
Class R2     542,629     8,132,715       660,459    11,565,292       240,895     3,820,373       274,581     5,031,795
Class R3   2,849,602    42,962,175     4,067,997    72,621,265     2,089,044    32,704,299     2,763,648    51,327,402
Class R4   2,180,010    33,788,712       719,442    13,299,398       780,390    12,309,822       550,838    10,453,575
Class R6   7,579,454  115,107,062     4,580,292   82,014,152     6,393,615  100,192,969     3,809,173   70,909,801
   14,197,869  $216,015,912    11,236,471  $201,046,737    10,072,995  $157,966,821     7,974,835  $148,388,023
136
Notes to Financial Statements  - continued
  MFS Lifetime 2030 Fund − continued   MFS Lifetime 2035 Fund − continued
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     300,979 $   4,300,996       382,031 $   6,788,684       114,233 $   1,684,932       112,150 $   2,088,232
Class B      11,794       167,118        23,777       418,000         4,039        59,407         5,556       103,003
Class C      27,873       391,342        52,579       916,459        14,024       204,044        13,264       244,060
Class I      26,543       381,417        35,638       636,136         7,894       116,667         5,478       102,283
Class R1      12,874       183,073        22,242       392,788         3,109        45,789         1,829        34,032
Class R2     180,747     2,561,190       254,531     4,484,827        60,730       896,975        67,516     1,258,495
Class R3     783,227    11,153,148       927,695    16,429,472       539,497     7,968,371       586,577    10,933,795
Class R4     220,844     3,182,368       337,284     6,040,757       159,150     2,366,563       186,183     3,492,794
Class R6   1,302,388   18,741,359     1,373,585   24,559,697     1,014,738   15,068,865       847,437   15,880,967
    2,867,269   $41,062,011     3,409,362   $60,666,820     1,917,414   $28,411,613     1,825,990   $34,137,661
Shares reacquired                      
Class A    (645,688) $  (9,809,860)      (785,435) $ (13,841,138)      (201,754) $  (3,157,387)      (319,863) $  (5,934,680)
Class B     (81,754)    (1,221,737)      (103,891)   (1,831,513)       (18,522)      (289,977)       (10,676)      (196,141)
Class C    (247,132)    (3,709,676)      (202,667)   (3,545,624)       (32,788)      (505,703)       (30,159)      (559,164)
Class I    (317,537)    (4,848,674)      (177,252)   (3,124,276)       (32,998)      (518,681)       (20,277)      (374,225)
Class R1     (84,132)    (1,266,228)      (142,680)   (2,459,583)       (12,423)      (193,708)        (6,212)      (114,759)
Class R2    (900,130)   (13,446,089)      (990,552)  (17,692,675)      (393,276)    (6,036,023)      (432,190)    (8,148,030)
Class R3  (2,660,474)   (40,239,632)    (3,520,953)  (63,715,683)    (2,226,349)   (34,962,090)    (2,370,103)  (44,408,051)
Class R4  (2,080,364)   (32,447,960)    (4,210,706)  (78,281,457)      (431,624)    (6,912,686)    (3,116,882)  (60,059,835)
Class R6  (9,462,838) (140,048,239)    (2,758,911)  (49,813,544)    (7,435,492) (113,101,010)    (1,481,695)  (27,639,378)
  (16,480,049) $(247,038,095)   (12,893,047) $(234,305,493)   (10,785,226) $(165,677,265)    (7,788,057) $(147,434,263)
Net change                      
Class A     289,761 $   4,116,705       423,359 $   7,641,807       309,214 $   4,767,991       269,199 $   5,025,556
Class B     (69,934)    (1,054,238)       (78,049)   (1,377,797)       (14,475)      (230,438)        (3,389)       (61,457)
Class C    (131,046)    (2,009,781)       (45,015)     (765,881)        68,880     1,066,432        17,001       306,441
Class I      (1,386)       113,593        63,560     1,267,785        42,463       666,709        13,992       271,938
Class R1     (37,401)      (573,260)       (51,232)     (869,351)         7,783       114,047        30,882       515,613
Class R2    (176,754)    (2,752,184)       (75,562)   (1,642,556)       (91,651)    (1,318,675)       (90,093)    (1,857,740)
Class R3     972,355    13,875,691     1,474,739    25,335,054       402,192     5,710,580       980,122    17,853,146
Class R4     320,490     4,523,120    (3,153,980)  (58,941,302)       507,916     7,763,699    (2,379,861)  (46,113,466)
Class R6    (580,996)   (6,199,818)     3,194,966   56,760,305       (27,139)    2,160,824     3,174,915   59,151,390
      585,089   $10,039,828     1,752,786   $27,408,064     1,205,183   $20,701,169     2,012,768   $35,091,421
  MFS Lifetime 2040 Fund   MFS Lifetime 2045 Fund
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     513,194 $   8,703,305       425,267 $   8,531,346       360,922 $   6,075,782       329,248 $   6,388,573
Class B       1,406        23,383         1,125        22,234            —           —         1,088        22,886
Class C      66,352     1,102,996        63,872     1,263,480        58,066       946,570        26,229       516,992
Class I     259,384     4,460,483       100,043     2,073,275        50,698       857,100        32,031       637,136
Class R1      42,218       701,564        50,673       992,387        10,285       170,810         8,590       163,825
Class R2     504,169     8,499,721       494,238     9,886,682       145,317     2,419,509       181,664     3,559,399
Class R3   2,606,391    43,902,492     3,248,381    65,135,731     1,977,527    32,736,692     2,577,120    50,476,937
Class R4   1,874,637    32,476,792       504,057    10,531,298       691,181    11,642,980       373,295     7,583,357
Class R6   7,294,741  123,888,531     3,284,786   66,975,268     6,350,626  105,138,036     2,748,174   54,592,402
   13,162,492  $223,759,267     8,172,442  $165,411,701     9,644,622  $159,987,479     6,277,439  $123,941,507
137
Notes to Financial Statements  - continued
  MFS Lifetime 2040 Fund − continued   MFS Lifetime 2045 Fund − continued
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     165,639 $   2,640,289       205,626 $   4,165,987        73,378 $   1,148,366        66,848 $   1,332,945
Class B       6,913       109,985        11,659       235,401         2,204        34,388         3,285        65,242
Class C      24,626       384,906        33,117       658,368         8,470       130,945         7,846       154,889
Class I      29,468       473,251        20,701       422,501        10,156       159,746        10,231       205,037
Class R1      10,378       164,288        16,295       327,198         1,412        22,090         1,309        26,093
Class R2     138,247     2,192,601       188,169     3,791,607        36,016       562,575        42,840       852,096
Class R3     619,639     9,870,855       701,530    14,205,982       457,387     7,153,536       466,560     9,293,873
Class R4     152,368     2,459,223       235,870     4,835,335        77,071     1,213,873       122,644     2,460,233
Class R6     983,420   15,852,736       903,861   18,502,034       764,854   12,023,500       601,572   12,043,466
    2,130,698   $34,148,134     2,316,828   $47,144,413     1,430,948   $22,449,019     1,323,135   $26,433,874
Shares reacquired                      
Class A    (441,711) $  (7,479,502)      (623,289) $ (12,624,513)      (135,163) $  (2,252,069)      (237,630) $  (4,730,304)
Class B     (39,301)      (659,656)       (39,948)     (805,661)        (3,423)       (56,124)        (9,732)      (189,192)
Class C    (128,016)    (2,107,011)       (92,124)   (1,832,800)       (22,144)      (358,910)       (17,250)      (340,339)
Class I    (113,521)    (1,939,016)       (27,399)     (556,413)        (9,287)      (155,223)       (11,941)      (225,417)
Class R1     (95,222)    (1,577,743)       (39,436)     (771,691)        (2,953)       (49,597)       (15,303)      (308,639)
Class R2    (693,165)   (11,684,879)      (844,519)  (17,188,282)      (195,770)    (3,180,632)      (353,461)    (7,099,753)
Class R3  (2,392,144)   (40,333,406)    (2,127,556)  (42,990,532)    (1,876,195)   (31,002,736)    (1,359,158)  (27,204,271)
Class R4  (1,307,817)   (23,037,134)    (3,608,044)  (75,675,554)      (533,032)    (9,073,829)    (2,772,888)  (56,611,260)
Class R6  (5,731,402)  (94,961,768)    (1,616,528)  (32,844,832)    (4,756,652)  (76,854,711)    (1,056,516)  (21,107,425)
  (10,942,299) $(183,780,115)    (9,018,843) $(185,290,278)    (7,534,619) $(122,983,831)    (5,833,879) $(117,816,600)
Net change                      
Class A     237,122 $   3,864,092         7,604 $      72,820       299,137 $   4,972,079       158,466 $   2,991,214
Class B     (30,982)      (526,288)       (27,164)     (548,026)        (1,219)       (21,736)        (5,359)      (101,064)
Class C     (37,038)      (619,109)         4,865        89,048        44,392       718,605        16,825       331,542
Class I     175,331     2,994,718        93,345     1,939,363        51,567       861,623        30,321       616,756
Class R1     (42,626)      (711,891)        27,532       547,894         8,744       143,303        (5,404)      (118,721)
Class R2     (50,749)      (992,557)      (162,112)   (3,509,993)       (14,437)      (198,548)      (128,957)    (2,688,258)
Class R3     833,886    13,439,941     1,822,355    36,351,181       558,719     8,887,492     1,684,522    32,566,539
Class R4     719,188    11,898,881    (2,868,117)  (60,308,921)       235,220     3,783,024    (2,276,949)  (46,567,670)
Class R6   2,546,759   44,779,499     2,572,119   52,632,470     2,358,828   40,306,825     2,293,230   45,528,443
    4,350,891   $74,127,286     1,470,427   $27,265,836     3,540,951   $59,452,667     1,766,695   $32,558,781
  MFS Lifetime 2050 Fund   MFS Lifetime 2055 Fund
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     364,851 $   7,302,330       252,045 $   6,019,630       363,044 $   6,220,154       267,258 $   5,465,294
Class B         372         6,839            —           —            —           —            —           —
Class C      51,556     1,001,183        23,288       545,886        32,632       553,339        22,614       460,659
Class I   1,093,643    22,813,928        36,143       835,341        48,946       827,616        22,339       470,696
Class R1       8,099       159,745        16,104       366,729        25,465       433,844        12,186       244,259
Class R2     284,399     5,645,668       235,308     5,569,204       213,502     3,701,473       165,525     3,365,611
Class R3   1,871,007    36,985,841     1,887,642    44,538,296     1,669,100    28,639,603     1,442,570    29,397,607
Class R4   1,525,549    30,666,021       300,510     7,295,992       564,425     9,890,646       292,896     6,109,365
Class R6   5,090,385  100,592,550     2,223,596   52,785,092     4,457,184   76,341,194     2,119,489   43,471,257
   10,289,861  $205,174,105     4,974,636  $117,956,170     7,374,298  $126,607,869     4,344,877   $88,984,748
138
Notes to Financial Statements  - continued
  MFS Lifetime 2050 Fund − continued   MFS Lifetime 2055 Fund − continued
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      70,311 $   1,319,739        79,973 $   1,917,746        46,652 $     753,900        48,841 $   1,006,129
Class B       2,960        54,886         5,284       124,989         1,560        25,204         2,314        47,582
Class C       9,289       170,724        12,452       292,874         7,468       119,339         8,776       178,864
Class I      18,433       345,992         4,329       103,644         2,574        41,647         2,010        41,450
Class R1       1,958        36,156         2,545        60,077         2,645        42,431         2,403        49,193
Class R2      52,623       977,206        69,177     1,641,562        28,692       464,238        31,118       641,026
Class R3     366,990     6,826,023       423,181    10,063,249       261,293     4,225,102       261,397     5,387,396
Class R4      76,054     1,427,526       104,635     2,509,146        54,721       892,500        59,336     1,232,418
Class R6     582,906   10,917,829       487,643   11,674,167       398,254    6,487,552       281,838    5,848,135
    1,181,524   $22,076,081     1,189,219   $28,387,454       803,859   $13,051,913       698,033   $14,432,193
Shares reacquired                      
Class A    (122,541) $  (2,469,370)      (210,167) $  (4,983,056)      (114,006) $  (1,964,255)      (189,613) $  (3,838,565)
Class B     (13,862)      (269,697)       (18,044)     (418,212)        (4,841)       (83,808)        (5,030)      (103,673)
Class C     (36,150)      (718,589)       (47,005)   (1,103,526)       (22,760)      (384,928)       (25,177)      (512,363)
Class I  (1,059,375)   (21,335,496)       (15,694)     (365,356)        (3,603)       (61,762)       (17,663)      (378,837)
Class R1     (10,515)      (204,381)       (13,151)     (302,751)        (4,291)       (73,609)        (8,673)      (178,727)
Class R2    (317,299)    (6,285,691)      (612,710)  (14,769,906)      (212,801)    (3,589,164)      (569,713)  (11,814,420)
Class R3  (1,750,365)   (34,375,588)    (1,483,387)  (35,605,071)    (1,525,477)   (25,963,858)      (888,868)  (18,521,840)
Class R4    (500,642)   (10,262,398)    (2,246,946)  (55,508,210)      (341,873)    (6,073,727)    (1,427,936)  (30,312,705)
Class R6  (2,963,605)  (57,414,823)      (841,717)  (20,153,772)    (1,964,136)  (33,247,965)      (614,339)  (12,715,853)
   (6,774,354) $(133,336,033)    (5,488,821) $(133,209,860)    (4,193,788)  $(71,443,076)    (3,747,012)  $(78,376,983)
Net change                      
Class A     312,621 $   6,152,699       121,851 $   2,954,320       295,690 $   5,009,799       126,486 $   2,632,858
Class B     (10,530)      (207,972)       (12,760)     (293,223)        (3,281)       (58,604)        (2,716)       (56,091)
Class C      24,695       453,318       (11,265)     (264,766)        17,340       287,750         6,213       127,160
Class I      52,701     1,824,424        24,778       573,629        47,917       807,501         6,686       133,309
Class R1        (458)        (8,480)         5,498       124,055        23,819       402,666         5,916       114,725
Class R2      19,723       337,183      (308,225)   (7,559,140)        29,393       576,547      (373,070)    (7,807,783)
Class R3     487,632     9,436,276       827,436    18,996,474       404,916     6,900,847       815,099    16,263,163
Class R4   1,100,961    21,831,149    (1,841,801)  (45,703,072)       277,273     4,709,419    (1,075,704)  (22,970,922)
Class R6   2,709,686   54,095,556     1,869,522   44,305,487     2,891,302   49,580,781     1,786,988   36,603,539
    4,697,031   $93,914,153       675,034   $13,133,764     3,984,369   $68,216,706     1,295,898   $25,039,958
  MFS Lifetime 2060 Fund   MFS Lifetime 2065 Fund
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22 (c)
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     280,404 $   3,849,663       241,447 $   3,962,591        37,159 $     306,713        27,184 $     256,895
Class C      23,016       313,628        17,566       282,211         5,583        45,712         5,793        57,270
Class I       7,598       104,441         6,289       103,954         2,053        17,106         5,110        51,001
Class R1          —           —           250         4,095           937         8,000         5,001        50,000
Class R2      94,774     1,302,985        79,064     1,283,102         5,108        42,003         6,711        66,322
Class R3   1,597,954    21,886,101     1,157,847    18,542,592       204,615     1,673,072         5,000        50,000
Class R4     385,411     5,338,715       162,924     2,654,422        59,769       501,316         5,000        50,000
Class R6   2,944,975   40,407,482     1,265,249   20,560,682       346,587    2,857,157        74,096      727,018
    5,334,132   $73,203,015     2,930,636   $47,393,649       661,811    $5,451,079       133,895    $1,308,506
139
Notes to Financial Statements  - continued
  MFS Lifetime 2060 Fund − continued   MFS Lifetime 2065 Fund − continued
  Year ended
4/30/23 		  Year ended
4/30/22 		  Year ended
4/30/23 		  Year ended
4/30/22 (c)
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A      36,105 $     467,922        27,762 $     455,025         1,679 $      13,148           558 $       5,464
Class B         505         6,556           625        10,248            —           —            —           —
Class C       3,075        39,581         2,940        47,868           243         1,908           195         1,913
Class I       1,279        16,695         1,117        18,437           295         2,318           211         2,074
Class R1         257         3,344           283         4,654           188         1,477           194         1,908
Class R2       6,174        80,011         6,781       111,001           354         2,772           240         2,355
Class R3     131,616     1,707,057        87,099     1,429,297         1,729        13,541           207         2,033
Class R4      14,728       192,059        11,210       184,859           263         2,062           211         2,075
Class R6     185,053    2,418,637       107,040    1,768,301         7,624       59,774         2,381       23,353
      378,792    $4,931,862       244,857    $4,029,690        12,375       $97,000         4,197       $41,175
Shares reacquired                      
Class A     (52,387) $    (721,858)       (66,640) $  (1,105,947)        (2,185) $     (18,063)           (93) $        (869)
Class B        (695)        (9,465)          (268)       (4,289)            —           —            —           —
Class C      (8,506)      (117,688)        (6,669)     (107,515)        (1,165)        (9,596)           (24)          (222)
Class I        (653)        (8,799)        (1,676)      (27,029)            (6)           (50)            (3)           (25)
Class R1          —           —          (251)       (4,211)            —           —            —           —
Class R2     (87,171)    (1,156,842)       (39,650)     (646,274)          (206)        (1,698)            (7)           (66)
Class R3    (582,305)    (7,965,743)      (379,140)   (6,129,529)        (5,437)       (44,373)            —           —
Class R4     (48,890)      (682,539)      (505,627)   (8,417,983)        (1,458)       (12,155)            —           —
Class R6  (1,277,186)  (17,216,728)      (487,073)   (7,945,299)       (31,267)     (260,044)           (96)         (889)
   (2,057,793)  $(27,879,662)    (1,486,994)  $(24,388,076)       (41,724)     $(345,979)          (223)       $(2,071)
Net change                      
Class A     264,122 $   3,595,727       202,569 $   3,311,669        36,653 $     301,798        27,649 $     261,490
Class B        (190)        (2,909)           357         5,959            —           —            —           —
Class C      17,585       235,521        13,837       222,564         4,661        38,024         5,964        58,961
Class I       8,224       112,337         5,730        95,362         2,342        19,374         5,318        53,050
Class R1         257         3,344           282         4,538         1,125         9,477         5,195        51,908
Class R2      13,777       226,154        46,195       747,829         5,256        43,077         6,944        68,611
Class R3   1,147,265    15,627,415       865,806    13,842,360       200,907     1,642,240         5,207        52,033
Class R4     351,249     4,848,235      (331,493)   (5,578,702)        58,574       491,223         5,211        52,075
Class R6   1,852,842   25,609,391       885,216   14,383,684       322,944    2,656,887        76,381      749,482
    3,655,131   $50,255,215     1,688,499   $27,035,263       632,462    $5,202,100       137,869    $1,347,610
(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 were closed to new and existing investors subject to certain exceptions. For the MFS Lifetime Income Fund, effective after the close of business on March 18, 2022, all sales of Class 529B and Class 529C shares were suspended, and Class 529B and Class 529C shares were converted into Class 529A shares of the fund effective March 21, 2022. Effective after the close of business on May 13, 2022, all sales and redemptions of Class 529A shares were suspended, and all Class 529A shares were redeemed on May 20, 2022. On March 30, 2023, the funds announced that effective after the close of business on September 29, 2023, purchases of Class R1 and Class R2 shares will be closed to new eligible investors.
(6)  Line of Credit
Each fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires
140
Notes to Financial Statements  - continued
on March 14, 2024 unless extended or renewed. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended April 30, 2023, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense in the Statements of Operations:
  MFS Lifetime
Income Fund 		MFS Lifetime
2025 Fund 		MFS Lifetime
2030 Fund 		MFS Lifetime
2035 Fund 		MFS Lifetime
2040 Fund
Commitment Fee $2,735 $1,835 $3,270 $2,281 $2,709
Interest Expense 4,595 8,187 9,414 8,691 6,719
  MFS Lifetime
2045 Fund 		MFS Lifetime
2050 Fund 		MFS Lifetime
2055 Fund 		MFS Lifetime
2060 Fund 		MFS Lifetime
2065 Fund
Commitment Fee $1,757 $1,628 $1,021 $454 $8
Interest Expense 5,733 3,648 — — —
(7)  Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
  MFS Lifetime Income Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $11,705,628 $7,424,453 $5,477,495 $173,564 $(1,072,739) $12,753,411
MFS Blended Research Growth Equity Fund 11,477,935 7,178,546 5,246,950 (154,463) (504,568) 12,750,500
MFS Blended Research International Equity Fund 14,893,022 8,813,276 8,481,371 636,188 (5,605) 15,855,510
MFS Blended Research Mid Cap Equity Fund 17,517,440 11,425,444 9,006,321 262,087 (1,243,005) 18,955,645
MFS Blended Research Small Cap Equity Fund 5,749,446 3,986,338 2,708,584 154,294 (850,315) 6,331,179
MFS Blended Research Value Equity Fund 11,811,522 7,514,251 6,029,199 823,509 (1,402,534) 12,717,549
MFS Commodity Strategy Fund 12,356,039 11,624,324 6,549,436 221,855 (5,070,414) 12,582,368
MFS Emerging Markets Debt Fund 6,060,907 3,671,133 2,944,064 (618,999) 214,090 6,383,067
MFS Emerging Markets Debt Local Currency Fund 5,994,229 3,285,248 3,355,331 (437,662) 887,885 6,374,369
MFS Global Opportunistic Bond Fund 42,810,062 22,595,651 19,888,217 (2,986,152) 1,962,792 44,494,136
MFS Global Real Estate Fund 11,830,220 8,579,012 4,973,617 373,659 (2,991,480) 12,817,794
MFS Government Securities Fund 61,201,977 33,803,525 28,967,905 (3,405,481) 1,005,642 63,637,758
MFS Growth Fund 11,446,018 7,077,680 5,374,838 1,220,828 (1,570,510) 12,799,178
MFS High Income Fund 12,202,992 6,655,395 5,559,954 (679,309) 115,191 12,734,315
MFS Inflation-Adjusted Bond Fund 61,414,378 35,623,184 27,096,970 (1,087,958) (5,515,098) 63,337,536
MFS Institutional Money Market Portfolio 1,061,965 27,370,206 27,245,987 (932) 187 1,185,439
MFS International Growth Fund 2,987,425 1,699,108 1,736,242 407,015 (179,582) 3,177,724
MFS International Intrinsic Value Fund 2,978,250 2,104,270 1,683,758 123,734 (355,249) 3,167,247
MFS Limited Maturity Fund 123,552,457 69,177,773 64,340,361 (3,333,742) 1,930,315 126,986,442
MFS Mid Cap Growth Fund 8,604,487 5,119,425 4,156,958 1,068,021 (1,156,383) 9,478,592
MFS Mid Cap Value Fund 8,808,563 5,706,946 4,572,706 1,817,260 (2,213,559) 9,546,504
MFS New Discovery Fund 2,880,117 1,790,650 1,445,227 (240,017) 180,811 3,166,334
MFS New Discovery Value Fund 2,921,131 2,039,996 1,507,064 398,824 (682,514) 3,170,373
MFS Research Fund 11,667,473 7,351,760 5,414,016 1,486,491 (2,317,792) 12,773,916
MFS Research International Fund 8,918,970 5,210,138 5,213,097 1,064,507 (451,410) 9,529,108
MFS Total Return Bond Fund 121,888,157 67,113,222 55,887,417 (6,618,394) 843,622 127,339,190
MFS Value Fund 11,791,665 7,334,734 5,871,999 1,943,682 (2,495,006) 12,703,076
  $606,532,475 $381,275,688 $320,735,084 $(7,387,591) $(22,937,228) $636,748,260
141
Notes to Financial Statements  - continued
  MFS Lifetime Income Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $166,754 $929,649
MFS Blended Research Growth Equity Fund 20,050 288,132
MFS Blended Research International Equity Fund 311,103 130,591
MFS Blended Research Mid Cap Equity Fund 226,428 734,886
MFS Blended Research Small Cap Equity Fund — 255,481
MFS Blended Research Value Equity Fund 162,292 854,155
MFS Commodity Strategy Fund 2,826,436 —
MFS Emerging Markets Debt Fund 436,911 —
MFS Emerging Markets Debt Local Currency Fund 75,948 —
MFS Global Opportunistic Bond Fund 104,488 1,576,026
MFS Global Real Estate Fund 86,578 667,173
MFS Government Securities Fund 1,480,740 —
MFS Growth Fund — 132,255
MFS High Income Fund 702,381 —
MFS Inflation-Adjusted Bond Fund 4,002,818 —
MFS Institutional Money Market Portfolio 31,436 —
MFS International Growth Fund 39,682 58,151
MFS International Intrinsic Value Fund 37,245 392,492
MFS Limited Maturity Fund 3,248,208 —
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 161,807 343,906
MFS New Discovery Fund — 2,906
MFS New Discovery Value Fund 117,575 97,248
MFS Research Fund 132,677 824,022
MFS Research International Fund 173,883 —
MFS Total Return Bond Fund 4,549,784 —
MFS Value Fund 237,508 —
  $19,332,732 $7,287,073
142
Notes to Financial Statements  - continued
  MFS Lifetime 2025 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $10,782,613 $2,240,223 $3,877,522 $(40,037) $(613,030) $8,492,247
MFS Blended Research Growth Equity Fund 10,499,972 2,653,558 4,269,959 (274,915) (116,526) 8,492,130
MFS Blended Research International Equity Fund 14,395,742 1,908,596 5,483,387 398,953 (194,072) 11,025,832
MFS Blended Research Mid Cap Equity Fund 14,777,601 3,026,779 5,402,906 2,277 (643,271) 11,760,480
MFS Blended Research Small Cap Equity Fund 3,951,872 1,194,877 1,414,662 (12,618) (341,169) 3,378,300
MFS Blended Research Value Equity Fund 10,883,003 1,769,728 3,732,269 459,420 (908,969) 8,470,913
MFS Commodity Strategy Fund 8,416,875 4,526,932 3,163,701 (215,940) (2,877,055) 6,687,111
MFS Emerging Markets Debt Fund 7,005,802 1,153,802 2,637,795 (629,830) 172,432 5,064,411
MFS Emerging Markets Debt Local Currency Fund 6,924,168 680,201 2,874,172 (405,971) 743,001 5,067,227
MFS Global Opportunistic Bond Fund 29,272,064 4,063,840 8,867,185 (1,621,264) 939,552 23,787,007
MFS Global Real Estate Fund 8,084,897 2,814,817 2,435,457 (78,646) (1,546,816) 6,838,795
MFS Government Securities Fund 41,981,960 6,440,438 12,846,879 (2,158,422) 610,271 34,027,368
MFS Growth Fund 10,447,231 2,359,832 4,131,818 546,208 (688,937) 8,532,516
MFS High Income Fund 14,118,503 1,523,634 4,963,329 (706,573) 142,464 10,114,699
MFS Inflation-Adjusted Bond Fund 42,079,286 8,534,270 12,467,035 (1,801,103) (2,475,292) 33,870,126
MFS Institutional Money Market Portfolio 786,735 11,121,198 10,956,223 45 144 951,899
MFS International Growth Fund 3,443,816 364,163 1,413,766 270,309 (110,193) 2,554,329
MFS International Intrinsic Value Fund 3,446,023 801,286 1,422,961 (37,697) (238,945) 2,547,706
MFS Limited Maturity Fund 55,283,420 14,514,991 17,812,248 (1,258,398) 544,975 51,272,740
MFS Mid Cap Growth Fund 7,250,048 1,283,283 2,683,689 392,339 (336,752) 5,905,229
MFS Mid Cap Value Fund 7,433,952 1,432,378 2,652,483 648,747 (923,938) 5,938,656
MFS New Discovery Fund 1,957,953 494,477 760,404 (124,425) 125,846 1,693,447
MFS New Discovery Value Fund 2,007,626 572,143 706,798 83,889 (263,612) 1,693,248
MFS Research Fund 10,754,605 2,051,891 3,765,512 394,692 (931,343) 8,504,333
MFS Research International Fund 7,493,796 978,711 2,834,956 383,835 (47,411) 5,973,975
MFS Total Return Bond Fund 69,081,249 13,115,783 19,348,878 (4,055,043) 990,665 59,783,776
MFS Value Fund 10,874,564 1,616,355 3,659,642 745,528 (1,102,901) 8,473,904
  $413,435,376 $93,238,186 $146,585,636 $(9,094,640) $(10,090,882) $340,902,404
143
Notes to Financial Statements  - continued
  MFS Lifetime 2025 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $130,212 $725,926
MFS Blended Research Growth Equity Fund 34,484 205,981
MFS Blended Research International Equity Fund 256,578 107,704
MFS Blended Research Mid Cap Equity Fund 162,984 528,975
MFS Blended Research Small Cap Equity Fund — 154,451
MFS Blended Research Value Equity Fund 126,560 666,091
MFS Commodity Strategy Fund 1,698,322 —
MFS Emerging Markets Debt Fund 423,547 —
MFS Emerging Markets Debt Local Currency Fund 56,459 —
MFS Global Opportunistic Bond Fund 77,560 530,518
MFS Global Real Estate Fund 52,628 405,550
MFS Government Securities Fund 883,981 —
MFS Growth Fund — 103,679
MFS High Income Fund 680,455 —
MFS Inflation-Adjusted Bond Fund 2,558,292 —
MFS Institutional Money Market Portfolio 22,549 —
MFS International Growth Fund 38,633 56,614
MFS International Intrinsic Value Fund 36,263 382,143
MFS Limited Maturity Fund 1,372,555 —
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 131,734 233,683
MFS New Discovery Fund 1,762 —
MFS New Discovery Value Fund 53,005 101,969
MFS Research Fund 103,594 643,393
MFS Research International Fund 128,222 —
MFS Total Return Bond Fund 2,340,030 —
MFS Value Fund 200,789 543,839
  $11,571,198 $5,390,516
144
Notes to Financial Statements  - continued
  MFS Lifetime 2030 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $26,155,986 $5,121,475 $5,593,759 $(551,104) $(933,587) $24,199,011
MFS Blended Research Growth Equity Fund 25,428,615 5,873,705 6,381,894 (1,066,420) 348,984 24,202,990
MFS Blended Research International Equity Fund 38,779,672 4,261,727 9,478,466 450,417 343,538 34,356,888
MFS Blended Research Mid Cap Equity Fund 43,282,606 6,724,172 10,575,418 (622,005) (1,294,650) 37,514,705
MFS Blended Research Small Cap Equity Fund 9,436,167 2,172,785 2,200,648 (122,944) (732,693) 8,552,667
MFS Blended Research Value Equity Fund 26,499,506 4,328,755 5,620,404 293,125 (1,398,539) 24,102,443
MFS Commodity Strategy Fund 20,637,693 8,857,274 5,096,876 (610,815) (6,796,718) 16,990,558
MFS Emerging Markets Debt Fund 19,688,678 3,604,910 4,704,971 (1,252,762) (73,798) 17,262,057
MFS Emerging Markets Debt Local Currency Fund 14,473,431 2,022,288 3,495,889 (529,494) 1,389,273 13,859,609
MFS Global Opportunistic Bond Fund 41,584,240 8,318,050 7,427,140 (1,352,752) 499,147 41,621,545
MFS Global Real Estate Fund 19,338,072 5,524,259 3,692,817 (145,043) (3,654,376) 17,370,095
MFS Government Securities Fund 74,471,760 12,986,912 15,680,914 (2,796,282) 188,525 69,170,001
MFS Growth Fund 25,325,250 5,234,810 6,091,343 (388,505) 284,825 24,365,037
MFS High Income Fund 29,635,816 4,753,904 5,582,581 (935,007) (186,771) 27,685,361
MFS Inflation-Adjusted Bond Fund 59,401,973 15,370,097 9,923,449 (1,803,299) (4,190,352) 58,854,970
MFS Institutional Money Market Portfolio 841,299 15,674,544 15,654,156 (621) 144 861,210
MFS International Growth Fund 9,683,106 872,617 2,444,730 329,898 240,479 8,681,370
MFS International Intrinsic Value Fund 9,687,739 2,209,643 2,527,369 (326,102) (400,644) 8,643,267
MFS International New Discovery Fund 5,011,385 335,947 1,762,074 331,812 (473,874) 3,443,196
MFS Limited Maturity Fund 23,037,233 16,194,149 3,617,140 (287,237) 74,752 35,401,757
MFS Mid Cap Growth Fund 21,094,491 2,752,088 5,236,118 63,380 106,054 18,779,895
MFS Mid Cap Value Fund 21,799,501 3,114,746 5,132,982 1,763,109 (2,610,347) 18,934,027
MFS New Discovery Fund 4,655,782 857,962 1,228,941 (318,057) 318,791 4,285,537
MFS New Discovery Value Fund 4,816,515 1,009,764 1,099,393 177,473 (621,509) 4,282,850
MFS Research Fund 26,070,056 4,833,235 5,414,607 (115,393) (1,113,311) 24,259,980
MFS Research International Fund 19,305,075 1,910,611 4,865,902 604,546 374,501 17,328,831
MFS Total Return Bond Fund 80,130,856 20,259,887 13,444,330 (2,981,776) (391,866) 83,572,771
MFS Value Fund 26,407,386 4,111,132 5,523,112 1,540,496 (2,461,250) 24,074,652
  $726,679,889 $169,291,448 $169,497,423 $(10,651,362) $(23,165,272) $692,657,280
145
Notes to Financial Statements  - continued
  MFS Lifetime 2030 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $325,473 $1,814,511
MFS Blended Research Growth Equity Fund 85,968 513,497
MFS Blended Research International Equity Fund 711,760 298,775
MFS Blended Research Mid Cap Equity Fund 469,929 1,525,183
MFS Blended Research Small Cap Equity Fund — 356,597
MFS Blended Research Value Equity Fund 317,633 1,671,727
MFS Commodity Strategy Fund 3,950,092 —
MFS Emerging Markets Debt Fund 1,270,385 —
MFS Emerging Markets Debt Local Currency Fund 173,131 —
MFS Global Opportunistic Bond Fund 156,681 800,335
MFS Global Real Estate Fund 122,141 941,228
MFS Government Securities Fund 1,649,768 —
MFS Growth Fund — 259,000
MFS High Income Fund 1,589,575 —
MFS Inflation-Adjusted Bond Fund 3,762,986 —
MFS Institutional Money Market Portfolio 24,029 —
MFS International Growth Fund 114,946 168,444
MFS International Intrinsic Value Fund 107,884 1,136,894
MFS International New Discovery Fund 37,641 202,174
MFS Limited Maturity Fund 753,394 —
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 379,881 673,872
MFS New Discovery Fund 4,069 —
MFS New Discovery Value Fund 125,116 239,904
MFS Research Fund 258,696 1,606,687
MFS Research International Fund 335,277 —
MFS Total Return Bond Fund 2,924,479 —
MFS Value Fund 510,958 1,360,525
  $20,161,892 $13,569,353
146
Notes to Financial Statements  - continued
  MFS Lifetime 2035 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $21,867,447 $5,486,619 $5,071,901 $(1,089,259) $(259,722) $20,933,184
MFS Blended Research Emerging Markets Equity Fund 1,653,042 276,109 711,495 2,047 (88,597) 1,131,106
MFS Blended Research Growth Equity Fund 21,578,585 5,744,468 5,725,722 (1,347,425) 673,455 20,923,361
MFS Blended Research International Equity Fund 36,469,319 6,710,475 10,581,876 (204,488) 1,087,524 33,480,954
MFS Blended Research Mid Cap Equity Fund 39,286,395 9,084,817 9,662,472 (1,038,837) (855,341) 36,814,562
MFS Blended Research Small Cap Equity Fund 8,508,325 2,472,438 2,104,657 (199,221) (620,097) 8,056,788
MFS Blended Research Value Equity Fund 22,140,738 4,847,610 5,113,200 (170,770) (847,752) 20,856,626
MFS Commodity Strategy Fund 19,519,425 9,740,683 6,249,612 (639,618) (6,346,195) 16,024,683
MFS Emerging Markets Debt Fund 14,340,782 4,638,221 4,032,322 (1,134,254) 206,008 14,018,435
MFS Emerging Markets Debt Local Currency Fund 9,467,167 2,157,705 2,899,000 (496,470) 1,108,361 9,337,763
MFS Emerging Markets Equity Fund 1,651,576 262,851 771,781 (3,138) (2,889) 1,136,619
MFS Global Opportunistic Bond Fund 17,436,968 5,594,094 3,935,149 (794,202) 435,974 18,737,685
MFS Global Real Estate Fund 17,605,232 6,001,273 3,728,482 (316,611) (3,212,881) 16,348,531
MFS Government Securities Fund 14,791,461 12,721,889 3,115,683 (589,150) 108,700 23,917,217
MFS Growth Fund 21,536,165 5,138,153 5,551,784 (744,270) 632,457 21,010,721
MFS High Income Fund 19,291,780 4,539,850 4,454,662 (744,925) 14,972 18,647,015
MFS Inflation-Adjusted Bond Fund 27,296,432 9,634,967 6,096,078 (1,186,015) (1,632,838) 28,016,468
MFS Institutional Money Market Portfolio 300,295 8,390,388 8,285,467 13 62 405,291
MFS International Growth Fund 10,356,498 1,328,310 3,036,788 (59,490) 672,485 9,261,015
MFS International Intrinsic Value Fund 10,316,796 2,790,190 3,039,424 (793,547) (44,663) 9,229,352
MFS International New Discovery Fund 7,996,231 1,369,147 2,282,129 (349,460) 210,899 6,944,688
MFS Mid Cap Growth Fund 19,233,587 3,779,410 4,772,032 (513,189) 704,898 18,432,674
MFS Mid Cap Value Fund 19,730,215 4,319,253 4,685,775 309,484 (1,142,196) 18,530,981
MFS New Discovery Fund 4,242,088 981,202 1,188,996 (457,796) 457,501 4,033,999
MFS New Discovery Value Fund 4,312,581 1,165,131 1,023,001 (9,607) (407,523) 4,037,581
MFS Research Fund 21,785,630 5,328,465 5,030,303 (770,886) (340,679) 20,972,227
MFS Research International Fund 15,728,873 2,881,120 4,458,416 (57,820) 993,753 15,087,510
MFS Total Return Bond Fund 23,195,151 10,950,997 4,842,637 (1,108,681) 139,924 28,334,754
MFS Value Fund 22,020,168 4,779,211 5,148,205 327,297 (1,158,286) 20,820,185
  $473,658,952 $143,115,046 $127,599,049 $(14,180,288) $(9,512,686) $465,481,975
147
Notes to Financial Statements  - continued
  MFS Lifetime 2035 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $287,950 $1,605,311
MFS Blended Research Emerging Markets Equity Fund 48,173 —
MFS Blended Research Growth Equity Fund 76,078 454,424
MFS Blended Research International Equity Fund 730,189 306,510
MFS Blended Research Mid Cap Equity Fund 460,854 1,495,729
MFS Blended Research Small Cap Equity Fund — 341,600
MFS Blended Research Value Equity Fund 279,881 1,473,032
MFS Commodity Strategy Fund 3,774,742 —
MFS Emerging Markets Debt Fund 997,889 —
MFS Emerging Markets Debt Local Currency Fund 123,068 —
MFS Emerging Markets Equity Fund 21,332 —
MFS Global Opportunistic Bond Fund 77,187 363,314
MFS Global Real Estate Fund 118,006 909,369
MFS Government Securities Fund 462,186 —
MFS Growth Fund — 229,837
MFS High Income Fund 1,063,261 —
MFS Inflation-Adjusted Bond Fund 1,785,049 —
MFS Institutional Money Market Portfolio 11,060 —
MFS International Growth Fund 130,640 191,443
MFS International Intrinsic Value Fund 122,514 1,291,071
MFS International New Discovery Fund 72,326 388,472
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 373,996 663,432
MFS New Discovery Fund 3,911 —
MFS New Discovery Value Fund 116,468 224,601
MFS Research Fund 229,181 1,423,377
MFS Research International Fund 301,126 —
MFS Total Return Bond Fund 938,692 —
MFS Value Fund 438,048 1,208,741
  $13,043,807 $12,570,263
148
Notes to Financial Statements  - continued
  MFS Lifetime 2040 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $28,312,455 $8,354,006 $4,290,425 $(1,092,435) $(515,720) $30,767,881
MFS Blended Research Emerging Markets Equity Fund 3,859,421 1,279,556 1,171,370 (81,162) (77,637) 3,808,808
MFS Blended Research Growth Equity Fund 28,769,174 8,622,269 5,243,112 (1,519,847) 894,972 31,523,456
MFS Blended Research International Equity Fund 53,611,685 11,706,878 11,387,240 (483,651) 2,261,565 55,709,237
MFS Blended Research Mid Cap Equity Fund 53,159,033 14,578,195 8,911,826 (1,184,789) (1,290,997) 56,349,616
MFS Blended Research Small Cap Equity Fund 12,141,806 4,075,093 2,084,517 (270,332) (914,147) 12,947,903
MFS Blended Research Value Equity Fund 29,630,663 8,188,512 5,089,557 (304,133) (1,040,463) 31,385,022
MFS Commodity Strategy Fund 27,273,956 15,803,105 7,146,535 (646,746) (9,499,652) 25,784,128
MFS Emerging Markets Debt Fund 11,197,569 5,733,310 2,240,974 (678,436) (29,749) 13,981,720
MFS Emerging Markets Debt Local Currency Fund 7,391,878 2,916,502 1,601,163 (303,999) 898,516 9,301,734
MFS Emerging Markets Equity Fund 3,841,219 1,253,184 1,318,577 (136,268) 193,017 3,832,575
MFS Global Opportunistic Bond Fund 11,301,874 4,703,184 1,886,985 (379,977) 183,692 13,921,788
MFS Global Real Estate Fund 24,945,572 9,785,474 3,494,458 (384,793) (4,560,133) 26,291,662
MFS Growth Fund 28,641,829 7,645,013 4,758,131 (949,142) 1,073,088 31,652,657
MFS High Income Fund 15,047,206 6,254,459 2,203,172 (393,415) (127,409) 18,577,669
MFS Inflation-Adjusted Bond Fund 24,100,473 9,506,403 4,277,664 (783,569) (1,656,336) 26,889,307
MFS Institutional Money Market Portfolio 352,442 12,650,201 12,651,223 2 35 351,457
MFS International Growth Fund 16,285,597 2,736,708 3,382,514 (303,669) 1,483,204 16,819,326
MFS International Intrinsic Value Fund 16,120,441 5,104,741 3,295,485 (1,099,503) (48,475) 16,781,719
MFS International New Discovery Fund 15,346,929 3,355,267 3,255,647 (522,428) 378,942 15,303,063
MFS Mid Cap Growth Fund 25,968,686 6,093,631 4,255,557 (771,262) 1,165,262 28,200,760
MFS Mid Cap Value Fund 26,597,356 7,231,599 4,437,791 (8,005) (1,067,158) 28,316,001
MFS New Discovery Fund 6,025,744 1,615,994 1,190,519 (529,442) 556,960 6,478,737
MFS New Discovery Value Fund 6,135,094 1,983,299 1,035,254 (54,832) (543,500) 6,484,807
MFS Research Fund 28,209,288 8,065,982 4,121,455 (907,134) (413,800) 30,832,881
MFS Research International Fund 20,830,358 4,281,611 4,336,172 (192,291) 1,604,661 22,188,167
MFS Total Return Bond Fund 16,243,273 5,327,332 3,230,316 (677,009) 11,270 17,674,550
MFS Value Fund 29,484,992 7,832,810 4,848,357 202,777 (1,336,162) 31,336,060
  $570,826,013 $186,684,318 $117,145,996 $(14,455,490) $(12,416,154) $613,492,691
149
Notes to Financial Statements  - continued
  MFS Lifetime 2040 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $379,541 $2,115,936
MFS Blended Research Emerging Markets Equity Fund 128,014 —
MFS Blended Research Growth Equity Fund 102,954 614,961
MFS Blended Research International Equity Fund 1,083,799 454,945
MFS Blended Research Mid Cap Equity Fund 634,217 2,058,389
MFS Blended Research Small Cap Equity Fund — 494,980
MFS Blended Research Value Equity Fund 380,187 2,000,955
MFS Commodity Strategy Fund 5,490,437 —
MFS Emerging Markets Debt Fund 867,260 —
MFS Emerging Markets Debt Local Currency Fund 126,309 —
MFS Emerging Markets Equity Fund 56,700 —
MFS Global Opportunistic Bond Fund 56,968 243,172
MFS Global Real Estate Fund 170,427 1,313,324
MFS Growth Fund — 310,591
MFS High Income Fund 925,647 —
MFS Inflation-Adjusted Bond Fund 1,578,731 —
MFS Institutional Money Market Portfolio 9,194 —
MFS International Growth Fund 210,212 308,050
MFS International Intrinsic Value Fund 196,866 2,074,593
MFS International New Discovery Fund 141,786 761,549
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 514,555 912,772
MFS New Discovery Fund 5,643 —
MFS New Discovery Value Fund 166,555 321,991
MFS Research Fund 301,777 1,874,253
MFS Research International Fund 400,452 —
MFS Total Return Bond Fund 602,886 —
MFS Value Fund 600,127 1,639,921
  $15,131,244 $17,500,382
150
Notes to Financial Statements  - continued
  MFS Lifetime 2045 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $17,343,389 $6,792,358 $3,432,745 $(890,512) $(179,874) $19,632,616
MFS Blended Research Emerging Markets Equity Fund 3,265,023 1,401,363 1,148,320 (166,447) 56,778 3,408,397
MFS Blended Research Growth Equity Fund 18,469,926 7,360,198 4,326,434 (1,221,442) 812,483 21,094,731
MFS Blended Research International Equity Fund 37,255,821 11,395,833 9,708,552 (742,732) 2,220,478 40,420,848
MFS Blended Research Mid Cap Equity Fund 34,351,259 12,628,217 7,306,373 (982,229) (781,639) 37,909,235
MFS Blended Research Small Cap Equity Fund 8,290,707 3,578,250 1,762,014 (254,487) (610,920) 9,241,536
MFS Blended Research Value Equity Fund 19,070,087 7,048,587 4,139,232 (322,717) (646,950) 21,009,775
MFS Commodity Strategy Fund 19,633,090 12,548,362 6,614,154 (546,162) (6,641,616) 18,379,520
MFS Emerging Markets Debt Fund 1,618,580 1,871,279 374,294 (118,559) 29,197 3,026,203
MFS Emerging Markets Debt Local Currency Fund 1,071,127 1,061,193 250,541 (58,679) 191,888 2,014,988
MFS Emerging Markets Equity Fund 3,259,767 1,376,799 1,294,055 (256,909) 341,645 3,427,247
MFS Global Opportunistic Bond Fund 1,630,698 1,743,809 340,745 (72,603) 55,541 3,016,700
MFS Global Real Estate Fund 17,179,117 8,058,235 3,117,851 (514,668) (2,878,585) 18,726,248
MFS Growth Fund 18,428,930 6,666,837 4,071,360 (846,107) 994,371 21,172,671
MFS High Income Fund 2,171,688 2,346,128 431,285 (82,301) 21,443 4,025,673
MFS Inflation-Adjusted Bond Fund 10,354,733 5,508,588 2,522,206 (474,270) (577,768) 12,289,077
MFS Institutional Money Market Portfolio 370,745 6,623,789 6,619,386 (75) 35 375,108
MFS International Growth Fund 11,752,791 2,966,958 2,963,823 (353,019) 1,287,066 12,689,973
MFS International Intrinsic Value Fund 11,682,049 4,636,275 2,831,100 (1,023,602) 192,324 12,655,946
MFS International New Discovery Fund 12,949,456 3,991,223 3,203,620 (741,004) 690,043 13,686,098
MFS Mid Cap Growth Fund 16,760,372 5,363,648 3,460,000 (676,351) 982,344 18,970,013
MFS Mid Cap Value Fund 17,208,543 6,230,859 3,634,421 (161,091) (589,749) 19,054,141
MFS New Discovery Fund 4,131,238 1,483,512 1,012,710 (477,302) 498,330 4,623,068
MFS New Discovery Value Fund 4,202,065 1,751,197 898,682 (76,328) (348,887) 4,629,365
MFS Research Fund 17,268,649 6,660,882 3,411,573 (711,725) (148,717) 19,657,516
MFS Research International Fund 13,688,692 3,844,774 3,431,248 (273,751) 1,305,191 15,133,658
MFS Total Return Bond Fund 9,155,665 3,969,570 2,450,175 (497,472) 142,505 10,320,093
MFS Value Fund 18,947,922 6,721,349 3,910,288 (168,092) (617,900) 20,972,991
  $351,512,129 $145,630,072 $88,667,187 $(12,710,636) $(4,200,943) $391,563,435
151
Notes to Financial Statements  - continued
  MFS Lifetime 2045 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $248,054 $1,382,905
MFS Blended Research Emerging Markets Equity Fund 116,921 —
MFS Blended Research Growth Equity Fund 70,619 421,822
MFS Blended Research International Equity Fund 805,915 338,298
MFS Blended Research Mid Cap Equity Fund 436,265 1,415,923
MFS Blended Research Small Cap Equity Fund — 360,621
MFS Blended Research Value Equity Fund 260,358 1,370,284
MFS Commodity Strategy Fund 3,972,177 —
MFS Emerging Markets Debt Fund 162,136 —
MFS Emerging Markets Debt Local Currency Fund 30,968 —
MFS Emerging Markets Equity Fund 51,819 —
MFS Global Opportunistic Bond Fund 15,127 47,802
MFS Global Real Estate Fund 123,864 954,505
MFS Growth Fund — 212,831
MFS High Income Fund 171,675 —
MFS Inflation-Adjusted Bond Fund 700,883 —
MFS Institutional Money Market Portfolio 10,282 —
MFS International Growth Fund 162,129 237,587
MFS International Intrinsic Value Fund 151,692 1,598,548
MFS International New Discovery Fund 128,534 690,370
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 353,143 626,443
MFS New Discovery Fund 4,107 —
MFS New Discovery Value Fund 117,306 228,255
MFS Research Fund 196,888 1,222,816
MFS Research International Fund 279,818 —
MFS Total Return Bond Fund 348,350 —
MFS Value Fund 396,066 1,122,980
  $9,315,096 $12,231,990
152
Notes to Financial Statements  - continued
  MFS Lifetime 2050 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $16,671,828 $8,125,935 $3,029,404 $(747,486) $(291,882) $20,728,991
MFS Blended Research Emerging Markets Equity Fund 3,411,427 2,068,383 1,220,019 (169,303) 38,280 4,128,768
MFS Blended Research Growth Equity Fund 18,072,086 8,921,130 3,821,870 (1,101,643) 744,361 22,814,064
MFS Blended Research International Equity Fund 37,240,734 16,618,844 10,036,696 (794,611) 2,318,376 45,346,647
MFS Blended Research Mid Cap Equity Fund 33,516,363 15,672,025 6,265,184 (879,667) (901,356) 41,142,181
MFS Blended Research Small Cap Equity Fund 8,253,490 4,553,328 1,608,225 (243,411) (655,933) 10,299,249
MFS Blended Research Value Equity Fund 18,567,362 8,822,531 3,711,981 (296,438) (666,144) 22,715,330
MFS Commodity Strategy Fund 19,384,284 15,401,508 6,665,190 (957,445) (6,657,381) 20,505,776
MFS Emerging Markets Equity Fund 3,412,530 1,984,118 1,322,799 (253,274) 328,264 4,148,839
MFS Global Real Estate Fund 17,041,408 10,298,857 2,913,215 (630,100) (2,939,785) 20,857,165
MFS Growth Fund 18,058,648 8,344,293 3,695,174 (724,830) 929,108 22,912,045
MFS Inflation-Adjusted Bond Fund 8,676,178 5,050,769 2,481,741 (414,556) (506,130) 10,324,520
MFS Institutional Money Market Portfolio 342,745 26,228,852 26,214,536 (36) 54 357,079
MFS International Growth Fund 11,867,190 4,739,158 3,176,595 (323,996) 1,355,697 14,461,454
MFS International Intrinsic Value Fund 11,807,261 6,518,055 3,099,175 (960,634) 168,024 14,433,531
MFS International New Discovery Fund 13,545,971 6,513,945 3,458,849 (766,599) 740,089 16,574,557
MFS Mid Cap Growth Fund 16,459,315 7,076,537 3,290,154 (556,610) 900,614 20,589,702
MFS Mid Cap Value Fund 16,786,442 7,930,328 3,309,110 (181,081) (573,976) 20,652,603
MFS New Discovery Fund 4,118,791 1,906,702 905,493 (412,283) 444,681 5,152,398
MFS New Discovery Value Fund 4,174,567 2,200,523 767,819 (90,998) (360,273) 5,156,000
MFS Research Fund 16,621,965 8,034,734 3,058,334 (588,433) (244,342) 20,765,590
MFS Research International Fund 13,492,158 5,583,014 3,589,388 (279,489) 1,311,157 16,517,452
MFS Total Return Bond Fund 8,580,801 4,777,003 2,631,449 (508,233) 143,623 10,361,745
MFS Value Fund 18,463,133 8,869,244 3,851,871 (163,673) (631,626) 22,685,207
  $338,566,677 $196,239,816 $104,124,271 $(12,044,829) $(5,006,500) $413,630,893
153
Notes to Financial Statements  - continued
  MFS Lifetime 2050 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $246,934 $1,376,653
MFS Blended Research Emerging Markets Equity Fund 122,219 —
MFS Blended Research Growth Equity Fund 71,721 428,404
MFS Blended Research International Equity Fund 805,747 338,228
MFS Blended Research Mid Cap Equity Fund 445,882 1,447,136
MFS Blended Research Small Cap Equity Fund — 377,887
MFS Blended Research Value Equity Fund 264,542 1,392,305
MFS Commodity Strategy Fund 4,209,501 —
MFS Emerging Markets Equity Fund 53,721 —
MFS Global Real Estate Fund 127,620 983,451
MFS Growth Fund — 214,632
MFS Inflation-Adjusted Bond Fund 593,384 —
MFS Institutional Money Market Portfolio 9,561 —
MFS International Growth Fund 163,583 239,718
MFS International Intrinsic Value Fund 153,649 1,619,168
MFS International New Discovery Fund 137,676 739,473
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 358,614 636,147
MFS New Discovery Fund 4,263 —
MFS New Discovery Value Fund 123,781 240,178
MFS Research Fund 195,584 1,214,715
MFS Research International Fund 273,461 —
MFS Total Return Bond Fund 336,957 —
MFS Value Fund 408,622 1,129,908
  $9,107,022 $12,378,003
154
Notes to Financial Statements  - continued
  MFS Lifetime 2055 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $10,068,073 $4,816,451 $1,194,383 $(324,901) $(217,562) $13,147,678
MFS Blended Research Emerging Markets Equity Fund 2,051,008 1,143,839 512,894 (119,299) 59,110 2,621,764
MFS Blended Research Growth Equity Fund 10,936,760 5,271,644 1,642,597 (534,847) 447,696 14,478,656
MFS Blended Research International Equity Fund 22,391,014 8,863,441 3,627,049 (593,710) 1,751,530 28,785,226
MFS Blended Research Mid Cap Equity Fund 20,180,051 9,527,883 2,591,688 (363,194) (606,429) 26,146,623
MFS Blended Research Small Cap Equity Fund 4,985,091 2,758,818 664,516 (115,468) (418,973) 6,544,952
MFS Blended Research Value Equity Fund 11,162,121 5,101,302 1,308,856 (114,655) (425,206) 14,414,706
MFS Commodity Strategy Fund 11,824,961 8,604,452 2,824,185 (214,276) (4,351,912) 13,039,040
MFS Emerging Markets Equity Fund 2,050,488 1,103,045 587,863 (169,138) 238,205 2,634,737
MFS Global Real Estate Fund 10,206,748 6,063,443 1,001,601 (293,745) (1,753,414) 13,221,431
MFS Growth Fund 10,931,160 4,889,114 1,520,955 (424,035) 671,220 14,546,504
MFS Inflation-Adjusted Bond Fund 5,240,023 2,659,189 827,203 (144,889) (377,649) 6,549,471
MFS Institutional Money Market Portfolio 234,418 3,736,415 3,720,568 (85) 32 250,212
MFS International Growth Fund 7,133,979 2,402,422 1,055,063 (214,100) 906,123 9,173,361
MFS International Intrinsic Value Fund 7,119,649 3,484,229 1,012,889 (427,671) (3,682) 9,159,636
MFS International New Discovery Fund 8,162,609 3,506,882 1,223,421 (392,924) 447,423 10,500,569
MFS Mid Cap Growth Fund 9,935,823 4,160,445 1,278,618 (322,014) 585,578 13,081,214
MFS Mid Cap Value Fund 10,116,935 4,650,039 1,240,656 (104,848) (312,801) 13,108,669
MFS New Discovery Fund 2,488,472 1,143,443 394,611 (221,259) 257,120 3,273,165
MFS New Discovery Value Fund 2,519,938 1,336,748 318,870 (48,448) (214,526) 3,274,842
MFS Research Fund 10,046,739 4,736,436 1,187,408 (262,143) (167,529) 13,166,095
MFS Research International Fund 8,120,509 2,910,202 1,267,107 (199,802) 915,459 10,479,261
MFS Total Return Bond Fund 5,176,549 2,449,153 865,166 (175,504) (21,298) 6,563,734
MFS Value Fund 11,126,903 4,998,708 1,266,904 (101,700) (355,541) 14,401,466
  $204,210,021 $100,317,743 $33,135,071 $(5,882,655) $(2,947,026) $262,563,012
155
Notes to Financial Statements  - continued
  MFS Lifetime 2055 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $147,758 $823,745
MFS Blended Research Emerging Markets Equity Fund 77,386 —
MFS Blended Research Growth Equity Fund 42,958 256,598
MFS Blended Research International Equity Fund 501,463 210,498
MFS Blended Research Mid Cap Equity Fund 266,035 863,430
MFS Blended Research Small Cap Equity Fund — 224,876
MFS Blended Research Value Equity Fund 158,080 831,984
MFS Commodity Strategy Fund 2,489,684 —
MFS Emerging Markets Equity Fund 34,311 —
MFS Global Real Estate Fund 76,727 591,262
MFS Growth Fund — 129,117
MFS Inflation-Adjusted Bond Fund 351,988 —
MFS Institutional Money Market Portfolio 6,568 —
MFS International Growth Fund 102,203 149,772
MFS International Intrinsic Value Fund 95,755 1,009,073
MFS International New Discovery Fund 85,228 457,770
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 214,738 380,925
MFS New Discovery Fund 2,557 —
MFS New Discovery Value Fund 72,692 141,554
MFS Research Fund 117,271 728,333
MFS Research International Fund 170,673 —
MFS Total Return Bond Fund 206,974 —
MFS Value Fund 246,161 680,345
  $5,467,210 $7,479,282
156
Notes to Financial Statements  - continued
  MFS Lifetime 2060 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $3,924,341 $3,205,293 $583,905 $(197,320) $(16,022) $6,332,387
MFS Blended Research Emerging Markets Equity Fund 805,259 680,220 197,299 (61,980) 39,521 1,265,721
MFS Blended Research Growth Equity Fund 4,301,765 3,441,683 778,762 (320,083) 331,567 6,976,170
MFS Blended Research International Equity Fund 8,744,055 6,047,191 1,483,927 (335,327) 933,974 13,905,966
MFS Blended Research Mid Cap Equity Fund 7,840,106 6,422,862 1,224,399 (357,862) (37,506) 12,643,201
MFS Blended Research Small Cap Equity Fund 1,956,988 1,777,795 339,183 (98,858) (133,939) 3,162,803
MFS Blended Research Value Equity Fund 4,323,930 3,495,489 632,507 (91,421) (136,908) 6,958,583
MFS Commodity Strategy Fund 4,239,956 5,110,409 1,040,716 (181,835) (1,814,870) 6,312,944
MFS Emerging Markets Equity Fund 808,192 657,791 226,807 (81,923) 114,377 1,271,630
MFS Global Real Estate Fund 3,929,413 3,799,735 527,160 (184,330) (657,493) 6,360,165
MFS Growth Fund 4,310,622 3,325,388 789,512 (279,430) 445,872 7,012,940
MFS Inflation-Adjusted Bond Fund 2,036,881 1,755,468 412,707 (81,170) (137,045) 3,161,427
MFS Institutional Money Market Portfolio 43,353 2,007,704 2,018,989 3 2 32,073
MFS International Growth Fund 2,791,325 1,787,819 487,017 (112,840) 446,818 4,426,105
MFS International Intrinsic Value Fund 2,780,109 2,258,041 462,264 (211,026) 58,607 4,423,467
MFS International New Discovery Fund 3,181,249 2,339,828 515,662 (179,303) 234,534 5,060,646
MFS Mid Cap Growth Fund 3,910,612 2,918,013 650,862 (216,315) 360,891 6,322,339
MFS Mid Cap Value Fund 3,928,243 3,162,318 599,205 (73,157) (90,872) 6,327,327
MFS New Discovery Fund 981,012 771,502 196,163 (134,848) 159,748 1,581,251
MFS New Discovery Value Fund 983,319 869,563 159,286 (30,700) (81,093) 1,581,803
MFS Research Fund 3,923,159 3,154,330 582,069 (157,229) (3,127) 6,335,064
MFS Research International Fund 3,174,421 2,086,505 549,616 (112,345) 458,498 5,057,463
MFS Total Return Bond Fund 2,015,561 1,643,887 414,893 (89,393) 8,705 3,163,867
MFS Value Fund 4,318,370 3,455,134 628,523 (72,387) (116,334) 6,956,260
  $79,252,241 $66,173,968 $15,501,433 $(3,661,079) $367,905 $126,631,602
157
Notes to Financial Statements  - continued
  MFS Lifetime 2060 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $66,525 $370,876
MFS Blended Research Emerging Markets Equity Fund 32,832 —
MFS Blended Research Growth Equity Fund 19,366 115,676
MFS Blended Research International Equity Fund 216,301 90,796
MFS Blended Research Mid Cap Equity Fund 120,292 390,415
MFS Blended Research Small Cap Equity Fund — 102,290
MFS Blended Research Value Equity Fund 71,224 374,856
MFS Commodity Strategy Fund 1,137,644 —
MFS Emerging Markets Equity Fund 14,893 —
MFS Global Real Estate Fund 34,139 263,078
MFS Growth Fund — 57,663
MFS Inflation-Adjusted Bond Fund 152,709 —
MFS Institutional Money Market Portfolio 881 —
MFS International Growth Fund 44,353 64,996
MFS International Intrinsic Value Fund 41,526 437,600
MFS International New Discovery Fund 36,973 198,587
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 96,036 170,360
MFS New Discovery Fund 1,147 —
MFS New Discovery Value Fund 31,381 61,603
MFS Research Fund 52,463 325,835
MFS Research International Fund 73,917 —
MFS Total Return Bond Fund 91,080 —
MFS Value Fund 107,760 303,965
  $2,443,442 $3,328,596
158
Notes to Financial Statements  - continued
  MFS Lifetime 2065 Fund
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Blended Research Core Equity Fund $61,203 $277,925 $17,161 $(5,240) $7,312 $324,039
MFS Blended Research Emerging Markets Equity Fund 12,246 57,696 5,285 (1,714) 1,865 64,808
MFS Blended Research Growth Equity Fund 67,315 298,701 22,353 (11,353) 24,132 356,442
MFS Blended Research International Equity Fund 134,683 591,103 44,104 (10,602) 41,805 712,885
MFS Blended Research Mid Cap Equity Fund 122,400 577,096 43,462 (16,476) 8,519 648,077
MFS Blended Research Small Cap Equity Fund 30,597 148,457 10,406 (3,389) (3,240) 162,019
MFS Blended Research Value Equity Fund 67,326 312,449 19,678 (3,291) (364) 356,442
MFS Commodity Strategy Fund 62,117 336,458 24,435 (9,312) (40,790) 324,038
MFS Emerging Markets Equity Fund 12,247 56,758 5,724 (2,030) 3,557 64,808
MFS Global Real Estate Fund 61,204 295,448 20,536 (5,377) (6,700) 324,039
MFS Growth Fund 67,319 294,484 22,780 (8,666) 26,085 356,442
MFS Inflation-Adjusted Bond Fund 30,618 145,899 11,846 (2,009) (642) 162,020
MFS Institutional Money Market Portfolio 285 490,911 475,554 17 3 15,662
MFS International Growth Fund 42,855 183,301 14,467 (3,886) 19,024 226,827
MFS International Intrinsic Value Fund 42,853 193,383 13,185 (5,924) 9,700 226,827
MFS International New Discovery Fund 48,977 218,440 16,097 (6,097) 14,008 259,231
MFS Mid Cap Growth Fund 61,193 276,592 22,005 (8,692) 16,951 324,039
MFS Mid Cap Value Fund 61,203 287,248 21,283 (2,357) (772) 324,039
MFS New Discovery Fund 15,298 70,506 6,268 (5,089) 6,563 81,010
MFS New Discovery Value Fund 15,301 74,100 5,195 (982) (2,214) 81,010
MFS Research Fund 61,202 277,582 17,252 (4,371) 6,878 324,039
MFS Research International Fund 48,974 210,748 16,501 (3,873) 19,883 259,231
MFS Total Return Bond Fund 30,614 144,234 12,507 (2,306) 1,984 162,019
MFS Value Fund 67,323 313,221 20,723 (1,805) (1,573) 356,443
  $1,225,353 $6,132,740 $888,807 $(124,824) $151,974 $6,496,436
159
Notes to Financial Statements  - continued
  MFS Lifetime 2065 Fund - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Blended Research Core Equity Fund $1,588 $8,844
MFS Blended Research Emerging Markets Equity Fund 770 —
MFS Blended Research Growth Equity Fund 461 2,757
MFS Blended Research International Equity Fund 5,125 2,152
MFS Blended Research Mid Cap Equity Fund 2,874 9,327
MFS Blended Research Small Cap Equity Fund — 2,458
MFS Blended Research Value Equity Fund 1,703 8,960
MFS Commodity Strategy Fund 28,667 —
MFS Emerging Markets Equity Fund 357 —
MFS Global Real Estate Fund 814 6,273
MFS Growth Fund — 1,372
MFS Inflation-Adjusted Bond Fund 3,264 —
MFS Institutional Money Market Portfolio 510 —
MFS International Growth Fund 1,076 1,575
MFS International Intrinsic Value Fund 1,015 10,703
MFS International New Discovery Fund 909 4,884
MFS Mid Cap Growth Fund — —
MFS Mid Cap Value Fund 2,389 4,238
MFS New Discovery Fund 28 —
MFS New Discovery Value Fund 657 1,342
MFS Research Fund 1,306 8,111
MFS Research International Fund 1,797 —
MFS Total Return Bond Fund 2,562 —
MFS Value Fund 2,817 7,286
  $60,689 $80,282
(8)  Acquisitions
At close of business on August 5, 2022, the MFS Lifetime Income Fund with net assets of approximately $466,542,514, acquired all of the assets and liabilities of MFS Lifetime 2020 Fund, a series of MFS Series Trust XII. The purpose of the transaction was to provide shareholders of MFS Lifetime 2020 Fund the opportunity to participate in a larger combined portfolio with a similar investment objective and similar investment policies and strategies. The acquisition was accomplished by a tax-free exchange of approximately 18,675,016 shares of the MFS Lifetime Income Fund (valued at approximately $230,900,201) for all of the assets and liabilities of MFS Lifetime 2020 Fund. MFS Lifetime 2020 Fund then distributed the shares of the MFS Lifetime Income Fund that MFS Lifetime 2020 Fund received from the MFS Lifetime Income Fund to its shareholders. MFS Lifetime 2020 Fund’s investments on that date were valued at approximately $230,624,564 with a cost basis of approximately $205,704,676. For financial reporting purposes, assets received and shares issued by the MFS Lifetime Income Fund were recorded at fair value; however, the cost basis of the investments received from MFS Lifetime 2020 Fund were carried forward to align ongoing reporting of the MFS Lifetime Income Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed on May 1, 2022, the MFS Lifetime Income Fund's pro forma results of operations for the year ended April 30, 2023 are as follows:
Net investment income $18,350,192
Net realized and unrealized gain (loss) on investments and foreign currency (26,332,036)
Change in net assets from operations $(7,981,844)
(9)  LIBOR Transition
Certain of each fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by each fund and certain other contractual arrangements of each fund, may be based on 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
160
Notes to Financial Statements  - continued
fund's performance. With respect to each fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by each fund and any other contractual arrangements of each 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 funds to account for those modified contracts as a continuation of the existing contracts. The situation remains fluid, and management believes, based on best available information, that the impact of the transition will not be material to the funds.
161
Report of Independent Registered Public Accounting Firm 
To the Shareholders of MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund and MFS Lifetime 2065 Fund and the Board of Trustees of MFS Series Trust XII
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of MFS Lifetime Income Fund, MFS Lifetime 2025 Fund, MFS Lifetime 2030 Fund, MFS Lifetime 2035 Fund, MFS Lifetime 2040 Fund, MFS Lifetime 2045 Fund, MFS Lifetime 2050 Fund, MFS Lifetime 2055 Fund, MFS Lifetime 2060 Fund and MFS Lifetime 2065 Fund (collectively referred to as the “Funds”), (ten of the funds constituting MFS Series Trust XII (the “Trust”)), including the portfolios of investments, as of April 30, 2023, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (ten of the funds constituting MFS Series Trust XII) at April 30, 2023, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual fund constituting the MFS Series Trust XII Statement of operations Statements of changes in net assets Financial Highlights
MFS Lifetime Income Fund MFS Lifetime 2025 Fund MFS Lifetime 2030 Fund MFS Lifetime 2035 Fund MFS Lifetime 2040 Fund MFS Lifetime 2045 Fund MFS Lifetime 2050 Fund MFS Lifetime 2055 Fund MFS Lifetime 2060 Fund For the year ended April 30, 2023 For each of the two years in the
period ended April 30, 2023 		For each of the five years in the
period ended April 30, 2023
MFS Lifetime 2065 Fund For the year ended April 30, 2023 For the year ended April 30, 2023 and the period from September 1, 2021
(commencement of operations) through April 30, 2022
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more MFS investment companies since 1993.
Boston, Massachusetts
June 15, 2023
162
Trustees and Officers — Identification and Background
The Trustees and Officers of the Trust, as of June 1, 2023, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.)  The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
INTERESTED TRUSTEE                    
Michael W. Roberge (k)
(age 56) 		  Trustee   January 2021   136   Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018)   N/A
INDEPENDENT TRUSTEES                    
John P. Kavanaugh
(age 68) 		  Trustee and Chair of Trustees   January 2009   136   Private investor   N/A
Steven E. Buller
(age 71) 		  Trustee   February 2014   136   Private investor   N/A
John A. Caroselli
(age 68) 		  Trustee   March 2017   136   Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)   N/A
Maureen R. Goldfarb
(age 68) 		  Trustee   January 2009   136   Private investor   N/A
Peter D. Jones
(age 67) 		  Trustee   January 2019   136   Private investor   N/A
James W. Kilman, Jr.
(age 62) 		  Trustee   January 2019   136   Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)   Alpha-En Corporation, Director (2016-2019)
Clarence Otis, Jr.
(age 67) 		  Trustee   March 2017   136   Private investor   VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke
(age 67) 		  Trustee   May 2014   136   Private investor   N/A
Laurie J. Thomsen
(age 65) 		  Trustee   March 2005   136   Private investor   The Travelers Companies, Director; Dycom Industries, Inc., Director
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
OFFICERS                
Christopher R. Bohane (k)
(age 49) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Senior Vice President and Senior Managing Counsel
163
Trustees and Officers - continued
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
Kino Clark (k)
(age 54) 		  Assistant Treasurer   January 2012   136   Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k)
(age 56) 		  Assistant Treasurer   April 2017   136   Massachusetts Financial Services Company, Vice President
David L. DiLorenzo (k)
(age 54) 		  President   July 2005   136   Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k)
(age 55) 		  Secretary and Clerk   April 2017   136   Massachusetts Financial Services Company, Executive Vice President and General Counsel
Brian E. Langenfeld (k)
(age 50) 		  Assistant Secretary and Assistant Clerk   June 2006   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
Rosa E. Licea-Mailloux (k)
(age 46) 		  Chief Compliance Officer   March 2022   136   Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018)
Amanda S. Mooradian (k)
(age 44) 		  Assistant Secretary and Assistant Clerk   September 2018   136   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
Susan A. Pereira (k)
(age 52) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
Kasey L. Phillips (k)
(age 52) 		  Assistant Treasurer   September 2012   136   Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k)
(age 48) 		  Assistant Secretary and Assistant Clerk   October 2014   136   Massachusetts Financial Services Company, Vice President and Senior Managing Counsel
William B. Wilson (k)
(age 40) 		  Assistant Secretary and Assistant Clerk   October 2022   136   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
James O. Yost (k)
(age 62) 		  Treasurer   September 1990   136   Massachusetts Financial Services Company, Senior Vice President
(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively.
(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms. Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Kilman and Otis and Ms. Roepke are members of the Trust’s Audit Committee.
164
Trustees and Officers - continued
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
Investment Adviser Custodian
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618 		State Street Bank and Trust Company
1 Congress Street, Suite 1
Boston, MA 02114-2016
Distributor Independent Registered Public Accounting Firm
MFS Fund Distributors, Inc.
111 Huntington Avenue
Boston, MA 02199-7618 		Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Portfolio Manager(s)  
Joseph Flaherty
Natalie Shapiro 		 
165
Statement Regarding Liquidity Risk Management Program 
Each fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. Each fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of each fund. Liquidity risk is the risk that each fund could not meet requests to redeem shares issued by each fund without significant dilution of remaining investors' interests.
MFS provided a written report to the Board for consideration at its March 2023 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2022 to December 31, 2022 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage each fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted each fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in each fund may be subject, can be found in each fund's prospectus.
166
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, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Federal Tax Information (unaudited)
The funds will notify shareholders of amounts for use in preparing 2023 income tax forms in January 2024. The following information is provided pursuant to provisions of the Internal Revenue Code.
The funds designate the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.
The funds below designated the following amounts as capital gain dividends paid during the fiscal year:
  Capital
Gains
MFS Lifetime Income Fund $12,073,000
MFS Lifetime 2025 Fund $11,887,000
MFS Lifetime 2030 Fund $28,009,000
MFS Lifetime 2035 Fund $20,469,000
MFS Lifetime 2040 Fund $25,122,000
MFS Lifetime 2045 Fund $17,034,000
MFS Lifetime 2050 Fund $16,423,000
MFS Lifetime 2055 Fund $9,777,000
MFS Lifetime 2060 Fund $3,498,000
MFS Lifetime 2065 Fund $44,000
167
Federal Tax Information (unaudited) - continued
For corporate shareholders, the percentages of the ordinary income dividends paid during the prior calendar year that qualify for the corporate dividends received deduction are as follows:
  Dividends Received
Deductions
MFS Lifetime Income Fund 7.67%
MFS Lifetime 2025 Fund 10.08%
MFS Lifetime 2030 Fund 14.50%
MFS Lifetime 2035 Fund 17.58%
MFS Lifetime 2040 Fund 19.73%
MFS Lifetime 2045 Fund 20.48%
MFS Lifetime 2050 Fund 21.22%
MFS Lifetime 2055 Fund 21.13%
MFS Lifetime 2060 Fund 20.74%
MFS Lifetime 2065 Fund 17.36%
The funds intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
168
rev. 3/16
FACTS WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
 • Social Security number and account balances
 • Account transactions and transaction history
 • Checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice.
How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing.
Reasons we can share your
personal information 		Does MFS share? Can you limit
this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus 		Yes No
For our marketing purposes –
to offer our products and services to you 		No We don't share
For joint marketing with other
financial companies 		No We don't share
For our affiliates' everyday business purposes –
information about your transactions and experiences 		No We don't share
For our affiliates' everyday business purposes –
information about your creditworthiness 		No We don't share
For nonaffiliates to market to you No We don't share
Questions? Call 800-225-2606 or go to mfs.com.
169
Page 2
Who we are
Who is providing this notice? MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.
What we do
How does MFS
protect my personal
information? 		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS
collect my personal
information? 		We collect your personal information, for example, when you
 • open an account or provide account information
 • direct us to buy securities or direct us to sell your securities
 • make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing? Federal law gives you the right to limit only
 • sharing for affiliates' everyday business purposes – information about your creditworthiness
 • affiliates from using your information to market to you
 • sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
 • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
 • MFS does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
 • MFS doesn't jointly market.
Other important information
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.
170
Save paper with eDelivery.
MFS® will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.
To sign up:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Annual Report
April 30, 2023
MFS®  Core Bond Fund
MCB-ANN
MFS® Core Bond Fund
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE
Portfolio Composition
Portfolio structure (i)
Fixed income sectors (i)
Investment Grade Corporates 34.8%
Mortgage-Backed Securities 29.1%
U.S. Treasury Securities 28.9%
Collateralized Debt Obligations 8.4%
Commercial Mortgage-Backed Securities 4.8%
Asset-Backed Securities 1.5%
High Yield Corporates 0.2%
Composition including fixed income credit quality (a)(i)
AAA 10.4%
AA 3.7%
A 11.5%
BBB 23.8%
BB 0.2%
U.S. Government 20.6%
Federal Agencies 29.1%
Not Rated 8.4%
Cash & Cash Equivalents 0.7%
Other (8.4)%
Portfolio facts
Average Duration (d) 6.2
Average Effective Maturity (m) 8.4 yrs.
 
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency.
The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any.
1
Portfolio Composition - continued
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.
Percentages are based on net assets as of April 30, 2023.
The portfolio is actively managed and current holdings may be different.
2
Management Review
Summary of Results
For the period from June 22, 2022 to April 30, 2023, Class A shares of the MFS Core Bond Fund (fund) provided a total return of 1.75%, at net asset value. This compares with a return of 2.17% for the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index.
Market Environment
During the reporting period, central banks around the world had to combat the strongest inflationary pressures in four decades, fueled by the global fiscal response to the pandemic, disrupted supply chains and the dislocations to energy markets stemming from the war in Ukraine. Interest rates rose substantially, but the effects of a tighter monetary policy may not have been fully experienced yet, given that monetary policy works with long and variable lags. Strains resulting from the abrupt tightening of monetary policy began to affect some parts of the economy, most acutely among small and regional US banks, which suffered from deposit flight as depositors sought higher yields on their savings. Those shifts exposed an asset-liability mismatch that forced the closure of several institutions by regulators, setting the stage for a substantial drop in longer-term interest rates. Given the importance of small and mid-sized lenders to the provision of credit in the US, concerns were raised in the aftermath of the crisis that credit availability could become constrained, leading to slower economic growth. On a more upbeat note, China’s abandonment of its Zero-COVID policy helped unleash a substantial amount of pent-up demand in the world’s second-largest economy. In developed markets, consumer demand remained solid.
Policymakers find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, central banks remained focused on controlling price pressures while also confronting increasing financial stability concerns. Central banks had to consider achieving their inflation mandates while using macroprudential tools to keep the banking system liquid, a potentially difficult balancing act. That juxtaposition suggests that we may be nearing peak monetary policy rates.
Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, signs that supply chains have generally normalized, the lifting of COVID restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels may have peaked were supportive factors for the macroeconomic backdrop.
Factors Affecting Performance
Relative to the Bloomberg U.S. Aggregate Bond Index, yield curve(y) positioning held back the fund’s performance over the reporting period. Bond selection within the MBS (mortgage-backed securities) agency fixed rate sector, particularly in the “AAA” rated(r) credit quality segment, also dampened the fund’s relative returns.
On the positive side, a combination of the fund’s overweight exposure to the industrials sector, particularly to “BBB” rated bonds, and favorable bond selection within this sector, contributed to relative performance. The fund’s exposure to the CMO
3
Management Review - continued
(collateralized mortgage obligations) sector, for which the benchmark has no exposure, and its underweight exposure to the treasury sector, also supported relative returns. Strong bond selection within the financial institutions sector was another factor that benefited relative results.
Respectfully,
Portfolio Manager(s)
Alexander Mackey and Joshua Marston
(r) Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
(y) A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
4
Performance Summary THROUGH 4/30/23
The following chart illustrates a representative class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of a Hypothetical $10,000 Investment (t)
5
Performance Summary  - continued
Total Returns through 4/30/23
Average annual without sales charge
Share Class Class inception date Life (t)
A 6/22/22 1.75%
C 6/22/22 1.06%
I 6/22/22 1.95%
R1 6/22/22 1.09%
R2 6/22/22 1.52%
R3 6/22/22 1.74%
R4 6/22/22 1.95%
R6 6/22/22 1.97%
Comparative benchmark(s)
   
Bloomberg U.S. Aggregate Bond Index (f) 2.17%
Average annual with sales charge
   
A
With Initial Sales Charge (4.25%) 		(2.58)%
C
With CDSC (1% for 12 months) (v) 		0.07%
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
Benchmark Definition(s)
Bloomberg U.S. Aggregate Bond Index(a) – a market capitalization-weighted index that measures the performance of the U.S. investment-grade, fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with at least one year to final maturity.
It is not possible to invest directly in an index.
(a) Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date.
6
Performance Summary  - continued
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
7
Expense Table
Fund expenses borne by the shareholders during the period,
November 1, 2022 through April 30, 2023
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.
Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8
Expense Table - continued
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
11/01/22 		Ending
Account Value
4/30/23 		Expenses
Paid During
Period (p)
11/01/22-4/30/23
A Actual 0.60% $1,000.00 $1,070.47 $3.08
Hypothetical (h) 0.60% $1,000.00 $1,021.82 $3.01
C Actual 1.36% $1,000.00 $1,066.20 $6.97
Hypothetical (h) 1.36% $1,000.00 $1,018.05 $6.80
I Actual 0.35% $1,000.00 $1,071.77 $1.80
Hypothetical (h) 0.35% $1,000.00 $1,023.06 $1.76
R1 Actual 1.35% $1,000.00 $1,066.53 $6.92
Hypothetical (h) 1.35% $1,000.00 $1,018.10 $6.76
R2 Actual 0.85% $1,000.00 $1,069.14 $4.36
Hypothetical (h) 0.85% $1,000.00 $1,020.58 $4.26
R3 Actual 0.60% $1,000.00 $1,070.44 $3.08
Hypothetical (h) 0.60% $1,000.00 $1,021.82 $3.01
R4 Actual 0.35% $1,000.00 $1,071.76 $1.80
Hypothetical (h) 0.35% $1,000.00 $1,023.06 $1.76
R6 Actual 0.33% $1,000.00 $1,071.87 $1.70
Hypothetical (h) 0.33% $1,000.00 $1,023.16 $1.66
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
9
Portfolio of Investments
4/30/23
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Bonds – 98.8%
Asset-Backed & Securitized – 14.6%
ACRES 2021-FL2 Issuer Ltd., “C”, FLR, 7.598% (LIBOR - 1mo. + 2.65%), 1/15/2037 (n)   $ 200,000 $189,788
Allegro CLO V Ltd., 2017-1A, “BR”, FLR, 6.71% (LIBOR - 3mo. + 1.45%), 10/16/2030 (n)     250,000 240,571
Arbor Realty Trust, Inc., CLO, 2021-FL3, “B”, FLR, 6.548% (LIBOR - 1mo. + 1.6%), 8/15/2034 (n)     200,000 187,894
BDS 2021-FL10 Ltd., 2021-FL7, “A”, FLR, 6.029% (LIBOR - 1mo. + 1.07%), 6/16/2036 (n)     200,000 194,595
BSPRT 2021-FL6 Issuer Ltd., “C”, FLR, 6.998% (LIBOR - 1mo. + 2.05%), 3/15/2036 (n)     100,000 90,548
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n)     100,000 100,137
Commercial Mortgage Trust, 2015-PC1, “A5”, 3.902%, 7/10/2050      250,000 241,264
Dryden 68 CLO, Ltd., 2019-68A, “BR”, FLR, 6.96% (LIBOR - 3mo. + 1.7%), 7/15/2035 (n)     250,000 241,412
DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n)     70,307 70,116
Enterprise Fleet Financing LLC, 2023-1, “A2”, 5.51%, 1/22/2029 (n)     57,027 57,238
JPMBB Commercial Mortgage Securities Trust, 2014-C26, “A4”, 3.494%, 1/15/2048      75,000 72,064
KREF 2018-FT1 Ltd., “A”, FLR, 6.018% (LIBOR - 1mo. + 1.1%), 2/15/2039 (n)     200,000 193,164
LoanCore 2021-CRE5 Ltd., “B”, FLR, 6.948% (LIBOR - 1mo. + 2%), 7/15/2036 (n)     100,000 93,770
MF1 2021-FL7 Ltd., “AS”, FLR, 6.409% (LIBOR - 1mo. + 1.45%), 10/16/2036 (n)     250,000 240,541
MF1 2022-FL10 Ltd., “AS”, FLR, 8.104% (SOFR - 1mo. + 3.187%), 9/17/2037 (n)     250,000 248,364
MF1 2022-FL8 Ltd., “B”, FLR, 6.732% (SOFR - 30 day + 1.95%), 2/19/2037 (n)     100,000 93,578
OneMain Financial Issuance Trust 2022-3A, “A”, 5.94%, 5/15/2034 (n)     89,000 90,114
Palmer Square Loan Funding 2020-2A Ltd., “A1”, FLR, 5.715% (LIBOR - 3mo. + 0.8%), 5/20/2029 (n)     95,247 94,345
Palmer Square Loan Funding 2022-5A Ltd., “A1”, FLR, 6.546% (SOFR - 3mo. + 1.56%), 1/15/2031 (n)     228,110 227,021
Ready Capital Mortgage Financing LLC, 2022-FL9, FLR, 8.082% (SOFR - 1mo. + 3.111%), 6/25/2037 (n)     250,000 247,488
Santander Drive Auto Receivables Trust, 2022-6, “A2”, 4.37%, 5/15/2025      13,903 13,868
Toyota Lease Owner Trust, 2023-A, “A2”, 5.3%, 8/20/2025 (n)     15,000 15,012
Wells Fargo Commercial Mortgage Trust, 2015-C28, “A4”, 3.54%, 5/15/2048      250,000 240,505
10
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Asset-Backed & Securitized – continued
Wells Fargo Commercial Mortgage Trust, 2015-NXS1, “A5”, 3.148%, 5/15/2048    $ 250,000 $238,386
Wells Fargo Commercial Mortgage Trust, 2017-RB1, “A5”, 3.635%, 3/15/2050      175,000 163,265
Westlake Automobile Receivables Trust, 2022-3A, “A2”, 5.24%, 7/15/2025 (n)     61,000 60,842
        $3,945,890
Automotive – 2.0%
Hyundai Capital America, 2.65%, 2/10/2025 (n)   $ 65,000 $62,000
Lear Corp., 3.8%, 9/15/2027      68,000 65,091
Magna International, Inc., 2.45%, 6/15/2030      68,000 58,643
Stellantis N.V., 2.691%, 9/15/2031 (n)     200,000 162,899
Volkswagen Group of America Finance LLC, 3.35%, 5/13/2025 (n)     200,000 193,691
        $542,324
Broadcasting – 0.9%
Walt Disney Co., 3.5%, 5/13/2040    $ 137,000 $116,485
Warnermedia Holdings, Inc., 5.141%, 3/15/2052      161,000 128,648
        $245,133
Brokerage & Asset Managers – 0.8%
Intercontinental Exchange, Inc., 2.1%, 6/15/2030    $ 103,000 $87,233
LPL Holdings, Inc., 4.375%, 5/15/2031 (n)     74,000 65,675
Raymond James Financial, Inc., 4.95%, 7/15/2046      73,000 67,254
        $220,162
Building – 0.3%
Masco Corp., 2%, 2/15/2031    $ 117,000 $94,151
Business Services – 1.6%
Equinix, Inc., 1.8%, 7/15/2027    $ 83,000 $72,938
Equinix, Inc., 2.5%, 5/15/2031      69,000 56,999
Fiserv, Inc., 2.65%, 6/01/2030      88,000 76,701
Global Payments, Inc., 1.2%, 3/01/2026      87,000 78,004
Global Payments, Inc., 2.9%, 11/15/2031      77,000 63,805
Verisk Analytics, Inc., 5.75%, 4/01/2033      70,000 73,793
        $422,240
Cable TV – 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035    $ 69,000 $68,208
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047      98,000 80,209
Cox Communications, Inc., 1.8%, 10/01/2030 (n)     88,000 70,049
11
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Cable TV – continued
Time Warner Entertainment Co. LP, 8.375%, 7/15/2033    $ 58,000 $65,542
        $284,008
Chemicals – 0.3%
Sherwin-Williams Co., 2.3%, 5/15/2030    $ 89,000 $75,864
Computer Software – 0.7%
Dell International LLC/EMC Corp., 4.9%, 10/01/2026    $ 74,000 $74,037
Oracle Corp., 6.15%, 11/09/2029      27,000 28,649
Oracle Corp., 4.9%, 2/06/2033      22,000 21,675
Roper Technologies, Inc., 2%, 6/30/2030      89,000 73,737
        $198,098
Conglomerates – 0.9%
Carrier Global Corp., 3.377%, 4/05/2040    $ 159,000 $123,802
Westinghouse Air Brake Technologies Corp., 3.2%, 6/15/2025      129,000 122,961
        $246,763
Consumer Products – 0.2%
Kenvue, Inc., 4.9%, 3/22/2033 (n)   $ 60,000 $62,131
Consumer Services – 0.2%
Booking Holdings, Inc., 4.625%, 4/13/2030    $ 60,000 $60,324
Electrical Equipment – 0.3%
Arrow Electronics, Inc., 2.95%, 2/15/2032    $ 90,000 $75,001
Electronics – 0.8%
Broadcom, Inc., 4.15%, 11/15/2030    $ 78,000 $72,547
Broadcom, Inc., 4.3%, 11/15/2032      63,000 57,765
Broadcom, Inc., 4.926%, 5/15/2037 (n)     108,000 98,581
        $228,893
Energy - Independent – 0.6%
EQT Corp., 3.9%, 10/01/2027    $ 39,000 $36,896
EQT Corp., 7%, 2/01/2030      113,000 119,221
        $156,117
Financial Institutions – 1.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026    $ 150,000 $134,497
Air Lease Corp., 2.875%, 1/15/2032      93,000 76,258
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n)     79,000 74,610
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n)     78,000 69,654
        $355,019
12
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Food & Beverages – 0.6%
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038    $ 163,000 $157,368
Gaming & Lodging – 0.8%
GLP Capital LP/GLP Financing II, Inc., 5.3%, 1/15/2029    $ 64,000 $61,727
Las Vegas Sands Corp., 3.9%, 8/08/2029      65,000 59,335
Marriott International, Inc., 4.625%, 6/15/2030      108,000 104,886
        $225,948
Insurance – 0.8%
Corebridge Financial, Inc., 3.9%, 4/05/2032 (n)   $ 82,000 $72,148
Metropolitan Life Global Funding I, 3.3%, 3/21/2029 (n)     150,000 138,976
        $211,124
Insurance - Health – 0.5%
Humana, Inc., 3.7%, 3/23/2029    $ 79,000 $74,776
Humana, Inc., 5.875%, 3/01/2033      49,000 52,778
        $127,554
Insurance - Property & Casualty – 1.0%
Aon Corp., 4.5%, 12/15/2028    $ 61,000 $60,289
Aon Corp., 3.75%, 5/02/2029      57,000 54,639
Brown & Brown, Inc., 4.2%, 3/17/2032      84,000 77,231
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032 (n)     85,000 84,141
        $276,300
Machinery & Tools – 0.3%
CNH Industrial Capital LLC, 1.875%, 1/15/2026    $ 79,000 $73,271
Major Banks – 7.0%
Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR + 1.21%) to 10/20/2032    $ 302,000 $247,990
Capital One Financial Corp., 3.273% to 3/01/2029, FLR (SOFR - 1 day + 1.79%) to 3/01/2030      160,000 138,754
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027      150,000 129,831
Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029      150,000 152,514
Goldman Sachs Group, Inc., 2.6%, 2/07/2030      172,000 148,487
Goldman Sachs Group, Inc., 2.383% to 7/21/2031, FLR (SOFR - 1 day + 1.248%) to 7/21/2032      98,000 80,057
JPMorgan Chase & Co., 4.323% to 4/26/2027, FLR (SOFR - 1 day + 1.56%) to 4/26/2028      74,000 72,606
JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031      72,000 62,399
13
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Major Banks – continued
JPMorgan Chase & Co., 2.963% to 1/25/2032, FLR (SOFR - 1 day + 1.26%) to 1/25/2033    $ 69,000 $59,006
JPMorgan Chase & Co., 3.109% to 4/22/2040, FLR (SOFR - 1 day + 2.46%) to 4/22/2041      102,000 77,889
JPMorgan Chase & Co., 3.157% to 4/22/2041, FLR (SOFR - 1 day + 1.46%) to 4/22/2042      152,000 115,997
Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + 0.858%) to 7/20/2027      131,000 116,397
Morgan Stanley, 2.699% to 1/22/2030, FLR (SOFR - 1 day + 1.143%) to 1/22/2031      97,000 83,716
Morgan Stanley, 2.943% to 1/21/2032, FLR (SOFR - 1 day + 1.29%) to 1/21/2033      127,000 107,749
UBS Group AG, 2.095% to 2/11/2031, FLR (CMT - 1yr. + 1.0%) to 2/11/2032 (n)     200,000 154,443
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033      162,000 141,403
        $1,889,238
Medical & Health Technology & Services – 1.6%
Adventist Health System/West, 5.43%, 3/01/2032    $ 75,000 $75,710
Alcon Finance Corp., 2.6%, 5/27/2030 (n)     200,000 174,266
Becton, Dickinson and Co., 4.669%, 6/06/2047      78,000 72,779
HCA, Inc., 4.125%, 6/15/2029      79,000 74,900
HCA, Inc., 4.375%, 3/15/2042 (n)     34,000 28,530
        $426,185
Metals & Mining – 1.0%
Anglo American Capital PLC, 5.625%, 4/01/2030 (n)   $ 200,000 $202,901
Glencore Funding LLC, 2.5%, 9/01/2030 (n)     87,000 72,918
        $275,819
Midstream – 1.6%
Cheniere Corpus Christi Holdings LLC, 3.7%, 11/15/2029    $ 84,000 $78,609
Energy Transfer LP, 5.75%, 2/15/2033      64,000 65,255
Plains All American Pipeline LP, 3.8%, 9/15/2030      113,000 102,250
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030      75,000 72,623
Targa Resources Corp., 6.125%, 3/15/2033      102,000 106,490
        $425,227
Mortgage-Backed – 29.0%  
Fannie Mae, 3%, 8/01/2046    $ 33,395 $30,680
Fannie Mae, UMBS, 2.5%, 5/01/2037 - 9/01/2052      1,384,891 1,207,204
Fannie Mae, UMBS, 2%, 6/01/2037 - 7/01/2052      1,037,495 875,703
Fannie Mae, UMBS, 5.5%, 10/01/2038 - 12/01/2052      287,123 289,504
14
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mortgage-Backed – continued  
Fannie Mae, UMBS, 3%, 5/01/2043 - 11/01/2052    $ 286,790 $258,883
Fannie Mae, UMBS, 3.5%, 7/01/2043 - 3/01/2052      70,716 66,882
Fannie Mae, UMBS, 4%, 9/01/2046 - 11/01/2052      96,563 93,161
Fannie Mae, UMBS, 1.5%, 6/01/2051      97,260 76,811
Fannie Mae, UMBS, 4.5%, 6/01/2052 - 9/01/2052      170,435 166,835
Fannie Mae, UMBS, 6%, 11/01/2052 - 2/01/2053      124,334 127,824
Fannie Mae, UMBS, 5%, 12/01/2052      125,000 124,307
Freddie Mac, UMBS, 3%, 4/01/2037 - 6/01/2052      538,842 489,496
Freddie Mac, UMBS, 2.5%, 5/01/2037 - 1/01/2052      212,042 186,504
Freddie Mac, UMBS, 2%, 7/01/2037 - 5/01/2052      1,018,012 867,152
Freddie Mac, UMBS, 3.5%, 1/01/2041 - 10/01/2052      425,520 398,157
Freddie Mac, UMBS, 1.5%, 3/01/2051      42,885 33,962
Freddie Mac, UMBS, 4%, 7/01/2052 - 10/01/2052      319,494 305,467
Freddie Mac, UMBS, 4.5%, 10/01/2052      144,478 141,244
Ginnie Mae, 4.5%, 10/20/2033 - 12/20/2052      344,335 337,818
Ginnie Mae, 3%, 1/20/2051 - 11/20/2052      363,624 332,117
Ginnie Mae, 2%, 3/20/2052      173,839 148,830
Ginnie Mae, 4%, 9/20/2052 - 10/20/2052      147,662 141,952
Ginnie Mae, 5%, 1/20/2053 - 2/20/2053      99,997 99,558
Ginnie Mae, TBA, 2.5%, 5/15/2053      450,000 397,573
Ginnie Mae, TBA, 3.5%, 5/15/2053      275,000 258,135
Ginnie Mae, TBA, 5%, 5/15/2053      175,000 174,214
Ginnie Mae, TBA, 5.5%, 5/15/2053      175,000 176,176
UMBS, TBA, 4%, 5/25/2053      25,000 23,896
        $7,830,045
Natural Gas - Distribution – 0.3%
NiSource, Inc., 5.65%, 2/01/2045    $ 73,000 $76,013
Network & Telecom – 0.5%
Verizon Communications, Inc., 2.55%, 3/21/2031    $ 84,000 $71,517
Verizon Communications, Inc., 4.272%, 1/15/2036      78,000 72,426
        $143,943
Oils – 0.3%
Marathon Petroleum Corp., 4.75%, 9/15/2044    $ 83,000 $71,973
Other Banks & Diversified Financials – 0.5%
Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n)   $ 148,000 $136,049
Retailers – 0.6%
Alimentation Couche-Tard, Inc., 3.439%, 5/13/2041 (n)   $ 117,000 $87,160
Best Buy Co., Inc., 4.45%, 10/01/2028      63,000 62,660
        $149,820
15
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Specialty Stores – 0.2%
Genuine Parts Co., 2.75%, 2/01/2032    $ 63,000 $53,169
Telecommunications - Wireless – 1.3%
Crown Castle, Inc., REIT, 3.65%, 9/01/2027    $ 79,000 $75,480
Rogers Communications, Inc., 3.8%, 3/15/2032 (n)     146,000 131,464
T-Mobile USA, Inc., 2.05%, 2/15/2028      69,000 61,255
T-Mobile USA, Inc., 4.5%, 4/15/2050      83,000 72,740
Vodafone Group PLC, 5.625%, 2/10/2053      22,000 21,718
        $362,657
Tobacco – 1.1%
B.A.T. International Finance PLC, 4.448%, 3/16/2028    $ 158,000 $151,775
Philip Morris International, Inc., 5.125%, 11/17/2027      25,000 25,600
Philip Morris International, Inc., 5.625%, 11/17/2029      11,000 11,489
Philip Morris International, Inc., 5.125%, 2/15/2030      52,000 52,542
Philip Morris International, Inc., 5.75%, 11/17/2032      48,000 50,412
        $291,818
Transportation - Services – 0.5%
ERAC USA Finance LLC, 7%, 10/15/2037 (n)   $ 107,000 $127,318
U.S. Treasury Obligations – 20.5%
U.S. Treasury Bonds, 2.375%, 2/15/2042    $ 1,438,000 $1,160,567
U.S. Treasury Bonds, 4%, 11/15/2042      169,000 174,070
U.S. Treasury Bonds, 2.25%, 2/15/2052      1,600,000 1,193,938
U.S. Treasury Notes, 4.25%, 9/30/2024 (f)     2,250,000 2,244,199
U.S. Treasury Notes, 3.875%, 3/31/2025      750,000 746,953
        $5,519,727
Utilities - Electric Power – 1.7%
American Electric Power Co., Inc., 5.95%, 11/01/2032    $ 43,000 $46,035
Duke Energy Carolinas LLC, 4.95%, 1/15/2033      118,000 121,231
Duke Energy Progress LLC, 3.45%, 3/15/2029      118,000 111,698
Pacific Gas & Electric Co., 2.1%, 8/01/2027      82,000 71,746
Pacific Gas & Electric Co., 3%, 6/15/2028      108,000 96,031
        $446,741
Utilities - Gas – 0.5%
East Ohio Gas Co., 2%, 6/15/2030 (n)   $ 176,000 $145,298
Total Bonds (Identified Cost, $26,817,779)   $26,654,723
16
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Investment Companies (h) – 4.5%
Money Market Funds – 4.5%  
MFS Institutional Money Market Portfolio, 4.59% (v) (Identified Cost, $1,202,409)     1,202,410 $1,202,650
Other Assets, Less Liabilities – (3.3)%   (878,804)
Net Assets – 100.0% $26,978,569
    
(f) All or a portion of the security has been segregated as collateral for open futures contracts.      
(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,202,650 and $26,654,723, respectively.      
(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $5,391,440, representing 20.0% of net assets.      
(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.      
    
The following abbreviations are used in this report and are defined:
CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury
FLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
LIBOR London Interbank Offered Rate
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
TBA To Be Announced
UMBS Uniform Mortgage-Backed Security
Derivative Contracts at 4/30/23
Futures Contracts
Description Long/
Short 		Currency Contracts Notional
Amount 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Asset Derivatives
Interest Rate Futures    
U.S. Treasury Note 5 yr Long USD 27 $2,963,039 June – 2023 $64,415
U.S. Treasury Ultra Bond Long USD 1 141,406 June – 2023 5,722
            $70,137
Liability Derivatives
Interest Rate Futures    
U.S. Treasury Ultra Note 10 yr Short USD 7 $850,172 June – 2023 $(30,535)
17
Portfolio of Investments – continued
At April 30, 2023, the fund had liquid securities with an aggregate value of $39,897 to cover any collateral or margin obligations for securities sold short and certain derivative contracts.
See Notes to Financial Statements
18
Financial Statements
Statement of Assets and Liabilities
At 4/30/23
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
Assets  
Investments in unaffiliated issuers, at value (identified cost, 26,817,779) $26,654,723
Investments in affiliated issuers, at value (identified cost, 1,202,409) 1,202,650
Cash 64,320
Receivables for  
Net daily variation margin on open futures contracts 3,828
Fund shares sold 24
Interest and dividends 153,196
Receivable from investment adviser 72,901
Other assets 228
Total assets $28,151,870
Liabilities  
Payables for  
Investments purchased $89,937
TBA purchase commitments 1,025,986
Fund shares reacquired 1,209
Payable to affiliates  
Administrative services fee 192
Shareholder servicing costs 187
Distribution and service fees 78
Payable for independent Trustees' compensation 12
Accrued expenses and other liabilities 55,700
Total liabilities $1,173,301
Net assets $26,978,569
Net assets consist of  
Paid-in capital $27,314,328
Total distributable earnings (loss) (335,759)
Net assets $26,978,569
Shares of beneficial interest outstanding 2,736,323
19
Statement of Assets and Liabilities – continued
  Net assets Shares
outstanding 		Net asset value
per share (a)
Class A $947,224 96,072 $9.86
Class C 391,291 39,717 9.85
Class I 445,399 45,181 9.86
Class R1 50,539 5,127 9.86
Class R2 50,757 5,148 9.86
Class R3 50,865 5,159 9.86
Class R4 50,975 5,170 9.86
Class R6 24,991,519 2,534,749 9.86
    
(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $10.30 [100 / 95.75 x $9.86]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6.
See Notes to Financial Statements
20
Financial Statements
Statement of Operations
Year ended 4/30/23 (c)
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
Net investment income (loss)  
Income  
Interest 890,580
Dividends from affiliated issuers 49,284
Other 8,728
Total investment income $948,592
Expenses  
Management fee 71,339
Distribution and service fees 2,771
Shareholder servicing costs 2,403
Administrative services fee 15,008
Independent Trustees' compensation 2,028
Custodian fee 10,572
Shareholder communications 7,795
Audit and tax fees 45,500
Legal fees 135
Registration fees 79,021
Miscellaneous 27,007
Total expenses $263,579
Fees paid indirectly (69)
Reduction of expenses by investment adviser (188,155)
Net expenses $75,355
Net investment income (loss) $873,237
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)  
Unaffiliated issuers (61,947)
Affiliated issuers 465
Futures contracts (169,967)
Net realized gain (loss) $(231,449)
Change in unrealized appreciation or depreciation  
Unaffiliated issuers (163,056)
Affiliated issuers 241
Futures contracts 39,602
Net unrealized gain (loss) $(123,213)
Net realized and unrealized gain (loss) $(354,662)
Change in net assets from operations $518,575
(c)  For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.  
See Notes to Financial Statements
21
Financial Statements
Statement of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
  Year ended
  4/30/23 (c)
Change in net assets  
From operations  
Net investment income (loss) 873,237
Net realized gain (loss) (231,449)
Net unrealized gain (loss) (123,213)
Change in net assets from operations $518,575
Total distributions to shareholders $(855,456)
Change in net assets from fund share transactions $27,315,450
Total change in net assets $26,978,569
Net assets  
At beginning of period —
At end of period $26,978,569
    
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
See Notes to Financial Statements
22
Financial Statements
Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
Class A   Year ended
  4/30/23(c)
Net asset value, beginning of period 10.00
Income (loss) from investment operations
Net investment income (loss) (d) 0.32
Net realized and unrealized gain (loss) (0.15)
 Total from investment operations  0.17
Less distributions declared to shareholders
From net investment income (0.31)
 Net asset value, end of period (x)  9.86
 Total return (%) (r)(s)(t)(x) 1.75
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.59(a)
Expenses after expense reductions (f) 0.60(a)
Net investment income (loss) 3.85(a)
Portfolio turnover 129(n)
Net assets at end of period (000 omitted)  947
See Notes to Financial Statements
23
Financial Highlights – continued
Class C   Year ended
  4/30/23(c)
Net asset value, beginning of period 10.00
Income (loss) from investment operations
Net investment income (loss) (d) 0.26
Net realized and unrealized gain (loss) (0.16)
 Total from investment operations  0.10
Less distributions declared to shareholders
From net investment income (0.25)
 Net asset value, end of period (x)  9.85
 Total return (%) (r)(s)(t)(x) 1.06
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 3.12(a)
Expenses after expense reductions (f) 1.35(a)
Net investment income (loss) 3.12(a)
Portfolio turnover 129(n)
Net assets at end of period (000 omitted)  391
    
Class I   Year ended
  4/30/23(c)
Net asset value, beginning of period 10.00
Income (loss) from investment operations
Net investment income (loss) (d) 0.35
Net realized and unrealized gain (loss) (0.16)
 Total from investment operations  0.19
Less distributions declared to shareholders
From net investment income (0.33)
 Net asset value, end of period (x)  9.86
 Total return (%) (r)(s)(t)(x) 1.95
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.36(a)
Expenses after expense reductions (f) 0.35(a)
Net investment income (loss) 4.19(a)
Portfolio turnover 129(n)
Net assets at end of period (000 omitted)  445
See Notes to Financial Statements
24
Financial Highlights – continued
Class R1   Year ended
  4/30/23(c)
Net asset value, beginning of period 10.00
Income (loss) from investment operations
Net investment income (loss) (d) 0.25
Net realized and unrealized gain (loss) (0.15)
 Total from investment operations  0.10
Less distributions declared to shareholders
From net investment income (0.24)
 Net asset value, end of period (x)  9.86
 Total return (%) (r)(s)(t)(x) 1.09
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 2.20(a)
Expenses after expense reductions (f) 1.35(a)
Net investment income (loss) 2.97(a)
Portfolio turnover 129(n)
Net assets at end of period (000 omitted)  51
    
Class R2   Year ended
  4/30/23(c)
Net asset value, beginning of period 10.00
Income (loss) from investment operations
Net investment income (loss) (d) 0.29
Net realized and unrealized gain (loss) (0.14)
 Total from investment operations  0.15
Less distributions declared to shareholders
From net investment income (0.29)
 Net asset value, end of period (x)  9.86
 Total return (%) (r)(s)(t)(x) 1.52
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.70(a)
Expenses after expense reductions (f) 0.85(a)
Net investment income (loss) 3.47(a)
Portfolio turnover 129(n)
Net assets at end of period (000 omitted)  51
See Notes to Financial Statements
25
Financial Highlights – continued
Class R3   Year ended
  4/30/23(c)
Net asset value, beginning of period 10.00
Income (loss) from investment operations
Net investment income (loss) (d) 0.31
Net realized and unrealized gain (loss) (0.14)
 Total from investment operations  0.17
Less distributions declared to shareholders
From net investment income (0.31)
 Net asset value, end of period (x)  9.86
 Total return (%) (r)(s)(t)(x) 1.74
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.45(a)
Expenses after expense reductions (f) 0.60(a)
Net investment income (loss) 3.71(a)
Portfolio turnover 129(n)
Net assets at end of period (000 omitted)  51
    
Class R4   Year ended
  4/30/23(c)
Net asset value, beginning of period 10.00
Income (loss) from investment operations
Net investment income (loss) (d) 0.33
Net realized and unrealized gain (loss) (0.14)
 Total from investment operations  0.19
Less distributions declared to shareholders
From net investment income (0.33)
 Net asset value, end of period (x)  9.86
 Total return (%) (r)(s)(t)(x) 1.95
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.20(a)
Expenses after expense reductions (f) 0.35(a)
Net investment income (loss) 3.96(a)
Portfolio turnover 129(n)
Net assets at end of period (000 omitted)  51
See Notes to Financial Statements
26
Financial Highlights – continued
Class R6   Year ended
  4/30/23(c)
Net asset value, beginning of period 10.00
Income (loss) from investment operations
Net investment income (loss) (d) 0.34
Net realized and unrealized gain (loss) (0.15)
 Total from investment operations  0.19
Less distributions declared to shareholders
From net investment income (0.33)
 Net asset value, end of period (x)  9.86
 Total return (%) (r)(s)(t)(x) 1.97
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.18(a)
Expenses after expense reductions (f) 0.33(a)
Net investment income (loss) 3.99(a)
Portfolio turnover 129(n)
Net assets at end of period (000 omitted)  24,992
    
(a) Annualized.
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(n) Not annualized.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
27
Notes to Financial Statements
(1) Business and Organization
MFS Core Bond Fund (the fund) is a diversified series of MFS Series Trust XII (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests 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.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
28
Notes to Financial Statements  - continued
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining
29
Notes to Financial Statements  - continued
the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of April 30, 2023 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents $— $5,519,727 $— $5,519,727
U.S. Corporate Bonds — 7,171,418 — 7,171,418
Residential Mortgage-Backed Securities — 7,830,045 — 7,830,045
Commercial Mortgage-Backed Securities — 1,296,742 — 1,296,742
Asset-Backed Securities (including CDOs) — 2,649,148 — 2,649,148
Foreign Bonds — 2,187,643 — 2,187,643
Mutual Funds 1,202,650 — — 1,202,650
Total $1,202,650 $26,654,723 $— $27,857,373
Other Financial Instruments        
Futures Contracts – Assets $70,137 $— $— $70,137
Futures Contracts – Liabilities (30,535) — — (30,535)
For further information regarding security characteristics, see the Portfolio of Investments.
Derivatives — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.
The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at April 30, 2023 as reported in the Statement of Assets and Liabilities:
    Fair Value (a)
Risk Derivative Contracts Asset Derivatives Liability Derivatives
Interest Rate Futures Contracts $70,137 $(30,535)
(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities.
30
Notes to Financial Statements  - continued
The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the period ended April 30, 2023 as reported in the Statement of Operations:
Risk Futures
Contracts
Interest Rate $(169,967)
The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the period ended April 30, 2023 as reported in the Statement of Operations:
Risk Futures
Contracts
Interest Rate $39,602
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
Collateral and margin requirements differ by type of derivative. For cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options) and collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Miscellaneous” expense in the Statement of Operations.
31
Notes to Financial Statements  - continued
Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, currency exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.
The fund bears the risk of interest rates, exchange rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — 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. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by
32
Notes to Financial Statements  - continued
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.
To mitigate the counterparty credit risk on TBA transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement (“MSFTA”) on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as restricted cash. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.
Fees Paid Indirectly — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the period ended April 30, 2023, is shown as a reduction of total expenses in the Statement of Operations.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net
33
Notes to Financial Statements  - continued
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 derivative transactions.
The tax character of distributions declared to shareholders for the last fiscal period is as follows:
  Year ended
4/30/23 (c)
Ordinary income (including any short-term capital gains) 855,456
    
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 4/30/23  
Cost of investments 28,056,886
Gross appreciation 159,497
Gross depreciation (319,408)
Net unrealized appreciation (depreciation) $(159,911)
Undistributed ordinary income 125,765
Capital loss carryforwards (211,620)
Other temporary differences (89,993)
Total distributable earnings (loss) $(335,759)
As of April 30, 2023, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
Short-Term $(133,401)
Long-Term (78,219)
Total $(211,620)
Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class C shares will convert to Class A
34
Notes to Financial Statements  - continued
shares approximately eight years after purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  Year ended
4/30/23(c)
Class A $19,815
Class C 3,261
Class I 9,785
Class R1 1,231
Class R2 1,445
Class R3 1,552
Class R4 1,660
Class R6 816,707
Total $855,456
    
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
(3) Transactions with Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:
Up to $1 billion 0.325%
In excess of $1 billion and up to $2.5 billion 0.31%
In excess of $2.5 billion 0.30%
MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until August 31, 2024. For the period ended April 30, 2023, this management fee reduction amounted to $2,950, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the period ended April 30, 2023 was equivalent to an annual effective rate of 0.31% of the fund's average daily net assets.
The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class’s average daily net assets:
      Classes        
A C I R1 R2 R3 R4 R6
0.64% 1.39% 0.39% 1.39% 0.89% 0.64% 0.39% 0.33%
35
Notes to Financial Statements  - continued
This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until August 31, 2023. For the period ended April 30, 2023, this reduction amounted to $185,205, which is included in the reduction of total expenses in the Statement of Operations.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $448 for the period ended April 30, 2023, as its portion of the initial sales charge on sales of Class A shares of the fund.
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries.
Distribution Plan Fee Table:
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
Class A — 0.25% 0.25% 0.25% $ 1,283
Class C 0.75% 0.25% 1.00% 1.00% 741
Class R1 0.75% 0.25% 1.00% 1.00% 426
Class R2 0.25% 0.25% 0.50% 0.50% 214
Class R3 — 0.25% 0.25% 0.25% 107
Total Distribution and Service Fees         $2,771
(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.
(e) The annual effective rates represent actual fees incurred under the distribution plan for the period ended April 30, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. There were no service fee rebates for the period ended April 30, 2023.
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. There were no contingent deferred sales charges imposed during the period ended April 30, 2023.
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the period ended April 30, 2023, the fee was $1,999, which equated to 0.0091% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs
36
Notes to Financial Statements  - continued
which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the period ended April 30, 2023, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $404.
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee incurred for the period ended April 30, 2023 was equivalent to an annual effective rate of 0.0684% of the fund's average daily net assets.
Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.
Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
On June 21, 2022, MFS purchased 20,000 shares of Class A, 5,000 shares each of Class C, Class I, Class R1, Class R2, Class R3, and Class R4, and 2,450,000 shares of Class R6, for an aggregate amount of $25,000,000 as an initial investment in the fund.
At April 30, 2023, MFS held approximately 100% of the outstanding shares of Class R6, and 100% of Class R1, Class R2, Class R3, and Class R4.
(4) Portfolio Securities
For the period ended April 30, 2023, purchases and sales of investments, other than short-term obligations, were as follows:
  Purchases Sales
U.S. Government securities $45,978,367 $32,453,846
Non-U.S. Government securities 13,392,725 176,818
37
Notes to Financial Statements  - continued
(5) Shares of Beneficial Interest
The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  Year ended
4/30/23 (c)
  Shares Amount
Shares sold    
Class A 97,146 $964,385
Class C 39,583 388,631
Class I 44,581 432,292
Class R1 5,000 50,000
Class R2 5,000 50,000
Class R3 5,000 50,000
Class R4 5,000 50,000
Class R6 2,451,061 24,510,500
  2,652,371 $26,495,808
Shares issued to shareholders
in reinvestment of distributions 		   
Class A 2,034 $19,815
Class C 333 3,261
Class I 1,007 9,785
Class R1 127 1,231
Class R2 148 1,445
Class R3 159 1,552
Class R4 170 1,660
Class R6 83,688 816,707
  87,666 $855,456
Shares reacquired    
Class A (3,108) $(29,990)
Class C (199) (1,954)
Class I (407) (3,870)
  (3,714) $(35,814)
38
Notes to Financial Statements  - continued
  Year ended
4/30/23 (c)
  Shares Amount
Net change    
Class A 96,072 $954,210
Class C 39,717 389,938
Class I 45,181 438,207
Class R1 5,127 51,231
Class R2 5,148 51,445
Class R3 5,159 51,552
Class R4 5,170 51,660
Class R6 2,534,749 25,327,207
  2,736,323 $27,315,450
    
(c) For the period from the commencement of the fund’s investment operations, June 22, 2022, through the stated period end.
On March 30, 2023, the fund announced that effective after the close of business on September 29, 2023, purchases of Class R1 and Class R2 shares will be closed to new eligible investors.
(6) Line of Credit
The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 14, 2024 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the period ended April 30, 2023, the fund’s commitment fee and interest expense were $5 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.
39
Notes to Financial Statements  - continued
(7) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Institutional Money Market Portfolio  $—  $25,928,410  $24,726,466  $465  $241  $1,202,650
    
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio  $49,284  $—
(8) LIBOR Transition
Certain of the fund's investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on 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 the fund's performance. With respect to the fund's accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any 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 account for those modified contracts as a continuation of the existing contracts. The situation remains fluid, and management believes, based on best available information, that the impact of the transition will not be material to the fund.
40
Report of Independent Registered Public Accounting Firm
To the Shareholders of MFS Core Bond Fund and the Board of Trustees of MFS Series Trust XII
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of MFS Core Bond Fund (the “Fund”) (one of the funds constituting MFS Series Trust XII (the “Trust”)), including the portfolio of investments, as of April 30, 2023, and the related statements of operations and changes in net assets and the financial highlights for the period from June 22, 2022 (commencement of operations) through April 30, 2023 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Series Trust XII) at April 30, 2023, the results of its operations, the changes in its net assets and its financial highlights for the period from June 22, 2022 (commencement of operations) through April 30, 2023, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
41
Report of Independent Registered Public Accounting Firm – continued
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more MFS investment companies since 1993.
Boston, Massachusetts
June 15, 2023
42
Trustees and Officers — Identification and Background
The Trustees and Officers of the Trust, as of June 1, 2023, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.)  The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
INTERESTED TRUSTEE                    
Michael W. Roberge (k)
(age 56) 		  Trustee   January 2021   136   Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018)   N/A
INDEPENDENT TRUSTEES                    
John P. Kavanaugh
(age 68) 		  Trustee and Chair of Trustees   January 2009   136   Private investor   N/A
Steven E. Buller
(age 71) 		  Trustee   February 2014   136   Private investor   N/A
John A. Caroselli
(age 68) 		  Trustee   March 2017   136   Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)   N/A
Maureen R. Goldfarb
(age 68) 		  Trustee   January 2009   136   Private investor   N/A
Peter D. Jones
(age 67) 		  Trustee   January 2019   136   Private investor   N/A
James W. Kilman, Jr.
(age 62) 		  Trustee   January 2019   136   Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)   Alpha-En Corporation, Director (2016-2019)
43
Trustees and Officers - continued
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
Clarence Otis, Jr.
(age 67) 		  Trustee   March 2017   136   Private investor   VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke
(age 67) 		  Trustee   May 2014   136   Private investor   N/A
Laurie J. Thomsen
(age 65) 		  Trustee   March 2005   136   Private investor   The Travelers Companies, Director; Dycom Industries, Inc., Director
    
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
OFFICERS                
Christopher R. Bohane (k)
(age 49) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Senior Vice President and Senior Managing Counsel
Kino Clark (k)
(age 54) 		  Assistant Treasurer   January 2012   136   Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k)
(age 56) 		  Assistant Treasurer   April 2017   136   Massachusetts Financial Services Company, Vice President
David L. DiLorenzo (k)
(age 54) 		  President   July 2005   136   Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k)
(age 55) 		  Secretary and Clerk   April 2017   136   Massachusetts Financial Services Company, Executive Vice President and General Counsel
Brian E. Langenfeld (k)
(age 50) 		  Assistant Secretary and Assistant Clerk   June 2006   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
44
Trustees and Officers - continued
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
Rosa E. Licea-Mailloux (k)
(age 46) 		  Chief Compliance Officer   March 2022   136   Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022); Natixis Investment Managers (investment management), Funds Chief Compliance Officer, Deputy General Counsel & Senior Vice President (until 2018)
Amanda S. Mooradian (k)
(age 44) 		  Assistant Secretary and Assistant Clerk   September 2018   136   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
Susan A. Pereira (k)
(age 52) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
Kasey L. Phillips (k)
(age 52) 		  Assistant Treasurer   September 2012   136   Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k)
(age 48) 		  Assistant Secretary and Assistant Clerk   October 2014   136   Massachusetts Financial Services Company, Vice President and Senior Managing Counsel
William B. Wilson (k)
(age 40) 		  Assistant Secretary and Assistant Clerk   October 2022   136   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
James O. Yost (k)
(age 62) 		  Treasurer   September 1990   136   Massachusetts Financial Services Company, Senior Vice President
(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively.
(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
45
Trustees and Officers - continued
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal. Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019. The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms. Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Kilman and Otis and Ms. Roepke are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
The Statement of Additional Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
Investment Adviser Custodian
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618 		JPMorgan Chase Bank, NA
4 Metrotech Center
New York, NY 11245
    
Portfolio Manager(s) Independent Registered Public Accounting Firm
Alexander Mackey
Joshua Marston 		Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
46
Statement Regarding Liquidity Risk Management Program
The fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of the fund. Liquidity risk is the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors' interests.
MFS provided a written report to the Board for consideration at its March 2023 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period since the fund's inception on June 22, 2022 to December 31, 2022 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage the fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted the fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in the fund may be subject, can be found in the prospectus.
47
Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing the fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Federal Tax Information (unaudited)
The fund will notify shareholders of amounts for use in preparing 2023 income tax forms in January 2024. The following information is provided pursuant to provisions of the Internal Revenue Code.
The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
48
rev. 3/16
FACTS WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION?
    
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
    
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
• Social Security number and account balances
• Account transactions and transaction history
• Checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice.
    
How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing.
    
Reasons we can share your
personal information 		Does MFS share? Can you limit
this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus 		Yes No
For our marketing purposes –
to offer our products and services to you 		No We don't share
For joint marketing with other
financial companies 		No We don't share
For our affiliates' everyday business purposes –
information about your transactions and experiences 		No We don't share
For our affiliates' everyday business purposes –
information about your creditworthiness 		No We don't share
For nonaffiliates to market to you No We don't share
    
Questions? Call 800-225-2606 or go to mfs.com.
49
Page 2
Who we are
Who is providing this notice? MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.
    
What we do
How does MFS
protect my personal
information? 		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS
collect my personal
information? 		We collect your personal information, for example, when you
• open an account or provide account information
• direct us to buy securities or direct us to sell your securities
• make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing? Federal law gives you the right to limit only
• sharing for affiliates' everyday business purposes – information about your creditworthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
    
Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
• MFS does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
• MFS doesn't jointly market.
    
Other important information
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.
50
Save paper with eDelivery.
MFS® will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.
To sign up:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Item 1(b):

Not applicable.

ITEM 2. CODE OF ETHICS.

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

For the fiscal years ended April 30, 2023 and 2022, audit fees billed to each Fund by E&Y were as follows:

Fees billed by E&Y:

 

Audit Fees

 

2023

 

20224

MFS Core Bond Fund**

31,800

 

N/A**

MFS Lifetime Income Fund

35,942

 

33,743

MFS Lifetime 2020 Fund+

0

 

32,987

MFS Lifetime 2025 Fund

34,832

 

32,253

MFS Lifetime 2030 Fund

35,626

 

32,987

MFS Lifetime 2035 Fund

34,832

 

32,253

MFS Lifetime 2040 Fund

35,626

 

32,987

MFS Lifetime 2045 Fund

34,832

 

32,253

MFS Lifetime 2050 Fund

34,958

 

32,370

MFS Lifetime 2055 Fund

34,832

 

32,253

MFS Lifetime 2060 Fund

34,068

 

31,547

MFS Lifetime 2065 Fund

22,550

 

15,300

Total

374,040

 

340,933

For the fiscal years ended April 30, 2023 and 2022, fees billed by E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

Fees billed by E&Y:

 

Audit-Related Fees1

Tax Fees2

All Other Fees3

 

 

2023

 

2022

 

2023

 

20224

2023

2022

To MFS Core Bond Fund**

 

0

 

N/A**

259

 

N/A**

0

N/A**

To MFS Lifetime Income Fund

 

0

 

0

 

0

 

1,470

0

1,132

To MFS Lifetime 2020 Fund+

 

0

 

0

 

0

 

1,470

0

1,069

To MFS Lifetime 2025 Fund

 

0

 

0

 

0

 

1,440

0

1,090

To MFS Lifetime 2030 Fund

 

0

 

0

 

0

 

1,470

0

1,148

To MFS Lifetime 2035 Fund

 

0

 

0

 

0

 

1,440

0

1,091

To MFS Lifetime 2040 Fund

 

0

 

0

 

0

 

1,470

0

1,113

To MFS Lifetime 2045 Fund

 

0

 

0

 

0

 

1,440

0

1,065

To MFS Lifetime 2050 Fund

 

0

 

0

 

0

 

1,462

0

1,066

To MFS Lifetime 2055 Fund

 

0

 

0

 

0

 

1,440

0

1,037

To MFS Lifetime 2060 Fund

 

0

 

0

 

0

 

1,449

0

1,011

To MFS Lifetime 2065 Fund**

 

0

 

0

 

0

 

2,375

0

0

Total fees billed by E&Y

 

0

 

0

 

259

 

16,926

0

10,822

To above Funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees billed by E&Y:

 

Audit-Related Fees1

 

Tax Fees2

All Other Fees3

 

2023

2022

 

2023

 

2022

2023

2022

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

Entities of MFS Core Bond

0

 

 

N/A**

 

0

 

N/A**

3,165

N/A**

Fund* **

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

 

0

3,165

109,720

Income Fund*

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

 

0

3,165

109,720

2020 Fund*+

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

0

 

3,165

 

109,720

 

2025 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

0

 

3,165

 

109,720

 

2030 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

0

 

3,165

 

109,720

 

2035 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

0

 

3,165

 

109,720

 

2040 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

0

 

3,165

 

109,720

 

2045 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

0

 

3,165

 

109,720

 

2050 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

0

 

3,165

 

109,720

 

2055 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

0

 

3,165

 

109,720

 

2060 Fund*

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related

 

 

 

 

 

 

 

 

 

 

 

Entities of MFS Lifetime

0

1,795,090

 

0

0

 

3,165

 

109,720

 

2065 Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees billed by E&Y:

 

 

 

Aggregate Fees for Non-audit Services

 

 

 

 

 

 

2023

 

 

20224

 

 

To MFS Core Bond Fund, MFS and MFS

 

 

228,174

 

 

N/A**

 

 

Related Entities# **

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime Income Fund,

 

 

 

227,915

 

 

2,162,042

 

MFS and MFS Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2020 Fund, MFS and MFS

 

 

227,915

 

 

2,161,979

 

Related Entities# +

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2025 Fund, MFS and MFS

 

 

227,915

 

 

2,161,970

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2030 Fund, MFS and MFS

 

 

227,915

 

 

2,162,058

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2035 Fund, MFS and MFS

 

 

227,915

 

 

2,161,971

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2040 Fund, MFS and MFS

 

 

227,915

 

 

2,162,023

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2045 Fund, MFS and MFS

 

 

227,915

 

 

2,161,945

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2050 Fund, MFS and MFS

 

 

227,915

 

 

2,161,968

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2055 Fund, MFS and MFS

 

 

227,915

 

 

2,161,917

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2060 Fund, MFS and MFS

 

 

227,915

 

 

2,161,900

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

To MFS Lifetime 2065 Fund, MFS and MFS

 

 

227,915

 

 

2,161,815

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

**MFS Core Bond Fund commenced investment operations on June 22, 2022.

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

 

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

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

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

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

3 The fees under "All Other Fees" are fees for products and services provided by E&Y other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees," including fees for services related to review of internal controls and review of Rule 38a-1 compliance program.

4 Certain fees reported in 2022 have been restated in this filing from those reported in the Registrant's filing for the reporting period ended April 30, 2022.

Item 4(e)(1):

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

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

Item 4(e)(2):

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

Item 4(f):

Not applicable.

Item 4(h):

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

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable to the Registrant.

ITEM 13. EXHIBITS.

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

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

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

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

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

 

Notice

A copy of the Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MFS SERIES TRUST XII

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: June 15, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: June 15, 2023

By (Signature and Title)*

/S/ JAMES O. YOST

James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: June 15, 2023

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